Well, this morning they must have shutdown the website. 😩. Funds are now locked. We will see how this all turns out. Lost my mind when Luna went down and I lost a lot. Lost on Celsius and now ftx. Got a lot of learning to still do.
Was wondering how you'd compare the events of 2022 with other cycles which I didn't experience personally. It seems absolutely nuts to me how many implosions and failures there have been this year, the scale of them and the level of contagion. And the fact that these weren't hacks like Gox or others. Just straight up negligence by players in the space. Tbh, I'm surprised at how well DeFi infrastructure has held up while CeFi crypto collapses. From your perspective is this just high risk crypto as usual?
Second, I was wondering why you specifically don't use a Ledger device among your wallets of choice. I know some ppl like Trezor better for some reasons but I was curious if you had a specific reason why you don't mention or use Ledger devices?
Finally, this whole thing sucks! I've used up most of my capital at prices well above where we are now and where we could be going down further. I feel like it's done for me for a while and has just become a waiting game. Who knows how long it will take for current, and more importantly, future participants to feel safe and worth the risk of crypto again? Feels like a pretty major setback. I think I've reached my threshold for risk at this point. Probably gonna take a break from this space for a while until there's reason to pay attention again. Any fresh funds that become available for risk instruments will go to my boomer index funds lol. My crypto net net is so far underwater at this point I have choice but to HODL and hope. It makes me laugh really when I think about some of the prices I bought various tokens at over the last 2.5 years. Crypto has been many things but definitely not at all Easy! Not enjoying the ride anymore so it may be time to pull over personally. :-/
Thanks for all the helpful content over the last year! I learned a lot. Cheers!
Thanks Mark, again, for your insight and advice and long term hope. I have funds on FTX.US, only because it was one of my on ramps, and they held oncoming funds for 12 days before you could withdraw at all. FYI, I just withdrew half of my funds without an issue to a cold wallet. They will be shutting down the on-site trading, but they say all funds will be available to withdraw. So far, so good.
Hi,
As always, there is nothing certain in crypto. However, there seem to be several links between FTX, BlockFi and Gemini. For example:
1. Gemini may own BlockFi: https://www.zippia.com/answers/who-owns-blockfi/
2. Or is at least the custodian of BlockFi: https://www.gemini.com/blog/gemini-crypto-under-custody
3. BlockFi has run into trouble after the FTX collapse: https://www.coindesk.com/business/2022/11/10/crypto-lender-blockfi-pauses-withdrawals-in-wake-of-ftx-collapse/
The question is: if BlockFi becomes insolvent due to FTX, how would that affect Gemini? That's anybody's guess
From the names you provided Gemini would appear the weakest. Researth the FTX -> BlockFi -> Gemini connection to verify.
Which cold and hot wallet combo would you recommend? Is Trezor or Ledger better for cold? Thank you
Well, this morning they must have shutdown the website. 😩. Funds are now locked. We will see how this all turns out. Lost my mind when Luna went down and I lost a lot. Lost on Celsius and now ftx. Got a lot of learning to still do.
Hey Mark. Two questions-
Was wondering how you'd compare the events of 2022 with other cycles which I didn't experience personally. It seems absolutely nuts to me how many implosions and failures there have been this year, the scale of them and the level of contagion. And the fact that these weren't hacks like Gox or others. Just straight up negligence by players in the space. Tbh, I'm surprised at how well DeFi infrastructure has held up while CeFi crypto collapses. From your perspective is this just high risk crypto as usual?
Second, I was wondering why you specifically don't use a Ledger device among your wallets of choice. I know some ppl like Trezor better for some reasons but I was curious if you had a specific reason why you don't mention or use Ledger devices?
Finally, this whole thing sucks! I've used up most of my capital at prices well above where we are now and where we could be going down further. I feel like it's done for me for a while and has just become a waiting game. Who knows how long it will take for current, and more importantly, future participants to feel safe and worth the risk of crypto again? Feels like a pretty major setback. I think I've reached my threshold for risk at this point. Probably gonna take a break from this space for a while until there's reason to pay attention again. Any fresh funds that become available for risk instruments will go to my boomer index funds lol. My crypto net net is so far underwater at this point I have choice but to HODL and hope. It makes me laugh really when I think about some of the prices I bought various tokens at over the last 2.5 years. Crypto has been many things but definitely not at all Easy! Not enjoying the ride anymore so it may be time to pull over personally. :-/
Thanks for all the helpful content over the last year! I learned a lot. Cheers!
Thanks Mark, again, for your insight and advice and long term hope. I have funds on FTX.US, only because it was one of my on ramps, and they held oncoming funds for 12 days before you could withdraw at all. FYI, I just withdrew half of my funds without an issue to a cold wallet. They will be shutting down the on-site trading, but they say all funds will be available to withdraw. So far, so good.
Thanks again
Tom S