When all argument fails, what else left than I told you so?
Also there is such a thing as a bad trade, that is fine. But stupidity like investing in crypto with 15% promises, that is on another level.
BlockFi goes bankrupt, catching it from FTX
- Thread starter Pekelo
- Start date
When all argument fails, what else left than I told you so?
Also there is such a thing as a bad trade, that is fine. But stupidity like investing in crypto with 15% promises, that is on another level.
I used BlockFi as a borrowing platform so the bitcoins I deposited were for collateral against my $ loan
BlockFi was only paying ~4% on bitcoin deposits and about 9% on stablecoins, i.e. USDC, USDT
Those rates for deposits are too low when I can get better rates by yield farming on defi
Sure defi can be extremely risky but by putting a small $ amount can get yields equivalent to a much higher $ deposit at BlockFi
For example, by putting $20K yield farming and at the current APR, I could in theory earn $6K interest in one year
To get $6K in interest at BlockFi would have required a much higher deposit $ value than $20K and this is not stablecoin so there's directional risk
That directional risk is quite visible today as both BNB and CAKE tokens are down along with the rest of Bitcoin and cryptos market
But before staking, I was only holding BNB and CAKE tokens in my wallet earning no yield. The good thing about DeFi is that I can withdraw all those tokens into my wallet anytime 24/7 within 5-10 minutes with no penalties or anything
At BlockFi, Bitcoin withdrawals always took at least 1 business day. Of course that was last year, now no withdrawals are possible
https://pancakeswap.finance/farms
At this point, just put "files for bankruptcy" at the end of every Crypto firm on the planet.
I'm not sure if its because everyone suspected this would happen, but the affect on the price of bitcoin has been almost non-existent.
Now clearly there is the big issue of the GBTC and some 600k bitcoins that would have to be sold if things go very bad (John of course understand the issue much better), but without this happening, what is left to drop bitcoin further?
Truth be told, I'm waiting as well to use up whatever cash is available to buy more bitcoin, and although I'd love to see 10k, is it really in the cards? Maybe miners will be forced to sell, that could be another headwind if they start going bankrupt, but we can't ignore the fact that even FTX blowing up didn't crash the price too bad, and now this news has barely moved the price.
Maybe @virtusa can tell us where the bottom is? And I don't mean this in any way to be mean spirited as he did after all make a post when bitcoin was at the highs, but I think it is equally as important to nail the lows. There will be another rally coming for sure, so it would be nice to get some good long calls so we can evaluate later.
I bot BNB at 275 and DCA'ed the cover at 300-310. $600K worth.
That's a large position in BNB. Is that CC at Deribit or I misunderstood?
It was already expected BlockFi was going chapter 11, so no real market move there. You need to have a surprise event to move markets.
As for Voyager going under, this is a great thing (for me at least). It makes my other equity holdings much stronger now. Voyager was becoming a big competitor to BitBuy, Netcoins, CoinBurry, etc. If you look back months ago on investing forums, you'll see a lot of posts of people just aping into Voyager and even stating how dumb it was to buy stock in the others.
How quick things can change... For those into North American crypto equities, that's just another player that's left the field, giving more revenue to the remaining.
This is capitalism after all. And no government bailouts in cryptoland (yet). When the dumb CEOs of a bad company (or stupid voters of a stupid DAO) make stupid decisions... why should they get a bail-out?
As for Voyager going under, this is a great thing (for me at least). It makes my other equity holdings much stronger now. Voyager was becoming a big competitor to BitBuy, Netcoins, CoinBurry, etc. If you look back months ago on investing forums, you'll see a lot of posts of people just aping into Voyager and even stating how dumb it was to buy stock in the others.
How quick things can change... For those into North American crypto equities, that's just another player that's left the field, giving more revenue to the remaining.
This is capitalism after all. And no government bailouts in cryptoland (yet). When the dumb CEOs of a bad company (or stupid voters of a stupid DAO) make stupid decisions... why should they get a bail-out?
Oh please, after all the crap we had to endure for 2 years straight from the fanboys in town? Take it easy, your reaction makes it almost more comical.