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Universes
Posted Thursday, July 14, 2022
1y
ENFP
Anyone else watching the crypto market burn?
Two months after the Terra/Luna collapse, liquidity and credit issues continue to ripple through overextended crypto firms including Three Arrows Capital (3AC), Celsius, Voyager, and more. After filing for bankruptcy on July 1, 3AC — which had managed $10 billion — has seen legal sparring between the firm’s founders and its liquidators. The 3AC fallout has impacted Blockchain.com ($270 million in losses on loans to 3AC), Voyager Digital (which filed for bankruptcy protection after 3AC couldn’t pay back $670 million) and BlockFi. FTX CEO Sam Bankman-Fried has since “bailed out” the latter two. Meanwhile, Celsius — one of the first firms to pause withdrawals due to liquidity troubles — paid off massive DeFi loans before filing for bankruptcy protection on Wednesday night. Source: Coinbase Schadenfreude anyone?
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1y
ISTJ
Sagittarius
It has its benefits, but sadly as a currency it's highly unstable and unpredictable. It's a stock without a company backing it, purely speculative based on demand. We've seen it rise and fall several times and it's meteoric rise lifted other coins along with it. But it's only driving factor is people desire to buy in. Now that the economy is headed into a recession or depression belts will tighten and money being spent on speculation, ntfs, and other services with no value are set to crash. And I'm honestly happy the crypto mining industry bubble has burst. Just sorry for anyone who bought in late and is losing money. But on the whole, it still has some value and may rise again
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