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

[lilysea]

Argh, cryptocurrency

I wish they would ban any cryptocurrency except that which could ROBUSTLY PROVE that 100% of it's electricity use came from wind/solar...

[disneydream06]

WOW, that does not sound good for cryptocurrency. :o :o :o
Hugs, Jon

[blue_green_dream]

Waaaay back when crypto first became a thing, someone tried to tell me how it was so much better than standard issue currency because, "the government isn't involved!" At that moment, I knew exactly where Bitcoin would ultimately lead. Say what you will about bureaucracy, but I kind of enjoy knowing that at least some of my cash is FDIC insured. And yes, stock investments can be risky, but not, "Oops, all unsecured!" risky.

Thanks for the Penzey's recommendation, by the way. Their Mural of Flavor is great on popcorn too.

[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.

[captainsblog]

Since you're my primary source for hearing about this stuff I do not understand, I thought of you when this beeg nooz just flew across one of my feeds:

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."

[silveradept]

I mean, we've known crypto is a bezzle for a good long while, but these sorts of things will hopefully make it clearer to even the most dedicated of investors that there's no actual money in it and that it should die swiftly and ungracefully.