Here is a snapshot of the top 13 or so crypto exchanges for cryptocurrency, crypto exchanges for derivatives and distributed exchanges.
Crypto.com’s Cronos token (CRO), fell 55% in a week before getting some relief over the last day. There’s been a parabolic trend of withdrawals — a bank run — on the exchange over the last two days with the CEO doing the media rounds to assure everyone that withdrawals are processing fine and that they will survive.
BlockFi has suspended withdrawals.
The recommendations from crypto people is to have no coins or crypto assets in any exchanges but to use cold wallets.
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Some people will always refuse to recognize that the emperor is wearing no clothes.
There are many ways to invest that are relatively easy to understand, offer substantial ROI, aren’t nearly so volatile, and where there is far less disagreement on if the investment has any real value at all.
Friends don’t let friends invest in crypto . . . unless the friend is really determined. And then? Hey, you did your best.
What evidence is there that crypto.com is in danger? There is no info about it at the link you provided.
https://bitcoinmagazine.com/markets/crypto-contagion-intensifies-more-dominoes-fall
Crypto.com’s Cronos token (CRO), fell 55% in a week before getting some relief over the last day. There’s been a parabolic trend of withdrawals — a bank run — on the exchange over the last two days with the CEO doing the media rounds to assure everyone that withdrawals are processing fine and that they will survive.
Crypto.com relies on fees to make money. High rates of withdrawal, and a lower price of CRO, do not represent a danger to the platform beyond reflecting a possible decrease in the company’s market share.
winter has been here a while. those who adapt to the cold will survive
Aside from organized crime, who cares?
Crypto is good at turning electricity into heat, taking money from gullible people, and facilitating crime by making it easy for anyone to hide money transfers.
Good riddance.
I use Zimbabwean paper currency to burn for heat.
As an investment vehicle, the U.S. will probably regulate cryptocurrency as it relates to something like mutual funds so that there is no repeat of this. It might actually make cryptocurrency stronger in the end. The destruction of something like FTX is likely to expose other scams which should have been exposed years ago. Thankfully, cryptocurrency trading will never be regulated to the point of something like day trading stocks. That would be tragic, since it has the ability to lift anyone with who learns how to accurately trade it, out of poverty.
Do I think there should be more eco-friendly ways of mining it? Absolutely. I don’t mine it. I also want video card prices to not be inflated over it anymore. So, I hope this FTX thing also affects that. I would like a next gen nVidia card for less than $2K, please. And I don’t mean mid-range; I mean a top of the line card that I basically have to keep in an ice box so that I can have my 666 frames per second VR experience on full graphics settings. >:D
About 95% of GPU mining was on Ethereum, which stopped using GPUs a couple months ago. Now they’re using proof-of-stake with no mining at all, and the energy consumption of about a hundred average American households to run the whole network.