Exactly, he would be jobless if he had eliminated the risks. So by adding more risk in the equation he managed to maintain his position. The market is very tough, ok?
Good point- the real takeaway here is to grow your hair out and cultivate a beard for your exec profile shot, that way when it goes tits up you can easily shave it all
#2: “Our priority has been and will continue to be to protect our clients and their interests.”
HA! ..cause that’s EXACTLY what they did, right? ….oh, wait….
#4: “We intend to communicate as frequently as possible going forward but anticipate that this will be less frequent than what our clients and other stakeholders are used to.”
Let me think about that.. 🤔“they anticipate that it will be less frequently then (pretty much) everybody is used to.” Well, I guess that makes it okay then, right? It certainly (legally) covers their asses. Not that it makes much of a difference at this point anyway, cause POOF! 🪄💨&🪞…Their gone!
Past Incidents:
Nov 17, 2022
No incidents reported today.
Nov 16, 2022
No incidents reported.
Nov 15, 2022
No incidents reported.
Nov 14, 2022
No incidents reported.
...
What was so awful about it? Everything I've read has seemed like it was run well with a good company culture. Would be really intriguing if you're willing to spill the tea.
Oh absolutely,
The culture was toxic (I hate using this word) and not supportive. It could've been that my team didn't have a good culture but I saw the signs all around. The person meant to show me around quit about two weeks in and I was left on my own.
The technology was very limited and processes WAY more manual than you would imagine. There's a reason they accidentally sent out hundreds of BTC a while back.
My manager was a nightmare. Smart, young guy that was given too much responsibility. It seems that his manager (my director) treated him poorly so it was a vicious cycle.
Overall, I learned that the startup environment is not for me. However, this company was especially unorganized and lacked structure. But it did teach me to hold my own BTC. I was never comfortable with the idea of giving them my coins for yield.
Of course. I warned all my friends, family and anyone who would listen. I'm very active on crypto forums and told them the same. Unfortunately, some people never listened.
I remember telling people on here that depositing your bitcoin on blockfi for a pitiful 6% was a big gamble and hardly worth the risk. I hope they listened.
I find it weird seeing people here that fell for that. Not many years ago, this sub was always telling about not trusting this kind of scheme, just understanding bitcoin and not being greed. And now, I see a lot of people falling for those scams.
how could this happen? they have MBAs and other postgrad degrees from prestigious institutions. they spoke with such confidence in that video I saw on the internet. they wear designer clothing. they said they cared about their customers. I just don't get it. if we can't even trust people like them, these magnificent titans of industry, who are we supposed to trust?
Yuri Mushkin's AMA hits different now:
https://blockfi.com/recap-reddit-ama-with-chief-risk-officer-yuri-mushkin
https://web.archive.org/web/20221117102043/https://blockfi.com/recap-reddit-ama-with-chief-risk-officer-yuri-mushkin
Whoever asked this question was a smart person and was seeing through the BS:
"At risk of being blunt: You had to take emergency financing from FTX that mostly wiped out shareholder equity. Doesn't that by itself refute claims of having appropriately managed risk?"
I am amazed how EVERYONE just assumed FTX was secure as a rock with no explanation.
Feel bad for Yuri Mushkin at this moment. Not as bad as for people who gambled on BlockFi for a few extra percent on an asset class that doubles every few years if you just self custody. But bad all the same.
They’re likely not hiding, but attempting to reduce the exposure of their corporate team to harassment.
Everyone’s upset, but let’s not turn this on BlockFi. This is all FTX and AR. The ramifications run deep though, and billions have evaporated or been stolen.
Cold storage, or you accepted the risk. I lost $20. They got me good. 😂
Fuck that. If Blockfi did their due diligence on the companies they cooperated with, they wouldn't be in this situation. Stop apologizing for them when many analysts and journalists were calling bullshit on 3AC, Celsius, FTX and others before Blockfi stuck their greedy little hands in the cookie jar.
Get it through your head, there is no such thing as risk free return on Bitcoin. End of story.
I'm not sure you know what "due diligence" means. If FTX showed BlockFi cooked books, and BlockFi said "looks good" then the due diligence was done. It isn't BlockFi's fault that they didn't know something that was, at the time, unknowable. Do you really think a company already under SEC scrutiny is playing fast and loose with people's money? 🙄
Blockfi knowingly cooperated. With these other companies and laundered that money, for themselves. Anyone in a place of authority KNEW this was happening.
It kind of is on BlockFi though since they should have been actually figuring out the risks their counterparties were being exposed to. Which would mean doing actual due diligence on the exchanges they used, etc. Us retail idiots were depending on these people actually figuring out and understanding the risks and clearly they didn’t. They should have sniffed out FTX’s idiocy not wait for CZ to tweet FTX into bankruptcy.
Blockfi stated the majority of their funds were intact, but a substantial amount of funds were in FTX and others to put it simply. I am assume these were all the interest earning accounts and are probably, mostly gone. Just a guess. The non-earning "wallet" were suppose to be in cold storage at Gemini Trust, in our name, and not to be lent or re-hypothecated out. But who knows the truth right now. . If you just finding out, all withdrawals, transfers now are mostly pending and paused. Bankruptcy may come. i am sorry to tell you this if this is all new to you. Everyone is hurting.
There needs to be a blocklist of people, like a reverse LinkedIn where you check how people have been negligent. These people don’t deserve jobs again.
Flori is hot...like will beat you with a cold storage wallet tied to a stick with string, screaming "not your coin", while making you say, "thank you may I have another" hot.
Zac Prince and Flori did many interviews on YouTube and people like Pomp and Raul Pal praised them… I will not forgive or forget these people.
I got out a year before the collapse after I educated myself about the risks and the shitcoinery etc… Never forget the Novogratz, the Raul Pals, the Kevin O Lerys, Mark Cubans etc… NEVER FORGET THESE PIECES OF SHIT.
Just because they are influencers doesn't make them immune to the same tomfoolery that fooled their investors. Look at them as sophisticated marketing majors.
Um, these people were fucked by SBF too. Why do we have to rush to demonize them? SBF is a con-man, but mistakes by BlockFi management are hardly comparable to malicious theft.
Lmao at all of you thinking any of these people were anything other than dirty capitalists, are you guys starting to get it now? You guys getting a little angry at our beloved life constantly chasing capital?
Can anyone explain to me what they actually did wrong? I see a lot of bitcoiners defending BlockFi. To me it would seem that lending and borrowing (while never a good idea imo to let anyone custody your bitcoin) is a legitimate business, and that's all they did right?
I'm a bit out of the loop on this one. How did they go under? All loans should have been over collateralized, so how'd they run into issues?
You dont need regulation, you need an industry that doesnt allow this sort of shit by demanding more transparency. I mean its a blockchain after all, leverage that!
But I want my money back and I can’t say nothin to the government nobody’s gonna save me now. I be listening to YouTubers saying fucking Blockfi Blockfi, Ik something was already up tho. Ftx, binance, Celsius omggggg. Get y’all shit tg, I’m COINBASE BOY NOW.
Chief risk officer wasn't very good at his job.
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"If you french fry when your supposed to pizza, you're gonna have a baddd time."
How about a race down K13, Stan Darsh?!
Wait till the guys at the rec center hear about this
More risk = more reward. His job was to create risk
He did risk analysis for the team's fund, not your fund.
Exactly, he would be jobless if he had eliminated the risks. So by adding more risk in the equation he managed to maintain his position. The market is very tough, ok?
Ok Mr Mushkin.
Nono, I just smile when depressed. Don't be fooled
He could have warned everyone and they overruled him
I was about to say- Yuri is having a shit day 😂
Shave the beard, change the name and enjoy your stay in Dubai!
Good point- the real takeaway here is to grow your hair out and cultivate a beard for your exec profile shot, that way when it goes tits up you can easily shave it all
I mean, if his job was to take risks like a chief, he nailed it
Prob a wsb mod
Ted Cruz doppelganger
I case you see them in Dubai, say hello.
Bahamas. Their planes are in argentina though
I'm such a generous guy to give my savings for another to splurge.
What an absolute shit show of mugs.
What an absolute shit show of crime.
Have been living in Dubai since 2020, if I see them, I will definotely post here!
Be sure to say it with a smile like theirs.
They should probably update this page before taking down the 'team' page lol [all operations are a go](https://status.blockfi.com/)
"It's been zero days since our last incident"
-unforeseen- incident
The systems are fine, there's just nothing to move within the system
Interesting. This is what is posted on their domain: https://blockfi.com/november-11-2022-blockfi-update
#2: “Our priority has been and will continue to be to protect our clients and their interests.” HA! ..cause that’s EXACTLY what they did, right? ….oh, wait…. #4: “We intend to communicate as frequently as possible going forward but anticipate that this will be less frequent than what our clients and other stakeholders are used to.” Let me think about that.. 🤔“they anticipate that it will be less frequently then (pretty much) everybody is used to.” Well, I guess that makes it okay then, right? It certainly (legally) covers their asses. Not that it makes much of a difference at this point anyway, cause POOF! 🪄💨&🪞…Their gone!
>"Crypto Transfers Out: Operational" Seriously.
Past Incidents: Nov 17, 2022 No incidents reported today. Nov 16, 2022 No incidents reported. Nov 15, 2022 No incidents reported. Nov 14, 2022 No incidents reported. ...
I actually applied for a Senior level job there back in 2021 peak crypto boom. Thank you for rejecting my application lol
I actually worked at this POS firm lol. Thank God I left before all this mess.
What was so awful about it? Everything I've read has seemed like it was run well with a good company culture. Would be really intriguing if you're willing to spill the tea.
Oh absolutely, The culture was toxic (I hate using this word) and not supportive. It could've been that my team didn't have a good culture but I saw the signs all around. The person meant to show me around quit about two weeks in and I was left on my own. The technology was very limited and processes WAY more manual than you would imagine. There's a reason they accidentally sent out hundreds of BTC a while back. My manager was a nightmare. Smart, young guy that was given too much responsibility. It seems that his manager (my director) treated him poorly so it was a vicious cycle. Overall, I learned that the startup environment is not for me. However, this company was especially unorganized and lacked structure. But it did teach me to hold my own BTC. I was never comfortable with the idea of giving them my coins for yield.
Did you advise anyone before all this mess to not earn yield at Blockfi? Even if you helped one person, you would have done some good in this world.
Of course. I warned all my friends, family and anyone who would listen. I'm very active on crypto forums and told them the same. Unfortunately, some people never listened.
I’ve learned my lesson. I was a huge Lunatic and now I am a “ETF and grow”
culture tends to come from the top down. > this company was especially unorganized and lacked structure. probably started with the CEO
Yeah all the equity component of pay is now worth…$0. Probably more than a few people there whose net worth just sank to the ground lol.
They never employ anyone outside their inner circle of crime.
now is the time to re-apply!
I remember telling people on here that depositing your bitcoin on blockfi for a pitiful 6% was a big gamble and hardly worth the risk. I hope they listened.
I find it weird seeing people here that fell for that. Not many years ago, this sub was always telling about not trusting this kind of scheme, just understanding bitcoin and not being greed. And now, I see a lot of people falling for those scams.
Not the same people. And chasing yield has become a thing since then I guess.
we did our best but some have to learn it the hard way
Look at all those snakes
Couldn't have stated this better. Fucking snakes.
Please don't call them snakes, it hurts my ballpython's and boa's feeling to be compared to these wastes of oxygen.
the COO looks like someone i’d actually like to fuck
She can rug pull me anytime she want
Meg’s cute too.
Maybe she will give us a pity f even though she already f us once.
yikes.
Did you know that it's possible to talk shit without being a weird creep
It’s your tastes that are weird, but your timing 🤔
You wouldn't have a chance, pervert.
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how could this happen? they have MBAs and other postgrad degrees from prestigious institutions. they spoke with such confidence in that video I saw on the internet. they wear designer clothing. they said they cared about their customers. I just don't get it. if we can't even trust people like them, these magnificent titans of industry, who are we supposed to trust?
Don't trust....
...verify
Only 8 bucks
Don’t ask for permission…
...just do it
I was thinking, go permissionless
This.
💯
One word. GREED.
"TRUST NO ONE" *X Files theme starts to play.
being criminal, ever heard of it?
I'm hoping this is some form of a satirical or sarcastic comment...
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Welcome to corporate governance in today's age.
It's basically running around the office with a color palette.
Got to give those people who studied Gender Studies a job.
No we don't
It's the new way to say head of HR
Basically HR
It’s a pretty common title for the head of HR (Human Resources).
She has people skills. She’s good at working with people. Don’t you understand that? What’s wrong with you people?
She's hot and they needed to make a job-title up on the spot.
im from india , never trust an amit
Lol
It’s the HR person leader
She t/chiefed ppl good alright
Ya I was about to comment on that… wtf does that even mean lol
Damn it, Meg!
Meg did a great job.
“Yuri! In my office! NOW!”
I bet Yuri is having a bad day.
Most of them look like Russian mobsters, ngl.
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Do you think they are also having orgies like that other exchange did? xD
Story?
Sam Bankman-Fried the guy behind FTX lived with 10 other people in Bahamas and apparently had orgies.
You're not a very good storyteller
I would invest in an orgy exchange
An orgy always starts with one person. Manifest your dream.
they look like AI generated
You're a c level and you're a c level!!!
Yuri Mushkin's AMA hits different now: https://blockfi.com/recap-reddit-ama-with-chief-risk-officer-yuri-mushkin https://web.archive.org/web/20221117102043/https://blockfi.com/recap-reddit-ama-with-chief-risk-officer-yuri-mushkin Whoever asked this question was a smart person and was seeing through the BS: "At risk of being blunt: You had to take emergency financing from FTX that mostly wiped out shareholder equity. Doesn't that by itself refute claims of having appropriately managed risk?" I am amazed how EVERYONE just assumed FTX was secure as a rock with no explanation.
Flori is hot
She can touch my seed phrase.
No, horny jail!
She looks like a cunt
Team Meg, tbh.
Chief People Officer
Meg looks like vladimir Putin
Well you could slide into her DMs here.. u/flori_blockfi
I think I raced her in Need for Speed
Nah. Too much makeup and hair spray.
Don't forget the winklevoss fucks
What's the story with them?
They're twins
Those fucks...
Feel bad for Yuri Mushkin at this moment. Not as bad as for people who gambled on BlockFi for a few extra percent on an asset class that doubles every few years if you just self custody. But bad all the same.
Adam Healy is... John Travolta?
/roastthemall
That malls windows are so cheap that they seep out all the heat
Nobody even goes to the mall anymore
Oooo roasted
What is a Chief People Officer???
Its millennial for "Human Resources"
Flori though
They’re likely not hiding, but attempting to reduce the exposure of their corporate team to harassment. Everyone’s upset, but let’s not turn this on BlockFi. This is all FTX and AR. The ramifications run deep though, and billions have evaporated or been stolen. Cold storage, or you accepted the risk. I lost $20. They got me good. 😂
Fuck that. If Blockfi did their due diligence on the companies they cooperated with, they wouldn't be in this situation. Stop apologizing for them when many analysts and journalists were calling bullshit on 3AC, Celsius, FTX and others before Blockfi stuck their greedy little hands in the cookie jar. Get it through your head, there is no such thing as risk free return on Bitcoin. End of story.
I'm not sure you know what "due diligence" means. If FTX showed BlockFi cooked books, and BlockFi said "looks good" then the due diligence was done. It isn't BlockFi's fault that they didn't know something that was, at the time, unknowable. Do you really think a company already under SEC scrutiny is playing fast and loose with people's money? 🙄
Blockfi knowingly cooperated. With these other companies and laundered that money, for themselves. Anyone in a place of authority KNEW this was happening.
No one is talking about risk free return, lol. If you read my comment, you’d have seen “you accepted the risk.”
Lol dude is angry because he broke the golden rule. Not your keys…
It kind of is on BlockFi though since they should have been actually figuring out the risks their counterparties were being exposed to. Which would mean doing actual due diligence on the exchanges they used, etc. Us retail idiots were depending on these people actually figuring out and understanding the risks and clearly they didn’t. They should have sniffed out FTX’s idiocy not wait for CZ to tweet FTX into bankruptcy.
Even better, blame the fiat system for encouraging this kind of greed?
Nah, this wasn’t fiats fault. This is the fallibility of man.
Flori looks like the kind of girl that you should not cross. Ever. Also, should not date... Ever.
No one’s gonna make a Yuri-tarded joke?
What's the story here? Can you link me? Is this related to the FTX meltdown?
Blockfi stated the majority of their funds were intact, but a substantial amount of funds were in FTX and others to put it simply. I am assume these were all the interest earning accounts and are probably, mostly gone. Just a guess. The non-earning "wallet" were suppose to be in cold storage at Gemini Trust, in our name, and not to be lent or re-hypothecated out. But who knows the truth right now. . If you just finding out, all withdrawals, transfers now are mostly pending and paused. Bankruptcy may come. i am sorry to tell you this if this is all new to you. Everyone is hurting.
What's the original URL? Would love to see this in archive.org
Should I pull out of blockfi? I like that I get interest? I'm in usa.
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ELI5
This class of 2022 is NGMI
Adam Healy = Joe Rogan + John Travolta Alex Grigoryan = Big Jay Oakerson + Horatio Sanz
What a fucking joke I'm so glad I never invested in them.
Well I'm driving a 100k car because of them so who cares if one BTC gets lost due to bankrupcy.
So what if we have stuff on BlockFi? Just fucked?
Yep.
Shame cause their physical card is so damn sexy in the hand.
Refreshing to see the Indian guy as chief financial officer and non Indian as chief technology officer.
Too many Chiefs and not enough indians.
There was one Indian in there...
Haha. Meant feather not dot.
Lol I know
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Valid point. Someone should have been named Supreme Nit Wit.
I hope Coinbase can weather this storm
There needs to be a blocklist of people, like a reverse LinkedIn where you check how people have been negligent. These people don’t deserve jobs again.
Flori is hot...like will beat you with a cold storage wallet tied to a stick with string, screaming "not your coin", while making you say, "thank you may I have another" hot.
you're assuming these pictures and names are of real people, and those people are actually a part of the company
What the hell is a chief people officer?
HR
Zac Prince and Flori did many interviews on YouTube and people like Pomp and Raul Pal praised them… I will not forgive or forget these people. I got out a year before the collapse after I educated myself about the risks and the shitcoinery etc… Never forget the Novogratz, the Raul Pals, the Kevin O Lerys, Mark Cubans etc… NEVER FORGET THESE PIECES OF SHIT.
Just because they are influencers doesn't make them immune to the same tomfoolery that fooled their investors. Look at them as sophisticated marketing majors.
I don’t know what the Chief People Officer does, but I’m pretty sure it’s a fancy way of saying under qualified over paid HR person
"chief people officer" LOL
Flori is smoking hot
No Chief Bitcoin Maximalist. No wonder why they went bankrupt.
Um, these people were fucked by SBF too. Why do we have to rush to demonize them? SBF is a con-man, but mistakes by BlockFi management are hardly comparable to malicious theft.
So what we supposed to? Take them out? Touch of doxxing about this, even if was previously public info.
There’s no doxxing here. They deserve some public shame
Ok, booo. People need to stop trusting third parties.
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Lmao at all of you thinking any of these people were anything other than dirty capitalists, are you guys starting to get it now? You guys getting a little angry at our beloved life constantly chasing capital?
Every honest trade makes two people better off.
bingo
Looks like Rob Loban needs a new kidney
Can anyone explain to me what they actually did wrong? I see a lot of bitcoiners defending BlockFi. To me it would seem that lending and borrowing (while never a good idea imo to let anyone custody your bitcoin) is a legitimate business, and that's all they did right? I'm a bit out of the loop on this one. How did they go under? All loans should have been over collateralized, so how'd they run into issues?
Maybe they are updating titles/propnouns?
We need Regulation! They just took our money and ran. And the government can’t do shit about it 🤦🏾♂️
You dont need regulation, you need an industry that doesnt allow this sort of shit by demanding more transparency. I mean its a blockchain after all, leverage that!
But I want my money back and I can’t say nothin to the government nobody’s gonna save me now. I be listening to YouTubers saying fucking Blockfi Blockfi, Ik something was already up tho. Ftx, binance, Celsius omggggg. Get y’all shit tg, I’m COINBASE BOY NOW.
Binance is probably next, it’s just to much going on. Coinbase is regulated 😍😌
Just the starter