Crypto giant Genesis is 'days away' from bankruptcy after suffering steep losses in wake of FTX collapse: Firm owes creditors $3 BILLION - including $900M to Winklevoss twins

UK Daily Mail ^ | January 19, 2023 | Alex Hammer

[C19fan]

From reading this article, the whole industry is one big pyramid scheme.

[Yo-Yo]

The 21st Century Tulip Bulb market is finally crashing....

[C19fan]

Launched in February 2021 and promoted by both Gemini and Genesis, the Earn program promised passive returns on customer's cryptocurrency assets in exchange for the right to lend the tokens out. The companies also touted that the Earn program offered generous interest rates of up to 7.4 percent. 'That's more than 100 times the national US average,' Gemini wrote in one promotion.

So greedy people lost their money in speculating and now are complaining?

[ClearCase_guy]

In 2007, the mortgage industry was heading endlessly upwards on the magic power of derivatives that fueled the sub-prime mortgage crisis. Didn’t turn out well.

Today we’ve got a lot of shady money in crypto. Hopefully it won’t cause a similar problem.

[SaveFerris]

Down go the Ponzi Schemes

Make way for the new Digital Dollar

Digital money in every major country - that’s my prediction but admittedly it’s just a guess

[Jonty30]

Winklevoss should have bought gold.

[RockyTx]

not your keys
not your crypto

[Jimmy Valentine]

I suggest that your analogy is spot on. This has been a highly suspicious deal all along.

[tired&retired]

The entire world economy is one big Ponzi scheme.

[buwaya]

Its the collapse of crypto in 2021 thats causing these bankrupcies. We are seeing consequences, not causes.

[rarestia]

The early days of crypto were legit. I got in early and enjoyed the fun of it. When the “big dogs” got involved, things got squirrely real quick. It was like someone brought in real munitions to a kids’ backyard cap gun game.

[Theoria]

No doubt, contagious and can spread.

[Ezekiel]

According to people familiar with the matter, Genesis is currently in the final stage of its Chapter 11 paperwork...

The whole world is a living parable. Every aspect. Yet for some reason, it's some big mystery. Cryptic.

Genesis 11

1 And the whole earth was of one language, and of one speech.
2 And it came to pass, as they journeyed from the east, that they found a plain in the land of Shinar; and they dwelt there.
3 And they said one to another, Go to, let us make brick, and burn them throughly. And they had brick for stone, and slime had they for morter.
4 And they said, Go to, let us build us a city and a tower, whose top may reach unto heaven; and let us make us a name, lest we be scattered abroad upon the face of the whole earth.
5 And the LORD came down to see the city and the tower, which the children of men builded.

Crypto giant Genesis is 'days away' from bankruptcy after suffering steep losses...

It goes on.

[Kriggerel]

Dunning-Krugerrands, as they’ve been called in a few places.

[Ezekiel]

Excellent how that gif is displayed directly above my post.

[gov_bean_ counter]

Crypto was always a house of cards.

[SaveFerris]

The best part is when he throws the thing on fire and sets the other guy on fire.

Thanks a lot!

[lefty-lie-spy]

Coinbase is also apparently on the edge of collapse. They are already getting out of overseas areas where they set up companies. I almost decided to buy Dogecoin after Elon Musk rescued Twitter and almost created an account, but then I got lucky that the FTX thing got to be big news the day after, and I put all my thoughts about investing in Crypto on hold. I think the whole thing is ready to collapse now, regardless of exchange or name of “currency”.

[SaveFerris]

[Coinbase is also apparently on the edge of collapse.]

I say nation Digital Currencies will be the only thing left standing when it’s all over.

Then, they’ll get merged into a Single World Currency - Digital Money. /shiny side out

Obviously, most money is digital right now, for all intents and purposes.

[Mouton]

A fool and his money are soon parted. I have the same level concern for those who gamble on get rich skeemes as I have for those who spend their rent money on lotto tickets: none