BlockFi Blows Up, Is Coinbase Next?
BlockFi filed for Chapter 11 and it looks like the entire company is going under and will be unraveled in court precedings for the months and years to come. This business acquired bad debt with 3AC but then their saving grace came through FTX.
Only, that saving grace came with a lot of stipulations. One being their fate tied to the fate of FTX. SBF acquired BlockFi's assets and got them to move them all to FTX.
Now that BlockFi has blown up, people are looking to the next dominoes to fall. Many thought it would be Coinbase or Binance next.
If one of those 2 behemoths blow up, things could get really ugly. A lot more ugly than they are right now.
Crypto is no stranger to blow-ups. While short-term pitfalls can happen, the long-term never changes. Crypto always recovers.
In this clip, Mitch and I give our hot takes about Coinbase and Binance potentially blowing up.
About LeoFinance
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage & share micro and long-form content on the blockchain while earning cryptocurrency rewards.
Our mission is to democratize financial knowledge and access with Web3.
Twitter: https://twitter.com/FinanceLeo
Discord: https://discord.gg/E4jePHe
Whitepaper: https://whitepaper.leofinance.io
Our Hive Applications
Join Web3: https://leofinance.io/
Microblog on Hive: https://leofinance.io/threads
LeoMobile (IOS): https://testflight.apple.com/join/cskYPK1a
LeoMobile (Android): https://play.google.com/store/apps/details?id=io.leofi.mobile
Delegate HIVE POWER: Earn 16% APR, Paid Daily. Currently @ 2.8M HP
Hivestats: https://hivestats.io
LeoDex: https://leodex.io
LeoFi: https://leofi.io
BSC HBD (bHBD): https://wleo.io/hbd-bsc/
BSC HIVE (bHIVE): https://wleo.io/hive-bsc/
Earn 50%+ APR on HIVE/HBD: https://cubdefi.com/farms
Web3 & DeFi
Web3 is about more than social media. It encompasses a personal revolution in financial awareness and data ownership. We've merged the two with our Social Apps and our DeFi Apps:
CubFinance (BSC): https://cubdefi.com
PolyCUB (Polygon): https://polycub.com
Multi-Token Bridge (Bridge HIVE, HBD, LEO): https://wleo.io
▶️ 3Speak
Ftx ripples
I have a feeling there’s more ripples to be felt
Posted Using LeoFinance Beta
That's for sure...
If Binance blows up it will have bad effect on crypto generally
Posted Using LeoFinance Beta
Yeah... really bad effect. We'll recover, but it will be a blood bath
Posted Using LeoFinance Beta
I agree Collateralized loans are an excellent way to take profit when used judiciously. Your success story is a great incentive to others to go down that path. What is US tax treatment for such loans?
Posted Using LeoFinance Beta
The loaned capital is not taxed and since you're not selling any BTC, there's no tax on that either
You can actually write off the loan payments (interest rate you're paying - 2% in my case).
It's VERY beneficial from a tax perspective
Posted Using LeoFinance Beta
Recently Coinbase dropped close to 1000 of its workers. I really hope that the central exchanges stay for as long as the market needs them. Right now would be a very catastrophic time for another crash.
Yeah I think this is in line with other tech companies who are all following Elon's lead at twitter.
I think Coinbase is here to stay. Publicly traded company. Monitored heavily. Much different than FTX IMO
Posted Using LeoFinance Beta
Really interested in know how Coinbase is following Elon's lead though.
If they are a permanent fixture then that will be awesome.
I hope Coinbase survives... It'll be hard to lose that one, because a lot of casual crypto users depend on it.
This post has been manually curated by the VYB curation project
Yeah I agree. It will be catastrophic if CB goes down. I don't think they will, but if they do, Crypto will recover long-term but see a short-term bloodbath
Posted Using LeoFinance Beta
If it happens, the btc whales will snap up a bunch more, and get even richer 😂
!PIZZA !ALIVE !LOL
how about coinbase binance and tether because they are all shady as fuck apart from coinbase, their business strategy just sucks. I mean u know its bad when they lay off 20 percent of workforce and the stock price sees a pump.