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Coinbase posts $1.1B loss in Q2 on 'fast and furious' crypto downturn

submitted by v0atmage to Crypto 2.7 yearsAug 9, 2022 22:59:10 ago (+13/-0)     (cointelegraph.com)

https://cointelegraph.com/news/coinbase-posts-1-1b-loss-in-q2-on-fast-and-furious-crypto-downturn



10 comments block

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[ - ] osomperne 0 points 2.7 yearsAug 10, 2022 13:39:43 ago (+0/-0)

So everyone knows, big speculative investors were hoping people would default on mortgages

[ - ] totes_magotes 0 points 2.7 yearsAug 10, 2022 07:15:32 ago (+0/-0)

No, it's because they announced that if they go under that they will take your crypto.

[ - ] Prairie 0 points 2.7 yearsAug 10, 2022 12:25:24 ago (+0/-0)

Good reminder to everyone that with exchanges THEY hold the crypto (keys), and you just hold a claim on it, which may or may not ever me redeemed.

[ - ] totes_magotes 0 points 2.7 yearsAug 10, 2022 18:46:54 ago (+0/-0)

It's not a claim. You've paid them money for something they already bought. If it goes up and you sell, you make money and so do they. If it goes down, well... they've already made their money. They assume no risk, you assume all risk.

As such, it is their asset.

If you really want to go through a bank that gets a copy of your id, at least transfer your crypto to your own wallet after you make the purchase.

[ - ] Prairie 1 point 2.7 yearsAug 11, 2022 02:15:50 ago (+1/-0)

They own the crypto. All you have is a claim on that crypto. Usually they honor the claim, but they don't have to in all circumstances.

[ - ] totes_magotes 1 point 2.7 yearsAug 11, 2022 07:24:34 ago (+1/-0)

You don't even have a claim. A claim can be legally enforced. Like I said, you're just paying them for the honor of taking all of their risk.

[ - ] deleted 0 points 2.7 yearsAug 11, 2022 03:00:39 ago (+0/-0)

deleted

[ - ] yesiknow 3 points 2.7 yearsAug 10, 2022 02:12:52 ago (+3/-0)

Crypto isn't an investment. It's a way to not use credit cards, and it's important to use one the slave masters can't get their greedy hands on it.

[ - ] bonghits4jeebus 3 points 2.7 yearsAug 10, 2022 00:17:03 ago (+3/-0)

Maybe that explains why they're partnering with the devil all of the sudden. I've had my reasons to be suspicious about coinbase, but more than ever now.

[ - ] HeyJames 2 points 2.7 yearsAug 9, 2022 23:23:00 ago (+2/-0)

The wall street pump is turning into the wall street dump.