Podcast: Not your Keys, not your Crypto and Bank Runs

With all the madness going on with FTX, I did do a podcast episode talking about bank runs and bank regulation. I think it is interesting to contrast it to the environment that crypto is regulated in, which is to say, there is much less regulation. Tradional finance instituions have much greater consumer protections. Make of that what you will, but it is important to understand that before you send your money somewhere.

QoinPro closed?

 I’m really out of the loop.

But a service I mentioned before,  QoinPro is now out of business. I’m retaining some contents from there website here in case it shuts down, but they state:

Where can I login?

Logging in to your account is no longer possible. QoinPro reached "End of Service" status and the decision to discontinue was made in 2019 after no viable business model could be found.

So if you had any money on there,  I believe it is gone at this point. They did  “QoinPro has discontinued all services, but all active accounts (with on-chain transactions, referrals or logins after June 13, 2018) have been maintained and transaction histories are available upon request. Other accounts have been purged.”

However, I think if you were in a situation like me, with just a handful of referrals, I didn’t have any really meaningful amount of crypto on there, just dust. So it is gone. I thought I read something about fees, etc. 

What are the storage fees for crypto

QoinPro cannot be maintained indefinitely. As of January 1, 2022 a storage fee of $12.50 USD (in the LTC equivalent) will be charged for the few accounts that still hold crypto, although they will be waived for the first few months (see below).

Fees will go up by $12.50 USD / month every first day of the calendar year.

So for me, this probably means I have nothing there.

https://docs.qoinpro.com/faq/account-access-and-closure

Video: FTX Bankruptcy Explained!

Well, as you might have heard, FTX was going to buy Voyager, but it looks like that won't be happening now. Here is a great video from one of my favorite youtubers on what is happening with FTX right now.