BlockFi officially files for Chapter 11 bankruptcy
Hi,
as it was somehow expected, there are some ripples in the wave caused by the bankruptcy of FTX.
BlockFi, one crypto lending platform, filled in today for bankruptcy, as it was affected by FTX. It had funds at the exchange.
It is official on the website and will probably hear some interesting details the next days.
One such detail is that Peter Thiel’s Valar Ventures had a 19% stake in BlockFi. So, we will probably see more and more details about the complicated crypto world and where money flows and who earns it.
In the end, the whole thing is damaging the crypto world, as normal people will be afraid to invest into it and to see the benefits. Most will say that it is not safe, it is like a lottery and most people will lose money.
If they keep it on exchanges and expect 50x on a memecoin, then yes, that would be the outcome.
I always tend to tell people I know, that safety is only on the wallet where the key is owned. Also, the project shall not be a memecoin or some other sort.
How do you see this bankruptcy? Will others follow because of this? Will the market respond?
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I can’t say I was surprised, infact as I saw the news, I’m like who’s next?
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Apparently it's super hard to run a business that collects other peoples crypto, stakes it and keeps some of the interest earn. (Saying that super sarcastic like)
And this is true in some level. But the winning chance is much higher in the cas of the cryptocurrency than the case of the lottery. Many people buy cryptocurrency out of speculation. They expect that the price will be higher later. Sometimes it is. Sometimes it is not.
HIVE is safe, but all the exchanges we have to send it off to for cashing out are fishy!
the situation is very critical...i'm very skeptical about it