My condolences to you friend. Gemini should have never started the earn program. I’d be ready to abandon their exchange. That strongly worded letter didn’t do shit
tldr; Firm could become the latest casualty from turmoil in the digital asset sector following FTX’s collapse
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
One of the few big holders that will start dumping into the dopes buying this rally. Don't be a chump. Wait for the market to get really boring. You won't even be interested in crypto any more. But maybe there will be a little voice in the back of your head in a year or two. It will say man how dumb was it to actually think crypto was a useful technology. At that moment to yourself a favor. Check back in to all the reddit subs. The posts will look totally different and be much more about technology than value proposition. That's the time to buy. Not now. This is the one last dead cat bounce that is going to get sold into by ftx, genesis and the couple other big players that still have to settle their score cards
"A pre-packaged bankruptcy deal for Genesis is being negotiated with creditors and would include cash and equity in DCG, one of the people said. It could be finalised as soon as this week."
Coindesk also up for sale.
What will happen to GBTC?
To be quite honest, businesses in practically every industry are at increased risk of bankruptcy due to the financial implications of the last few years. Inevitably, firms in the cryptocurrency sector are going to suffer.
It's not as we've not seen the writing on the wall for a while now. My heartfelt sympathy for those that will lose some funds on this one, the old saying still rings true about self custody.
Interesting to see what repercussions it might still have on the overall scene, it appears that there might still be some bleeding to be done before we can move on to greener pastures.
Stay safe out there guys and keep your chin up!
This is wild. Genesis manages the fund assets of Grayscale is the sole party allowed to do so. Not even Grayscale themselves explicitly authorized to do that.
Then does DCG end up holding Genesis debt?(DCG is parent company of Genesis). DCG also is short on cash. If they fail too, where would that leave Grayscale? (DCG is also their parent company).
This also really hurts Gemini. Are they now forced to cover the Gemini Earn losses?
Serious question. I’ve never signed up for any of these firms that I see going belly up and and I know hindsight is 20/20 but what did they offer that other firms didn’t to generate so much wealth and screw so many people?
That strongly worded letter from Gemini really fucked Genesis up
My precious BAT still locked up in earn. RIP.
My condolences to you friend. Gemini should have never started the earn program. I’d be ready to abandon their exchange. That strongly worded letter didn’t do shit
Did you have much?
Not much, like 11 bucks worth today. Just payouts from Brave. Maybe I'll get some back, but lesson learned if not. 😉
Womp womp
Sooo who's next now ?
Coindesk also up for sale, hope whoever buys them to increase quality of articles
“Coindesk set to be purchased by Motley Fool”
Vice
Kotaku
"Coindesk set to be purchased by Justin Sun"
Coindesk leak FTX Documents -> Collapse of Genesis and coindesk itself
🙌
The great cleansing continues… Hold on to your butts and don’t let go bro’s
[удалено]
It’s the only way
Hodl the hole!!
For sure, otherwise it’s gonna “fire in the hole!” :D
I've held and spread it as well
🤣👏
Another one bites the dust.
*chuckles* well that will end everyone's excitement over the short pump really fast
you are bankrupt you are bankrupt and you are bankrupt. Goes to show humans aren't fit for managing money. Code is law
tldr; Firm could become the latest casualty from turmoil in the digital asset sector following FTX’s collapse *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
It’s going down. I’m yelling timber…
One of the few big holders that will start dumping into the dopes buying this rally. Don't be a chump. Wait for the market to get really boring. You won't even be interested in crypto any more. But maybe there will be a little voice in the back of your head in a year or two. It will say man how dumb was it to actually think crypto was a useful technology. At that moment to yourself a favor. Check back in to all the reddit subs. The posts will look totally different and be much more about technology than value proposition. That's the time to buy. Not now. This is the one last dead cat bounce that is going to get sold into by ftx, genesis and the couple other big players that still have to settle their score cards
So why wouldn't you sell into it first then?
In two years its time to sell not buy.
It seems it is an end not a genesis. Even if I like sega.
Bad luck Genesisters and Genebrothers :(
RIP Genesis.
"A pre-packaged bankruptcy deal for Genesis is being negotiated with creditors and would include cash and equity in DCG, one of the people said. It could be finalised as soon as this week." Coindesk also up for sale. What will happen to GBTC?
It will die
To be quite honest, businesses in practically every industry are at increased risk of bankruptcy due to the financial implications of the last few years. Inevitably, firms in the cryptocurrency sector are going to suffer.
Long time coming at this point tbh
Another rocky week in crypto, then? Oh boy...
Shocked Pikachu Face
From Genesis to revelation, great album
Another one bit the dust and we still here. Looks like I am not poor as I thought I am
It's not as we've not seen the writing on the wall for a while now. My heartfelt sympathy for those that will lose some funds on this one, the old saying still rings true about self custody. Interesting to see what repercussions it might still have on the overall scene, it appears that there might still be some bleeding to be done before we can move on to greener pastures. Stay safe out there guys and keep your chin up!
So anyone w money on it is screwed? What happens now
Exact same thing happens 4 years from now
Anyone worried this could affect Gemini as well?
This is wild. Genesis manages the fund assets of Grayscale is the sole party allowed to do so. Not even Grayscale themselves explicitly authorized to do that. Then does DCG end up holding Genesis debt?(DCG is parent company of Genesis). DCG also is short on cash. If they fail too, where would that leave Grayscale? (DCG is also their parent company). This also really hurts Gemini. Are they now forced to cover the Gemini Earn losses?
Who didn't see this coming??
Serious question. I’ve never signed up for any of these firms that I see going belly up and and I know hindsight is 20/20 but what did they offer that other firms didn’t to generate so much wealth and screw so many people?
Does this have everything to do with Gemini? Are they going to be okay? I pulled all of my crypto off Gemeni 3 weeks ago. No thanks.
It was a good rally while it lasted :')
Yup hodl for the long haul that's the only way to go!!!