Cryptocurrency
Cryptocurrency
Out of context: Reply #194
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- neverscared0
Two brothers associated with one of South Africa’s largest cryptocurrency investment platforms, along with their $3.6 billion USD in Bitcoin, have vanished, according to Bloomberg.
The outlet reported that Hanekom Attorneys, a law firm in Cape Town, said they cannot locate Ameer and Raees Cajee, the founders of Africrypt, and have filed missing person reports to the Hawks, the country’s national police force. The firm also informed crypto exchanges across the world in case there is any attempt to convert the blockchain-backed coins.
- Not your keys, not your coinsESKEMA
- yet fundamentally no different than Binance, Coinbase or any other Crypto Exchange none of them are KYC compliant....jonny_quest_lives
- so yeah "not your keys not your coins"... you trade your money for the house casino chips once entering the exchange.jonny_quest_lives
- Exchange liquidity is the elephant in the room.jonny_quest_lives
- i should give coinbase a little more credit for at least doing the bare minimum of KYC compliance...jonny_quest_lives
- remains to be seen how well their funds are insured...jonny_quest_lives
- "To the extent U.S. customer funds are held as cash, they are maintained in pooled custodial accounts at one or more banks insured by the FDIC."jonny_quest_lives
- Our custodial accounts have been established in a manner to make available pass-through FDIC insurance up to the per-depositor coverage limit then in placejonny_quest_lives
- (currently $250,000 per individual). FDIC pass-through insurance protects funds held on behalf of a Coinbase customer against the risk of loss should any FDIC-jonny_quest_lives
- insured bank(s) where we maintain custodial accounts fail.jonny_quest_lives
- FDIC insurance coverage is contingent upon Coinbase maintaining accurate records and on determinations of thejonny_quest_lives
- FDIC as receiver at the time of a receivership of a bank holding a custodial account.jonny_quest_lives
- reading it one could assume each account is insured "currently $250,000 per individual)."jonny_quest_lives
- however: "they are maintained in pooled custodial accounts at one or more banks insured by the FDIC." makes one pause a bitjonny_quest_lives
- is each "pooled custodial account " only insured to $250,000 or does each coinbase individual trading account get the protection...jonny_quest_lives
- wild west...jonny_quest_lives
- No one should keep funds on exchanges, that’s the whole point. The exchanges serve to exchange.ESKEMA
- I guess people only learn the hard wayESKEMA