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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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52501117 No.52501117 [Reply] [Original]

Next domino to fall Gemini close to bankruptcy?

>> No.52501125

>>52501117
I'd love to see that even super early cunts like these can get purged from the eco-system too, that even gods can bleed.

>> No.52501137

>>52501117
only their earn program was exposed to any of this shit storm. they seem like the most responsible, regulated exchange around otherwise.

>> No.52501165

>>52501117
Where’s the apology from all the fags that rushed in here a few days ago screaming crypto.com was going under simply because that fag Cobie tweeted and CZ replied. Literal fucking FUD wave of retardation off that for hours just shitting up the board. Anons just want a fucking happening from the immense financial and political nothing burger meta. Goybase execs selling shares is more of a red flag than this.

>> No.52501176

>>52501165
Crypto dot com are insolvent. They would post their liabilities if they weren't. Coinbase is overvalued as a stock and the execs have been dumping since they went public. That isn't a sign that they are insolvent.

>> No.52501600

Bankruptcy? Maybe. But this whole sector of mainstream public exchanges are about to get shook.

The hype around bringing in newly adapting retail investors meant a new stream of money, but now that's in serious fucking peril. Arguably, more than the total mk lost, the story about people's accounts being frozen or just plain stolen is the real killer.

>> No.52501619

Their whole operation is FDIC-insured unlike FTX or any of these shit exchanges. Keep dreaming, bizlets.

>> No.52502425
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52502425

>>52501117
Extremely unlikely. Gemini is too boring and insignificant (>>52501137). The one slight risk they did take- offering customers access to Genesis- has blown up on them and caused significant reputational damage. They'll just continue becoming less and less relevant and probably wind down retail to become the crypto equivalent of a family office.

FTX was obviously spending insane amounts of money- adverts, donations, VC activities, sponsorships. CDC is the same. Celsius, Genesis, 3AC, BlockFi were all offering absurd yields/returns. It's not hard to see where the remaining risk in crypto institutions lies at the moment, and that isn't Gemini.

>>52501176
This is pure truth. Crypto.com has to be losing money at an absurd rate. They go down within the next six months. Coinbase either does something drastic or withers into obscurity within the next two years. They seem to be pre-Musk Twitter-tier in terms of work culture, management and output.

>>52501600
Agree. Exchanges relying on fleecing dumb newcomers- Coinbase, Crypto.com- are in trouble. Until the next bull kicks off, the exchanges that survive will be the ones that can attract the traders who choose to stick with crypto. Exchanges are now fighting over a much-smaller and more aware user base. They survive either through trustworthy reputations- Coinmetro, Kraken, etc (Gemini should have been on this list but blew it)- or through continuing to offer the casino experience to committed degens- Binance, Bitmex, etc. Obviously the latter exchanges are at risk of falling prey to their own shady practices or a potential upheaval in regulation post-FTX.

>> No.52502597

>>52502425
people wont need those exchanges in the future because they'll be able to buy crypto from their stock brokers and banks.
https://www.cnbc.com/2022/11/03/fidelity-to-open-commission-free-crypto-trading-to-retail-investors.html

>> No.52503967

gemini is unironically one of the safest exchanges, imagine not trusting the chad twins

>> No.52504004

for smart guys they look really fucking dumb

>> No.52504011

>>52503967
imagine trusitng any exchange period

>> No.52504090

>>52501619
>FDIC-insured
Tards that believe in this are generally blind to reality. But yea there is probably enough in the fund to cover 1 bad actor, not 2 though. there is only 121 billion in the fund btw.
inb4 print money
as i said you have no idea of the what that means

>> No.52504137

>>52503967
Hey winklevoss

>> No.52504157

>>52502425
Agree'd
I stick with Coinmetro for trading since they are focused on long term and small enough that the potential is still huge.
Lots of respect for kraken too, but I can't 'own' it like with CM

>> No.52505625

>>52504090
another dipshit confusing the earn program with the exchange.

>> No.52505667

>>52501117

nigger, go fuck yourself with all the shit spam threads you've been making for the past couple of days

Gemini is the only real exchage that had zero issues moving in and out of fiat

so again GO FUCK YOURSELF

>> No.52506316

>>52505625
Kek nope, just correcting an Anon that believes in lies about the FDIC.

>> No.52506343

>>52506316
the exchange is fdic insured though.

>> No.52506401

>>52506343
thats what im trying to say FDIC is BS
the fund only has 121 billion as of June '21

ITS NOT UNLIMITED

>> No.52506455

>>52506401
what the fuck are you even talking about? it's insurance. yes it covers user deposits in case of a failure. the compromised earn program is the only place these "bad actors" would exist.

>> No.52506546

>>52506455
>what the fuck are you even talking about?
Knowledge that is outside of your comprehension apparently. Stop being an arrogant cunt, you might learn something

Let me be specific
The fund only covers 484,000 accounts @ the full 250k insurance

>> No.52506569

>>52506455
I was not taking about the earn program. I ONLY spoke about FDIC. read the posts. please stop

>> No.52506636

>>52506546
>>52506569
you have absolutely no reason to think it doesn't cover users other than the retarded leap that there are more than 484k accounts. you have no fucking idea. they operate in an incredibly regulated part of the country. you're just being a shithead fudder.

>> No.52506722

>>52506636
>you have no fucking idea.
you are right, i don't know how much they have & lets be honest its probably less than the 121 Billion. hence why I said i would only cover 1 bad actor.
>shithead fudder.
retard, read my posts, it was not directed at Gemini, Genesis, what ever, JUST the FDIC.
I even said i will cover 1 bad actor.

Zoom out a bit, lets say BoA closes down, the FDIC does not have enough funds to cover that. Believing in this insurance to cover you is BS. Did you know the fund only had 121 billion? as I said I'm try to teach you something

>> No.52508133

>>52506401
hmm thats just what they operate with though, there havent been many bank failures at all lately but there were hundreds annually in the 2010 times. I'm pretty sure they can get the money if need be.

>> No.52508165

>>52502425
Someone shoop Caroline's face on this woman's body

>> No.52508839
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52508839

>>52501117
You tell me (yes)

>> No.52510458

>>52508133
>'m pretty sure they can get the money if need be.
They totally can, it just involves creating more debt which will devalue the currency (probably not that much at the moment) & increase taxes as more interest payments will be needed to be made. 100% of taxes collected only pay the interest only on the national debt.