Silence From Digital Currency Group's Genesis Spooks Crypto (axios.com) 36
Genesis Global Trading has been eerily silent after announcing last week that its crypto lending unit would halt services in light of FTX's collapse. From a report: Five days have passed since its lending unit ceased withdrawals and new loan originations. And the lack of communication has opened the door to speculation about the health of the overall firm, as well as its parent Digital Currency Group and sister unit Grayscale Investments. If Genesis were dealing with insolvency concerns and were to file for bankruptcy, that would imperil Digital Currency Group.
It is only speculation. There has been no reporting to suggest this outcome. Digital Currency Group, or DCG, founded by Barry Silbert in 2015, is among the largest crypto companies, sporting a valuation of $10 billion just last year. It holds investments in some 165 companies, from public companies including Coinbase Global to well-known private shops Ripple and Ledger. In other words, a hurt DCG would have industrywide repercussion
It is only speculation. There has been no reporting to suggest this outcome. Digital Currency Group, or DCG, founded by Barry Silbert in 2015, is among the largest crypto companies, sporting a valuation of $10 billion just last year. It holds investments in some 165 companies, from public companies including Coinbase Global to well-known private shops Ripple and Ledger. In other words, a hurt DCG would have industrywide repercussion
I need slashdot filters (Score:5, Funny)
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They don't do anything related to crypto, other than to pretend to store peoples' cryptocurrency.
Press palm firmly against face.
Re:I need slashdot filters (Score:5, Funny)
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Why, don't you enjoy slow motion trainwrecks?
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Not even when it's self-inflicted through sheer stupidity?
How long silent before? (Score:2)
Certainly a company can be "silent" for a while. Is this just because something significant happened, or "normal" for them?
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It's just pining for the fjords...
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Nah, nah, He's not dead, he's resting.
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"OMG, I haven't gotten a text for 20 minutes. Is he breaking up with me??"
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When a financial company ceases allowing its customers to make withdrawals, and ceases its loan operations, and then goes silent for five days, then I would certainly consider it "significant". More like "disastrous" if you were foolish enough to give them your money.
My speculation is that the people running Genesis are busily moving assets into their personal accounts before announcin
Re:How long silent before? (Score:5, Interesting)
The other alternative is nobody know how to access the twitter account because the local authorities already raided their offices, mother's basements or wherever and seized all the computers.
Because lets face it real companies don't shut major lines of business and go completely dark - they at the very least post something like "Due to recent unprecedented events we have temporarily had to ... while work diligently to secure client ... and will be restoring ... as soon as possible ... thank you for your patients and confidence ..."
Hell even the local mom and pop selling cheese burgers and novelty bottles of maple syrup manages that much when someone gets the flu or whatever and can't open up.
Something is obviously very wrong here and if you have assets tied up with these clowns, well its probably to late but if there is anything you can still withdraw or transfer, or if you have deposits or anything you can still cancel - you'd be bonkers not to do so.
[disclaimer: This post is not financial advice] (but is common fucking sense)
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I'm leaking this on Slashdot as a whistleblower to protect the community,
This is why we need to have AC on Slashdot. On the other hand, having given no way to verify what you say this shows exactly the dangers of AC comments on Slashdot.
Ever get the feeling you've been cheated? (Score:2)
"It is only speculation." (Score:5, Funny)
Re: "It is only speculation." (Score:1)
I would speculate that the losses from this crypto collapse are much higher than what is being reported. Do I make sense at all?
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I don't know about your crypto, but my crypto did something and holds value. My crypto wasted a lot of processing time and power, contributing to global pollution. My crypto now holds the value of that waste.
Twitter (Score:5, Insightful)
What the hell does a crypto lending company do? (Score:2)
The only way to make money like this would be for the underlying
Re:What the hell does a crypto lending company do? (Score:5, Interesting)
How could this possibly even be a thing?
Because the entire premise of this shit show is that it is unregulated.
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People would borrow it if they think the value of the currency is going to go down, and they might pay for that if they think it is going to go down by more than the cost of the loan.
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xkcd "The Cloud" (Score:2)
Crypto is like the xkcd comic about "the cloud [xkcd.com]": Everyone gets their crypto from everyone else, but in the end it's all the same small pile leveraged to the moon.
Grayscale (Score:2)
Sold out these guys the friday of the banko filing , no regrets.
Let it all burn! (Score:2)
Bitcoin on briansclub (Score:1)