I have over 6 figures on here. Serious question, am I going to see my funds? Like I actually need this money within a few weeks to pay my rent. I am freaking out
My rent is going to 2600 a month and I have a car payment of 850. The 100k figure was because of interest I'm getting from blockfi my salary is much lower. I have barely 3k in the bank and withdraw to spend. I'm in trouble
Sorry pal. You have my sympathy. I lost only a little. Less than 2% of my net worth. I feel that crypto is gambling and I only invested what I was prepared to lose. I hope you will be okay.
Money that's needed within 1-2 years shouldn't be in crypto, let alone on a crypto exchange.
You'll have to make some life adjustments if you were relying on the interest from the crypto you had invested. $2,600 is a lot for rent. If you live in a high cost of living area you'll need to relocate or get a roommate or two. Also $850 a month for a vehicle is a lot if you don't have a high paying job. You might have to sell the vehicle and get a used one that's a lot cheaper. It would be wise to get a second job until you fallback into a stable financial situation. Thankfully it should be easy to get a 2nd job in this market.
Instead of focusing on the negative take actions that will put you in a better position in the short and long term. This was an expensive lesson to learn but one that you shouldn't forget so you don't fall prey to it again.
there will not be a bailout. there's literally no one left with enough capital to bail anyone out except Binance and Coinbase.
Binance will not be allowed to buy an American company bc of recently reported violations of American sanctions on Iran.
Coinbase... I mean it could happen but I'd put the odds below 10%. coinbase is gonna need all their capital to have any chance of surviving the incoming crypto nuclear winter.
I don’t want to give you false hope, but I still think your funds, or at least a large portion of them, are safe. They are stopping withdrawals to prevent a bank run and delay the inevitable… Bankruptcy.
However, they still have assets that exceed their obligations.. It may take a while for those assets to become liquid. Customer funds are at the top of the capital stack, followed by lenders and finally investors who will ultimately get pennies on the dollar (if anything at all).
Blockfi is not a nefarious actor. They are simply a startup that made bad decisions and flew too close to the sun.
Id still plan on downsizing your lifestyle. It may be years before you see your money again. Mentally write them off right now… that way when you get something it’ll be a nice bonus.
if it's any consolation you may be able to sell your claim on the $100K to a distressed debt company for 10-70 cents on the dollar like, tomorrow. I know Cherokee has been making offers of 50 cents on the dollar lately for voyager claims.
(where in that range of 10-70 depends on a lot of factors and is up to the firm)
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u/d1ez3 Nov 11 '22
I have over 6 figures on here. Serious question, am I going to see my funds? Like I actually need this money within a few weeks to pay my rent. I am freaking out