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Scoopy in the Alchemix discord had this to say: "If you are on any CEX or CeFi app or earn product, get out RIGHT NOW. Rumors are swirling and it is possible that none of them are solvent.

I am not kidding, really, get out now. I care too much for our community to not have said anything to warn you."

Not sure what that all entails.

discuss

ignoramous|3 years ago

> Not sure what that all entails.

Those same network effects that propelled web3 into stratosphere are going to bring it down back to earth. Not necessarily vanquish it, but put web3 in its place, so to speak. A scenario I'd imagine where DEXes / DeFi will endure and possibly thrive, but DEXes / DeFis don't have the kind of moats to justify astronomical valuations... which is both a good and a bad thing, depending on which side of the coin you are on.

Tech VCs have already circled back to AI, so doubt private companies in need of more money can stay afloat for longer, if they weren't being careful with volatile crypto assets.

drexlspivey|3 years ago

Always take financial decisions based on anons in random discords.

misnome|3 years ago

To be fair, a lot of people probably got into this situation on an equivalent recommendation.

Shocka1|3 years ago

I agree with you, but context definitely matters here... With all the dominoes starting to fall, there is nothing wrong with moving funds out of exchanges or to a temp address. This seems equivalent to going cash in the equity markets as a hedge. I would go even further and claim that it would be foolhardy to not take this random Discord advice if they haven't already figured it out on their own lol.

majormajor|3 years ago

It means there's no such thing as a free lunch (aka anything giving you "guaranteed" magically higher-than-traditional-banks interest rates is probably shit).

sz4kerto|3 years ago

Even Coinbase?

etc-hosts|3 years ago

Coinbase appears now to be relatively boring, highly regulated, and compliant with US laws.

I think they'll be fine.

AuryGlenz|3 years ago

I feel perfectly fine having my crypto stored on Coinbase’s end. As far as I know their business model makes perfect sense and they don’t take the weirdly big risks all of these falling dominoes have.

Also, if Coinbase goes bankrupt and takes everyone’s crypto with them I feel everything will crash to essentially 0.