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| 04:40 PM | ||
| Users Online Now: 2,303 (Who's On?) | Visitors Today: 1,006,747 | |
| Pageviews Today: 1,678,217 | Threads Today: 680 | Posts Today: 12,083 |
| 04:40 PM | ||
Crypto exchange CoinFlex probably won’t resume withdrawals Thursday as planned, says CEO | |
| Waffles ™ Offer Upgrade  User ID: 62401603  United States06/30/2022 12:44 AM  Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 83775659 06/30/2022 12:46 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 83755428 06/30/2022 01:10 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 80781908 United States06/30/2022 01:12 AM Report Abusive Post Report Copyright Violation | |
| pish Turtle Hermit User ID: 80956893 United States06/30/2022 01:25 AM  Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 83755428 06/30/2022 01:29 AM Report Abusive Post Report Copyright Violation | |
| Lazy Monk User ID: 77058662  Sweden06/30/2022 01:33 AM Report Abusive Post Report Copyright Violation | Fify. Crypto itself is immutable. It’s when dummies trust other people to manage their wallets that things go back to status quo. Crypto is a neat idea, but unfortunately it suffers from severe third party risk. 1. You can't even make a private crypto exchange without there being an operational mining network, and that means miners must make money, always and forever. If the price ever drops under the break even point for miners for any reason, mining stops, and that coin is forever dead. 2. Getting your crypto converted to "real money", as in the stuff used for buying goods in the real world, puts you at the mercy of a bunch of extremely scummy exchange operators. CoinFlex isn't the only one being flexible about whether they want to give you dollars for your crypto or not. These risks are both very large (a 100 % loss is possible), and incalculable (no-one can tell what the chances are), which makes crypto unsuitable for anything other than gambling with money you can afford to lose. Lazy Monk |
| TerraFirma's Esoterrorist User ID: 80593904 United States06/30/2022 01:39 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 79655274 United States06/30/2022 01:40 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 79633809  Poland06/30/2022 01:41 AM Report Abusive Post Report Copyright Violation | "Embattled cryptocurrency exchange CoinFlex will probably not be able to let customers withdraw money again on Thursday as it originally planned, CEO Mark Lamb said on Wednesday. Quoting: Waffles ™ “We will need more time. And it’s unlikely that withdrawals will be re-enabled tomorrow,” Lamb told CNBC. However, CoinFlex is in talks with several large funds interested in buying the $47 million in debt allegedly owed by investor Roger Ver, Lamb added. CoinFlex is the latest victim of the cryptocurrency price crash that has seen billions of dollars wiped off the market in the latest “crypto winter.” Bitcoin has lost more than 50% of its value this year, and is off about 70% from its all-time peak last November, while ether is down 70% this year and more than 75% from its peak. The cryptocurrency exchange paused withdrawals for customers last week citing “extreme market conditions,” and said an individual investor owed it around $47 million. Initially, CoinFlex did not name the customer, but on Tuesday, Lamb claimed the investor is Roger Ver, who has been dubbed “Bitcoin Jesus” for his evangelical views on cryptocurrency in the early days of the industry. Ver has denied that he owes CoinFlex the money. Ver was not immediately available for comment on this story when contacted by CNBC." wait till Bitcoin plummets to 10k and all exchanges shut down and close shop [link to www.cnbc.com (secure)]    |
| Anonymous Coward User ID: 79655274 United States06/30/2022 01:42 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 83770280  Australia06/30/2022 01:43 AM Report Abusive Post Report Copyright Violation | Quick, everyone get in here and talk about how much of a scam crypto is and how you would never be stupid enough to engage in it then go and withdraw fiat money from your bank and engage in meaningless commerce. |
| Anonymous Coward User ID: 80930669  Hungary06/30/2022 01:50 AM Report Abusive Post Report Copyright Violation | Fify. Crypto itself is immutable. It’s when dummies trust other people to manage their wallets that things go back to status quo. Crypto is a neat idea, but unfortunately it suffers from severe third party risk. 1. You can't even make a private crypto exchange without there being an operational mining network, and that means miners must make money, always and forever. If the price ever drops under the break even point for miners for any reason, mining stops, and that coin is forever dead. The correct conclusion here is that mining the coin itself becomes temporarily dead. The coins previously mined do not retroactively become nonexistent because mining profitability turns into a losing proposition. 2. Getting your crypto converted to "real money", as in the stuff used for buying goods in the real world, puts you at the mercy of a bunch of extremely scummy exchange operators. CoinFlex isn't the only one being flexible about whether they want to give you dollars for your crypto or not. Precisely why you use centralized exchanges as an offramp instead of a resting place for your crypto funds. This is entirely on the users of these platforms. You don't even need an exchange as a fiat on/off ramp if you live near a crypto ATM that dispenses cash. There's some know your customer nonsense involved with those, but only above a certain threshold of payment. The sooner that normies get this idea of institutional gatekeeping beaten out of them, the better. |
| Anonymous Coward User ID: 79336278 United States06/30/2022 02:02 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 79655274 United States06/30/2022 02:04 AM Report Abusive Post Report Copyright Violation | |
| mondali2 User ID: 74843499  Thailand06/30/2022 02:12 AM Report Abusive Post Report Copyright Violation | Quick, everyone get in here and talk about how much of a scam crypto is and how you would never be stupid enough to engage in it then go and withdraw fiat money from your bank and engage in meaningless commerce. Quoting: Anonymous Coward 83770280 That's why I convert my fiat into sound money and metals, like Gold, silver and lead, mondali2 |
| Anonymous Coward User ID: 79655274 United States06/30/2022 02:19 AM Report Abusive Post Report Copyright Violation | Quick, everyone get in here and talk about how much of a scam crypto is and how you would never be stupid enough to engage in it then go and withdraw fiat money from your bank and engage in meaningless commerce. Quoting: Anonymous Coward 83770280 That's why I convert my fiat into sound money and metals, like Gold, silver and lead, but crapto is the future brometheus. halving, whales, buzzwords. future! |
| Judethz User ID: 79555498  United Kingdom06/30/2022 02:19 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 79655274 United States06/30/2022 02:26 AM Report Abusive Post Report Copyright Violation | Quick, everyone get in here and talk about how much of a scam crypto is and how you would never be stupid enough to engage in it then go and withdraw fiat money from your bank and engage in meaningless commerce. Quoting: Anonymous Coward 83770280 That's why I convert my fiat into sound money and metals, like Gold, silver and lead, but crapto is the future brometheus. halving, whales, buzzwords. future! wait wait, institutional backing! WHITE PAPER! it sounds official now |
| Anonymous Coward User ID: 83776081  Ireland06/30/2022 02:28 AM Report Abusive Post Report Copyright Violation | |
| Lazy Monk User ID: 77058662 Sweden06/30/2022 02:38 AM Report Abusive Post Report Copyright Violation | Fify. Crypto itself is immutable. It’s when dummies trust other people to manage their wallets that things go back to status quo. Crypto is a neat idea, but unfortunately it suffers from severe third party risk. 1. You can't even make a private crypto exchange without there being an operational mining network, and that means miners must make money, always and forever. If the price ever drops under the break even point for miners for any reason, mining stops, and that coin is forever dead. The correct conclusion here is that mining the coin itself becomes temporarily dead. The coins previously mined do not retroactively become nonexistent because mining profitability turns into a losing proposition. The coins previously mined don't become nonexistent, but they become non-fungible. What is a bitcoin? A string of 1's and 0's. How do you verify that a string of 1's and 0's is indeed a valid bitcoin, and not just a random string of 1's and 0's? By letting the mining network verify it. So what happens once the mining network shuts down due to non-profitability? There is no way to verify your bitcoin, so it becomes impossible to use for any purpose. If you think you nearby bitcoin ATM bypasses this problem you're deluding yourself. Lazy Monk |
| OGEBY User ID: 80227264 United States06/30/2022 02:51 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 79655274 United States06/30/2022 02:52 AM Report Abusive Post Report Copyright Violation | Wait till the paper holders of silver and gold try and get their physical silver and gold from the COMEX, LOL!!! Quoting: OGEBY If it is NOT in your hands in physical form you don't actually own it...  within the first hour of any panic buying it will all be sold out. people have no idea how tiny a market it is. |
| Anonymous Coward User ID: 13308863 United States06/30/2022 02:53 AM Report Abusive Post Report Copyright Violation | |
| OGEBY User ID: 80227264 United States06/30/2022 02:54 AM Report Abusive Post Report Copyright Violation | |
| OGEBY User ID: 80227264 United States06/30/2022 02:56 AM Report Abusive Post Report Copyright Violation | Wait till the paper holders of silver and gold try and get their physical silver and gold from the COMEX, LOL!!! Quoting: OGEBY If it is NOT in your hands in physical form you don't actually own it... within the first hour of any panic buying it will all be sold out. people have no idea how tiny a market it is. From my understanding, for every 1 ounce of physical silver there are 10 ounces of paper silver floating around!!! It could actually be worse than that???  Last Edited by OGEBY on 06/30/2022 02:57 AM |
| Scamcoins Gonna Scamcoin User ID: 27546556 United States06/30/2022 02:57 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 13308863 United States06/30/2022 02:58 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 13308863 United States06/30/2022 03:00 AM Report Abusive Post Report Copyright Violation | Quick, everyone get in here and talk about how much of a scam crypto is and how you would never be stupid enough to engage in it then go and withdraw fiat money from your bank and engage in meaningless commerce. Quoting: Anonymous Coward 83770280 and.... my ATM cash withdrawal still works but yore CoinFlex account doesn't!  |
| Anonymous Coward User ID: 79655274 United States06/30/2022 03:00 AM Report Abusive Post Report Copyright Violation | Wait till the paper holders of silver and gold try and get their physical silver and gold from the COMEX, LOL!!! Quoting: OGEBY If it is NOT in your hands in physical form you don't actually own it... within the first hour of any panic buying it will all be sold out. people have no idea how tiny a market it is. From my understanding, for every 1 ounce of physical silver there are 10 ounces of paper silver floating around!!! It could actually be worse than that??? something like that yeah, the comex trades an order of magnitude more in paper assets than can actually be physically delivered, each day. of course, no one takes delivery it seems... for now. except for the governments and commercial banks all quietly piling it high and deep while the media and shills keep insisting it's "dead" money and to buy crypto or cathy woods etf or whatever. once the bond holders figure out that negative real rates will persist, and there's a genuine contagion of fear in one crystalized moment when it click with the masses, the flight to gold will be with sheer panic and it will sell out before lunch that day. 100% + premiums on spot. |
| Anonymous Coward User ID: 13308863 United States06/30/2022 03:02 AM Report Abusive Post Report Copyright Violation | Wait till the paper holders of silver and gold try and get their physical silver and gold from the COMEX, LOL!!! Quoting: OGEBY If it is NOT in your hands in physical form you don't actually own it... within the first hour of any panic buying it will all be sold out. people have no idea how tiny a market it is. From my understanding, for every 1 ounce of physical silver there are 10 ounces of paper silver floating around!!! It could actually be worse than that??? much much higher. i havent checked in several years but I'd guess 50-1 to 100-1 ratio. . |
