Author Topic: Bitcoin price plummets as crypto space ‘left reeling’  (Read 463 times)

rcjordan

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ergophobe

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Re: Bitcoin price plummets as crypto space ‘left reeling’
« Reply #1 on: November 10, 2022, 04:25:17 PM »
Ya... my neighbor who kept saying he was worried about my financial future and that I was missing out on a chance to make up for all those years of grad school and so one when I didn't make/save money and I had a once in a lifetime chance to fix that and set myself up for retirement if I would only pull the trigger and buy a bunch of BTC at $65K/coin... has gone very very quiet with his financial advice to me.

ergophobe

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Re: Bitcoin price plummets as crypto space ‘left reeling’
« Reply #2 on: November 11, 2022, 05:52:02 PM »
More upheaval…
https://www.coindesk.com/business/2022/11/10/sam-bankman-fried-says-his-trading-firm-alameda-research-is-winding-down

That said, anyone who bought BTC more than two years ago (prior to Nov 2020) is in the positive unless they bought during a brief spike in 2018.

buckworks

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Re: Bitcoin price plummets as crypto space ‘left reeling’
« Reply #3 on: November 12, 2022, 01:37:59 PM »
I did not buy any bitcoin ... as per Warren Buffet's advice to only invest in things you understand.

ergophobe

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Re: Bitcoin price plummets as crypto space ‘left reeling’
« Reply #4 on: November 14, 2022, 07:15:53 PM »
How I ended on BlockFi's mailing list, I do not know, but...

Quote
We know the past few days have been incredibly difficult for you. We are deeply saddened to see the devastation that is cascading across an industry that we love and believe in, touching the lives of so many people. Our top priority remains doing the best we can for our clients.

After everything we accomplished this summer to protect BlockFi, last week’s news regarding FTX was unexpected for us at BlockFi and for so many others. We are working around the clock to evaluate all of our available options.

Where do things stand today?

We determined late last week that in the current environment we could no longer operate our business as usual. Given that FTX and its affiliates are now in bankruptcy, the most prudent decision for us, in the interest of all clients, is to continue to pause many of our platform activities for now.

The rumors that a majority of BlockFi assets are custodied at FTX are false. That said, we do have significant exposure to FTX and associated corporate entities that encompasses obligations owed to us by Alameda, assets held at FTX.com, and undrawn amounts from our credit line with FTX US. While we will continue to work on recovering all obligations owed to BlockFi, we expect that the recovery of the obligations owed to us by FTX will be delayed as FTX works through the bankruptcy process.

At this time, withdrawals from BlockFi continue to be paused. We also continue to ask clients not to submit any deposits to BlockFi Wallet or Interest Accounts.

Regarding our credit card product, BlockFi relies on partners to deliver the credit card product and distribute rewards. Customers may have received communication that didn't originate from BlockFi, but from our partners, Evolve Bank and Deserve. We are working with our partners and intend to directly provide further details on our credit card program as and when appropriate.

What’s next?

There are a number of scenarios that may be available to us, and we are doing the work now to determine the best path forward. BlockFi has the necessary liquidity to explore all options and we have engaged expert outside advisors that are helping us navigate BlockFi’s next steps. Haynes and Boone continues to serve as our primary outside counsel, and BRG has been engaged as our financial advisor.

As we work expeditiously through this quickly evolving situation, we are focused on doing the utmost to be transparent around decisions related to our pause, products, and platform activity.

Across BlockFi, our team is working tirelessly towards our primary objective of maximizing value for all of our clients, and that will see us explore every strategic option available to us.

We will do our best to communicate through our official channels as often and transparently as possible going forward but expect these explorations may take time. We appreciate your patience during this period.

The BlockFi Team