The Dark Side Of Crypto In The Belle Province: Protecting Your Investments

The Dark Side Of Crypto In The Belle Province: Protecting Your Investments – The cryptocurrency market presents a profitable opportunity to earn, as it is associated with scams. Every day we are bombarded with lots of tempting offers and investment opportunities that sometimes seem too good to be true. As a crypto enthusiast who has been around for a decent amount of time, suffice it to say I’ve had my fair share of pitfalls, having lost some good sums of money to a variety of scams. I’m collecting my experiences here today, hoping you won’t repeat my mistakes! I will mention examples from scam platforms that I have dealt with in the past, such as mineify, mygbit and darkmine.

In those days, mineify was a purported mining site that promised, and actually delivered, a very good ROI! Mineify was a really compelling platform – it had a well-drafted white paper that contained legal information and even a company registration number (allegedly with ASIC). They showed you ‘live’ video streams of their mining farm, gave a name and face to their so-called CEO, Nikolai Prozura, and even had a huge and very lively Telegram community! It all seems pretty legit, except that this is probably too good a deal to be true!

The Dark Side Of Crypto In The Belle Province: Protecting Your Investments

Best of all, the withdrawals were free, with a very low withdrawal limit. I remembered that I would find continued enjoyment (for free!) from my wallet every other day.

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On Thursday last week, US-based cryptocurrency lender Genesis Global Holdco filed for bankruptcy, becoming another crypto company to collapse in the wake of the FTX fiasco. South African crypto investors are potentially affected as SA’s leading crypto exchange, Luno, was bought on by Digital Currency Group in 2020, and Genesis is one of its many investments.What exactly is going on here?

You won’t believe me when I tell you this, but it’s complicated. The first question that crypto luno owners have is – of course – is my bitcoin (or whatever) still worth anything. And the short answer is that Luno was not included in the group companies that were declared bankrupt. So technically, your Bitcoin is safe – for now.

But listen because there is a question in the market right now whether Lono can avoid at least some of the fallout from the crypto crash. On the plus side, it’s important to note that as far as we know now, Genesis didn’t engage in the same kind of financial shenanigans as FTX. But he has another problem.

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The root of the problem is simply this: if you invest in crypto, it’s your money and good luck to you. The value of your investment rises and falls with the market. The question for crypto brokers is: how do they make money? In normal investment finance, the answer would be simple: brokers make money because you agree to pay them a commission for the pleasure of investing your money. If they invest it well, they get paid. And that’s the joy of the financial services industry: if they invest it badly, they still get paid. Ha! But of course, there is a risk that you will transfer your money elsewhere.

With crypto, in fact, you don’t really need an investment advisor to make the tough decisions about where in the world to invest your money and in what assets. You have already invested it in the cryptocurrency of your choice. Of course, you can transfer it from one form of crypto to another – you might need advice on that – but the nature of the crypto market is much simpler than, say, making complicated investments in the gazillions of companies out there.

So for the crypto brokers, there must be some superstructure that uses the crypto value held by the crypto owners – that would be you – and tries to change that value. Enter, the technical financial stuff.

What FTX did, if press reports are to be believed, was outrageous. The company used collateral offered by crypto investors to invest in its own mint cryptocurrency, which it lent to itself, for a fee. Amazing.

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I hear you ask, how is it humanly possible that someone could get away with such a transparent scam? Well, as with so many scams out there, quite easily, it turns out. The whole infrastructure rests on two things: First, when you talk about crypto, people’s eyes glaze over. It’s too complicated. And second – and this will really shock you – greed. When there is money to be made, people look the other way. Or pretend you understand. or something.

Anyway, how is Genesis different from FTX? Is it different? How is it the same as FTX? The whole story isn’t out yet, so it could change and change very quickly. But, as far as I can see, the big difference is that Genesis’ problem has to do with whether the organization violated the securities rules. An entity related to Genesis, the Gemini Trust, offered customers the option to earn “interest” on the crypto held passively by “lending” the crypto to Genesis, which would then go and invest.

The US Securities and Exchange Commission (SEC) claims that this product, called the Gemini Earn program, actually amounted to offering unregistered securities, which is illegal. But it’s complicated because Genesis claims it’s like a bank account, it’s not a “security” as legally defined. To which the SEC would, one would expect, reply: Okay, so you’re a bank? So you comply with all the hundreds of banking regulations, and you have deposit insurance and all that stuff? To which Genesis probably replies: Uh…sorry, I just have to accept Anyway, Gemini Earn is now closed, but the court case is ongoing.

Gemini has, or had, approximately $3 billion in assets. Or maybe less. So, you ask, what did Gemini invest in? Surely it invested in “safe as houses” investments, right? It surely won’t invest in more crypto, right? It would be like increasing the risk, not decreasing it. They wouldn’t be that stupid, would they?

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Oh dear, if you believe that, then you are a little ignorant of the mindset of the crypto scheme. Gemini did invest, big time, in a crypto hedge fund called Three Arrows Capital. Well, it wasn’t an “investment” but a $1.1 billion “loan”. The question is how will it be returned? And the answer is: no one knows. Anyway, Genesis and Gemini are now in bankruptcy protection, so as far as I can tell, Luno crypto holders are protected.

But the problem is that everything is still up in the air. And in the bigger scheme of things, it’s asking a tricky question not just about crypto itself, which is obvious, but also for the crypto brokers out there. And the question is existential: how exactly do they add value? Currently, the answer is that in most cases they are not.

Commenting on this article, Marius Ritz, GM for Africa at Luno, says that Luno is an independently operated wholly owned subsidiary of DCG. He reiterated the comment that Luno’s crypto investments are not affected by the Genesis bankruptcy, saying that Luno “does not touch client assets to generate revenue.” Like any other financial exchange, Lono earns its income from brokerage and trading fees only, he says. BM/DM

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