- This topic has 8 replies, 2 voices, and was last updated 5 months, 1 week ago by Arktos62.
- Friday, June 17th, 2022 at 14:18 #310711GenkiZidarParticipant
Cryptocurrency News – Babel Finance suspends withdrawals as crypto markets slump.
Read Here (Article Link):
What are your thoughts after reading this news article?Friday, June 17th, 2022 at 14:20 #310715pyritejet
Everyone get their shit off of sketchy CEXsFriday, June 17th, 2022 at 14:33 #310712Ateam043
This winter has made me discover these exchanges I’ve never heard of before.Friday, June 17th, 2022 at 14:37 #310713isaksvorten
Another one bites the dustFriday, June 17th, 2022 at 14:43 #310716Novel-Counter-8093
something something about your keys not being your coinsFriday, June 17th, 2022 at 14:45 #310718coinfeeds-bot
tldr; Hong Kong-based crypto lender Babel Finance temporarily suspended the withdrawals and redemption of crypto assets on Friday, as the crypto lender scrambles to pay its clients after the recent slump in the digital currency market. Cryptocurrency valuations have plunged in recent weeks as investors dump risky assets in a rising rate environment. Babel raised $80 million in a funding round last month, valuing it at $2 billion.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*Friday, June 17th, 2022 at 14:49 #310714Dowzoid
The argument could be that crypto exchanges let you think you have a certain crypto but they never actually buy it.
It’s like money in the bank. There is more money in circulation than actual physical money available.
So if everyone went and withdrew all their available cash the banks would have to stop withdrawals at some point because there would be no more money available to keep paying people.
I suspect this is what is happening with certain crypto exchanges right now as investors start making withdrawals they need to shut it down or they’ll have no funds to give anyone. I suspect they might start restricting to certain amounts.
This is something that has happened since the dawn of banks that used to look after people’s gold. I think it was goldsmiths that had a problem 100’s of years ago when they would give people credit notes and look after their gold.
This was the days when people didn’t have the facilities to safeguard their gold so would give it to goldsmiths bank for safe keeping at a fee.
However Goldsmith’s got greedy right. They started loaning out gold for an interest fee. The only way it would work is if people kept their gold in the bank. However when the people heard about what they were doing they all turned up at the bank demanding their gold back.
Low and behold because it was being loaned out there wasn’t enough gold in the bank to return it all back.
This is just a 21st century version of that I guess.Friday, June 17th, 2022 at 14:53 #310717Wonzky
And another one…Friday, June 17th, 2022 at 17:25 #310719Arktos62
Is anyone else not able to withdraw from Bitrue. I’ve been dealing with customer service for a week, they can’t or won’t fix it. Can’t get SMS validation codes from them.
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