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Here's another story for cryptocurrency lovers and a reason to get out of Coinbase
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/
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/
no subject
The world's cryptocurrencies and NFTs and Dutch tulip markets all went into the shitter this week, with enormous losses in value in the weird janky digital "money" that seemed kind of fishy to most people. How bad was the collapse? Something called Luna that was worth $85 last week is suddenly worth a penny now, and that is apparently a really big deal, CNET reports. Big swings in cyrpto currencies like bitcoin and ether are "notoriously volatile assets reacting to tempestuous economic conditions."
no subject
I hadn't previously heard of Luna, another friend here on DW,![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png)
devilc, posted about it tanking a couple of days ago in this very thread. The entire crypto market is thrashing about like mad. Millions, if not billions of real dollars of value will be destroyed and it will be unrecoverable because these are not backed by assets. I have almost zero sympathy to the people who thought these were actual investments. Sometimes it is zero sympathy, depends on my mood.