Crypto dominoes fall in the wake of FTX's collapse

Re:Crypto dominoes fall in the wake of FTX's collapse by shawabawa3 on Thursday November 17, 2022 @11:06AM (#33640888)

Crypto.com advertises massively inflated APRs, to achieve those you need to hold a limited amount of the asset and a huge amount of CRO

e.g. to hit the headline rate of 14.5% APR, you need to hold no more than $3,000 of DOT and at least $40,000 of CRO (their own token)

the reason it's so high for DOT is that DOT is currently paying 15% APR to validators.

It's extremely shady what crypto.com are doing but not necessarily unsustainable, because they're basically lying about what APR you can get

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Re:Crypto dominoes fall in the wake of FTX's collapse by coffeebeqn on Thursday November 17, 2022 @11:47AM (#33641615)

cough FTT cough

Holding 40k in CRO would be extremely unwise right now no?

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Re:Crypto dominoes fall in the wake of FTX's collapse by kikokikokiko on Thursday November 17, 2022 @11:49AM (#33641652)

So what you're saying is that it's just a garden variety Ponzi scheme, and not anything original. If you put 12 times the capital, they'll pay you "14.5%" yield on the principal. The moment they run out of fools to put this massive amounts of cash on the pyramid, it will go down as all Ponzis do. Crypto must die at this point, it's the only solution to this mess.

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Re:Crypto dominoes fall in the wake of FTX's collapse by roody15 on Thursday November 17, 2022 @12:58PM (#33642882)

Crypto like Bitcoin is fine. Exchanges that are stealing money are the problem. Confusing the two is a mistake IMO

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Re:Crypto dominoes fall in the wake of FTX's collapse by lottin on Thursday November 17, 2022 @02:08PM (#33643975)

Exchanges are a crucial part of the bitcoin economy. Miners need to sell the bitcoins that they earn in order to pay the bills.

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Re:Crypto dominoes fall in the wake of FTX's collapse by roody15 on Thursday November 17, 2022 @02:31PM (#33644337)

You can sell and transfer bitcoin directly without any need for an exchange.

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Re:Crypto dominoes fall in the wake of FTX's collapse by lottin on Thursday November 17, 2022 @02:54PM (#33644666)

Sure and you can buy groceries directly from the farmer. It's just not practical at any meaningful scale.

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