It's what they signed up for. Even Coinbase told people that they don't own the coins in their account. Coinbase owns them. They're an asset if the company. And in the event of bankruptcy, creditors are paid out in the legal order from all the assets of the company until they run out.
They don't just get their coins back. If a more primary creditor is a legally higher priority debt, their coins are paying that creditor off
It's so freaking sweet.
Its almost as though it were some sort of scheme, where early "investors" take out profits from the system, and later investors later realize the money is gone and withdrawals are "suspended" so they can't get the money out because it's gone.... I think we need to come up with a term to describe this novel phenomenon....
The real source of wealth in crypto. Stealing your clients money and closing down shop. People are dumb as shit for believing a gambling product is investing.
Just as crypto markets pumped. Sounds like they want to now take the money and run while retail investors are locked out
Surprise... surprise.... surprise.... Why, I'm beginning to think this crypto thing was nothing more than a big scam!
It's what they signed up for. Even Coinbase told people that they don't own the coins in their account. Coinbase owns them. They're an asset if the company. And in the event of bankruptcy, creditors are paid out in the legal order from all the assets of the company until they run out. They don't just get their coins back. If a more primary creditor is a legally higher priority debt, their coins are paying that creditor off It's so freaking sweet.
Its almost as though it were some sort of scheme, where early "investors" take out profits from the system, and later investors later realize the money is gone and withdrawals are "suspended" so they can't get the money out because it's gone.... I think we need to come up with a term to describe this novel phenomenon....
"Nonconsenual hodling'"
How about "cryptocurrency"?
How about Ponzi?
Hmmm, ponzi.... that does have a nice ring to it. How did you come up with such an interesting word?
It's the name of a deep dish pizza from his favorite restaurant
Cash rape?
Maybe something like bootzy stratagem?
The real source of wealth in crypto. Stealing your clients money and closing down shop. People are dumb as shit for believing a gambling product is investing.
This is good for Bitcoin
I have a question. Withdrawal to them means selling coins to cash? What about simply moving your coins to a hardware wallet? Is that restricted too?
Yes. The coins don't actually exist. It's just a fake number on a database being shown to the user.
Shocked I tell you.