Here's another story for cryptocurrency lovers and a reason to get out of Coinbase

[thewayne]

Coinbase is the largest crypto exchange in the USA. They claim to hold $256 Billion in fiat and crypto currencies as of their latest earnings report. They also lost $430 MILLION in the last quarter, a 19% drop.

Which leads to the possibility in revenue.

And they say that accounts remaining, in such an event, could be seized as part of bankruptcy proceedings and the account holders could be left as UNSECURED CREDITORS, which means that their getting their money back is pretty much zero.

I would definitely move my money out of Coinbase, which will hasten its demise.

Pass the popcorn! Extra butter! Oh, and Penzey's Brady Street topping is good stuff, FYI!

BTW, while we're talking about crypto, Bitcoin is down 50% from its high last year.

Coinbase's shares fell 15.6% in after hour trading after their earnings report, including the above information, was released. There's interesting info in the article on how certain types of wallets held by Coinbase may not be as flexible for people as they might want.

https://fortune.com/2022/05/11/coinbase-bankruptcy-crypto-assets-safe-private-key-earnings-stock/

Comments

[devilc]

I've been contempt and pity for people who put all of their money in the Terra/Luna stablecoin. The $44Bn rugpull has come, and here's the plug pull.

I think this essay at Red Sails summs up the problems best with crypto. The result is catastrophic: multiple glorified variants of a furnace which directly consumes natural resources to generate heat and imaginary good boy points. No production of any use to anybody. Capitalism in one of its most suicidal modes.

And, back to coinbase, the seem to have locked the exchange, and/or have been having extensive "technical difficulties" when people try to get their money out.

[thewayne]

sigh So if you're one of the sods with the wallet that's locked with one of CB's private keys, you are now SOL.  That's an excellent definition that you have there.