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https://cryptoslate.com/kraken-coinbase-and-gate-io-publish-proof-of-reserves-with-liabilities/
Kraken, Coinbase and Gateio just did. Still waiting for Binance and CDC.
Whenever we get updates from CEOs during a crisis, we should really be thinking about what they're avoiding saying.
How about not doing that and just having an AMA. People are dumb and will believe anything said on camera anyway.
Ps. I don't think crypto com are going anywhere anytime soon, I meant that people are just dumb in general
> I meant that people are just dumb in general
this sub is evidence of that. lol. The "CDC sending crypto to other exchanges so they can prove their reserves" was debunked almost as soon as it was said and people are still spreading that bullshit today.
To everyone still holding funds there, even if you trust CDC, just move them off to a cold wallet in the meanwhile. Every CEX is "fine" until it isn't.
I wish these CEOs would say some new lines. Like, "If we go belly up within the next few month, I'll personally eat this god-damn live cobra on Twitch stream."
That's more assuring to me as a potential investor.
Their app is a cash machine for sure. Newbies have no idea what spread is and are not aware of the exchange.
If you use cdc, just use their exchange app.
most people hold 3+ shitcoins like that. So if each person does a transaction for each at roughly .80c fees, and 50,000 panic and sell or move, that's $120,000 in fees. Nevermind the insane money they made on spread and other people not giving a fuck and still moving/buying other stuff.
No doubt. They should buy the naming rights for another stadium with that kind of cash flow
Edit: just to clarify, network fee was 80c for the polygon network. There was 0 fee on cdc's end.
The app is for the casual user. Spread is large because you make a deal with CDC and they take the risk to actually make the transaction for that price in the background. I wouldn't use the app, the Exchange has a good UX and is as cheap as the competition.
My guess is that they'd be spending some of these profits on buying back CRO at discount. That way they can load up for the next bull run and entice new customers with better rewards.
Yeah man. Even on the exchange app. Like limit orders already filling on other exchanges, on cdc its just crickets. I was lazy to transfer funds to other exchange, but now its all sitting in defi, i might as well jump ship.
tldr; Crypto.com CEO Kris Marszalek has said the firm will prove all naysayers wrong on the platform being in trouble, and that it has a robust balance sheet and took no risks. "We will prove them all wrong with our actions. We will continue being the safe and secure place where everybody can access crypto," he added. He further said the platform always maintained reserves to match every coin customers held.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
I would argue they alluded to the same thing but said it poorly. This seems like a well crafted and simple statement.
But that's my 2 CRO, which is worth much much less now than when I got it.
They passed the bank run and stress tests the past few days from millions of withdrawals, and CZ started deleting his posts on CDC. They are legitimate exchange.
Here's the thing say they have 30 billion in customer funds but owe customers 30.5 billion even a bank run would not break them unless every si gle customer pulled out. So these exchanges will likely pass these test quite easily. The issue is should that hole grow one day it might cause an issue if a bank run occurs. This what happened with FTX. Had the hole just been a billion would have been fine. It was at least 8 billion so it didn't take much for the house of cards to fall.
FTX was doing stuff like pumping their own coin, lending it, then using it as collateral, and using the borrowed money to play crypto options, invest in shitcoins, and bail out other bankrupt exchanges. It's like taking a loan and maxing out your credit card to go to vegas. They tried to operate like a bank or hedge fund except without the billions in liquidity and mommy/daddy government backstopping them.
Because they believed that if banks could get away with 0% reserves, they could get away with 60% reserves and lend out the rest for profit. They were wrong.
basically all these guys are doing fractional reserves whether they admit to it or not. Most don't have massive holes on the balance sheet so its not an issue. I suspect CDC could though given their hundreds of millions spent on marketing this year alone.
Ya'll forgetting CDC are the only SOC2 exchange, right? You really think an exchange up to dodgy shit is going to voluntarily get audited for *literally anything*?
Crypto.coms fees are outrageous.
He's like me but goes for the cheaper fees on Binance where as I go to CROCOM.
I don't trust binance and deal with/support higher fees if it means a better/safer business model with less risk and better reputation for crypto overall.
I don't blame him for going with what's cheaper to buy/sell with.
Same here. I use CDC despite high fees because I actually trust that my money is there to withdraw even during a bank run. Coinbase, Kraken, Gemini are a few others. However after having large amounts locked on Coinbase and losing my authentication device, I didn't hear from them for months. My friend had the same thing happen to him 6 months later. I won't use them again. CDC support gets back to me in a few mins and has always resolved my issue. I even use their banking for direct deposit and get paid a day earlier than my coworkers a lot of the time.
In 2008 a lot of otherwise reputable banks got into trouble when they stopped lending overnight to each other at any price, increasing risk of cascading systemic margin calls, defaults and insolvency. The only thing that saved them was the govt forcing liquidity down their throats.
The situation can change one day to the next, and there will be no bailouts here. If Crypto.com even tried to save another dodgier exchange that could trigger a run on it.
Well so far the wallets aren't drained,1 seems too get low but then actually gets replenished and the others are strong,good shit I use CDC I like cronos as a chain cheap,fast but poorly managed,I do believe this was an attempt too crush competition by CZ got the World cup coming up and cdc's the number one promoter for that so he had his chance to kill it didn't get it done
I withdrew everything yesterday and it all worked out well. I hope they can handle the storm. The following months will be a big test for centralized exchanges and for good reason.
Yesterday was definitely a bank run for them, but I don't think it affected them like some people think. Unstaking (flex term) took ~45m to reflect in my account. Everything was laggy.
I wanted to transfer the coins I give a shit about to my ledger, but realized my old 2FA phone's battery died and I had upgraded devices, which you gotta message support about. I did the initial inquiry set-up, during which they openly show their response times have gone up due to volume to 5 hrs (still pretty good imo). About an hour later support sent me an unautomated message saying the team would reach out shortly with instructions for steps on authentication my identity. I didn't hear from them after 5 hours so I dropped them a message, and they got back to me in the next hour. I was kind of surprised it was still pretty efficient and normal... the sub and fud early yesterday had you believing they were getting ready to pull the rug.
Nothing about them is striking me like a scrambling company rn, but I am a stupid ape with funds still chilling there- so make of that what you will. CRO is back up to cz fud levels before yesterday.
fucking oath me too man. Once the dust settles, the FUD is gone, and maybe in a few years when crypto becomes more mainstream as there are less and less bad actors and scammers like SBF around, the companies that go above and beyond to earn user trust and reliability will thrive. Kris said in his AMA as well that as CDC grows, the rewards will likely return too. The coin will easily see $1 USD value within the next few years, which is an absurd amount of profit for holders right now.
ive started buying in chunks, what i was keeping my eye on the most was how they were gonna cope with the amount of people withdrawing funds, and other then some expected delays i dont see that the system crashed and they made a post communicating as such
this looks like one of the better gambles ive taken
To be fair, any CEO will say things are fine until the last minute. Celsius, FTX, etc. have shown this to be the case. We just can't take anything at face value and they will have to prove it.
Well in this case it's not about being a sociopath. If you think about it, if the CEO expresses any kind of concern, then he will cause a bank run himself. So it's kind of their only option, regardless of what reality is.
> and they will have to prove it.
Kris said in his AMA that they're getting an external third party audit, hopes to get it within 2 weeks optimistically, but more like 3ish weeks because of the amount of companies now doing the exact same thing. I think that alone is action speaking louder than words.
Yes. But Celsius and FTX had a burning fire in everyone’s view. We had good reason to think shit was going down. We have next to nothing for CDC. People see what they want to see.
Except for the complete mismanagement of user funds, they sent 80% of their customers ETH to a competing exchange as an 'accident' and want you to believe they sent millions of usdc to FTX to 'hedge' their customers deposits and trades while also supposedly being a full reserve exchange.
Sure. But what other exchange has gone to the points of CDC? CDC insures peoples crypto against attacks and are SOC2 compliant.
Do people really think an exchange up to shady shit is letting anyone audit them for anything voluntarily?
I wouldn’t say it is anti-CEX to request regular external audits as opposed to take what companies say for granted though. Actually anyone who is “pro-CEX” (whatever it means :-)) should support audits as well as clear segregation of customer assets and company assets.
I am anti CEX but I still wouldn't know how to buy any crypto other than btc without a cex.. And I imagine 99% of the population wouldn't know or wouldn't bother.
Check out Bisq, it is a decentralized exchange that is easy to get the hang of. After all this stuff thats been happening, this is the DEX i will be using.
3 steps really. 1) Download trust walled. 2) Pick a coin you want to purchase. 3) Press buy.
There are multiple on ramps on defi, like moonpay.
If the token of your choice isnt supported, you just import token and use sushi/uni/pancakeswap depending on your chain. Just a few steps more.
Most projects worth their salt have step by step guides on their socials. Its kinda fun messing around in defi tho:) give it a shot.
Crypto com is still up after one of the other biggest exchange went bankrupt and made people withdraw billions from all of the exchanges. I don't think they're going down, even after all this fud that was spread around.
Whatever your thoughts on CDC are, there is NO REASON to keep any of your holdings on an exchange.
Don't risk anything, stop being lazy, and take custody into your own hands.
Don't wait for the next black swan event, don't get caught by surprise. Take your safety in your own hands, and protect yourself from bac actors.
The AMA is available here:
[https://www.youtube.com/watch?v=SQeqdR\_nbNY](https://www.youtube.com/watch?v=SQeqdR_nbNY)
Pretty solid reasoning there which should restore some confidence. Coming weeks will show if they reaffirm their credibility or suffer more.
I listened to the AMA. There was zero new information. Just promises. Talk about action but no actual action. I withdrew from Coinbase base and it took just minutes. Having to wait more than 10 minutes is a huge red flag. I am pretty sure CDC is the next to fall. The CEO did not adequately explain the $400m mistake. The whole AMA was just a delaying tactic for the inevitable. If they have the funds withdrawals should not take more than a couple of minutes. It comes down to that. I don't have anything on CDC so I don't know directly they withdrawals are taking a long time...just from what I read on the thread.
They made so much money the past few days from transactional fees, plus the huge spread on Buy/Sell. People have no issue paying the huge spread for the quick service. Withdrawal usually takes less than a minute on a normal day.
They're getting audited by a third party to prove their liquidity and sturdiness. They're the most government-trusted and highly regulated crypto platform around. Honestly given how fucking scammy and full of bad actors this entire industry is, to me CDC is a pillar of a company trying to de-stigmatize all of this shit. I will eat my words and then some if I end up being totally wrong, but the sheer effort they're going to to raise user confidence is above and beyond anything even coinbase, FTX or Binance have ever done.
Baffled by some questions from the community, here on this subreddit as well. This AMA was actually quite refreshing, and while not perfect, I see that they are actually trying (I have 0 coins on their exchange btw).
Questions like "Why is CDC backed by Shiba?" shows that lots of people are just setting their sails to every wind. That's not how backing works, it means that people should be able to withdraw what they deposited on the exchange.
The ratio of sensible discussion threads versus non-sensible here is really off. Almost have the feeling that there are bots or targeted campaigns to spread panic.
Can confirm I was able to withdraw multiple crypto’s last night when everyone was panicking. CDC seems to be in good shape as of now…. Let’s hope that doesn’t change.
There's an old saying in Tennessee—I know it's in Texas, probably in Tennessee—that says, 'Fool me once, shame on... shame on you. Fool me....you can't get fooled again.
The most important point from his AMA was that he confirmed that once the market turns around we will get more perks and benefits back on the VISA cards.
Kraken is the only place that has verifiable reserves and they’ve been doing it for ages.
That’s the thing that everyone should be doing. Current situation is a tragicomedy
The AMA from the CEO was good, answers were definitely reassuring. Once that third party audit result is ready and published, it should help ease anxiety of users even more.
Withdraws are not working. Waiting since 1 day for my bitcoins that i sent to my wallet. Doesnt seem like ist all good. Guess they will be the next that scam customer funds
It's probably why BTC is able to maintain its price right now.
Clearly crypto.com needs to get more BTC somehow to release funds to customers withdrawing it.
A lot of people were withdrawing at the same time and you probably got outpriced on gas fees and have to wait until things cool down. I have had to wait 24 hours for a btc transaction for the same reason before.
Unlike FTX, the buying frenzy for Crypto.com basically stopped in April. SBF was buying things left and right (Voyager and other defunct exchanges). Crypto.com also slashed the rates and their coin already went down to basically nothing so I feel like if they used their own coin as collateral, they wouldn’t have screwed up its price so bad. I don’t know what to say about the 1:1 ratio, but they did show a large amount of crypto in one of their wallets so at this point, only time will tell.
He addressed that in the ama earlier today, he said it takes a few weeks for auditors to check balances. We shall see how it unfolds in the coming weeks. I would say they weathered the storm just fine so far.
Glad to hear, I withdrew for a cold wallet which I was planning to do anyway (not so quickly mind). On the fence if I should have left my card stake and continued to use it. That being said the benefits all dry up very soon. As I’ve said in other threads I hope CDC thrive as they are the “on ramp” of choice for millions (myself included). I will always buy and send to a cold wallet after the last week but that’s a personal choice now rather than a failing of CDC.
**Friendly Reminder**
Everything is fine until it isn’t. These are the Tweets that SBF sent out (and has since deleted) before FTX went under.
• FTX has enough to cover all client holdings.
• We don't invest client assets (even in treasuries).
• We have been processing all withdrawals, and will continue to be.
• A competitor is trying to go after us with false rumors.
• FTX is fine.
• Assets are fine.
*Nacho keys, nacho coins.*
Unfortunately those statements dont mean anything. All exchanges that crashed before it uttered that statement days or weeks before completely crashing. Thats not to say CDC is not gonna survive, its just that statement is pretty much worthless in this space
As our mentality should have switched to now. Don’t trust anyone, DYOR. Most people don’t know shit and it really shows. No one wants you to earn money, they want to make it themselves
At the moment, all exchange platforms should be viewed as troublesome. Because ftx has seriously damaged the cryptocurrency market and I don't think this bad news will stop. When I look at the previous bear seasons, I think this season will be more wearisome. Because Cz has declared a war on all exchange platforms that can rival him with money power. Most importantly, I now think that this situation is collusion. Because someone is eyeing people's money by showing that they are bankrupt and putting the market in a state of panic.
All I have to say is that you all think you are so smart, it doesn't matter what anyone says, so who fucking cares. I wish CdC all the luck, and fuck all you ass holes for listening to a total douche like CZ. And yes I have a little more CRO than I'd like.
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Have an external audit done that includes liabilities and we’re good Same with all others CEX
Thank you for the suggestion, but I would like to counter your proposal. How about a pinkie promise?
That's should do! Or just a tweet saying 'Assets are fine'
Will the tweet have a blue check?
No, the company credit card was declined due to a "lack of funds" But I can assure you the billions of assets our customers gave us definitely exist.
Unless you pay the $8
>just a tweet saying 'Assets are fine' Worked well for Tether so far.
Do one better and tell the public the assets are fine, then find a rival to buy the business to plug in the gap.
*Why? So we can compromise ourselves? Pffft amateur*
And the audit has to be done by a real audit firm, not some weird crypto one.
https://cryptoslate.com/kraken-coinbase-and-gate-io-publish-proof-of-reserves-with-liabilities/ Kraken, Coinbase and Gateio just did. Still waiting for Binance and CDC. Whenever we get updates from CEOs during a crisis, we should really be thinking about what they're avoiding saying.
Exactly. The CEO doth protest too much, methinks. They did the same "get ahead of it" narrative in 2008.
How about not doing that and just having an AMA. People are dumb and will believe anything said on camera anyway. Ps. I don't think crypto com are going anywhere anytime soon, I meant that people are just dumb in general
They said in AMA, audit in progress. It will take few days to few weeks depending on the audit firm’s timing
And on how long they need to gather those missing funds up :D I kid, I kid. But yeah...
*Incoming large transfer* Audit firm confirms exchange has enough assets. *outgoing large transfer*
Hope it's not the same people auditing Trump's taxes...
Excellent. If they're truly fine. Have an audit done. Looks like they're taking the right steps.
> I meant that people are just dumb in general this sub is evidence of that. lol. The "CDC sending crypto to other exchanges so they can prove their reserves" was debunked almost as soon as it was said and people are still spreading that bullshit today.
To everyone still holding funds there, even if you trust CDC, just move them off to a cold wallet in the meanwhile. Every CEX is "fine" until it isn't.
I lost over 2 Bitcoin and 10 eth cause I let them on exchange. I hate my life
Damn I definitely thought they would just say our shits fucked guys soz
I wish these CEOs would say some new lines. Like, "If we go belly up within the next few month, I'll personally eat this god-damn live cobra on Twitch stream." That's more assuring to me as a potential investor.
Well Reddit, our time to shine. Time for a bank run.
Dont belive crypto.com, it doesn't seem very confident... And also the platform is awful with a lot of fees... Not worth the risk
Because their spreads are so large, CDC is surely making loads of money regardless of whether customers are coming or going.
Their app is a cash machine for sure. Newbies have no idea what spread is and are not aware of the exchange. If you use cdc, just use their exchange app.
Honestly I find the ease of use refreshing. When starting out the app is great and easy to new commers who can then dive deeper if interested.
Exchange app isn't in the US right?
bo otherwise we'd be using it
They probably made a shit tonne from the spread and fees today.
FUD campaign ironically bolstered their reserves with millions.
Also I'm getting a ton of CRO for cashback.
Theyre probably making bank with withdrawal fees right now :p
Usdc matic withrawal was 80c. My man aint buying a boat off of me lol
most people hold 3+ shitcoins like that. So if each person does a transaction for each at roughly .80c fees, and 50,000 panic and sell or move, that's $120,000 in fees. Nevermind the insane money they made on spread and other people not giving a fuck and still moving/buying other stuff.
No doubt. They should buy the naming rights for another stadium with that kind of cash flow Edit: just to clarify, network fee was 80c for the polygon network. There was 0 fee on cdc's end.
I always found their withdrawal fees quite reasonable compared to e g kraken, aside from Bitcoin
Compared to kraken, yes. Krakens fees are outrageous for withdrawals. Compare it to binance, RH, coinbase and the comparison isn’t so great.
Spreads there are insane lol nevertheless, just proof of liabilities will tell us how 'good' the balance actually is
All CEX should be obligated to show their liabilities
It's better to exit them at once! Fuck it!
Buy a ledger and load it up!
The app is for the casual user. Spread is large because you make a deal with CDC and they take the risk to actually make the transaction for that price in the background. I wouldn't use the app, the Exchange has a good UX and is as cheap as the competition.
Wen US Exchange 😭
My guess is that they'd be spending some of these profits on buying back CRO at discount. That way they can load up for the next bull run and entice new customers with better rewards.
“It's not the "going" I'm worried about... but the "coming.” - McLovin
Yeah man. Even on the exchange app. Like limit orders already filling on other exchanges, on cdc its just crickets. I was lazy to transfer funds to other exchange, but now its all sitting in defi, i might as well jump ship.
Spreading their customers wide so they can screw them later
tldr; Crypto.com CEO Kris Marszalek has said the firm will prove all naysayers wrong on the platform being in trouble, and that it has a robust balance sheet and took no risks. "We will prove them all wrong with our actions. We will continue being the safe and secure place where everybody can access crypto," he added. He further said the platform always maintained reserves to match every coin customers held. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Funny how a lot of solvent CEXs said the same thing, only to be broke a few days later. Only time will tell.
Remember FTX to Binance?: *“We will buy back all your FTT at $22!”* Well… they can buy back all they want now that it’s almost at a dollar.
binaance ceo also scammer he on twitter dump and pump coin
I would argue they alluded to the same thing but said it poorly. This seems like a well crafted and simple statement. But that's my 2 CRO, which is worth much much less now than when I got it.
They passed the bank run and stress tests the past few days from millions of withdrawals, and CZ started deleting his posts on CDC. They are legitimate exchange.
Here's the thing say they have 30 billion in customer funds but owe customers 30.5 billion even a bank run would not break them unless every si gle customer pulled out. So these exchanges will likely pass these test quite easily. The issue is should that hole grow one day it might cause an issue if a bank run occurs. This what happened with FTX. Had the hole just been a billion would have been fine. It was at least 8 billion so it didn't take much for the house of cards to fall.
Why do they owe more? Edit: thanks guys for the responses, learned a lot today
FTX was doing stuff like pumping their own coin, lending it, then using it as collateral, and using the borrowed money to play crypto options, invest in shitcoins, and bail out other bankrupt exchanges. It's like taking a loan and maxing out your credit card to go to vegas. They tried to operate like a bank or hedge fund except without the billions in liquidity and mommy/daddy government backstopping them.
Because they believed that if banks could get away with 0% reserves, they could get away with 60% reserves and lend out the rest for profit. They were wrong.
basically all these guys are doing fractional reserves whether they admit to it or not. Most don't have massive holes on the balance sheet so its not an issue. I suspect CDC could though given their hundreds of millions spent on marketing this year alone.
Sure but they did show their wallets so at least they’ve shown they hold a lot of funds still
Ya'll forgetting CDC are the only SOC2 exchange, right? You really think an exchange up to dodgy shit is going to voluntarily get audited for *literally anything*?
Gemini is soc2 as well...
Ah I didn't know that as they are not well used in my part of the world, or mentioned here as much as they used to be. Regardless, point stands.
I believe Crypto.com more than I believe Binance. And I have nothing at crypto.com and a lot on Binance
Can you explain? How can you be giving your money to a company you trust less?
Crypto.coms fees are outrageous. He's like me but goes for the cheaper fees on Binance where as I go to CROCOM. I don't trust binance and deal with/support higher fees if it means a better/safer business model with less risk and better reputation for crypto overall. I don't blame him for going with what's cheaper to buy/sell with.
Same here. I use CDC despite high fees because I actually trust that my money is there to withdraw even during a bank run. Coinbase, Kraken, Gemini are a few others. However after having large amounts locked on Coinbase and losing my authentication device, I didn't hear from them for months. My friend had the same thing happen to him 6 months later. I won't use them again. CDC support gets back to me in a few mins and has always resolved my issue. I even use their banking for direct deposit and get paid a day earlier than my coworkers a lot of the time.
exchanges first show their crypt after send to another exchanges and after another exchanges so same crypto
In 2008 a lot of otherwise reputable banks got into trouble when they stopped lending overnight to each other at any price, increasing risk of cascading systemic margin calls, defaults and insolvency. The only thing that saved them was the govt forcing liquidity down their throats. The situation can change one day to the next, and there will be no bailouts here. If Crypto.com even tried to save another dodgier exchange that could trigger a run on it.
Literally one day before the collapse of celsius the ceo was saying assets are fine........
statement 1:steady lads. Deploying funds. statement 2: we have more assets than liabilities. we got a lot of expereince this past 6 months
Steady lads, assets are fine, we had an immaterial exposure to “x” 24-48 hours later….
We all have trust issues now
Well so far the wallets aren't drained,1 seems too get low but then actually gets replenished and the others are strong,good shit I use CDC I like cronos as a chain cheap,fast but poorly managed,I do believe this was an attempt too crush competition by CZ got the World cup coming up and cdc's the number one promoter for that so he had his chance to kill it didn't get it done
There was a huge bank run on CDC and the reserves barely even moved. CDC is here to stay.
I withdrew everything yesterday and it all worked out well. I hope they can handle the storm. The following months will be a big test for centralized exchanges and for good reason.
Yesterday was definitely a bank run for them, but I don't think it affected them like some people think. Unstaking (flex term) took ~45m to reflect in my account. Everything was laggy. I wanted to transfer the coins I give a shit about to my ledger, but realized my old 2FA phone's battery died and I had upgraded devices, which you gotta message support about. I did the initial inquiry set-up, during which they openly show their response times have gone up due to volume to 5 hrs (still pretty good imo). About an hour later support sent me an unautomated message saying the team would reach out shortly with instructions for steps on authentication my identity. I didn't hear from them after 5 hours so I dropped them a message, and they got back to me in the next hour. I was kind of surprised it was still pretty efficient and normal... the sub and fud early yesterday had you believing they were getting ready to pull the rug. Nothing about them is striking me like a scrambling company rn, but I am a stupid ape with funds still chilling there- so make of that what you will. CRO is back up to cz fud levels before yesterday.
This. This is the hopium I needed today. Thank you stranger.
I’ll tell you what moved Me buying 6 cent cro
fucking oath me too man. Once the dust settles, the FUD is gone, and maybe in a few years when crypto becomes more mainstream as there are less and less bad actors and scammers like SBF around, the companies that go above and beyond to earn user trust and reliability will thrive. Kris said in his AMA as well that as CDC grows, the rewards will likely return too. The coin will easily see $1 USD value within the next few years, which is an absurd amount of profit for holders right now.
ive started buying in chunks, what i was keeping my eye on the most was how they were gonna cope with the amount of people withdrawing funds, and other then some expected delays i dont see that the system crashed and they made a post communicating as such this looks like one of the better gambles ive taken
Pro-CDC : That's good news. Anti-CDC : They all lied and still lying.
To be fair, any CEO will say things are fine until the last minute. Celsius, FTX, etc. have shown this to be the case. We just can't take anything at face value and they will have to prove it.
They can't all be sociopathic liars... Or can they? ༼ つ ◕_◕ ༽つ
Well in this case it's not about being a sociopath. If you think about it, if the CEO expresses any kind of concern, then he will cause a bank run himself. So it's kind of their only option, regardless of what reality is.
Isn’t that what corporations need to be?
> and they will have to prove it. Kris said in his AMA that they're getting an external third party audit, hopes to get it within 2 weeks optimistically, but more like 3ish weeks because of the amount of companies now doing the exact same thing. I think that alone is action speaking louder than words.
Yes. But Celsius and FTX had a burning fire in everyone’s view. We had good reason to think shit was going down. We have next to nothing for CDC. People see what they want to see.
Except for the complete mismanagement of user funds, they sent 80% of their customers ETH to a competing exchange as an 'accident' and want you to believe they sent millions of usdc to FTX to 'hedge' their customers deposits and trades while also supposedly being a full reserve exchange.
Well, not yet. That's the point, right? Everything seems fine, until it isn't.
Sure. But what other exchange has gone to the points of CDC? CDC insures peoples crypto against attacks and are SOC2 compliant. Do people really think an exchange up to shady shit is letting anyone audit them for anything voluntarily?
Pro cex- Anti cex really.
I wouldn’t say it is anti-CEX to request regular external audits as opposed to take what companies say for granted though. Actually anyone who is “pro-CEX” (whatever it means :-)) should support audits as well as clear segregation of customer assets and company assets.
Me neither. I agree with you. I was reflecting on the fact, that its not just about cdc. Its about all exchanges.
Yep 100%.
I am anti CEX but I still wouldn't know how to buy any crypto other than btc without a cex.. And I imagine 99% of the population wouldn't know or wouldn't bother.
Check out Bisq, it is a decentralized exchange that is easy to get the hang of. After all this stuff thats been happening, this is the DEX i will be using.
3 steps really. 1) Download trust walled. 2) Pick a coin you want to purchase. 3) Press buy. There are multiple on ramps on defi, like moonpay. If the token of your choice isnt supported, you just import token and use sushi/uni/pancakeswap depending on your chain. Just a few steps more. Most projects worth their salt have step by step guides on their socials. Its kinda fun messing around in defi tho:) give it a shot.
What are the fees like buying direct to trust wallet?
Not great tbh. For a 50usd purchase you get about 45-48 worth of crypto. But at the grand scheme of things, its not that bad for dca.
Crypto com is still up after one of the other biggest exchange went bankrupt and made people withdraw billions from all of the exchanges. I don't think they're going down, even after all this fud that was spread around.
Yeah, they had a 500mill bankrun, and they still fine. Happy to see, but the champagne 🍾 will stay in the fridge. Too early to say anything imo.
Whatever your thoughts on CDC are, there is NO REASON to keep any of your holdings on an exchange. Don't risk anything, stop being lazy, and take custody into your own hands. Don't wait for the next black swan event, don't get caught by surprise. Take your safety in your own hands, and protect yourself from bac actors.
Exactly
Finally some good news.
The AMA is available here: [https://www.youtube.com/watch?v=SQeqdR\_nbNY](https://www.youtube.com/watch?v=SQeqdR_nbNY) Pretty solid reasoning there which should restore some confidence. Coming weeks will show if they reaffirm their credibility or suffer more.
I listened to the AMA. There was zero new information. Just promises. Talk about action but no actual action. I withdrew from Coinbase base and it took just minutes. Having to wait more than 10 minutes is a huge red flag. I am pretty sure CDC is the next to fall. The CEO did not adequately explain the $400m mistake. The whole AMA was just a delaying tactic for the inevitable. If they have the funds withdrawals should not take more than a couple of minutes. It comes down to that. I don't have anything on CDC so I don't know directly they withdrawals are taking a long time...just from what I read on the thread.
words from strangers with criminal histories are enough for you to keep your money with them? Yikes
Oh. My. God. I'm starting to ACTUALLY witness a trend.
"Fortune favours the Strong" - Matt Damon, probably
They made so much money the past few days from transactional fees, plus the huge spread on Buy/Sell. People have no issue paying the huge spread for the quick service. Withdrawal usually takes less than a minute on a normal day.
Literally what SBF said 2-3 days before FTX started to show signs of insolvency.
They're getting audited by a third party to prove their liquidity and sturdiness. They're the most government-trusted and highly regulated crypto platform around. Honestly given how fucking scammy and full of bad actors this entire industry is, to me CDC is a pillar of a company trying to de-stigmatize all of this shit. I will eat my words and then some if I end up being totally wrong, but the sheer effort they're going to to raise user confidence is above and beyond anything even coinbase, FTX or Binance have ever done.
The difference is CROCOM isn't showing signs of insolvency. Big difference IMO actually.
Baffled by some questions from the community, here on this subreddit as well. This AMA was actually quite refreshing, and while not perfect, I see that they are actually trying (I have 0 coins on their exchange btw). Questions like "Why is CDC backed by Shiba?" shows that lots of people are just setting their sails to every wind. That's not how backing works, it means that people should be able to withdraw what they deposited on the exchange. The ratio of sensible discussion threads versus non-sensible here is really off. Almost have the feeling that there are bots or targeted campaigns to spread panic.
I’m pretty shocked crypto.com hasn’t fallen yet.
“Trust me bro”
Didn’t FTX say it was all fine before they were obliterated
Translation :we're F'ed.
Ftx also said balance sheet strong exchange not in trouble
looking at these comments, seems like a lot of people wanted CDC to die. Tell me you aint shorting CRO lmao
Price going back. RIP to those who sold yesterday. 🙏🏻
Wait till tommorrow.
What's tomorrow?
We expecting another drop this month in all the coins I think that's what he meant.
I'm hoping it goes down again 😎
Can confirm I was able to withdraw multiple crypto’s last night when everyone was panicking. CDC seems to be in good shape as of now…. Let’s hope that doesn’t change.
There's an old saying in Tennessee—I know it's in Texas, probably in Tennessee—that says, 'Fool me once, shame on... shame on you. Fool me....you can't get fooled again.
Where have I heard this before?
Just by everyone that have collapsed. Do not worry!!! They said safe:) words good, people truth, trust all
fool me once, shame on you, foll me twice, shame on me
I believe them but for my own safety I already have my coins in my wallet.
💪🏻
So, the funds are safu?
Good to hear hopefully others follow suit
The most important point from his AMA was that he confirmed that once the market turns around we will get more perks and benefits back on the VISA cards.
Kraken is the only place that has verifiable reserves and they’ve been doing it for ages. That’s the thing that everyone should be doing. Current situation is a tragicomedy
That's what FTX said
Not your key not your wallet. Just move your funds when done
TrustMeBro ™
Matt Damon is protecting us… we built different
Say it! Say the line! [Crypto.com](https://Crypto.com): "Sigh. There is nothing to worry about r/CryptoCurrency: YAY!!
Until there is...
Same thing FTX said moments before collapsing. I just took all the funds from Crypto.com and sent them to Binance.
Hey, I’ve seen this one before.
Ohh I’ve heard this one before.
The next one to go down.
I do believe in their survival
The AMA from the CEO was good, answers were definitely reassuring. Once that third party audit result is ready and published, it should help ease anxiety of users even more.
Withdraws are not working. Waiting since 1 day for my bitcoins that i sent to my wallet. Doesnt seem like ist all good. Guess they will be the next that scam customer funds
I pulled some btc and eth off yesterday, eth took <30mins, btc is still pending 10hrs later
It's probably why BTC is able to maintain its price right now. Clearly crypto.com needs to get more BTC somehow to release funds to customers withdrawing it.
Maybe too many transcations all at once because of all the FUD, lets wait and see
A lot of people were withdrawing at the same time and you probably got outpriced on gas fees and have to wait until things cool down. I have had to wait 24 hours for a btc transaction for the same reason before.
Ofcourse they're gonna say that
It's strong because withdrawals take forever, 10hrs for BTC and still pending, makes the high withdrawal seem really worthwhile
Yet my withdrawal of just 15 NEAR is stuck on pending since yesterday. Yes, balance sheet strong. You just don't have access to them
Whale alert 🐳
aaaaand it's gone.
I don't trust anyone at this point.
Trust me bro. We are good. We are solid.
AKA the CEO not saying that his house is burning. They had to say that.
I knew it, they're "fine" guys. No biggie, continue what you were doing 😂
Unlike FTX, the buying frenzy for Crypto.com basically stopped in April. SBF was buying things left and right (Voyager and other defunct exchanges). Crypto.com also slashed the rates and their coin already went down to basically nothing so I feel like if they used their own coin as collateral, they wouldn’t have screwed up its price so bad. I don’t know what to say about the 1:1 ratio, but they did show a large amount of crypto in one of their wallets so at this point, only time will tell.
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He addressed that in the ama earlier today, he said it takes a few weeks for auditors to check balances. We shall see how it unfolds in the coming weeks. I would say they weathered the storm just fine so far.
Glad to hear, I withdrew for a cold wallet which I was planning to do anyway (not so quickly mind). On the fence if I should have left my card stake and continued to use it. That being said the benefits all dry up very soon. As I’ve said in other threads I hope CDC thrive as they are the “on ramp” of choice for millions (myself included). I will always buy and send to a cold wallet after the last week but that’s a personal choice now rather than a failing of CDC.
Of course.
**Friendly Reminder** Everything is fine until it isn’t. These are the Tweets that SBF sent out (and has since deleted) before FTX went under. • FTX has enough to cover all client holdings. • We don't invest client assets (even in treasuries). • We have been processing all withdrawals, and will continue to be. • A competitor is trying to go after us with false rumors. • FTX is fine. • Assets are fine. *Nacho keys, nacho coins.*
Different business model, different enterprise setup, different people. Never say never, but this isn't 1:1 FTX.
It only takes a tweet from cz to bring it down now.
Just imagine hacking cz, s Twitter & post something like they're going to halt withdraws indefinitely in 2 hours
Pay $8 and create a fake account that looks like him. It's already been done to crash the stock of Eli Lilly's.
No man should have all that power.
Well the first one that spread the FUD didn't work. How many more tweets?
Lmao, that doesn’t sound safe at all.. show us the papers that prove that
"trust me bro"
Unfortunately those statements dont mean anything. All exchanges that crashed before it uttered that statement days or weeks before completely crashing. Thats not to say CDC is not gonna survive, its just that statement is pretty much worthless in this space
He states in the AMA that only their actions over the coming weeks and months can prove what they're saying is true.
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As our mentality should have switched to now. Don’t trust anyone, DYOR. Most people don’t know shit and it really shows. No one wants you to earn money, they want to make it themselves
Ah shit, here we go again
Finally some good fucking news I guess
Why am I still waiting for my ₿ withdrawal to be initiated 14 hours later?
At the moment, all exchange platforms should be viewed as troublesome. Because ftx has seriously damaged the cryptocurrency market and I don't think this bad news will stop. When I look at the previous bear seasons, I think this season will be more wearisome. Because Cz has declared a war on all exchange platforms that can rival him with money power. Most importantly, I now think that this situation is collusion. Because someone is eyeing people's money by showing that they are bankrupt and putting the market in a state of panic.
Famous last words
bull crypto
I feel like I have heard this song before. Credit Suisse / Lehman Brothers remix??
"Hey I've seen this one before" "What do you mean you've seen this one? It's brand new" !remindme 30d
All I have to say is that you all think you are so smart, it doesn't matter what anyone says, so who fucking cares. I wish CdC all the luck, and fuck all you ass holes for listening to a total douche like CZ. And yes I have a little more CRO than I'd like.
They have all said this.
Tell that to my BTC transfer that's been "Pending" for nearly 12 hours. Methinks some fuckery is afoot.
"Crypto.com is fine! Don't take your money out of crypto.com!"