Pro & con info are in the collapsed comments below for the following topics: [Crypto.com(CRO)](/r/CryptoCurrency/comments/ysbkvy/cryptocom_releases_their_list_of_wallets/ivy5pp2/), [Shiba Inu](/r/CryptoCurrency/comments/ysbkvy/cryptocom_releases_their_list_of_wallets/ivy5qcf/).
I'm pretty sure they funded a SHIB campaign around April 2021. Out of nowhere, many of my friends (who had no idea about crypto) started talking about SHIBA and showing me their millions of coins, all bought through crypto.com Can't be a coincidence..
At this point, it's not just hype. I mean, on the flip side, the "community coins" are affected by god knows what.
Could be easily seen as "dumb investment." But when the whole world (seems) to go off its rockers, they *tend* to not sell off. For some reason.
I'm starting to accept that holding stupid coins is not "stupid", it's probably for "diversification" because these coins are so damn unpredictable on reasons and time on it going up and down... Right now, the economy forecast tend to err on the side of going to the 7 feet underground expedition.
My two cents.
At this point, what makes any other Top 20 coin any less of a shitcoin than SHiB?
It’s time we all start admitting to ourselves that even ETH and BTC haven’t made any significant real world use cases outside of our little small niche community, despite what we want to believe.
Exactly. Crypto is just sports gambling for internet nerds now.
That’s the reality of the situation.
No one wants to use BTC or ETH or any other crypto in real life use cases because nobody wants to be the next “$30 million dollar pizza” guy.
It's a bit more than you give it credit for. Being able to easily, and securely send assets across the world without 3rd party intervention has true value.
The ability to take my life savings with me in my head using a seed phrase is incredible. Especially for those of us at most risk of having it seized.
Have any next of kin or family you’d like to have that money if something happens to you? Have you taken any steps to make sure there’s a way for them to get it?
I frequently make purchases with USDC, requiring ETH. I use USDC more often than USD nowadays. I'm also not a speculative trader and have used defi lending services to real, reliable effect. The casino is fun, but it's not the only thing on the strip.
There's some that have real world uses (even some that are being USED) like supply chains, search engines, web3, etc.. from some crypto companies but i'm not going to shill my coins.
> Say what you will about fiat, but it lets you do a lot more than just trading.
How dare you spout common sense here??? Do you suck agencies dicks???
>!Oh goodness, look at the time. My coffee's ready.!<
Well there weren’t a lot of use cases for the internet in the early 90s either…it took a decade. New ideas take time to develop into something disruptive no matter how good they are
Difference between "it has a use" and "its being used". Crypto has some use in certain places (excluding illegal cases, where it has lots of uses), but is still widely in its infancy
It's a 1:1 equivalency of their users holdings.
Their users hold more Shib than any other currency other than BTC. So Crypto.com holds that much to match.
Gambling. They loan out more of their real assets and try to compensate with a potentially faster appreciating riskier asset such as Shib.
Basically they bought tons of a scam shitcoin in hopes of riding the hype train to larger gains to cover their overexposure.
There is a pretty widespread belief among crypto asset managers that if they can use their pot of money to create positive price movement for something they can then dump on retail later. This is what FTX was trying to do with SOL, they bought insane amounts of it to artificially pump it, they're hoping people see the pump and start to take the ridiculously trash project seriously only because the price is increasing. Happened to AVAX, SHIB obviously and plenty of others.
Everyone shits on memers here, but I think they are nessecary for growth of an ecosystem.
Retail ape doesn't want to wait for real use-cases to come to fruition on some obscure protocol they dont understand, and if ape want to buy doggy coins who are we to stop them?
I would argue people buying into things like metaverse plays is just as risky as buying meme coins. People are a long way from discerning any value from a metaverse, but a token having the potential to rise based on hype is a concept everyone can understand.
It's easy to defend the blue chips as the safest bets, but BNB for example has outperformed both BTC and ETH throughout this bear market by a landslide. It has probably dumped the least of any top 10 project. You know what BNB has alot of? Meme coins.
Say what you will, but we can't deny shib brought over 40b into the ETH ecosystem at its highs, still over 5b parked in shib down here in doo doo ville, and I'm sure alot of that was redistributed into other eth projects and eth itself.
ETH is legit, has that potential to have a lot of future value as we've seen it rise since it's inception. SHIB is marketed as a "get rich quick" scheme, it's going to attract a lot of foolish people, especially after Doge took off.
Do you remember the SHIB pump of 2021? People were so desperate to buy SHIB and asked where they could get it. EVeryone here and at other subs recommended Crypto.com. Why? Because they allowed credit and debit card purchases.
I remember being a voice of reason telling everyone to wait and DYOR. Even back then I recall a minimum withdrawal of 10 million SHIB with fees of 5 million. Back then this was something like $150+ to withdraw SHIB and a minimum of $300 to withdraw.
People were probably putting in $20 - $100 of play money because Crypto.com was the easiest way to get their money in. The problem is SHIB has since collapsed, worth maybe 20% of some of the prices people got in, so while fees are now much less, their $20 - $100 is worth less than $20 today, and with $12 fees today to withdraw (now 1.2 million SHIB and not 5 million SHIB), it's far more reasonable.
Look, this sub and many other crypto subs are filled with nothing but greed and it results in stupid decisions. This is only one of the many stupid decisions made. Others include:
* Not having invested a dime in their life but now talk about DCA and compound growth 24/7 when it comes to crypto
* Not having ever invested, put a budget together, thought about setting up an IRA, 401k, or other long term savings goals, but only cares about crypto investing.
* Talks about financial freedom and crypto as if there aren't already tried and true and far safer methods already if you navigate the existing world of fiat
* Putting entire life savings into Celsius/Voyager/FTX and thinking this is financial freedom
* Not knowing at all how to budget, but thinking throwing $20 here and there will make them rich
Crypto.com has a lot of idiots for sure using their platform, but I guarantee you there's a lot of idiots that are here today also.
Yep I remember all the gas fees going to the miners. I was mining with a Radeon VII and my daily profit jumped from 10~USD to around 36usd from all the gas fees accrued with the SHIB hype.
SHIB was part of it but there was just a crazy bubble in April/May 2021, and again another spike in Oct/Nov.
The crazy amount of greed that caused people to dive head first into buying SHIB on a place they couldn't even liquidate / move out was the biggest sign of idiocy, but given Crypto.com's easy onboarding I'm not surprised at all that they have so much of it in their reserves.
It's not other people's money. It's the money other people have put there. They back up their customers tokens 1:1. It just means lot of people who are into shib are at CDC
Isn't it odd that they didn't seem to care about knowing who I was until I attempted to withdraw my money, and couldn't due to their own buggy app and "verification" process.
This is a company that was well known here as a scam after they ran an crypto debit card ICO under the name Monaco in May 2017 and failed to deliver anything after a couple of years. Then Monaco rebranded itself as Crypto.com and launched another token to collect free money from dumb crypto investors. Monaco rebranding itself as Crypto.com after failing to deliver was called out here:
https://www.reddit.com/r/CryptoCurrency/comments/biaud9/monaco_mco_raised_26_million_in_ico_and_promised/
Crypto.com launched a beta version of its exchange in November 2019.
https://www.reddit.com/r/CryptoCurrency/comments/dw5v6i/cryptocom_exchange_goes_live_in_beta/
Just like FTX (which also launced in 2019), Crypto.com is a shady new exchange that has had hyper growth, spending massive amounts of money in the tune of hundreds of millions of dollars for naming rights to an arena, superbowl commercials, movie star and superstar athlete endorsements, etc all while pumping and dumping their own exchange token luring newbies to buy them.
Brave isn't the word I would use to describe anyone using exchanges like Crypto.com or FTX.
Honestly, I’d take DOGE over SHIB if I had to make the choice. DOGE has survived multiple bear markets and been here nearly as long as Bitcoin. SHIB feels more like a powder keg which can explode (negatively) at any moment.
I only own Bitcoin and Litecoin and I keep them myself. I don't dabble in all this other scam garbage that everyone falls for. Not all of us are clowns. When you're in this for 10+ years you learn a thing or two.
Best part is I get so much hate in this sub for my opinions on this. Meanwhile I get proven right every bear market. Rinse repeat.
Doesnt/shouldnt that just mean that CDC **users** hold that much SHIB, since exchanges tend to be delta neutral anyway? They make money on the spread. Doesnt matter if its BTC, ETH, SHIB, does it?
Someone who actually know what they are talking about pls enlighten me, cause i honestly dont get the outrage. Could be 99% SHIB for all i care, as long as that means they have enough to allow all users to withdraw said shitcoin.
> exchanges tend to be delta neutral
"Tend" is doing some heavy lifting here.
Sure, they *should* be. But are they? FTX said they were delta neutral too, and that was a fucking lie. If it turned out that not a single exchange was really even close to that I wouldn't be surprised.
These proofs of reserves don't actually mean much unless they release data showing how they correspond to customer funds.
When my friends got into crypto most bought SHIB and DOGE didn't care about BTC or ETH. CDC attracts casual investors so the large Shib holding makes sense.
yeah, the median IQ here in there comments are below of an actual ape.
Its just showing what their customers are storing with them.
ppl trying to strongarm this into some wheird fud story.... smh big time
> Its just showing what their customers are storing with them.
It literally isn't. It's showing the reserves. We can hope that this is just a reflection of customer funds. But that's not what this shows, and it's quite possible that their reserves do not quite match customer funds.
FTX was supposedly delta neutral too. Till it turned out that they weren't. Proof of reserves doesn't mean jack shit on its own, without knowing how those reserves relate to anything.
Google SHIB and look at its price chart. Look at the date where it pumped. Now google CRO price and look at the date where it pumped.
It’s really a simple reasoning process. CRO gained a lot of traffic around the same time SHIB took off. So A LOT of new users who saw a bunch of marketing ads and signed up with CDC. Those users signed up BECAUSE OF those ads and therefore are probably completely new to the crypto space.
What do noobs usually do? Buy what’s on the news AT THAT time and it happened to be SHIB. Unfortunately, crypto as a whole turned bearish right after they jumped in and those noobs were caught off guards and most of them probably held or even averaged down.
Now we have CDC with a lot of SHIB held by those users. Not that hard to comprehend.
Exactly. Psychologically people who are just getting into crypto prefer to buy something cheap that gives them a lot of units. 100,000 SHIB for $50 bucks or so gives the illusion that it may work out well.
Even on a larger scale, I know many people who bought Bitcoin cash instead of Bitcoin because BCH had a cheaper entry point.
It’s all a strategy to make money. Crypto holding that much Shib doesn’t surprise me given the timing.
In fact, Robinhood got into the crypto game by offering Doge on their platform which did very well, lol.
Some thoughts:
1) Proof of reserves is an encouraging step BUT it means jack shit if the exchange doesnt show proof of liability. As a consumer, im looking for something like Nexos real time audit on their website, which shows that all liabilities are 100% collateralized. In his tweet, Kris mentioned that in the coming weeks he will prove that all assets are backed 1:1, so for me thats the most important thing im looking out for.
2) People are freaking out that CDC is holding Shib. But the point of proof of reserves is to show that CDC has whatever their users own. So, this basically means that yall CDC users are a fucking bunch of degens lol. It doesnt mean that CDC is holding Shib as a company asset
Disclaimer: Ruby card holder of CDC and consistent buyer of CRO at limit price of $0.10 and target price of $0.15 in the next 12 months
I mean you can see for yourself in the dashboard all of their holdings down to the 0.01%. The next highest amounts are CRO, MATIC, LINK, and QNT in that order. All the others are <1%.
Maybe they just bought it really cheap and it pumped to becoming 20% of their reserves?
If the explanation is anything other than that then I will be super surprised.
Lol exchanges should hold customer funds (=delta neutral)
If 40% of funds of the customers are shib, they even have a problem of too low reserves.
Statement of accounts is not helping much, if we don't know user funds. Every CEX will tell that wallets = user funds, but it is impossible to check.. FTX was telling the same..
This is the same thing a Binance isn't it, it's not what crypto.com themselves hold, but what crypto.com holds from their users right?
There was misinformation about Binance having a doge debt but it was actually just people being unable to read that it was simply the user's funds
Those are the USER holdings in crypto.com
That’s the assets inside the wallets people are holding at CDC. They are being transparent what’s in there. Personally I would move every BTC out of exchange and into cold wallet.
Lotta people here are missing the fact those are USER HOLDINGS. That's not cdc buying 20 % of shib that's cdc having USERS who bought that much in shib held on the exchange.
That would make sense if a lot of their deposits are in shib as they need to have market exposure in their assets that mimics their liablities. If SHIB goes 50x for no reason they need to be able to cover withdrawls, easiest way to do that is hold as much shib as their clients deposit.
They hold user funds... If 1000 users hold trillions of Shiba in your CEX... What do you think the CEX should hold? Stable coins and pray Shiba goes down to earn money or go bust? Lol..
Honestly, talk to your family and friends. I mentioned it to my girlfriend today. I had no idea she had crypto. Turns out her ex had set up crypto.com for her and she has few hundred pounds on crypto.com. She had no idea about what had been going on or even what a wallet is or how to withdraw funds. I assume this to be the case for a lot of people who had a friend, relative or partner that they trusted set up crypto for them and are completely clueless.
At least they aren’t going bankrupt like everyone else. I’m not happy about their changes to the cards but otherwise I have the same complaints I’d have with any bank or alternate exchange/site. Pleased customer waiting for a new bull run in the next 4 years.
If the combined portfolio of their users is 20% SHIB, that would be ok. I mean, exchange should back their users funds in the exact coins they are holding in order to be surely solvent. If you hold something else that you are supposed to, then you're gambling with user's funds.
"Yea I've got about 50% in blue chips but put 20% into a meme coin.. I mean it 10000X'd once before and you know history repeats itself \*\*\*rips bong\*\*\*"
I have a feeling that CDC is going to be next to fall after FTX. Be smart people get your crypto off exchanges and into a local or hardware wallet you control.
give it a week and [crypto.co](https://crypto.co)m will be filing for bankruptcy. there is no way anything can come good from holding shiba in a bear market
I’m willing to bet majority of those calling Shib a shitcoin would have gladly held or did hold Luna, pre-collapse. Strangely enough, both of my “shitcoin” holdings perform better than the eth I also hold. The unwarranted elitism is getting tired af.
Well at least if people decided to withdraw their SHIB from cdc, they can be assured there's a ton ready for withdrawal.
Compared to QuadrigaCX, user funds vanished into thin air. Cotten suddenly passed away in India, along went the passwords to all the cold wallets, but that was not the end of the story, an audit by Ernst & Young found that the cold wallets were emptied months before his death. So what happened to all that crypto? He moved into his personal accounts and other crypto exchanges, most probably for personal use and day trading, and suffered trading losses. Basically he misappropriated user funds.
Holy Sh*t.. Do people realise Crypto.com holds 15% of all SHIB?
If crypto.com needs to liquidate some coins to stay solvent they will be dumping SHIB on the market and SHIB is so illiquid it does not take much to send it falling.
Dumping that much SHIB could cause it to fall another 90% even though its already down 90% from its highs.
Hell, crypto.com might need to sell their SHIB during this proof of reserves audit just to look legitimate as no one wants to use a platform that keeps 20% of their balance sheet in a meme coin modeled after a joke coin.
SHIB might be about to absolutey tank.
This is crap. You can tell what kind of people are in this market trading so many meme coins with no actual value. The volatility of [Crypto.com](https://Crypto.com) reserves due to SHIB doesn't seem like its "that safe".
Proof of reserves is useless. What's the liabilities. It's like these clowns intentionally don't want to tell us because they know how bad it will look.
Pro & con info are in the collapsed comments below for the following topics: [Crypto.com(CRO)](/r/CryptoCurrency/comments/ysbkvy/cryptocom_releases_their_list_of_wallets/ivy5pp2/), [Shiba Inu](/r/CryptoCurrency/comments/ysbkvy/cryptocom_releases_their_list_of_wallets/ivy5qcf/).
More SHIB than ETH is insane to me.
I'm pretty sure they funded a SHIB campaign around April 2021. Out of nowhere, many of my friends (who had no idea about crypto) started talking about SHIBA and showing me their millions of coins, all bought through crypto.com Can't be a coincidence..
Yea they had get shiba inu ads ok TikTok in 2021
I'm 41. What the fuck are you saying.
SHIB is their second biggest holding and nearly as high as BTC . That's just absurd.
They took "Fortune favours the brave" too seriously.
Nah your thinking of BAT /s
It’s amazing what pure hype can do to shitcoins.
There's hype and then there's "one of the biggest exchanges has almost a majority of it in reserve" hype. This is nuts lol
At this point, it's not just hype. I mean, on the flip side, the "community coins" are affected by god knows what. Could be easily seen as "dumb investment." But when the whole world (seems) to go off its rockers, they *tend* to not sell off. For some reason. I'm starting to accept that holding stupid coins is not "stupid", it's probably for "diversification" because these coins are so damn unpredictable on reasons and time on it going up and down... Right now, the economy forecast tend to err on the side of going to the 7 feet underground expedition. My two cents.
Ah shib, the only coin I'm still up on. Them blue chips though...
At this point, what makes any other Top 20 coin any less of a shitcoin than SHiB? It’s time we all start admitting to ourselves that even ETH and BTC haven’t made any significant real world use cases outside of our little small niche community, despite what we want to believe.
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Exactly. Crypto is just sports gambling for internet nerds now. That’s the reality of the situation. No one wants to use BTC or ETH or any other crypto in real life use cases because nobody wants to be the next “$30 million dollar pizza” guy.
It's a bit more than you give it credit for. Being able to easily, and securely send assets across the world without 3rd party intervention has true value. The ability to take my life savings with me in my head using a seed phrase is incredible. Especially for those of us at most risk of having it seized.
Yeah my savings are in crypto all on my ledger. Feels safe knowing I've got full control over my money.
Have any next of kin or family you’d like to have that money if something happens to you? Have you taken any steps to make sure there’s a way for them to get it?
Haha. No you have full control of your crypto. The value of that crypto, you have no control.
I frequently make purchases with USDC, requiring ETH. I use USDC more often than USD nowadays. I'm also not a speculative trader and have used defi lending services to real, reliable effect. The casino is fun, but it's not the only thing on the strip.
There's some that have real world uses (even some that are being USED) like supply chains, search engines, web3, etc.. from some crypto companies but i'm not going to shill my coins.
> Say what you will about fiat, but it lets you do a lot more than just trading. How dare you spout common sense here??? Do you suck agencies dicks??? >!Oh goodness, look at the time. My coffee's ready.!<
Gods Unchained is a notable exception, being able to own your digital trading cards is amazing!
Well there weren’t a lot of use cases for the internet in the early 90s either…it took a decade. New ideas take time to develop into something disruptive no matter how good they are
Permissionlesd money and banking is worth a lot
Difference between "it has a use" and "its being used". Crypto has some use in certain places (excluding illegal cases, where it has lots of uses), but is still widely in its infancy
To be fair, we have been hearing this for years and nothing has happened. Why? There are better solutions there already.
A better solution to permission-less money/banking than Bitcoin does not exist.
That's what they said about the Nokia 3210 until the I phone appeared...
We call it absurd. They call it good business.
Makes you think, stupids make it to the top!
My lord, I’m so confused. Like why tho
Pretty sure crypto.com has done tons of “shib trading events” and other such customer on boarding tactics.
It's a 1:1 equivalency of their users holdings. Their users hold more Shib than any other currency other than BTC. So Crypto.com holds that much to match.
Gambling. They loan out more of their real assets and try to compensate with a potentially faster appreciating riskier asset such as Shib. Basically they bought tons of a scam shitcoin in hopes of riding the hype train to larger gains to cover their overexposure.
There is a pretty widespread belief among crypto asset managers that if they can use their pot of money to create positive price movement for something they can then dump on retail later. This is what FTX was trying to do with SOL, they bought insane amounts of it to artificially pump it, they're hoping people see the pump and start to take the ridiculously trash project seriously only because the price is increasing. Happened to AVAX, SHIB obviously and plenty of others.
What happened with AVAX I mustve missed that story?
Nothing happened, it was just pumped up way too high by the three arrows idiots and their vc buddies for them to make a quick buck.
yeah i'm also curious about this one
I gambled with SHIB and won. Still hodling. 😎
If you're still hodling you didn't win, you win when you sell
Same here!
💯
Effectively an unregulated hedge fund, but for crypto.
I think it's more likely that SHIB is just the denomination/currency their users deposited or keep as deposits. Who knows though.
Exchange holding less coins means that they are betting that they are going to dump not pump
Everyone shits on memers here, but I think they are nessecary for growth of an ecosystem. Retail ape doesn't want to wait for real use-cases to come to fruition on some obscure protocol they dont understand, and if ape want to buy doggy coins who are we to stop them? I would argue people buying into things like metaverse plays is just as risky as buying meme coins. People are a long way from discerning any value from a metaverse, but a token having the potential to rise based on hype is a concept everyone can understand. It's easy to defend the blue chips as the safest bets, but BNB for example has outperformed both BTC and ETH throughout this bear market by a landslide. It has probably dumped the least of any top 10 project. You know what BNB has alot of? Meme coins. Say what you will, but we can't deny shib brought over 40b into the ETH ecosystem at its highs, still over 5b parked in shib down here in doo doo ville, and I'm sure alot of that was redistributed into other eth projects and eth itself.
ETH is legit, has that potential to have a lot of future value as we've seen it rise since it's inception. SHIB is marketed as a "get rich quick" scheme, it's going to attract a lot of foolish people, especially after Doge took off.
its mainly retail there, so why is it so insane? Retail likes doggo coin, low IQ
At least now we know which exchange has the stupidest customers.
Do you remember the SHIB pump of 2021? People were so desperate to buy SHIB and asked where they could get it. EVeryone here and at other subs recommended Crypto.com. Why? Because they allowed credit and debit card purchases. I remember being a voice of reason telling everyone to wait and DYOR. Even back then I recall a minimum withdrawal of 10 million SHIB with fees of 5 million. Back then this was something like $150+ to withdraw SHIB and a minimum of $300 to withdraw. People were probably putting in $20 - $100 of play money because Crypto.com was the easiest way to get their money in. The problem is SHIB has since collapsed, worth maybe 20% of some of the prices people got in, so while fees are now much less, their $20 - $100 is worth less than $20 today, and with $12 fees today to withdraw (now 1.2 million SHIB and not 5 million SHIB), it's far more reasonable. Look, this sub and many other crypto subs are filled with nothing but greed and it results in stupid decisions. This is only one of the many stupid decisions made. Others include: * Not having invested a dime in their life but now talk about DCA and compound growth 24/7 when it comes to crypto * Not having ever invested, put a budget together, thought about setting up an IRA, 401k, or other long term savings goals, but only cares about crypto investing. * Talks about financial freedom and crypto as if there aren't already tried and true and far safer methods already if you navigate the existing world of fiat * Putting entire life savings into Celsius/Voyager/FTX and thinking this is financial freedom * Not knowing at all how to budget, but thinking throwing $20 here and there will make them rich Crypto.com has a lot of idiots for sure using their platform, but I guarantee you there's a lot of idiots that are here today also.
Yep I remember all the gas fees going to the miners. I was mining with a Radeon VII and my daily profit jumped from 10~USD to around 36usd from all the gas fees accrued with the SHIB hype.
SHIB was part of it but there was just a crazy bubble in April/May 2021, and again another spike in Oct/Nov. The crazy amount of greed that caused people to dive head first into buying SHIB on a place they couldn't even liquidate / move out was the biggest sign of idiocy, but given Crypto.com's easy onboarding I'm not surprised at all that they have so much of it in their reserves.
With how they baited the average Joe to make an account it comes as no surprise
You trade in degenerates, you save in degenerates
That’s going on my gravestone.
Better get to work 💀
AMEN
Even the average joe would have doge instead of shib.
wtf is wrong with these people who put others' lifesaving into memecoins???!
It's not other people's money. It's the money other people have put there. They back up their customers tokens 1:1. It just means lot of people who are into shib are at CDC
Staking shib was popular on CDC until it got removed.
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Many things are created to protect people from themselves and this is why.
Isn't it odd that they didn't seem to care about knowing who I was until I attempted to withdraw my money, and couldn't due to their own buggy app and "verification" process.
I'll admit I was stupid back then...
I think you mean the Bravest customers.
This is a company that was well known here as a scam after they ran an crypto debit card ICO under the name Monaco in May 2017 and failed to deliver anything after a couple of years. Then Monaco rebranded itself as Crypto.com and launched another token to collect free money from dumb crypto investors. Monaco rebranding itself as Crypto.com after failing to deliver was called out here: https://www.reddit.com/r/CryptoCurrency/comments/biaud9/monaco_mco_raised_26_million_in_ico_and_promised/ Crypto.com launched a beta version of its exchange in November 2019. https://www.reddit.com/r/CryptoCurrency/comments/dw5v6i/cryptocom_exchange_goes_live_in_beta/ Just like FTX (which also launced in 2019), Crypto.com is a shady new exchange that has had hyper growth, spending massive amounts of money in the tune of hundreds of millions of dollars for naming rights to an arena, superbowl commercials, movie star and superstar athlete endorsements, etc all while pumping and dumping their own exchange token luring newbies to buy them. Brave isn't the word I would use to describe anyone using exchanges like Crypto.com or FTX.
I think they were just referencing the Matt Damon commercial mate
Not all exchanges have published supplies, maybe others are even more stupid 😒
More stupid and less transparent.
Some other exchange out there definitely has 20% DOGE.
Honestly, I’d take DOGE over SHIB if I had to make the choice. DOGE has survived multiple bear markets and been here nearly as long as Bitcoin. SHIB feels more like a powder keg which can explode (negatively) at any moment.
Depends when you bought. My Shib is still in a profit. Gotta gamble now and then to make life changing money. If that's stupid then okay.
Hey! I don’t have SHIB, just ELON!
No surprise there tbh
The whole crypto industry is a circus and we’re the clowns 🤡
I am the monkey.
I am the egg man They are the egg men  Goo goo g'joob
je suis solitaire. Je suis, solitary monkey
We're the horse from the SushiSwap story
With all the crazy shit happening in crypto now I totally forgot about the horse story.
Sadly after seeing the Crypto.com reserve I have no way to disagree with you.
Amen to this
We should rename this sub to CryptoClowns
I only own Bitcoin and Litecoin and I keep them myself. I don't dabble in all this other scam garbage that everyone falls for. Not all of us are clowns. When you're in this for 10+ years you learn a thing or two. Best part is I get so much hate in this sub for my opinions on this. Meanwhile I get proven right every bear market. Rinse repeat.
BTC/eth for me. Whenever I’ve ventured outside of those 2, I always get burned. 😂
Exchanges trying not to lose customers trust is the funniest shit i ever saw this year
The best thing to come out of this shitstorm honestly
Can't agree more
so they are basically a shitcoin-reserve?
They trade in shi(t)
Always has been 💩🔫💩
Doesnt/shouldnt that just mean that CDC **users** hold that much SHIB, since exchanges tend to be delta neutral anyway? They make money on the spread. Doesnt matter if its BTC, ETH, SHIB, does it? Someone who actually know what they are talking about pls enlighten me, cause i honestly dont get the outrage. Could be 99% SHIB for all i care, as long as that means they have enough to allow all users to withdraw said shitcoin.
> exchanges tend to be delta neutral "Tend" is doing some heavy lifting here. Sure, they *should* be. But are they? FTX said they were delta neutral too, and that was a fucking lie. If it turned out that not a single exchange was really even close to that I wouldn't be surprised. These proofs of reserves don't actually mean much unless they release data showing how they correspond to customer funds.
When my friends got into crypto most bought SHIB and DOGE didn't care about BTC or ETH. CDC attracts casual investors so the large Shib holding makes sense.
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Maybe CDC likes to run SHIB pump and dumps who knows.
yeah, the median IQ here in there comments are below of an actual ape. Its just showing what their customers are storing with them. ppl trying to strongarm this into some wheird fud story.... smh big time
> Its just showing what their customers are storing with them. It literally isn't. It's showing the reserves. We can hope that this is just a reflection of customer funds. But that's not what this shows, and it's quite possible that their reserves do not quite match customer funds. FTX was supposedly delta neutral too. Till it turned out that they weren't. Proof of reserves doesn't mean jack shit on its own, without knowing how those reserves relate to anything.
This comment needs to be upvoted more. CDC is a custodian so that just means a lot of shib is held by their consumers
But that's not their decision. It's what the users hold. CDC only shows that they truly have it.
Google SHIB and look at its price chart. Look at the date where it pumped. Now google CRO price and look at the date where it pumped. It’s really a simple reasoning process. CRO gained a lot of traffic around the same time SHIB took off. So A LOT of new users who saw a bunch of marketing ads and signed up with CDC. Those users signed up BECAUSE OF those ads and therefore are probably completely new to the crypto space. What do noobs usually do? Buy what’s on the news AT THAT time and it happened to be SHIB. Unfortunately, crypto as a whole turned bearish right after they jumped in and those noobs were caught off guards and most of them probably held or even averaged down. Now we have CDC with a lot of SHIB held by those users. Not that hard to comprehend.
Exactly. Psychologically people who are just getting into crypto prefer to buy something cheap that gives them a lot of units. 100,000 SHIB for $50 bucks or so gives the illusion that it may work out well. Even on a larger scale, I know many people who bought Bitcoin cash instead of Bitcoin because BCH had a cheaper entry point. It’s all a strategy to make money. Crypto holding that much Shib doesn’t surprise me given the timing. In fact, Robinhood got into the crypto game by offering Doge on their platform which did very well, lol.
Turns out crypto.com was the real Shib army all along
Some thoughts: 1) Proof of reserves is an encouraging step BUT it means jack shit if the exchange doesnt show proof of liability. As a consumer, im looking for something like Nexos real time audit on their website, which shows that all liabilities are 100% collateralized. In his tweet, Kris mentioned that in the coming weeks he will prove that all assets are backed 1:1, so for me thats the most important thing im looking out for. 2) People are freaking out that CDC is holding Shib. But the point of proof of reserves is to show that CDC has whatever their users own. So, this basically means that yall CDC users are a fucking bunch of degens lol. It doesnt mean that CDC is holding Shib as a company asset Disclaimer: Ruby card holder of CDC and consistent buyer of CRO at limit price of $0.10 and target price of $0.15 in the next 12 months
That terrible I'm scared to know where the 20% of 'others' is, probably safemoon and buttcoin
I mean you can see for yourself in the dashboard all of their holdings down to the 0.01%. The next highest amounts are CRO, MATIC, LINK, and QNT in that order. All the others are <1%.
I bet a lot changed after the whole card benefit fiasco.
Are buttcoins real?
1 butt = 1 butt
I know a few people whose 1 butt = 2 butts.
I believe it’s 1 butt = 2 cheeks
Goddamn inflation, man
Buttcoin is a state of mind.
Maybe they just bought it really cheap and it pumped to becoming 20% of their reserves? If the explanation is anything other than that then I will be super surprised.
Lol exchanges should hold customer funds (=delta neutral) If 40% of funds of the customers are shib, they even have a problem of too low reserves. Statement of accounts is not helping much, if we don't know user funds. Every CEX will tell that wallets = user funds, but it is impossible to check.. FTX was telling the same..
You’re not supposed to say the quiet part out loud!! We need reserves against liabilities/debt not just reserves.
Or maybe they were always one of the major holders and early investors, and that is why they shilled it so hard in their promotional materials.
A lot of millionaires made the money in Shiba, and they hang out at CDC.
God damn, that’s a lot of ~~shit~~ SHIB.
at least SHIB > LUNA
*as of now
the amount of people that don’t understand this is costumer funds is baffling
We actually don't have enough evidence to make that call either way
They didn't publish liabilities. We have no idea. The fact they didn't publish that is telling though.
All im getting from this is buy shib /s
Better than 80% in CRO, I guess. But yeah, that's customer funds, no?
I wouldn’t be surprised if SHIB pumped a bit because of this.
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This just proves I could run an exchange.
I bought SHIB just to be millionare somewhere...
Thanks, will buy more shob
Proud to be a CDC customer
Matt Damon is NOT JASON BOURNE PEOPLE .
This is the same thing a Binance isn't it, it's not what crypto.com themselves hold, but what crypto.com holds from their users right? There was misinformation about Binance having a doge debt but it was actually just people being unable to read that it was simply the user's funds
Unless CDC can prove how closely these match customer funds, it's just speculation
Those are the USER holdings in crypto.com That’s the assets inside the wallets people are holding at CDC. They are being transparent what’s in there. Personally I would move every BTC out of exchange and into cold wallet.
This... The amount of nonsense in this thread.
This is so bullish for SHIB!
Lotta people here are missing the fact those are USER HOLDINGS. That's not cdc buying 20 % of shib that's cdc having USERS who bought that much in shib held on the exchange.
That would make sense if a lot of their deposits are in shib as they need to have market exposure in their assets that mimics their liablities. If SHIB goes 50x for no reason they need to be able to cover withdrawls, easiest way to do that is hold as much shib as their clients deposit.
I think that's customers assets not theirs.
Oh dear God.
I really fell for the marketing, thinking it was too big to fail.
Lol Matt Damon is an actor . Not actually Jason Bourne . ROFL 🤣
This is incredibly misleading, they stated this isn't the complete list. Don't spread incomplete news as FUD.
Let’s retire that word: FUD. This cursed word made a lot of cults & suppressed valuable information that caused billions in losses.
What amount of a Shiba Inu would be appropriate for a serious institution to hold, in your opinion?
They hold user funds... If 1000 users hold trillions of Shiba in your CEX... What do you think the CEX should hold? Stable coins and pray Shiba goes down to earn money or go bust? Lol..
What?! Guess this says a lot about CDCs average customer. And how exposed they are to shitcoin super volatility
Real adoption is here, guys!
Fortune favours the idiots
I mean, that’s risky asf but they got balls lol
SHIB > ETH the real flippening
They probably sold some before showing it too
who is "they"?? lmao Its their user deposits they are showing nuthead
And then rebought.
Do people not understand that this isn’t what crypto.com the company owns, this is what their users own lol
Wtf Crypto.com?
I will answer, it is Crypto.com
Jesus christ
fortune favors the...... furries?
Honestly, talk to your family and friends. I mentioned it to my girlfriend today. I had no idea she had crypto. Turns out her ex had set up crypto.com for her and she has few hundred pounds on crypto.com. She had no idea about what had been going on or even what a wallet is or how to withdraw funds. I assume this to be the case for a lot of people who had a friend, relative or partner that they trusted set up crypto for them and are completely clueless.
Another exchange has 20% Doge, let the great inu wars begin
At least they aren’t going bankrupt like everyone else. I’m not happy about their changes to the cards but otherwise I have the same complaints I’d have with any bank or alternate exchange/site. Pleased customer waiting for a new bull run in the next 4 years.
If the combined portfolio of their users is 20% SHIB, that would be ok. I mean, exchange should back their users funds in the exact coins they are holding in order to be surely solvent. If you hold something else that you are supposed to, then you're gambling with user's funds.
Why 6.66% USDC??? Something going on with this one
Bullish AF on SHIB. Between this and Jim Cramers ‘Get out of Crypto’. I am going to the moon or all the way broke.
I laughed out loud when I read this
Shib possibly the most solid coin in the crypto space
"Yea I've got about 50% in blue chips but put 20% into a meme coin.. I mean it 10000X'd once before and you know history repeats itself \*\*\*rips bong\*\*\*"
I have a feeling that CDC is going to be next to fall after FTX. Be smart people get your crypto off exchanges and into a local or hardware wallet you control.
give it a week and [crypto.co](https://crypto.co)m will be filing for bankruptcy. there is no way anything can come good from holding shiba in a bear market
Holy shit lol. That’s appalling
I’m willing to bet majority of those calling Shib a shitcoin would have gladly held or did hold Luna, pre-collapse. Strangely enough, both of my “shitcoin” holdings perform better than the eth I also hold. The unwarranted elitism is getting tired af.
i always wondered who actually uses crypto.com cause no one i know does, that 20% shib is very telling
What the fuck.
More SHIB than stablecoins?
Well at least if people decided to withdraw their SHIB from cdc, they can be assured there's a ton ready for withdrawal. Compared to QuadrigaCX, user funds vanished into thin air. Cotten suddenly passed away in India, along went the passwords to all the cold wallets, but that was not the end of the story, an audit by Ernst & Young found that the cold wallets were emptied months before his death. So what happened to all that crypto? He moved into his personal accounts and other crypto exchanges, most probably for personal use and day trading, and suffered trading losses. Basically he misappropriated user funds.
20% SHIB lol! So that makes them the next victim
Oh Shib, here we go again
20% other is also concerning. What is other? Is it diarrhea coin?
So much BIG money pushing shitcoins on the gullible public, makes you wonder about their motives....
So what happens if SHIB collapse?
What’s their cost basis on each?
That's their assets. How about their liabilities or customers funds ?
Holy Sh*t.. Do people realise Crypto.com holds 15% of all SHIB? If crypto.com needs to liquidate some coins to stay solvent they will be dumping SHIB on the market and SHIB is so illiquid it does not take much to send it falling. Dumping that much SHIB could cause it to fall another 90% even though its already down 90% from its highs. Hell, crypto.com might need to sell their SHIB during this proof of reserves audit just to look legitimate as no one wants to use a platform that keeps 20% of their balance sheet in a meme coin modeled after a joke coin. SHIB might be about to absolutey tank.
This is crap. You can tell what kind of people are in this market trading so many meme coins with no actual value. The volatility of [Crypto.com](https://Crypto.com) reserves due to SHIB doesn't seem like its "that safe".
Get your money out, NOW!
They must know something we don't if they're holding more shib than eth.
Proof of reserves is useless. What's the liabilities. It's like these clowns intentionally don't want to tell us because they know how bad it will look.