The crypto world is in turmoil. Destruction, consolidation... Humility over hubris? Perhaps today. Tomorrow is another day.Crypto Lender BlockFi Pauses Withdrawals in Wake of FTX Collapse
BlockFi had made a deal with FTX earlier this year.
By Nikhilesh De Nov 11, 2022
https://www.coindesk.com/business/2...i-pauses-withdrawals-in-wake-of-ftx-collapse/
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/N4SFG6S3NVGQBK6WFJLECRQYKQ.jpg)
BlockFi advertisement in Washington D.C.'s Union Station (CoinDesk archives)
Crypto lender BlockFi said it could not conduct business as normal and would be limiting activity in the wake of FTX's collapse.
The company said in a tweet that the "lack of clarity" around FTX's current situation meant it would pause client withdrawals. It also told clients not to deposit to its wallet or interest accounts.
"We will share more specifics as soon as possible," the company said. "... we intend to communicate as frequently as possible but anticipate that this will be less frequent than what our clients and other shareholders are used to."
BlockFi's tweet Thursday came just two days after founder and chief operating officer Flori Marquez tweeted that "all BlockFi products are fully operational," saying it was an independent entity until at least July of next year.
BlockFi and FTX US announced this past July that the companies had agreed to a deal wherein FTX US would provide BlockFi a $400 million credit facility, which would also allow the crypto exchange the right to acquire BlockFi. The price of the acquisition would depend on certain terms.
...more.....
Baron's Crypto Trading Journal
- Thread starter Baron
- Start date
Time to buy more.
good idea.
If there are lots of buyers, the price will surely go up.
some crypto 'experts' said BTC will hit $1 million after X years.
But whether you will earn or lose tons of money is another story.
Last edited:
It's hard to predict a bottom. Maybe it hits $ 5,000 before going up. However, eventually I believe it will go up again. So I am buying $ 100 at a time. I have not bought for awhile since I was predicting that it would fall more. Thankfully, I get paid every Friday whether the market goes up or down. I took off today and still got PTO. Maybe out of thousands of people on ET, 10 can make money actually trading every day for a living. I am not one of them.
The mistake most people make is buying when its high. Why buy at $ 60,000. Maybe one day it goes back up there but that is when I start slowly selling.
Another mistake most people make is buying when it's a falling knife. Why buy at $ 2,000? Maybe one day it goes to zero but that is when it is too late to start slowly selling, or even fast selling.
I will surely not get a thumbs up for this post.
There are a few countries that accepted crypto's as safe coins to protect them against inflation and a weak national currency. The problem is now that more and more crypto's are crashing or block withdrawals. So these people have to wait a few days (or weeks) before they can buy food and drinks. And when they finally can buy food and drinks, their buying power will be again 50% lower than a week ago.
The mistake most people make is thinking it's a bottom before the bottom has formed.
Another mistake, when they're wrong in a trade, is rely on hope that they're right rather than get out fast.
Another mistake most people make is buying when it's a falling knife. Why buy at $ 2,000? Maybe one day it goes to zero but that is when it is too late to start slowly selling, or even fast selling.
I will surely not get a thumbs up for this post.
no worries mate, I got you.
Another mistake most people make is buying when it's a falling knife. Why buy at $ 2,000? Maybe one day it goes to zero but that is when it is too late to start slowly selling, or even fast selling.
I will surely not get a thumbs up for this post.
Yes, I understand the risks. I am willingly to ride it down to $ 0 if there is a chance it goes back up to $ 60,000. It is money I can afford to lose, and better odds than gambling.
I knew that exchanges have no insurance so my coins are in my wallet. If the exchanges had insurance like stock brokerages much of this carnage would have been avoided.
Also, I am not buying a falling knife. I am looking at areas of support and not using a stop loss. That is far different.
That’s an apples to oranges comparison in that usecase; It’s really more about accessing the safe haven in stables and using the various blockchains for security and settlement.