Imagine losing all your perceived money because you thought BlockFi was giving free money....

It might be nothing, but it's also possible some of you just lost some money chasing free money.

https://www.reddit.com/r/blockfi/com...drawing_undue/

Remember folks there is no such thing as free money!

Possibly inside job as well, these 100 or so account who have received millions of dollars might be in on the scheme. Time will tell, this may get resolved or it may not, but now you know your funds were not risk free as many claimed.

“The result is that emails threatening legal action have gone out to some users who say they withdrew their erroneous bitcoin rewards before they realized the situation. Other users who did not participate in the promotion say they have also seen their withdrawals suspended”

https://www.coindesk.com/blockfi-bot...eward-payments

700 * 40 000 = 28 million.

100 times that is 2.8 billion and they are valued at 3 billion, oops.

I'm not sure if you're trying to justify it or not...

either way your funds were at risk, and the gains people were getting were clearly not risk free as many have claimed in bitcoin thread.

700 X 40k could have been 7000X40k.

By the way, if they trusted someone and he made this mistake, imagine who they trusting when they lend your guys funds out to people, and don't even tell you who they are

They ignored tether ( they were wrong)

They ignored Blockfi ( they were wrong)

They ignored Defi ( guess what's next)

Article says 1 account received 700 BTC in error. Another received 5. It seems you've chosen the higher value as the accurate estimate for the customers affected. Article says 'less than 100 customers,' you've chosen to use 100 in your estimate. Kind of shows where your interests lie.

BlockFi has KYC info for all their customers. If a customer has taken funds that aren't theirs and refuse to give it back, there will be legal consequences for that customer. They may very well not get it all back, but customers are above owners and investors in the capital stack - so it will be the company taking the hit.

"100 or so" why did I use 700 X 40000 lol. Logic not for you.

I get you're mad, take it out on me.

Not your keys, not your coins.

It seems logic isn't for you.

Shall we also discuss how you've created a new thread because you know you can't post this in the BTC thread?

I'm not the OP and my post was a joke fwiw.

I didn't quote the OP, nor was it directed at the OP. It was directed at the person with the terrible math. I thought that was obvious.

If your post was a joke then I've got a hilarious one for you:

5 x 7 = 22

Oof

Looks like only $10MM mistake now. Nothing burger assuming that is true. BlockFi insolvency would have been quite bad and had knock-on effects.

Go figure

Was there anything crypto related that did not involve a scam?

Redistribution of wealth! From unemployment crypto bros to whoever takes them for a ride lol

So DeFi as a concept is a scam because one specific project scammed?

By this logic, every website on the internet is also a scam.

There will be many more, more than 80% will be scams.

What about the tether truthers? Still think they FOS?

There have been a lot already-- especially in scammy ecosystems like Binance Smart Chain. It's easy with any reasonable amount of due diligence to determine which projects are good faith efforts and which are scams/rugpulls/pump and dumps. Morons jumping from project to project based on flashy high % "APY" without ever reading or diffchecking code will continue to get rekt. The same was the case with ICOs for those who did the work vs those who were firing darts randomly at vaporware hype.

It's obvious projects like Compound, Aave, Yearn, Uniswap, Balancer, Maker, and many others are not scams (not long any of their tokens, fwiw).

Yes I still think they're unhinged. It's very curious why tether would be letting the market fall so much. They can just print more and buy!!

Also want to add I'm on record talking about how shitty BlockFi is and that I recommended many people to not use it. It's not a scam but just terrible risk:reward and requires giving up your keys for very small gain.

You think this is much? Boy you got another thing coming. So now your justification for tether is why would they let market down, now knowing full well they been lying as said by NYAG and they not backed 1 to 1 with USD.... so truthers were right... just say it lol. Who knows maybe they went short to liquidate all the 875,000 LONGS that got liquidated.

You are beyond reasoning with, but let's just ignore Tether for now. Unless you have some specific evidence that they were behind the sells that led to those liquidations, I'd be happy to listen-- but if you're purely making up theories, please save them for yourself.

What is it you think I have coming? You don't know my portfolio or strategies. I follow strict risk management. The majority of my portfolio is currently in USDC and USD in Coinbase.

I am not sure what you are even trying to say, because I'd largely agree that most projects that call themselves "DeFi" today are somewhere between ill-advised and actual scams, many are not very decentralized at all. A large portion of them are simply copy/pastes of projects that came before them with a different token instead. But would happily freeroll you $ if any project I named above explicitly scams their own users/investors.

Unhinged is a strong word, as a savvy defi investor what did you make of their pie chart declarations? Obviously smart investors can weight the risks/rewards and enjoy the liquidity benefits whilst playing musical chairs with a plan for when the music stops, but if it goes pop its going to be less savvy retail/businesses holding the bag right?

Also they just printed another billion (on a saturday) but presumably the problem is how much they print is correlated with how many questions people start asking, as well as that when it gets big enough that real central banks/governments start to pay attention, which is already happening. Seems sorta ironic that tether printing and hyperinflation of supply may be supporting a sector that is supposed to be the antidote to that in the real world.

Would geninely like to see some serious discussion of this as a bitcoin maximalisht, rather than the general sweep it under the rug/don't talk about it attitude. Presumably you read this and other pieces, what is your counter argument?

https://www.singlelunch.com/2021/05/...-ponzi-scheme/

I only used that as a theory because you eluded to the fact " If they can't print, why are they letting price go down" which I then gave you a explanation of why that could be. I'm not sure why you want to avoid talking about tether when months ago you were so gung ho about labeling me a tether truther before, and now that it turns out my trutherness is and was accurate and true. The next unraveling will likely be they have been pumping all the crypto markets and printing out of thin air. Do you care to go on record and deny this is a possibility or do you now think there is a chance it is true?

Tether print was authorized not issued tx. My reply is the people who write these pieces have no knowledge of market structure. I have previously posted in the Bitcoin thread thorough debunking of many of their claims as explained by others (ie, being unaware of the shift from BTC margined futs to USDT, decreasing importance of Mex as a function of that, thinking printing perfectly round numbers is a smoking gun, etc)

Compare tether issuance to USDC issuance. USDC is growing way faster now! Is USDC a ponzi? If you accept USDC is legit, then the growth rate of Tether should, in a Bayesian sense, tell you something.

I am of the view that it doesn't make sense to hold tether given their shadiness because there are good alternative options (USDC, DAI, whatever you fancy). Risk:reward is poor if you trust American institutions/USDC. But from talking to people in the East instead of the West, their views are basically opposite (untrusting of American institutions). To each his own.

Those guys' website got haxed right? That doesn't make any sense taunting the millionaires you just robbed.

I am already on record saying I think it is unlikely. I still do. My opinion has not changed -- the attestation is roughly what I expected. If you have anything to say that is fact/evidence-based I'm happy to talk about tether, but when you just start making up theories I really don't care to hear them.

If you were right, why has tether still been trading at par/at a premium to USDC? Why is it not trading for $0.95? Everyone stupid? Best short of all time? It's easy to short so you can consider that if you are right and want to make money.