Bitcoin et al.

[Edward64]

Originally Posted by Edward64

I'm guessing another down the drain. Unsure how big they are.

BlockFi Review 2022: Pros, Cons and How It Compares - NerdWallet

And another about to bite the dust?

No idea how significant Genesis is either. I wish the articles would give us some sort of scale e.g. Genesis is #9 in total active loans etc.

https://www.cnbc.com/2022/11/16/gene...-collapse.html

In the latest fallout from FTX’s rapid collapse last week, the lending arm of the crypto investment bank Genesis Global Trading is pausing new loan originations and redemptions, the company announced in a thread of tweets Wednesday.

The lending arm of the bank serves an institutional client base and is known as Genesis Global Capital. At the end of its third quarter, it had more than $2.8 billion in total active loans, according to the company’s website.

[Kodos]

Feeling pretty good about not having any stake in crypto these days.

[Edward64]

Originally Posted by Kodos

Feeling pretty good about not having any stake in crypto these days.

Probably good call. Whenever I think about the trainwreck my overweight position is on Tech, I think about the Crypto meltdown and feel a little better.

I don't remember that much about the S&L crisis back in the 90s but do remember about how the government calmed people down with FDIC insurance guarantees etc. And there was also a time when people losing money in day trading was in the news.

With these crypto, not much reported about regular crypto investors and their losses (only the big celebrities).

https://www.cnbc.com/2022/11/17/cryp...-continue.html

Multicoin said it doesn’t expect the crypto market to turn anytime soon. That’s because there are more collapses ahead that will result from the sudden failure of FTX and sister hedge fund Alameda Research, which were both owned by Sam Bankman-Fried. Both entities entered bankruptcy proceedings on Friday.

“We expect to see contagion fallout from FTX/Alameda over the next few weeks,” the letter said. “Many trading firms will be wiped out and shut down, which will put pressure on liquidity and volume throughout the crypto ecosystem. We have seen several announcements already on this front, but expect to see more.”

Multicoin took another big hit with FTX’s failure because of its hefty position in the Solana token. Bankman-Fried was a big booster of Solana, and Alameda was a major holder of the coins. That association has led to a 64% plunge in the value of Solana in the past 12 days.

[Hammer]

The 4 year cycle continues to play out perfectly. Despite all this FUD would have you believe we are still not down as much as the previous cycles. So my guess is one more leg down, then a flat boring period for at least 6 months.

Pretty amusing how all this plays out if you follow crypto closely. The shock and horror of the down year a complete flip side to the ott moon year. Happened in 13-14, then again in 17-18, now again in 21-22.

Totally understand how outsiders are sucked in by the media narrative. 2023 is typically the boring year of the cycle. 2024 the halving year when things will pick up somewhat, and then 2025 the year where retail fomos in to provide liquidity to those who bought in 2022/2023. Retail lose their shirts, whilst those who bought in the bear market make out like bandits.

Remember these exchanges have nothing to do with crypto projects. Nobody should be using them. Bitcoin is the same project it was in 2021, nothing has changed. Just the cycle playing out.

[Lathum]

yeah, I have been steadily buying since it hit 16.

[Hammer]

I can't believe SBF is not in handcuffs. He gambled away billions of his investors money. He is a huge donator to the Democrats. This is starting to smell of corruption to me. This guy should spend the rest of his life in jail for what he did. Does he know too much or are his donations buying his freedom?

[Ksyrup]

I saw something about this floating around Twitter. Apparently a bunch of nerds got bored one weekend, watched a documentary on the making of Rumours and thought - WTF, let's be the crypto version of Fleetwood Mac?

FTX's Inner Circle All Dated Each Other in the Bahamas: Report

Those sources told CoinDesk that both operations were run by Bankman-Fried's inner circle of 10 roommates. All of them either are — or have been — paired up in romantic relationships with one another, CoinDesk reported. The consensus among all the sources was that "It's a place full of conflicts of interest, nepotism and lack of oversight," CoinDesk reported.

[GrantDawg]

Originally Posted by Hammer

I can't believe SBF is not in handcuffs. He gambled away billions of his investors money. He is a huge donator to the Democrats. This is starting to smell of corruption to me. This guy should spend the rest of his life in jail for what he did. Does he know too much or are his donations buying his freedom?

It is a person that has access to high end attorneys. Any white collar crime is always slow rolled, if it ever goes anywhere. Criminal law is written to imprison the poor, not the wealthy.

[Hammer]

Originally Posted by Lathum

yeah, I have been steadily buying since it hit 16.

Good call. All you have to do is not hold your crypto on an exchange and don't get frightened in to selling. It is volatile. It was at $4k 2 years ago, and while I think it's very unlikely to hit that again it isn't out the question.

I am almost all Bitcoin at this point. I will buy ETH should it test $900 again. If not sell some Bitcoin in to ETH down the line. Alts seem risky what with regulation on the agenda. Although I am not sure how much you guys will see with the political situation. Heard something about the Republicans having cock blocking powers due to a recent vote.

I think cash is still king. A good time to accumulate but no rush to jump in to the market. No damage has been done to Bitcoin but the media FUD and retail fear may extend for some time.

[Edward64]

Originally Posted by Hammer

I can't believe SBF is not in handcuffs. He gambled away billions of his investors money. He is a huge donator to the Democrats. This is starting to smell of corruption to me. This guy should spend the rest of his life in jail for what he did. Does he know too much or are his donations buying his freedom?

I can buy he is not yet in handcuffs (it'll come soon enough).

I can't believe he's in the freaking Bahamas. I have to believe there's some US government officials closely watching him there.

[sterlingice]

Hammer, Lathum(,et al) - where do you buy it and where do you store it?

Like I don't mind buying up a little next year as part of a portfolio. But I have a couple of concerns.
1) Where can I actually buy the cryptocurrency itself - not some fake IOU exchange but the actual currency that is portable and sells?
2) How can I prevent myself from being hacked? Like if I have a decent chunk of money tied up with Fidelity in an IRA and they get hacked, I'm insured up to 250K. And, beyond that, I bet the government bails them out whereas if a cryto exchange goes bust, too bad so sad. Plus, from a technological perspective, I have to think crypto is a great honey pot because of this. So I'd like a way to mitigate my risk because what good is having crypto that's grown by decent rate if it's just stolen.

SI

[BishopMVP]

Get a cold wallet like a Ledger Nano - you should be able to get a S for around $50. Use an exchange like Kraken that doesn't have it's own coin or a brokerage arm. (But still, most exchanges should be fine to buy on as long as you pull it off into the cold wallet. The rates of return on staked coins are tempting but very very dangerous right now - even Gemini which is regulated by New York & has (some) insurance has paused withdrawals on Gemini Earn.)

[Hammer]

Kraken, Coinbase or Binance U.S. are your best bet I believe. Being from the U.K. I am not sure if your state makes a difference as to which one you can use. Withdraw to a ledger. Buy from the company direct, not Amazon etc.

Alts are like walking in to a casino. ETH between Bitcoin and Alts on the risk reward curve. 70% BTC, 20% ETH, 10% ALTs is a fairly standard portfolio breakdown. But if you want to play it safe just buy Bitcoin.

My plan is to sell the lot just like I did in 2021. No point in riding it up and all the way back down again. But that will be in 2025 presuming the cycle continues to play out as expected. I am open to taking profits in 2024 should we happen to hit $60k or so, but I doubt that happens.

I will likely take my initial investment off the table at $60k. We were in a QE liquidity bubble last year so beware of the we will hit $250k talk in a few years time. Only way that happens is with regulation probably coupled with a Bitcoin ETF. It could easily happen then, but I can't see that sort of money coming in otherwise. My guess is $80-$125k at the peak in 2025. But selling the peak is almost impossible. I got out at $48k in 2021, after it hit $69k I got sucked in to the $100k talk. Taking profits in chunks is the way to do it IMO.

I would sincerely advise people not to buy in 2024/2025. That's how you lose. Buy in the next few months then just leave it.

[albionmoonlight]

Originally Posted by Hammer

I can't believe SBF is not in handcuffs. He gambled away billions of his investors money. He is a huge donator to the Democrats. This is starting to smell of corruption to me. This guy should spend the rest of his life in jail for what he did. Does he know too much or are his donations buying his freedom?

He keeps talking about what he did. He keeps giving more and more evidence against himself.

I could see the DOJ's position as "We've got multiple agents watching his movements, the airports, etc. If he tries to make a break for it, we've got him. But as long as he keeps DMing details of his crimes to reporters, what's the rush?"

Don't inturrupt your enemy when he is making a mistake and all that.

[albionmoonlight]

dola: This is all too public for the corruption angle to make sense. Real corruption happens for folks we've never heard of until it happens (e.g., Clinton pardoning Marc Rich).

[sterlingice]

Originally Posted by Hammer

Kraken, Coinbase or Binance U.S. are your best bet I believe. Being from the U.K. I am not sure if your state makes a difference as to which one you can use. Withdraw to a ledger. Buy from the company direct, not Amazon etc.

Alts are like walking in to a casino. ETH between Bitcoin and Alts on the risk reward curve. 70% BTC, 20% ETH, 10% ALTs is a fairly standard portfolio breakdown. But if you want to play it safe just buy Bitcoin.

My plan is to sell the lot just like I did in 2021. No point in riding it up and all the way back down again. But that will be in 2025 presuming the cycle continues to play out as expected. I am open to taking profits in 2024 should we happen to hit $60k or so, but I doubt that happens.

I will likely take my initial investment off the table at $60k. We were in a QE liquidity bubble last year so beware of the we will hit $250k talk in a few years time. Only way that happens is with regulation probably coupled with a Bitcoin ETF. It could easily happen then, but I can't see that sort of money coming in otherwise. My guess is $80-$125k at the peak in 2025. But selling the peak is almost impossible. I got out at $48k in 2021, after it hit $69k I got sucked in to the $100k talk. Taking profits in chunks is the way to do it IMO.

I would sincerely advise people not to buy in 2024/2025. That's how you lose. Buy in the next few months then just leave it.

Yeah, the plan would be to buy next year and just sit on it for a couple of years - ride it up a bit and then take the profit. Just another way to diversify the portfolio.

SI

[jbpostbot]

Originally Posted by sterlingice

Yeah, the plan would be to buy next year and just sit on it for a couple of years - ride it up a bit and then take the profit. Just another way to diversify the portfolio.

SI

if you lose first investment, just double it and invest again

[sterlingice]

Originally Posted by jbpostbot

if you lose first investment, just double it and invest again

Or maybe the investment is not for me

SI

[Edward64]

Binance picking up the mantle. CEO has been on the news.

I have no idea but do wonder how well Binance and its governance, entities etc. would hold up under closer scrutiny.

https://www.cnbc.com/2022/11/24/bina...-collapse.html

Cryptocurrency exchange Binance on Thursday announced new details about its industry recovery fund, which aims to prop up struggling players in the wake of FTX’s calamitous bankruptcy.

In a blogpost, Binance said it will devote $1 billion in initial commitments to the recovery fund. It may increase that amount to $2 billion at a point in time in the future “if the need arises,” the company added.

Zhao has emerged as a new savior-like figure for the ailing industry, filling a gap left by Bankman-Fried, whose firm had bought or invested in a number of beleaguered crypto firms — from Voyager Digital to BlockFi — prior to its collapse.

[Edward64]

Originally Posted by Edward64

I'm guessing another down the drain. Unsure how big they are.

BlockFi Review 2022: Pros, Cons and How It Compares - NerdWallet

No surprise but took about a month for it to collapse.

Crypto firm BlockFi filed for Chapter 11 bankruptcy protection in the wake of FTX’s bankruptcy.

It’s the latest in a series of crypto bankruptcies, following FTX, Voyager and Celsius.

[NobodyHere]

Looks like SBF has been arrested.

https://abcnews.go.com/US/sam-bankma...ry?id=95105184

He needs to go to prison for a long long time.

[albionmoonlight]

Yeah. The only reason it took this long is that he kept texting people details of all of his crimes. So they kept him out so he'd keep doing that.

I guess the FBI decided they had enough and wanted the arrest wrapped up before Christmas.

[flere-imsaho]

Yeah, this isn't "oh, we made some mistakes because we were neophytes, but move fast break stuff right lol" (although that would be bad enough given what they were playing with).

This was flat-out a Ponzi/fraud situation that amounted to basically stealing people's money (perhaps justified in their minds that a continued escalation of value of the tokens would allow them to make any customer whole at any time, which is either idiotic or criminal thinking, or both).

[Edward64]

The article seems to say the below move is legit. But we've heard that before. I do hope Binance has much better governance and internal risk department (but wouldn't be on it).

https://www.cnbc.com/2022/12/13/cryp...thdrawals.html

Binance, the world’s largest cryptocurrency exchange, said Tuesday it is pausing withdrawals of the stablecoin USDC while it carries out a “token swap.”

Changpeng Zhao, CEO of Binance, tweeted on Tuesday that the exchange is seeing an increase in withdrawals of USDC.

The move comes as investor concerns grow about Binance’s stability following the collapse of rival exchange FTX as well as a report of a potential criminal investigation from the U.S. government.

[flere-imsaho]

When was the last time that pausing withdrawals presaged good things?

[Kodos]

We’re pausing to give you a bigger bonus! Plus, puppies for all!

[Edward64]

Joyann Ferguson-Pratt, don't fall for it!

Keep him in jail.

https://www.cnn.com/business/live-ne...dccb6867c66427

Chief Magistrate of the Commonwealth of The Bahamas Joyann Ferguson-Pratt has ruled the court has jurisdiction to consider bail.

Samuel Bankman-Fried’s attorney said he’s willing to pay $250,000 cash bail and will not object to conditions including wearing an ankle monitor or reporting to authorities daily.

Bankman-Fried’s passport was turned over to police upon arrest last night, his attorney said.

The former FTX CEO has long suffered from depression, insomnia, and attention deficit disorder (ADD), he added.

Bankman-Fried told the court he is currently taking medication.

The chief magistrate asked if there was family in court. SBF’s parents and a woman stood up. The judge asked if one of them could get Bankman-Fried’s prescription drugs at home.

[albionmoonlight]

He's going to be extradited, right?

Not sure how you can have a guy out on bail that you are going to give to another country.

Feels like the real bail decision will be in the SDNY.

[JPhillips]

Makes his offer in November to pay out to any Bahamians look pretty sinister.

[Edward64]

Judge denied it.

[Edward64]

Story is getting juicier.

https://www.cnbc.com/2022/12/14/ex-f...ial-fraud.html

Days before FTX’s bankruptcy filing last month, co-CEO Ryan Salame told Bahamian authorities that founder Sam Bankman-Fried may have committed fraud by sending customer money from the crypto exchange to his other firm, Alameda Research.

According to a filing on Wednesday tied to FTX’s bankruptcy proceedings, Salame disclosed “possible mishandling of clients’ assets” by Bankman-Fried. The letter included in the filing was dated Nov. 9, and was sent from the Securities Commission of the Bahamas to the commissioner of police. FTX declared bankruptcy on Nov. 11.

The disclosure on Wednesday marks the first public acknowledgement of an insider turning on Bankman-Fried

Waiting for the love triangle, jealous lover etc. motive now

[Edward64]

Looks like the new troubleshooter CEO is pretty experienced. Probably worth the annualized $2.6M. I'm assuming he gets other benefits but not stock options if/when FTX emerges from bankruptcy.

https://www.cnbc.com/2022/12/14/ftxs...0-an-hour.html

FTX CEO John Ray’s go-to, three-person team has worked with him on at least three bankruptcies throughout the last three decades, including restructuring Enron in the early 2000s, Nortel in 2009 and Overseas Shipbuilding Group in 2014.

Individually, the new FTX CEO will collect $1,300 hourly plus expenses for his work on the FTX case, working out to $2.6 million annualized.

In one bankruptcy case Ray worked on, he billed around 156 hours in a two-month period, netting him $120,582, so his billings for FTX may run higher or lower.

[Edward64]

He was going to fight extradition but no longer. I guess he didn't like the Bahamian holding cell and their vegan option. I'm guessing he'll ultimately wind up in relatively cushy Club Fed.

https://www.cnbc.com/2022/12/17/ftx-...urce-says.html

FTX founder and former CEO Sam Bankman-Fried will no longer contest extradition to the U.S., an about-face just days after he was remanded to Bahamian jail pending a hearing, a person familiar with the matter told CNBC.

The former crypto billionaire will appear in Bahamian court this Monday to formally waive his extradition rights, paving the way for federal authorities to secure his return to the U.S.

Extradition between the Bahamas and the U.S. is codified by a 1991 treaty. In practice, the process takes months, if not years, to complete because the accused have numerous chances to appeal. Bankman-Fried’s legal team had initially said that it planned to fight extradition. The change of heart would move up the timeline for Bankman-Fried’s federal trial significantly.

[Radii]

With everything that's happened with FTX do those of ya'll that keep up and invest (gamble? whatever the right term is!) feel that this is just more of wild swings crypto goes through or is this the whole house of cards coming down?

[Edward64]

This has been in the news and it seems Binance has weathered it.

The world’s biggest crypto exchange, Binance, is battling to shore up confidence after a surge in customer withdrawals and a steep drop in the value of its digital token.

The exchange said it dealt with net outflows of around $6 billion over 72 hours last week “without breaking stride” because its finances are solid and “we take our responsibility as a custodian seriously.”

But Reuters reports on the lack of transparency. Good read

https://www.reuters.com/article/fint...-idAFL8N3392RD

I'm going to guess there will be much more scrutiny in Binance's future.

[Edward64]

Nice he's coming back to visit just before Christmas. He better not get bail.

(Now let's work on his partners and top execs)

https://www.cnbc.com/2022/12/20/indi...r-hearing.html

FTX founder Sam Bankman-Fried signed extradition papers in the Bahamas and will return to the U.S. on Wednesday, a Bahamas prison official told NBC News.

Doan Cleare, Bahamas’ acting Commissioner of Corrections, confirmed on Tuesday that Bankman-Fried will fly to the U.S. on federal aircraft following his third courtroom hearing this week.

[Edward64]

I'm thinking SBF is feeling awfully lonely right now.

Article didn't say if there was a plea deal. I'm thinking not.

https://www.cnbc.com/2022/12/22/ftxs...osecutors.html

FTX co-founder Gary Wang and former Alameda Research co-CEO Caroline Ellison both pleaded guilty to federal charges in the Southern District of New York.

Wang pleaded guilty to conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud and conspiracy to commit securities fraud. Ellison pleaded guilty to two counts of wire fraud, two counts of conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering.

[Hammer]

Originally Posted by Radii

With everything that's happened with FTX do those of ya'll that keep up and invest (gamble? whatever the right term is!) feel that this is just more of wild swings crypto goes through or is this the whole house of cards coming down?

I look forward to the day the general public are no longer fooled by the media narrative. The powers that be want nothing more than to see Bitcoin fail to preserve their control of the financial system.

Trying to link FTX and Bitcoin is like trying to blame the dollar for the Lehman bank collapse. Absolutely no relation to the fundamentals of Bitcoin. Nobody should be holding assets on these platforms. FTX or otherwise.

Hopefully regulation is in the pipeline as 99.9% of crypto projects are scams. Many in similar vein to fiat currency in that the powers that be can simply inflate the token/dollar supply whenever they feel like it, thereby reducing the value of what you hold. But the 0.01% has the potential to change the world. Having a set supply of something with absolutely no chance of that supply ever being increased and no chance of any person bending the system for their own gratification is the best shot we have of ending the corrupt system IMO.

More than likely that never happens as the guys at the top will do everything to keep power. But I would bet that slowly Bitcoin will replace gold as the go to store of value. The ever increasing supply of gold, storage issues and cumbersome nature of transfer seem like good reasons for the transfer of power.

I suspect a few other crypto projects will see off the old school Internet payment mechanisms as they are so much slower and more expensive.

[Edward64]

Originally Posted by Edward64

Nice he's coming back to visit just before Christmas. He better not get bail.

(Now let's work on his partners and top execs)

https://www.cnbc.com/2022/12/20/indi...r-hearing.html

Ok, $250M is a lot better than the $250K they offered in Bahamas. I wonder if he got a bail bond (10-15% of actual bail)?

Disgraced FTX founder Sam Bankman-Fried to be released on $250m bond | Daily Mail Online

FTX founder Sam Bankman-Fried to be released on $250million bail after returning to US from Bahamas - despite claiming he had just $100,000 to his name

SBF was granted bail in New York City on Thursday a day after being extradited

His parents and two other people will fulfill the bail - the largest in US history

I was thinking that this is the biggest bail ever but ... nope. Tied for 3rd with Miliken (junk bond guy from circa 1990s)

400 Bad Request.

[Edward64]

Ouch.

https://www.cnbc.com/2022/12/23/bitc...e-in-2022.html

Overall, the crypto market has lost a little over $2 trillion in 2022 and popular digital coins such as bitcoin have fallen far below their 2021 highs.

Here’s how much the value of seven popular cryptocurrencies changed in 2022 as of Dec. 22, per CNBC’s calculations.

Terra: -100%
Solana: -93%
AMP: -93%
Cardano: -80%
Ether: -67%
Bitcoin: -63%
Dogecoin: -55%

[Hammer]

Originally Posted by Edward64

Ouch.

https://www.cnbc.com/2022/12/23/bitc...e-in-2022.html

This is what makes the investment the best opportunity out there for me. This part of the 4 year cycle has always been awful. Actually this one has actually been the strongest so far, 2010, 2014 and 2018 were worse than 2022 despite FTX and the economy. So the media say ouch, crypto insiders say come on let's push a bit more FUD so we can buy in lower.

That's not to say all of these projects recover. Bitcoin almost certainly will, ETH probably, the others I would estimate maybe to doubt it.

ETH was down 95% at this stage of the previous cycle. Cardano 98% I believe. Both went on to smash all time highs. Solana, a fairly new project, at $11 would have to break $260. My Christmas gift to myself is to make it 2% of my crypto portfolio. I am around 16% ETH and 78% BTC, with a sprinkling of long shots.

As the halving inches closer and the economy heals the hype train will roll. 6-12 months of boring times I suspect.

[Fidatelo]

Ngl, 'the halving' sounds like cult speak.

[Edward64]

No idea who Silvergate is and how significant. But looks like another bank/exchange on the brink.

Shares of Silvergate Capital Corp., a crypto-focused California bank, lost almost half their value after the Wall Street Journal reported it spent the equivalent of a decade's profit and fired 40% of its workers after investors scrambled to redeem $8.1 billion in the wake of crypto exchange FTX's collapse.

Silvergate, based in La Jolla, slid 45% to $12.27 as of 12:20 p.m. New York time. It was the bank's biggest one-day decline since March 12, 2020.

[Hammer]

I don't think it's a big deal. All but the very small fish have their crypto in cold storage now. However this part of the cycle is generally pretty flat. At least another 6 months of boring times probably.

Binance going down would rock the market hard, but very doubtful. GBTC is the one I would watch. Not a Binance scale issue, but it would no doubt cause big downside. More likely to go under than Binance. My guess is it takes something of that magnitude to see $12-$13k.

At this point anyone who was going to get scared out of the market pretty much has already. No reason to sell unless you absolutely have to. Those in the market now, understand the cycle and know what's coming, bar any crazy unforseen world events.

[Hammer]

Took all available profits this morning at $23k. Resistance is strong at several points until we close above $26k. I would be surprised if that happens in this run.

Genesis went down and the market didn't even blink. GBTC discount has improved. I feel the bottom is in unless we see a major bomb drop. But I am still expecting a boring year ($13k-$35k would constitute that for me).

No more fresh money going in to the market for me. I went in hard around the $16k level with the rest of my allocated capital. I will reinvest profits if we break below $16k again.

May well be sitting on my hands for 2 years now. I expect Bitcoin dominance to continue to rise, so I am almost exclusively BTC now. I will sell around 30% of my BTC in to alts down the line. Need to see more stability in the general markets.

[Edward64]

Congrats on making money!

Apple is my bell weather stock and is approx $138. Waiting for it to get back to $180’s before I’ll feel really good.

[albionmoonlight]

So SBF was released pre-trial on bond, which included some people putting up unsecured bail money for him. He asked for those people to be kept secret. The Court did that. Then some news orgs moved the court to release those names (First Amendment public right of access).

The Court granted the motion to unseal the names. But it acknowledged that it was a pretty novel issue, so it stayed the release until February 14th to give SBF time to appeal and to petition the appellate court for a further stay.

SBF appealed--BUT HE FORGOT TO MOVE TO EXTEND THE STAY.

So the district court just said, ok, I'll unseal the names.

Compete and total unforced error by SBF's lawyers. The kind of thing that will make it hard to get to sleep tonight.

[albionmoonlight]

dola: The release of the names isn't the end of the world. But there was absolutely no reason to appeal if you weren't going to move to extend the stay. Just an obvious and embarrassing mistake.

[Edward64]

Don’t know what the big deal was about names. Heck if I had that kind of money to help guarantee a bail bond for SBF, I’d assume it’ll eventually come out.

Now if it was a Godfather or another Crypto whale, I’d want to dig deeper.

[Edward64]

Never heard of Silvergate before but they sound big & important. Enough where their viability concerns caused 5%+ drops in Bitcoin & Ether.

Stock Chart Icon

Cryptocurrency prices fell on Friday as investors weighed the latest financial woes at Silvergate Capital and assessed what a potential bankruptcy at the crypto bank could mean for the broader crypto industry.

Bitcoin dipped by more than 5% to $22,261.22, according to Coin Metrics. Ether lost 5.5% and traded at $1,555.37.

The drop came late Thursday night, hours after several crypto companies said they’d stopped accepting or initiating payments to or from Silvergate – including Coinbase, Galaxy Digital, Circle, Paxos and Bitstamp. Silvergate, which has become the go-to bank for cryptocurrency businesses, gave notice Wednesday that it won’t meet an extended deadline to file its annual report and warned it may not be able to operate another 12 months.