Which one now?
Doesn't matter, just the next one.
Could be FTX, Maybe Blockfi, Today I saw another called Bitfront. Who knows which will be the next one tomorrow but there will be a next one.
It's like a stack of dominoes falling one by one and taking the next exchange with them.
The whole industry is full to the brim of bad actors and bad practices.
I know that these are tough times for a lot of people but what we are seeing is a major clear out of a lo of rubbish that will be good for the eco-system in the long run.
Businesses that were propping up their finances based on high return yield platforms and yield sites that were using customers funds to increase their own wealth.
It's a short term pain for a long term gain.
The businesses and chains that do survive these next few months will be the ones with proper management teams, development teams and good business practices.
It's not easy to see it happen this way but it's a reminder for all of us to be careful with our money. To do some research and to store funds securely.
Anything that seems too good to be true usually is.
This is a time to consolidate funds into safer spaces and hold until things get better.
Watch and wait for the dust to settle and see who the survivors are.
And there will be survivors. There will also be a lot more victims before this is all done
IT's amazing how many exchanges and yield platforms have no concept of risk management and how to run a business. They aren't happy to earn a good income and instead indulge in risky lending to try and get rich quick.
This works great in a bull run but doesn't hold up very well as a strategy during a bear market and those are the effects we are seeing play out right now.
Posted Using LeoFinance Beta
I think a lot of people tend to think that because a project is crypto based that it can do the unthinkable. But you're right, I think it's about time we experience these cleansing. The bad actors are too much in the crypto space and at the end of everything we'd have the real project. Crazy how people will judge a good project by the money or yields they're getting.
Posted Using LeoFinance Beta
While crypto is a bit of the wild west if you are building a business or a brand there needs to be accountability and good practices.
It's time to move to the next phase of growth with good people building real projects that we can trust in and that have sustainability.
Posted Using LeoFinance Beta
Totally summarized. We cannot have bad actors and bad practices even if we know crypto can be epic and the market cycle unpredictable.
I have a blockfi credit card, they said they filing bankruptcy. Def wild times, but we gonna keep rockin forward. Low prices are my blessing for now. Been some solid battles in brawls my bro.
!LOL
!PGM
Posted Using LeoFinance Beta
That's a shit buzz if you have finds with them and losing the card too. I survive off my crypto.com card and we need these links between crypto and fiat to keep growing.
It's a great opportunity for buying though to anybody wanting to get in at a good time.
Posted Using LeoFinance Beta
Just a balance of 50 usd, and had like 5 bucks of btc so not too bad actually. Hive is holding well here, so we should be good.
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Just like with the dotcom bubble a lot of hype needs to be removed to see the winners.
I’m wondering if coinbase is ging to be one of those winners. They seem to be more cautious and aren’t inflating their own token.
Binance looks to be stable too, but you never know.
Posted via
Coinbase could be a winner as they are building legitimate ties to big business. It helps to do it the right way with real people but you never know what their books are like.
I actually worry about binance as they are throwing a lot of money around and if they fold we will see a real bear market. at least 90% like in 2017.
Posted Using LeoFinance Beta
Yeah, if Binance goes down it will be very ugly
Was just scrolling through twitter and other platform where I saw this news.
Thing's becoming worse and hopefully we are Gonna survive or won't end up as victim.
Didn't expected such Hard times and bad news will come from all four directions one after another.
There is a lot more bad news to come but luckily we have projects like hive that are actually getting stronger in all of this misery.
Building and growing every day.
Posted Using LeoFinance Beta
Exactly 💯
Yesterday it was BlockFi's turn. Let em all go to hell so we can continue our journey of true mass adoption for crypto.
We will see a lot more go under before the recovery starts.
All of these risky lending platforms are going to feel the pressure to survive as others keep failing.
Posted Using LeoFinance Beta
With everyone chasing money for the past few years, I am not surprised to see all of these bad actors. It just irks me when I see an exchange like Blockfi say they are fine and then pause withdrawals less than a day after that. The entire market is messed up and I don't think they want to be transparent at all.
Posted Using LeoFinance Beta
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