GLASSJAW Posted April 12, 2018 Share Posted April 12, 2018 another pump just happened. looks like a LOT (if not everything) is going up. there was a lot of rumors about a bullrun starting mid april, but i've learned to ignore most specifics like that. been a pretty interesting day though - could just be a one-off, but interesting nonetheless Link to comment Share on other sites More sharing options...
Jägermeister Posted April 12, 2018 Share Posted April 12, 2018 (edited) 1 hour ago, GLASSJAW said: another pump just happened. looks like a LOT (if not everything) is going up. there was a lot of rumors about a bullrun starting mid april, but i've learned to ignore most specifics like that. been a pretty interesting day though - could just be a one-off, but interesting nonetheless I haven't checked prices in like 3 weeks. Is it safe? Edited April 12, 2018 by Jägermeister Link to comment Share on other sites More sharing options...
GLASSJAW Posted April 12, 2018 Share Posted April 12, 2018 17 minutes ago, Jägermeister said: I haven't checked prices in like 3 weeks. Is it safe? if you aren't looking at prices, i wouldn't start now. things are still down over the last few months, obviously. could go down more. but it's just an interesting day, since there have been a couple massive jumps Link to comment Share on other sites More sharing options...
SabreFan1 Posted April 13, 2018 Share Posted April 13, 2018 Keep an eye on China. If they follow through on their threatened ban on crypto, it's going to initially hit the crypto-market hard. If China does follow through, that wouldn't be a bad time to buy since the panic selling will drive prices artificially low. Link to comment Share on other sites More sharing options...
nuckin_futz Posted February 1, 2019 Share Posted February 1, 2019 Not a single post in this thread in nearly 9 months? It appears this thread was abandoned faster than Derrick Pouliot at an autograph signing event. I guess that's going to happen when a bubble collapses. Some rather bizarre news today from the largest Cryptocurrency exchange in Canada. Canada's largest cryptocurrency exchange goes bust Fri 1 Feb 2019 13:27:18 GMT QuadrigaCX declares bankruptcy after founder dies and private keys lost Canada's largest cryptocurrency exchange -- at least until recently -- has filed for bankruptcy. QuadrigaCX announced on its website that it had filed for protection under Canadian credit protection laws. The company started to run into problems about a year ago when bank CIBC froze several accounts belonging to its payment processor Costodian Inc and its owner Jose Reyes. Customers began to report problems withdrawing cash afterwards. Then it really gets weird. 29-year-old founder and CEO Gerald Cotton died on his honeymoon on an early-December trip to India from complications due to Crohn's disease. The company didn't announce it until five weeks later. Evidently, he died with the private keys. "We have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us. Unfortunately, these efforts have not been successful," the company said in its statement. The company is rumored to hold customer accounts between $100m and $900m. The first bankruptcy hearing will be Feb 5. https://www.forexlive.com/cryptocurrency/!/canadas-biggest-cryptocurrency-exchange-goes-bust-20190201 ******************************************************** Given this was the largest exchange in Canada I hope no one in here got hurt. I have seen many company's blow up in the last 2 decades. Many due to some of the shadiest practices you can imagine. For example, Refco Securities going from IPO to bankruptcy in under 2 months (there was massive hidden fraud). This does not appear to be the case here. It seems this was a case of massive stupidity. You have a 29 year old CEO who has Crohn's disease and takes trans Pacific flights to places like India, with no succession/contingency plan. My mind is simply boggled at how stupid this was. Furthering the stupidity, he appears to have kept the private electronic keys in his head. If they were kept anywhere else, none of the company's corporate officers (if there were any) are aware of where they are. The customer account balances are now locked in cyberspace forever. If the total lost is up around the higher estimates it would be roughly equivalent to the 3 lowest value NHL franchises combined. Link to comment Share on other sites More sharing options...
AK_19 Posted February 2, 2019 Share Posted February 2, 2019 5 hours ago, nuckin_futz said: Not a single post in this thread in nearly 9 months? It appears this thread was abandoned faster than Derrick Pouliot at an autograph signing event. I guess that's going to happen when a bubble collapses. Some rather bizarre news today from the largest Cryptocurrency exchange in Canada. Canada's largest cryptocurrency exchange goes bust Fri 1 Feb 2019 13:27:18 GMT QuadrigaCX declares bankruptcy after founder dies and private keys lost Canada's largest cryptocurrency exchange -- at least until recently -- has filed for bankruptcy. QuadrigaCX announced on its website that it had filed for protection under Canadian credit protection laws. The company started to run into problems about a year ago when bank CIBC froze several accounts belonging to its payment processor Costodian Inc and its owner Jose Reyes. Customers began to report problems withdrawing cash afterwards. Then it really gets weird. 29-year-old founder and CEO Gerald Cotton died on his honeymoon on an early-December trip to India from complications due to Crohn's disease. The company didn't announce it until five weeks later. Evidently, he died with the private keys. "We have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us. Unfortunately, these efforts have not been successful," the company said in its statement. The company is rumored to hold customer accounts between $100m and $900m. The first bankruptcy hearing will be Feb 5. https://www.forexlive.com/cryptocurrency/!/canadas-biggest-cryptocurrency-exchange-goes-bust-20190201 ******************************************************** Given this was the largest exchange in Canada I hope no one in here got hurt. I have seen many company's blow up in the last 2 decades. Many due to some of the shadiest practices you can imagine. For example, Refco Securities going from IPO to bankruptcy in under 2 months (there was massive hidden fraud). This does not appear to be the case here. It seems this was a case of massive stupidity. You have a 29 year old CEO who has Crohn's disease and takes trans Pacific flights to places like India, with no succession/contingency plan. My mind is simply boggled at how stupid this was. Furthering the stupidity, he appears to have kept the private electronic keys in his head. If they were kept anywhere else, none of the company's corporate officers (if there were any) are aware of where they are. The customer account balances are now locked in cyberspace forever. If the total lost is up around the higher estimates it would be roughly equivalent to the 3 lowest value NHL franchises combined. I was affected, I can't put into words how shell shocked I am.... Link to comment Share on other sites More sharing options...
Tortorella's Rant Posted February 2, 2019 Share Posted February 2, 2019 It's called gambling for a reason. Backed by practically nothing, and little to zero recourse if such an event as this happens. 2 Link to comment Share on other sites More sharing options...
HI5 Posted February 2, 2019 Share Posted February 2, 2019 Damm, always thought crypto was just massive hype with no actual value but you really have to feel bad for the people who put their hard earned money in quadriga accounts. India is probably the last place you want to be with Crohn’s disease without adequate precautions taken and the fact he’s the only one with access to these keys is insane. I ran into a guy at the gym the other day whom I went to school with years ago. He has just recently opened his own online crypto exchange, he’s probably loving this news. He doesn’t seem like the brightest guy though, so had me wondering is it difficult to open a crypto exchange? Link to comment Share on other sites More sharing options...
nuckin_futz Posted February 2, 2019 Share Posted February 2, 2019 (edited) 45 minutes ago, AK_19 said: I was affected, I can't put into words how shell shocked I am.... Truly sorry to hear that. I hope it isn't too bad. 37 minutes ago, Tortorella's Rant said: It's called gambling for a reason. Backed by practically nothing, and little to zero recourse if such an event as this happens. Yup, pretty much this. It's completely unregulated. No account insurance and no recourse from the law. Pretty much the financial wild west. 13 minutes ago, HI5 said: Damm, always thought crypto was just massive hype with no actual value but you really have to feel bad for the people who put their hard earned money in quadriga accounts. India is probably the last place you want to be with Crohn’s disease without adequate precautions taken and the fact he’s the only one with access to these keys is insane. I ran into a guy at the gym the other day whom I went to school with years ago. He has just recently opened his own online crypto exchange, he’s probably loving this news. He doesn’t seem like the brightest guy though, so had me wondering is it difficult to open a crypto exchange? Apart from the hardware costs and connection fees I can't see any barriers to entry. It's completely unregulated. I am pretty sure any Yahoo can open an exchange. Edited February 2, 2019 by nuckin_futz 1 1 Link to comment Share on other sites More sharing options...
Scottish⑦Canuck Posted February 2, 2019 Share Posted February 2, 2019 It's negligence on the part of Quadriga. Quite pathetic in all honesty, for a company that manages millions. I still think there's value out there although the industry hasn't matured as much as I would have liked in the last 12 months. Too many nonsensical projects still. I have all my remaining funds (that I didn't cash out last January) in one project now. Quietly optimistic about its chances but it is essentially gambling, as stated above. Blockchain technology has potential still. It needs to shed the $&!# that's clinging on to it though. Link to comment Share on other sites More sharing options...
Scottish⑦Canuck Posted February 2, 2019 Share Posted February 2, 2019 16 hours ago, nuckin_futz said: Truly sorry to hear that. I hope it isn't too bad. Yup, pretty much this. It's completely unregulated. No account insurance and no recourse from the law. Pretty much the financial wild west. Apart from the hardware costs and connection fees I can't see any barriers to entry. It's completely unregulated. I am pretty sure any Yahoo can open an exchange. Not entirely. Depends on the jurisdiction you're operating in. The US is a nightmare for any company associated with cryptocurrency at the moment. I expect to see many following suit. Link to comment Share on other sites More sharing options...
GLASSJAW Posted February 3, 2019 Share Posted February 3, 2019 it's a meme at this point. don't store on exchanges. how many have to be hacked/go under for people to realize this? unfortunately, 2 or 3 people i'm close to lost a decent chunk of change with quadriga. really sad for them, and i hope it works out the conversation around bitcoin remains fascinating to me - i don't post about it here (active on reddit, took a course on it, read numerous books, still run my mining equipment - although not consistently). nothing has changed to make me lose faith in the space/culture. in fact, i think (know) the uncomfortable truth is that this purge had to happen. a lot of bad projects and bad actors needed to be kicked out. i think a lot more exchanges and altcoins will go under before we see a significant growth again Link to comment Share on other sites More sharing options...
CBH1926 Posted February 3, 2019 Share Posted February 3, 2019 I am just amazed that people invest money into this. Link to comment Share on other sites More sharing options...
73 Percent Posted February 3, 2019 Share Posted February 3, 2019 2 minutes ago, CBH1926 said: I am just amazed that people invest money into this. Alot of people made out ahead. Alot of people lost alot. That being said its no difference than investing your money anywhere else including the blackjack table. Link to comment Share on other sites More sharing options...
GLASSJAW Posted February 3, 2019 Share Posted February 3, 2019 14 minutes ago, CBH1926 said: I am just amazed that people invest money into this. why? Link to comment Share on other sites More sharing options...
CBH1926 Posted February 3, 2019 Share Posted February 3, 2019 13 minutes ago, 73 Percent said: Alot of people made out ahead. Alot of people lost alot. That being said its no difference than investing your money anywhere else including the blackjack table. You are really not investing your money when you go to casino. Its called gambling for a reason. Link to comment Share on other sites More sharing options...
73 Percent Posted February 3, 2019 Share Posted February 3, 2019 10 minutes ago, CBH1926 said: You are really not investing your money when you go to casino. Its called gambling for a reason. What do you think investing is... Link to comment Share on other sites More sharing options...
CBH1926 Posted February 3, 2019 Share Posted February 3, 2019 6 minutes ago, GLASSJAW said: why? It’s investing and hoping that the next person will be even more excited and pay a lot more. I know people make money off of it, including my close friends that are very smart and educated. Reminds me of a giant Ponzi scheme to be honest. Link to comment Share on other sites More sharing options...
CBH1926 Posted February 3, 2019 Share Posted February 3, 2019 3 minutes ago, 73 Percent said: What do you think investing is... You really think investing gives you same odds as gambling? Link to comment Share on other sites More sharing options...
73 Percent Posted February 3, 2019 Share Posted February 3, 2019 47 minutes ago, CBH1926 said: You really think investing gives you same odds as gambling? I never said that. Link to comment Share on other sites More sharing options...
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