> BTC makes no profits. In fact, the entire BTC system consumes tons of electricity constantly. So we can see that moving BTC around costs real resources, but no one seems to have explained to me where "money comes from", aside from a greater-fool.
Transaction fees.
You had your best shot at converting them last year, when they were ignorant, and hadn't lost $10,000+ on it yet. Today, they're going to be mad at their losses, the lies, and the fraud, and the outright stealing / locking of accounts.
The people in category #2 are almost certainly, permanently, lost. You can't just play with people's savings like this and expect them to trust you.
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This isn't like a "normal cryptocoin crash". Celsius, and now Gemini, account holders are unable to withdraw funds. Who knows how far this financial-contagion will spread?
What's going on right now is a fundamental loss-of-trust.
The price goes up, the price goes down. That's not the important bit. Locking down accounts and destroying goodwill is the problem with this crash.
Your friends sound like degenerate gamblers. What does that have to do with having a balanced portfolio with a percentage in crypto? More people are going to do this.
Investing in crypto doesn’t mean having all your wealth in it.
I said "locks up". Celsius is likely insolvent. Gemini is only at the stage where there are withdrawal issues.
BTC probably has to drop a bit more before Gemini collapses and/or becomes insolvent, but the issues have begun (like Binance). The other crypto-lenders all locked up like this as BTC dropped from $30k to $20k, it looks like Gemini is stronger but its beginning to have withdrawal issues now.
If BTC keeps crashing, other crypto-lenders (including Gemini) will be wrecked. Its just the nature of how those systems work.
Gemini doesn’t have withdrawal issues. Misinformation only makes your position look weak.
Crypto exchanges always run into platform issues when volume is high. Everyone claims it’s a giant conspiracy because 10x engineers could never fuck up this bad. Well, they can and do.
Your claim Binance is going under is laughable as well. You have zero understanding of this market.
Sure thing bud.
https://www.reddit.com/r/CryptoCurrency/comments/vf6spv/gemi...
> Crypto exchanges always run into platform issues when volume is high.
They also seem to be running into platform issues when they're running out of money.
Volume was high on the way up. Volume on the way down is... much less than before. Coinbase (and others) have laid off thousands of workers because BTC volume has declined precipitously.
This ain't a volume problem. They're just pretending its volume.
Cashed our 7 figures last year. I’m good.