BlockFi and Voyager Bailouts (Is Your Money Safe Now?)

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In this video, I discuss Sam Bankman-Fried's bailouts of BlockFi and Voyager, and the companies' financials and response.

BlockFi continues to be (in my opinion) an untrustworthy firm, lacking in transparency and honesty. It is still unclear whether customer deposits are ahead of FTX's loan in the event of a liquidation.

Not your keys, not your Bitcoin. Chasing yield while risking losing 100% of your Bitcoin makes no sense if you think BTC will 10x or 100x from here.

You do not really own your own Bitcoin if you don't hold your own private keys.

Not investment advice! Consult a financial advisor.

LUNA/UST death spiral:

Celsius implosion prediction:

Is BlockFi About To Implode?

BlockFi Receives $250M Credit Facility From FTX:

BlockFi in trouble:

Sam wants to help stop crypto contagion:

Insolvent firm lectures retail about crypto volatility lol:

Sam and FTX may be ahead of your BlockFi account:

BlockFi income statement:

Voyager Digital in big trouble:

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#blockfi
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[wayside]

Thank you Mathew! I've had my money on BlockFi for almost a year and have heard plenty of your videos talking about not your keys not your coins. Long story short - I was able to get my money off the exchange and now own my coins on a hardware wallet and this is all thanks to you. Seriously, most other YouTubers just pump exchanges and don't talk about the importance of owning your coins. Thanks for the vids Matthew! I can now sleep well at night 😊

[RyanHoguePassiveIncome]

*Thanks Matthew, you've been so spot on recently, you're doing a great service to all of us, keep the videos coming* 👍

[jct]

Great job guys. We literally recreates the very problems we were trying to fix. Bailouts only make it worse. This fear of pain is why we’re in the situation we’re in the traditional markets.

[TheZebracakez]

I've used Blockfi's services for about 2 years and I recently decided to pull out everything and self-custody. To be fair towards Blockfi, they have done everything they said they would do for me up to this point. And I wish them luck in their business. I don't like to see crypto businesses fold up or have problems. That only hurts the overall Bitcoin and crypto ecosystem. Maybe some would say it's a good thing that slimy businesses and bad actors get taken down. Maybe I agree with them after thinking about it... I just wish businesses would be more honest in general, especially any business mixed up in crypto. That said, with all the things going on now in the market, I feel so much safer keeping my BTC locked up in cold storage. Your video has shed some new insight onto Blockfi that I've never thought about before. Thank you for that, truly.

[martincollins]

I had about 0.015BTC on Blockfi for a while just earning interest, started the withdraw process last week, had to send through all this proof of identity documents to get my coins out. but it did come out. Feel really burned by how difficult it was to get my coins back and it was literally like just $400 worth!

[lizzie]

This channel has become my daily must watch video. Please continue your good work. Thank you.

[dingfeldersmurfalot]

Matt, there is constant reference in these discussions to how your USD is protected by the FDIC. Now I recall seeing somewhere that just because you're insured, doesn't mean it won't take years to get your money back. By which time of course you have absorbed a lot of opportunity cost and seen inflation cut off chunks of your USD constantly. Would you consider doing a video on this? I think it might put a lot of things in perspective, perhaps chillingly so, when people are considering the safety of leaving *anything* on exchanges.

[drosenstroem]

Makes one wonder how many SATS sold on a lot of exchanges are actually paper “I owe you’s”

I suspect more than we dare imagine. Unfortunately.

[Rickangelo]

Mathew, like someone else said, your channel is the first one I watch every day. Your content is SO valuable.
Quick question: I want to have limit orders in to buy more BTC at various levels below 18, 000 if it gets down that low. Do you think Gemini is a reputable and safe exchange? I've bought most of my BTC through them without a problem but I don't know who to trust these days.
Of course I'll transfer the BTC to my hardware wallet instantly after buying it but the cash that I wire them might be sitting on their exchange for a while depending on what the price of BTC does. Thanks for your advice and thanks for all you do!

[BatmanBoss]

Be your own bank! Hold your private keys! This is what Bitcoin does for everyone!
The power is yours!

[stilleswassermaximalist]

Some people really thought a 140% CAGR wasn't good enough, so they just stopped being their own bank and gave away their BTC to some centralised lending platform for a 3% APY...

[mferrazano]

Used Voyager since it started in Feb 2021 for buying and storing BTC. After your video about multi-sig wallets I started to migrate BTC out of V ( used it for purchase of BTC then transfer out) and just in time as V has recently limited withdrawals (used to have a daily limit of $100K withdrawal now its down to $10K). Thanks for the heads up.

[radicalaccounting]

I have learned so much from you and wish I learned it sooner. Blockfi has been great to me financially so I didn't pull even though it has seemed risky, still seems risky to me. Everything bitcoin seems risky to me. If I pull out I can't put in again, the only reason I have money in there now getting interest is because it's grandfathered in from before the US says no one in the US can contribute anything for interest anyway. So you're only talking to foreigners when you ask this question, "do you want to contribute?" Thanks for sharing.

[peakoilnews]

Over the ten years I've been in the space--you tend to see these liquidity events shortly after run ups--and part of it has to do with improper risk management in the face of drastically changing value. Just as you might feel safe using a cheap lock on a cheap bike, if you have five thousand dollar bike you better use the best lock out there. Crypto changes so drastically in value that peoples risk management doesn't properly change in time. Your bike was a 100 dollar used Schwinn and suddenly turns into a Trek Madone and you're still using the same cheap lock.

[Au]

Hey Matt, I came across a few articles (and YT vids) on the EuroDollar topic by Jeffrey Snider (Alahambra Investments). His thesis is that there was actually NO ‘money printing’ going on but an already collapsing EuroDollar, plus the collapse we saw recently could be traced back to signals early in 2021 and finally in Oct 2021. Most of it is way over my head, I don’t understand the fundamental topic enough. Would you be able to take a cursory look and see if it’s a good topic for another video? Thanks 😊

[benwilson]

The only safe way to earn yield on your BTC is providing liquidity on the lightning network. Your keys and your coins.

[realbotix]

Celsius is shorting BNT and they were planning to dump BNT from Bancor. Bancor has paused BNT payouts for Impermanent loss insurance temporarily in response. Do you plan to do a video on this? It's a war between a centralized exchange vs a decentralized exchange built using smart contracts.

[DovGordon]

Matthew, thank you for another excellent video.
Q: Are FTX customers in danger? He's lending to companies that still may fall apart.

[jungleinc]

It’s sickening that Voyager would make a 700 million dollar loan to 3AC on the honor system. CEO should go to jail for this