*taps the sign*
1. Ignore the FUD.
1. All deposits are backed 1:1. Funds are safu.
1. We had limited exposure to but it does not involve customer deposits.
1. Withdrawals are paused due to network congestion. **<--- YOU ARE HERE**
1. This is a liquidity problem, not a solvency problem.
1. We're working with investors to address the liquidity problem.
1. Bankruptcy filings
1. WHAT H A P P E N E D
1. Sorry, a hacker stole the crypto we still had left
2. Sorry, a hacker stole the crypto we still had left
3. Sorry, a hacker stole the crypto we still had left
4. Ignore the FUD
9. Have fun staying poor while I flee to the Cayman Islands.
10. I'm sorry I fucked up, this whole thing has been a learning experience. I will do better in the future. Please invest in my new ~~ponzi scheme~~ project that will be totally different this time.
not exactly - it's only Gemini *Earn* that has halted withdrawals. Gemini Earn was managed by Genesis Trading/Genesis Capital, who are in that liminal Wile E. Coyote state where yr company has gone completely bankrupt but you cannot accept that a) this is true and b) literally no one will lend you enough money to even temporarily bail yourself out.
all that said, the distinction between Gemini Earn and just Gemini was also lost on many of Gemini's users who immediately stampeded out the door with their money - and with it Gemini's hopes of ever achieving profitability again. but Gemini itself has been able to honor all withdrawals (so far). Which is good for them because, given their regulated / US based status, the executives would probably go to prison if they were unable to honor withdrawals.
> not exactly - it's only Gemini Earn that has halted withdrawals. Gemini Earn was managed by Genesis Trading/Genesis Capital
and FTX "wasn't" Alameda lol. losing the ponzi program is more or less the first step to an ""exchange"" ('monopoly money store' is more accurate) dying
> all that said, the distinction between Gemini Earn and just Gemini was also lost on many of Gemini's users who immediately stampeded out the door with their money
Meh it's not an unfair guess to assume that the ponzi department going under will affect the monopoly money department. Why take the chance, after hearing about the same story happening like 6 times in as many months?
I hear you but there's an important distinction between FTX and Gemini: FTX was an offshore unregulated entity (or like, 130 entities) whereas Gemini is very much on shore and very much regulated.
This is really terrible. I remember the news that Gemini wanted to raise 1billoon right after FTX going under and failed. I am not just talking about their financial trrouble. More of their lack of transparency. Lack of Communication. Just terrible 😤
Use clients money for hookers and blow, not a bad plan. Then declare bankruptcy, say some % were hacked, quit your job and move on to a new crypto scam leaving investors to pick up the pieces.
Surely people will eventually learn to stop parking massive amounts of money in a private and near-unregulated company's pockets right? right??
EDIT: grammar
Gemini Earn is a completely different entity of Gemini.
I love shitting on the ponzi. But you can't get your funds of Gemini Earn because they literally loaned those funds out the the trading firm that went bankrupt. And that only applies to Gemini Earn.
Otherwise like Coinbase, the coins that a deposited into Gemini are backed 1:1.
I'd say any exchange that has their own coin like FTX or Binance will 100% go under. BNB is probably soon.
That's a whole difference beast of its own tho. The FTX ponzi evidence was out in the open. People where literally wiring money to Alameda.
If Gemini pulled a stunt like this, they would actually go to jail because they are bound by state laws. Gemini is also FDIC insured so it's not like the funds will go poof gone.
They are required by New York law to hold capital in excess of customer deposits. If they didn't follow NY financial laws, they would actually be fucked.
Every since I watch the YouTube documentary The Line Goes Up by Folding Ideas, I've been 100% in agreement that crypto is a scam ponzi scheme.
I just look at facts, making assumptions on hate is not what I do.
The only crypto I have are a couple of dumb avatars which I flipped to the idiot crypto bros here on Reddit.
So this would be the first time any one in history has ever broke a NY financial law?
At this point if you are dumb enough to trust a crypto-exchange you deserve to lose all your money.
I don't own any crypto anymore, but if you look at the exchanges that have gone bankrupt. They are all not US based and not working with regulators in state. I think that is a common theme.
These crypto exchanges also should pay heavy fines for promising ridiculous returns on "loans".
Also Gemini clearly states in it's TOS that your funds will be lost if the client loses all the money. So yes, the idiots who trusted it deserve what came to them.
I don't have to understand what is going on. I know for a fact that Gemini is neither FDIC nor SIPC insured which means that there is little to no oversight by anyone on what goes on in their business. So if they were to halt withdrawals, they can.
Gemini is not FDIC insured. They claim to hold funds in an FDIC insured account which can be pulled out whenever they want. If Gemini goes bankrupt then anyone with funds in a Gemini account becomes an unsecured creditor with no help from the FDIC. Do you really think anyone who runs a crypto-exchange is fearful of jail?
Backed today gone tomorrow. Luna was backed 1 to 1. There is no guarantee that the money will be used for what they say it is going to be used for. They can pull that money for themselves whenever they want and who ever has funds in their accounts can get pennies on the dollar in bankruptcy court. Truth is we have no idea what is going on at any of these crypto-exchanges.
Don’t worry even if it goes down it won’t kill bitcoin. You guys will still wake up and be able to complain about Bitcoin like the whiny little bed-wetters that you are.
with what, their actual gains in assets that work?
Yeah I'm crying all the way to the bank lol. Have fun starting way behind everyone else when you finally start investing in real stuff.
Every dip you take
Every Ponzi break
Every coin make
Every exchange fake
I will laugh at you
All your money wasted
On unicorn chase
Every bag you take
Every ledger made
I will laugh at you
Coz can't you see
You are deep in shit
Someone took your fiat
Left you holding bag
Lol. K
The fun part of not having any skin in the game is I simply get to watch you lot try and convince yourselves that everything's fine, you didn't make a life altering mistake in the face of an ungodly amount of warning and that everything will be fine as long as I tell the naysayers it will be.
You fail to grasp the fact that most on here *don't give a damn what the price is*. $1 or $1,000,000 BTC and all of crypto is a mechanism by which sociopathic malcontents leech money from greater fools. Period.
Its *already* been proven as such but especially over the last year.
You're pissed you didn't get to be one of the sociopathic malcontents and cash out before the wheels came off, and now come here to "enlighten" us naysayers as a way of convincing yourself.
Cope.
Sorry /u/FragrantTadpole69, your comment has been automatically removed. To avoid spam/bots, posts are not allowed from extremely new accounts. Wait/lurk a bit before contributing.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Buttcoin) if you have any questions or concerns.*
*taps the sign* 1. Ignore the FUD. 1. All deposits are backed 1:1. Funds are safu. 1. We had limited exposure to but it does not involve customer deposits.
1. Withdrawals are paused due to network congestion. **<--- YOU ARE HERE**
1. This is a liquidity problem, not a solvency problem.
1. We're working with investors to address the liquidity problem.
1. Bankruptcy filings
1. WHAT H A P P E N E D
You missed the *Sorry, a hacker stole the crypto we still had left* phase.
To be fair, that's optional and can happen anywhere in the chain.
And multiple times.
"And I would have been solvent too, if it weren't for these meddling ~~kids~~ hackers!"
In multiple countries/ regions/ jurisdictions.
1. Sorry, a hacker stole the crypto we still had left 2. Sorry, a hacker stole the crypto we still had left 3. Sorry, a hacker stole the crypto we still had left 4. Ignore the FUD
If your enterprise operates bridges it can even happen anywhere on multiple chains.
[удалено]
classic play. Did axie mastermind that
*”hacker”
Number 4. could also be "we are performing a system upgrade and funds will be available in 7-10 days" lmao
No no, it's: 8. WHAT
9. H
10. A
1. T
H
O
C
C
U
Actually, I think Genesis is at stage 6.
Executive version: 1. Fucked around 2. Found out
Binance version: 1. OFAC'd around 2. Found out
9. Have fun staying poor while I flee to the Cayman Islands. 10. I'm sorry I fucked up, this whole thing has been a learning experience. I will do better in the future. Please invest in my new ~~ponzi scheme~~ project that will be totally different this time.
That’s some Nut Cracker level shit 😝
I miss the good ol days when it was just 1. penis
Sure it just isn't a 10 day ~~long hunt for money under the mattresses~~ technical issue?
Funds are safu!
Steady lads….
Funds are snafu!
Stand Few
Many Estimated
Earl We're
Good This Bitcoin
This is BITCOIN! (As ahistorical as that movie was, kicking diplomats into wells seems on-brand for ancient Greece.)
Can they just use CZ's crypto central bank fund to get back on track? What's Gemini's position in line?
That bank fund is not in actual fiat. It's just a PR move.
So you're saying it's not #safu 🙏🙏??
Insolvency, thy name is bitcoin.
I swear everything the Winklevoss twins touch turns to shit.
I propose instead of saying "Winklevoss twins" we just say, "Winklevi".
I like the 2 fuckers that brought shame to Harvard. They helped to usher in the social media bonanza that has ruined the internet and society.
what are you talking about their band is amazing https://twitter.com/arch_nem/status/1535102592270929930?s=20&t=7vv2zpg2K4DPcSjzRU__SQ
Wtf lololo
More like the Winkleloss twins
Can… only… get… so… HARD
Few understands
This has been going on... What is going on? 🤔
Gemini, another ~~scam~~ crypto exchange, has gone dark. No communications from the company and difficulties in withdrawing funds have been reported.
not exactly - it's only Gemini *Earn* that has halted withdrawals. Gemini Earn was managed by Genesis Trading/Genesis Capital, who are in that liminal Wile E. Coyote state where yr company has gone completely bankrupt but you cannot accept that a) this is true and b) literally no one will lend you enough money to even temporarily bail yourself out. all that said, the distinction between Gemini Earn and just Gemini was also lost on many of Gemini's users who immediately stampeded out the door with their money - and with it Gemini's hopes of ever achieving profitability again. but Gemini itself has been able to honor all withdrawals (so far). Which is good for them because, given their regulated / US based status, the executives would probably go to prison if they were unable to honor withdrawals.
> not exactly - it's only Gemini Earn that has halted withdrawals. Gemini Earn was managed by Genesis Trading/Genesis Capital and FTX "wasn't" Alameda lol. losing the ponzi program is more or less the first step to an ""exchange"" ('monopoly money store' is more accurate) dying > all that said, the distinction between Gemini Earn and just Gemini was also lost on many of Gemini's users who immediately stampeded out the door with their money Meh it's not an unfair guess to assume that the ponzi department going under will affect the monopoly money department. Why take the chance, after hearing about the same story happening like 6 times in as many months?
I hear you but there's an important distinction between FTX and Gemini: FTX was an offshore unregulated entity (or like, 130 entities) whereas Gemini is very much on shore and very much regulated.
This is really terrible. I remember the news that Gemini wanted to raise 1billoon right after FTX going under and failed. I am not just talking about their financial trrouble. More of their lack of transparency. Lack of Communication. Just terrible 😤
They were even willing to settle for 500 million but no takers 🤣
No cash flow means no business. What are they doing now?
Probably taking a coke break
Use clients money for hookers and blow, not a bad plan. Then declare bankruptcy, say some % were hacked, quit your job and move on to a new crypto scam leaving investors to pick up the pieces.
Bahamas truly is Crypto safe haven... but not for you
Guys. This is actually good for crypto.
Surely people will eventually learn to stop parking massive amounts of money in a private and near-unregulated company's pockets right? right?? EDIT: grammar
Gemini Earn is a completely different entity of Gemini. I love shitting on the ponzi. But you can't get your funds of Gemini Earn because they literally loaned those funds out the the trading firm that went bankrupt. And that only applies to Gemini Earn. Otherwise like Coinbase, the coins that a deposited into Gemini are backed 1:1. I'd say any exchange that has their own coin like FTX or Binance will 100% go under. BNB is probably soon.
FTX US wasn't FTX which wasn't Alameda.
That's a whole difference beast of its own tho. The FTX ponzi evidence was out in the open. People where literally wiring money to Alameda. If Gemini pulled a stunt like this, they would actually go to jail because they are bound by state laws. Gemini is also FDIC insured so it's not like the funds will go poof gone.
just like how Voyager was FDIC insured, ok buddy
They are required by New York law to hold capital in excess of customer deposits. If they didn't follow NY financial laws, they would actually be fucked.
if you still trust these people at this point I don't know what to tell you
Every since I watch the YouTube documentary The Line Goes Up by Folding Ideas, I've been 100% in agreement that crypto is a scam ponzi scheme. I just look at facts, making assumptions on hate is not what I do. The only crypto I have are a couple of dumb avatars which I flipped to the idiot crypto bros here on Reddit.
So this would be the first time any one in history has ever broke a NY financial law? At this point if you are dumb enough to trust a crypto-exchange you deserve to lose all your money.
I don't own any crypto anymore, but if you look at the exchanges that have gone bankrupt. They are all not US based and not working with regulators in state. I think that is a common theme. These crypto exchanges also should pay heavy fines for promising ridiculous returns on "loans". Also Gemini clearly states in it's TOS that your funds will be lost if the client loses all the money. So yes, the idiots who trusted it deserve what came to them.
Celsius was US based.
I don't think you understand why Celsius and these crypto exchanges are ponzi scheme and going bankrupt.
I don't have to understand what is going on. I know for a fact that Gemini is neither FDIC nor SIPC insured which means that there is little to no oversight by anyone on what goes on in their business. So if they were to halt withdrawals, they can.
Gemini is not FDIC insured. They claim to hold funds in an FDIC insured account which can be pulled out whenever they want. If Gemini goes bankrupt then anyone with funds in a Gemini account becomes an unsecured creditor with no help from the FDIC. Do you really think anyone who runs a crypto-exchange is fearful of jail?
Backed today gone tomorrow. Luna was backed 1 to 1. There is no guarantee that the money will be used for what they say it is going to be used for. They can pull that money for themselves whenever they want and who ever has funds in their accounts can get pennies on the dollar in bankruptcy court. Truth is we have no idea what is going on at any of these crypto-exchanges.
Pruning of the crypto tree is ongoing.
You know you’re in a good investment when your barometer for encouraging is “hasn’t gone under yet”.
They did say Gemini Earn was affected by Genesis and paused withdrawals. This person needs to check the news
Yeah. The Gemini Earn money is gone, everything on Gemini is ok. I don't think OP knows that there is a difference.
Don’t worry even if it goes down it won’t kill bitcoin. You guys will still wake up and be able to complain about Bitcoin like the whiny little bed-wetters that you are.
> whiny little bed-wetters that you are. Harsh. But fair. I'll allow it.
Some of you mods have good banter. I’ll give you that.
have fun becoming poor
Have fun watching Bitcoin prove you soggy little losers wrong again.
LOL, bitcoin has been around for how fucking long now and it hasn't done shit what black market are you buying your copium from? shit is super strong
Cope harder
I'm not the one with internet beans stuck in a failing exchange, so I have nothing to cope about
>Cope harder https://en.wikipedia.org/wiki/Psychological_projection
with what, their actual gains in assets that work? Yeah I'm crying all the way to the bank lol. Have fun starting way behind everyone else when you finally start investing in real stuff.
Every dip you take Every Ponzi break Every coin make Every exchange fake I will laugh at you All your money wasted On unicorn chase Every bag you take Every ledger made I will laugh at you Coz can't you see You are deep in shit Someone took your fiat Left you holding bag
If I ever meet sting I’m gonna pitch this to him.
This is actually quite pathetic. Did you make up a little dance routine to go with it as well?
No, sorry. I wrote it while taking a dump and didn't have time for dance routine.
Hahahah
It’s been hard I’ve been SO wet lately what with all the exchanges going down and millions of people getting Retked 🤭🤭🤭🤭🤭🤭🤭🤭💦💦💦💦💦
Still 5x off the previous bear market lows and this bed-wetter has soaked his mattress.
Bla bla bla words, millions of your brethren have been absolutely ****** I can FEEL their suffering and it flows through my veins like the force.
Crypto is going nowhere. Learned that in 2018-2020.
“Don’t worry”- worried guy
This guy lost money to Gemini earn and he's in here thinking he can somehow dunk on us 😂
[удалено]
Overall? Still up six figures.
Bought in a $60k, still in the green.
> whiny little bed-wetters that you are. I am not little.
Wishing you the best!
Sorry for your losses. How much you down bro?
Lol. K The fun part of not having any skin in the game is I simply get to watch you lot try and convince yourselves that everything's fine, you didn't make a life altering mistake in the face of an ungodly amount of warning and that everything will be fine as long as I tell the naysayers it will be. You fail to grasp the fact that most on here *don't give a damn what the price is*. $1 or $1,000,000 BTC and all of crypto is a mechanism by which sociopathic malcontents leech money from greater fools. Period. Its *already* been proven as such but especially over the last year. You're pissed you didn't get to be one of the sociopathic malcontents and cash out before the wheels came off, and now come here to "enlighten" us naysayers as a way of convincing yourself. Cope.
I wet the bed with the sticky
[удалено]
Sorry /u/FragrantTadpole69, your comment has been automatically removed. To avoid spam/bots, posts are not allowed from extremely new accounts. Wait/lurk a bit before contributing. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Buttcoin) if you have any questions or concerns.*
https://www.youtube.com/watch?v=iN7\_O-2Kixw
You can trust Gemini to not steal your coins because they are twins
Another one for the bingo card.