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Tanko
Tanko
Joined: Apr 22, 2013
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July 5th, 2022 at 4:48:36 AM permalink
I withdrew my cash from Coinbase last week. As a precaution, I set up a checking account in a bank different from my regular bank and had them transfer the funds to that account. Withdrawal took a few days and was not a simple process.

Coinbase is not a large broker. It only holds $250 billion in customer fiat and crypto currencies, and it lost $430 million in the first quarter.

The broker Charles Schwab has $7.6 trillion under management and saw $1.4 billion in net income in the first quarter.

'Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds'

'Coinbase Lets Users Know What a Bankruptcy Could Mean for Their Crypto'
Gundy
Gundy
Joined: Feb 25, 2021
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July 5th, 2022 at 5:21:12 AM permalink
Ten years from now, nobody will admit to buying this crap.

Going to ZERO.

Who's gonna be the bagholder?
DRich
DRich
Joined: Jul 6, 2012
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July 5th, 2022 at 5:25:18 AM permalink
Quote: Gundy

Ten years from now, nobody will admit to buying this crap.



You don't think the people that bought at $1 and sold at $60,000 will admit it?
Order from chaos
darkoz
darkoz
Joined: Dec 22, 2009
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July 5th, 2022 at 5:35:48 AM permalink
Quote: Tanko

I withdrew my cash from Coinbase last week. As a precaution, I set up a checking account in a bank different from my regular bank and had them transfer the funds to that account. Withdrawal took a few days and was not a simple process.

Coinbase is not a large broker. It only holds $250 billion in customer fiat and crypto currencies, and it lost $430 million in the first quarter.

The broker Charles Schwab has $7.6 trillion under management and saw $1.4 billion in net income in the first quarter.

'Coinbase earnings were bad. Worse still, the crypto exchange is now warning that bankruptcy could wipe out user funds'

'Coinbase Lets Users Know What a Bankruptcy Could Mean for Their Crypto'
link to original post



Your post makes it sound like bankruptcy is imminent.

The article says they were forced to put the warnings in due to new government regulations.

Coinbase itself says they aren't expecting a bankruptcy.

Also customers can use personal wallets instead of coinbase wallets while still using coinbase. It's just a bit more complicated but the trade-off is security if coinbase did go bankrupt which still seems slim to none.

BTW, the FDIC only insures regular bank customers up to $250,000 which is fine for regular guys but telling a multi-millionaire he only gets back $250,000 is equivalent to saying you lost it all, pretty much.
For Whom the bus tolls; The bus tolls for thee
darkoz
darkoz
Joined: Dec 22, 2009
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July 5th, 2022 at 5:38:40 AM permalink
Quote: DRich

Quote: Gundy

Ten years from now, nobody will admit to buying this crap.



You don't think the people that bought at $1 and sold at $60,000 will admit it?
link to original post



People who brought at $500 and sold at $1000 will admit it. They will even rue they sold too early.

I know because my daughter does that. She sold and was happy at her profit in 2016. Now she just mourns at what her life could have been like.
For Whom the bus tolls; The bus tolls for thee
Wizard
Administrator
Wizard 
Joined: Oct 14, 2009
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July 5th, 2022 at 6:05:58 AM permalink
Quote: AZDuffman


link to original post



I miss the part where me mentions Corinthian leather.
It's not whether you win or lose; it's whether or not you had a good bet.
AZDuffman
AZDuffman
Joined: Nov 2, 2009
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July 5th, 2022 at 1:54:36 PM permalink
Quote: Wizard

Quote: AZDuffman


link to original post



I miss the part where me mentions Corinthian leather.
link to original post



It is hard to explain to the younger generation that this was the kind of car a cool cat would own back then. They have low practicality for your luggage or passengers but none of that mattered back then. This was a "personal" car.
All animals are equal, but some are more equal than others
rxwine
rxwine
Joined: Feb 28, 2010
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August 3rd, 2022 at 10:21:32 AM permalink
Hackers drained almost $200 million in cryptocurrency from Nomad, a tool that lets users swap tokens from one blockchain to another, in yet another attack highlighting weaknesses in the decentralized finance space.
Nomad acknowledged the exploit in a tweet late Monday.

"We are aware of the incident involving the Nomad token bridge," the startup said. "We are currently investigating and will provide updates when we have them."

It's not entirely clear how the attack was orchestrated, or if Nomad plans to reimburse users who lost tokens in the attack. The company, which markets itself as a "secure cross-chain messaging" service, wasn't immediately available for comment when contacted by CNBC.

Blockchain security experts described the exploit as a "free-for-all." Anyone with knowledge of the exploit and how it worked could seize on the flaw and withdraw an amount of tokens from Nomad sort of like a cash machine spewing out money at the tap of a button.
The Hall of Unverified Claims is a vast place with many shelves.
DRich
DRich
Joined: Jul 6, 2012
  • Threads: 80
  • Posts: 8746
August 3rd, 2022 at 1:05:21 PM permalink
I would be very surprised if they made their customers whole.
Order from chaos
lilredrooster
lilredrooster
Joined: May 8, 2015
  • Threads: 205
  • Posts: 4717
August 4th, 2022 at 1:47:53 AM permalink
_________________


more than $200 million of crypto was recently hacked - stolen - from more than 10,000 users


.
https://www.washingtonpost.com/technology/2022/08/03/solana-nomad-hacks-security-questions/


.
"𝘣𝘦𝘭𝘪𝘦𝘷𝘦 𝘩𝘢𝘭𝘧 𝘰𝘧 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘴𝘦𝘦 𝘢𝘯𝘥 𝘯𝘰𝘯𝘦 𝘰𝘧 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘩𝘦𝘢𝘳"______Edgar Allan Poe

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