Not a crypto guy but this cannot be good

[Black Ice]

Not a crypto guy but this cannot be good

And how were people supposed to know they were not FDIC insured like the company told them they were?

Will it be your fault when the bank you use takes all your money? Or your fault when whatever broker (E-trade, Fidelity, IB etc) has your retirement money goes BK? How do you know they are FDIC insured like they claim to be?


The crypto being bought isn't what went to zero, the broker they were using to buy crypto went bankrupt.

Yeah that all around sucks. It’s not like the guy put his life saving into Poocoin[emoji23]


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[Drycreek3189]

Not a crypto guy either, I always thought it was smoke and mirrors. Still do.

[RiverRat1]

Guys - This is not about crypto coins. It's about a broker.

[boy wonder]

What could go wrong when your bank lends $600M to one borrower with zero collateral?

Celsius was charging less interest on loans than they were paying for deposits. Just more bad actors and people not diversifying their assets among several institutions. If interest on deposits sounds too good to be true.. well....

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Wonder what the commission on the loan was (to the loan officer)?

[flywise]

And how were people supposed to know they were not FDIC insured like the company told them they were?

Will it be your fault when the bank you use takes all your money? Or your fault when whatever broker (E-trade, Fidelity, IB etc) has your retirement money goes BK? How do you know they are FDIC insured like they claim to be?


The crypto being bought isn't what went to zero, the broker they were using to buy crypto went bankrupt.

Would it be fairly easy to research? I mean google and duck duck go has a lot of info. Anyone can claim what ever they want but the truth is out there

[Burnadell]

Would it be fairly easy to research? I mean google and duck duck go has a lot of info. Anyone can claim what ever they want but the truth is out there

It would be very difficult, if not impossible, to obtain financial statements online for a private company.

[flywise]

It don’t matter

[BigRed323]

Guys - This is not about crypto coins. It's about a broker.

It is about crypto coins. It’s a broker that dealt specifically with crypto.

I have money in crypto so I’m not an anti-crypto guy. But I do know the high risks of playing the crypto game and I see a broker that only deals with crypto as volatile as me doing it on my own.

I don’t feel bad for the people who lost all of their money. Its the same as people who go to Vegas and blow all their money at black Jack or slots. They lost this hand. Should have never put your life savings into something like that if you can’t afford to lose it. Broker or not. Poor life choices were made.

[matagordian]

Guys - This is not about crypto coins. It's about a broker.

How will customers recover proof of their crypto purchase? Will they transfer their crypto funds to another "broker". Assuming this company is just purchasing on a crypto exchange? I have some crypto with Robinhood just for FOMO. Just an app on my phone. Wonder what I will do when they go tats up.

[Lungbustr]

Seems coffee cans with cash buried in the backyard are safer these days.

You misspelled gold.

[RiverRat1]

It is about crypto coins. It’s a broker that dealt specifically with crypto.

I have money in crypto so I’m not an anti-crypto guy. But I do know the high risks of playing the crypto game and I see a broker that only deals with crypto as volatile as me doing it on my own.

I don’t feel bad for the people who lost all of their money. Its the same as people who go to Vegas and blow all their money at black Jack or slots. They lost this hand. Should have never put your life savings into something like that if you can’t afford to lose it. Broker or not. Poor life choices were made.

So where's the line drawn? If E-trade goes under will you say too bad for all investors in stocks? Why not? They're a broker also.

And why would a person using a broker think the broker is buying coins (or stocks)? That's not supposed to be part of the risk. The risk should be what's being bought through the broker going to zero, not the broker itself (and keeping your investment).

Please explain your thoughts in more detail.

[Hogmauler]

Somebody needs to get Bernie Mayhoffed.

[TeamAmerica]

How will customers recover proof of their crypto purchase? Will they transfer their crypto funds to another "broker". Assuming this company is just purchasing on a crypto exchange? I have some crypto with Robinhood just for FOMO. Just an app on my phone. Wonder what I will do when they go tats up.

The only place it is truly safe is in a physical wallet (not on on a ledger in a exchange company). Ledger or Trezor would be what I would suggest. Coin Bureau on YouTube has great info.

Problem is the exchanges offer interest on deposits to entice people to let them hold their deposits.

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[Lynn21]

Scam scam scam- some fat dog is sittin’ purty right now smoking a big cigar and drinking a martini with a grin on his face…..

[TeamAmerica]

Wonder what the commission on the loan was (to the loan officer)?

I bet his commission is sitting in another bank! [emoji6]

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