I started using Voyager early '21, after hearing JRNY shill it for a few weeks. Initially really liked the platform, with their light fees and pleasant UI. Up until the bear, it was my favorite exchange for alts.
A week before the gate, I was able to withdraw 70% of my funds. I had been procrastinating, and I'm thankful that the Celsius/3AC news reached me in time to prompt a withdrawal. I did my best to alert friends.
I won't lose sleep over this, but I am still a bit disappointed in myself for not yanking out that final 30% in time.
CEO posted this to twitter, and just wowwwwwww. What a slap in the face, and kick in the balls this is.
https://twitter.com/Ehrls15/status/1544550255307493376
"Customers with crypto in their account(s) will receive in exchange a combination of the crypto in their account(s), proceeds from the 3AC recovery, common shares in the newly reorganized Company, and Voyager tokens." - Stephen Ehrlich
WE DON'T WANT CRUMBS of this FAILED COMPANY / REBRAND ATTEMPT. We want our money. And after constantly seeing all those "USD is FDIC insured" ads, we want our USD in whole.
My first bear market has already taught me that no APY is worth the risk of letting these douches play/gamble with our funds. I wasn't even chasing APY with Voyager, but now I understand that this APY business model is inherently unstable, unsustainable, and frankly predatory in nature. Moving forward we will have to actively avoid "picking up pennies in front of freight trains", as the ever confident Richard Heart would say. Because this isn't the end. It will change forms next bull run, and the wreckage will continue. Maybe we have clearer regulations then, maybe not.
Watching these exchanges fall one by one has affirmed my conviction in self custody, and helped me see through just how much BULLSHIT we have to navigate as newer, less mature crypto investors.
There are hungry goblins at every turn trying to fool you into giving up custody of your coins, whether through blatant scams or rigorously 'vetted' institutionally backed firms. But it's all just a joke. They're one in the same.
.......say it with me.... NOT YOUR KEYS, _________________ .
About the Author + Links:
Young Buddha Ezuk is a musician, artist, chemist, and psychedelic researcher currently building in the WEB 3/crypto space.
AUDIUS: https://audius.co/youngbuddhaezuk
IG: https://www.instagram.com/youngbuddhaezuk/
