LibraToken CRED (LBAUSD)

[GreedyAgorist]

Uphold force-traded me out of my remaining LBA this morning... as they warned they would do a few weeks ago. Of course, my larger position was already lost to Cred. The Chapter 11 process drags on. There was a letter to creditors from the liquidation trustees posted on the Donlin Recano website yesterday. Coincidence? I am beginning to doubt this will be resolved this year.

This will be my first ever realized loss on crypto.* Paid $128.19 a couple years ago. Got back $5.30. I hope that is not a harbinger of this bankruptcy's end result. Four cents back on the dollar will be soul-crushing.

*Not nearly as much fun as booking profits with ten-baggers and playing with house money, as I have done on a handful of alts.

[GreedyAgorist]

Just saw that Uphold added limit orders, yikes! Careful what you wish for. Now I can get into a lot of trouble.

I guess I could start by putting in a crazy* GTC order on LBA.

Bwahaha!

*PS they only let me make it so crazy, 2.31 cents. Apparently 2.5 was too crazy.

[MindlessSelf]

You notice this chart on here is all messed up?? On ihub it says it’s trading over 0.02. On uphold it says 0.006

[GreedyAgorist]

Wondering if anyone got a 1099 from Cred for 2020. I got one for 2019. I hate to have to declare earnings from a company that then proceeded to go into bankruptcy, putting an amount of money at risk that dwarfs what they paid out in interest, but I have decided to play it safe. Since I took a snapshot of the Cred dashboard on October 26 last year and emailed it to myself, I will just subtract the number reported for 2019 from the number showing under "Interest earned to-date" That will seriously eat into my refund, maybe all off it. Going to finish those forms today.

[MindlessSelf]

I’m not a day trader but these low cap coins become highly volatile when the top market cap coins move. A day trader could be flipping the heck out of it

[GreedyAgorist]

LBA up 160% for month; not sure why. I mean, why would a coin associated with a company going through bankruptcy be up? Is it as simple as, you can still trade it, so it can still trade in either direction?

Or is there some good news coming? Did Cred find some bitcoin in a broom closet that they had not previously checked? Might I actually get back more than 40 cents on the dollar? I am really trying not to set myself up for disappointment. Not expecting more than 20 cents once all the lawyers and accountants take their cut. (And girding my loins for 5 cents. That is going hurt!)

Sad thing is, if they had just held out a little longer, they might have been able to keep this Ponzi scheme going indefinitely, what with so much of crypto mooning since they filed Chapter 11. I mean, BTC up 500% since then. You could have been faking it before and now making it. Right? They had 136 million in liabilites as of November 7 and 67.8 million in assets. If half that 67.8 million in assets had been bitcoin, they could easily cover the 136 now and have money left over. Heck, if a third was bitcoin, that would just about cover it.

[eztradin]

Killing this one.

[eztradin]

Flipped at .0035 eom

[eztradin]

Picked up 2 mil a tad over .003 eom

[MindlessSelf]

I know it’s not a security but how long until it is proven? 3 small exchanges already delisted xrp. What if coinbase or uphold announced they are suspending trades? This could get dragged out years. If ripple and xrp holders are looking for i institutional investment, not one is going to touch it right now until this matter is resolved. Xrp hopefully comes out the winner in all this, but it is a long rocky road now. Down 25% on day one. If a major exchange says they are delisting xrp until case is resolved it will go down another 25 to 50%

[GreedyAgorist]

I do not understand your reasoning here, MS. And you have been my guru on this for the last 20 months.

Indeed I should have followed you more closely, that is, I should have followed you to Nexo (if only because doing so would have got me completely out of Cred). But there is no point in my following you here.

Why would they say it is a security? They are saying it is not a security. That is their case. They are saying early buyers of XRP thought they were buying a piece of a company, Ripple, and thus they were tricked into buying something that is not a security. Is that not their case? If US arbitrarily rules that a crypto currency is something else, say a security, and that harms us, we should be able to sue the US in a class action.

Hmm, this seems to be the wrong board... Go LBA!?!

[MindlessSelf]

You know the saying misery loves company. Jay Clayton from sec just gave us xrp holders all a big FU with this lawsuit. I also saw a headline of one exchange delisting xrp.

I sold 100% of my position because now I am concerned US is going to make this a security and exchanges will be forced to delist.

If it drops low enough I’ll buy back a similar amount of xrp but I have to keep money out of this now with the sec involved.

Either xrp rallies and I missed the opportunity, or it gets deemed a security and has to be removed from the exchanges....... what a F’ng mess

[MindlessSelf]

The spark will go to uphold not cred. So Cred can’t take them from you.

Uphold is facilitating the airdrop but will not be setup for trade until it goes through a review process to be added. They said stay tuned. The demand will be there for exchanges to add it and uphold will have to do it to stay relevant and appease xrp holders

[GreedyAgorist]

Not expecting more than a tiny fraction back from Cred once the Chapter 11 is complete and not sure if any would be denominated in anything other than USD. But, yes, I was wondering about getting credit from Flare for the XRP with Cred. Cred said you would get Spark for your XRP in their programs, but then again, Cred said a lot of things, so I did not have my hopes up. It would certainly ease the pain (slightly) of my XRP being in limbo with little hope of return, if the Spark was not gobbled up in the bankruptcy process and instead was sent automatically to Uphold.

If Spark takes off, that would be even better, although I know you are predicting an immediate sell off this weekend as people cash out. I do not expect to be one of those people. I need XRP (and Spark) to go a lot higher than wherever they will be on Saturday. Do we think Uphold will add Spark to its list of cryptos that you can trade?

[MindlessSelf]

Uphold Q&A page on spark airdrop:

I had my XRP in Uphold but I sent it to Cred. Do I qualify for Spark Token Airdrop?

Uphold Support Today at 10:07
The Flare Foundation is giving a grant to Uphold so that Uphold clients that sent XRP to Cred but have not yet received them back.

Do I need to do anything to opt in?
No action is required from you in this case - we will allocate Sparks according to our records.

[PENNIEStoSTACKS]

I sold for a loss long ago. SCUMBAG CEO's all over

[lakingsphan0427]

Straight down to the shitter..Might as well kiss my $500 goodbye..

[GreedyAgorist]

So... instead of twenty cents on the dollar, I'll get back four, after the lawyers get paid. Great.

: - )

I may need to do a Roth conversion to balance out this dumpster fire. Or is that considered income, not capital gains? Anyway, if that is an option, I may finally get around to doing a self-directed IRA. Still have to figure that one out.

[MindlessSelf]

Uphold plans to sue and any amount they get would be allocated to their holders.

[GreedyAgorist]

Not sure it is in MY best interest for them to be able to simply file for bankruptcy. Pretty sure that loss would be a capital loss and could take what will feel like ages to carry forward at $3000 per year. That is nothing. And is it just me, or is it criminal that number has never gone up in all my years of investing and filing taxes. How is that possible? At the very least, there ought to be a “catch up” provision for older folks, like there is with IRA limits. Uh oh, don’t get me started...

Seriously, why is it that some things are adjusted for inflation but others are not? Every year the social security threshold goes up, but the limit on education accounts remains at 2K per year. Good grief, it took twenty years for them to start increasing IRA contribution limits from that measly amount.

I wonder how many victims of this disaster would be better off if Mr. Schatt and company were charged federally with fraud. That would allow everyone to take the loss as a Ponzi scheme type loss, like folks were able to do for tax year 2008 thanks to Mr. Madoff. (When you think about it, Bernie’s Ponzi scheme was not the biggest of all history, nor even the biggest one to fail that year, if we broaden the definition—just a bit.)

[GreedyAgorist]

Lesson learned: when investing with former PayPay people... stick with Peter Thiel!*

Dan just last-named all over a lot of people and their near term plans.

*and if I had looked up the spelling of his name two weeks ago, I would have been up 50% (talking about PLTR, of course)

[MindlessSelf]

Thank you for your outsized patience over the past two weeks. During this time, our burning desire to communicate with you conflicted with our legal obligation to remain silent until we could arrive at a clear understanding of next steps. We know this period has been concerning and stressful for you, and it has been difficult for all of us at Cred that we could not communicate more. We have been working around the clock in discussion with many parties, including insurance providers, investors, restructuring specialists, and legal counsel to understand how Cred has been impacted from recent events and what it means for you. We have come to the conclusion that it is in the best interest of our customers and all stakeholders for Cred to file for Chapter 11 of the US Bankruptcy Code.

Why Chapter 11 Bankruptcy? We can operate this process according to three principles that you deserve:

Transparency. You will have full and continuous access to every disclosure about Cred, its history, and the recent events leading to our decision to file for Chapter 11 bankruptcy. Everyone will have the same information, and you can access all information here, by phone [phone]), or by email ([e-mail]). The self-serve portal will provide you with a frequently asked questions section, and give you a deeper understanding of the process. It will be updated with new information regularly and you can sign up to receive email alerts.

Fairness. In a bankruptcy proceeding, every customer will have the opportunity to participate in the process. There are no special deals that would favor one customer over another, and you will have an opportunity to review all documentation.

Efficiency. Chapter 11 has a well-established set of processes, and we expect to come to a resolution within a few months.

As we work through a comprehensive plan to recover assets, we will be evaluating several options, including sale of the company or company assets, restructuring, and liquidation of assets. To that end, we have added Grant Lyon to Cred’s Board of Directors to oversee the restructuring process. Grant has more than 30 years of experience in corporate restructuring, and I have great confidence in his fair and objective analysis of company operations, development of strategic plans, and liquidity alternatives that serve the best interests of Cred stakeholders. Cred has also engaged Paul Hastings LLP as its legal advisor during the Chapter 11 process , and MACCO Restructuring Group as financial advisor to evaluate M&A and other restructuring opportunities.

On a personal note, my thoughts and deepest apologies to our community, those who were willing to take a risk on us - our partners, investors, employees, and customers - for the anxiety, stress, and concern we have caused you. Many Cred employees, including myself have significant amounts of money that have been entrusted with Cred. We are committed to do whatever we can to arrive at the most favorable outcome we can for all of our customers.

Sincerely,
Dan Schatt
Co-Founder & CEO of Cred

[Jdungan]

Ditto. Come over to mStable ??. They had a price fail due to unBalanced Balancer pools. Tough to explain here, but on a technical factor, we should 4x price back to $5 after.the Nov.6th proposal vote.

https://mstable.org
https://app.mstable.org
https://docs.mstable.org
https://discord.gg/kgsJcC

[Jdungan]

Apparently Cred has had a financial breach. Stay tuned.

In the meantime I am focusing on mStable governance.

https://hopin.to/events/mstable-community-call-003

[MindlessSelf]

Here’s why they ranked!!

Cred has experienced irregularities in the handling of specific corporate funds by a perpetrator of fraudulent activity that has negatively impacted Cred’s balance sheet and precipitated a law enforcement investigation into the loss of these funds. Cred is cooperating fully with law enforcement authorities in connection with the investigation into the incident. Cred is in the process of carrying out an internal accounting of its assets and assessing the impact of the incident on its current business and in consultation with legal counsel has determined to temporarily suspend all inflows and outflows of funds relating to the CredEarn program. No client personal information or other account data has been compromised.

Partner activities have been temporarily paused. During this period, users will not be able to pledge or withdraw assets, neither initiate new programs nor re-enroll in current ones.

Given the circumstances, we are unable to comment further at this time but we will undertake to provide an update within the next 2 weeks.

We sincerely apologize for the inconvenience, and we will update you as soon as possible regarding this situation.

Thanks again for your patience.

Cred Team

[PENNIEStoSTACKS]

Who knew, trusting these White Collar Criminals is the worst thing one could ever do, they're the biggest criminals in the world and they're allowed to scam and rob people whenever they please.

[lakingsphan0427]

You should be :) Yes this is a POS just like Mark Zuckerberg

[MindlessSelf]

At least on the app used for smart phones. This caught my attention because it looks like it jumps from 1 penny to 4 pennies several times a month. A day traders paradise. But this is a glitch. It’s trading down but ihub is showing it up over 240% today

[PENNIEStoSTACKS]

I'm not sure I see it says .011 here https://www.livecoinwatch.com/price/Cred-LBA

Maybe their LBA feed has gone haywire.

[MindlessSelf]

What is up with ihub. Says it’s 4 pennies. But uphold says 1 penny

[PENNIEStoSTACKS]

I'm sorry I even Mentioned this POS, MAJOR PARTNERS LIFE CHANGING BLAH BLAH BLAH BS even from these crypto POS CEO's

[MindlessSelf]

Well I just took a small position back in. Of course it dropped another 1% right after purchase. I bought the 10,000 tokens in case I need it for utility. Uphold just discontinued their partbership with Cred which also I find out seconds after making my uphold purchase.

Lba is volatile. It can be a penny it can be 3 pennies all in a short amount of time. Hold long enough and you will still profit or at very least, get all your money back. They aren’t going away. They just offered insane interest rates on stable coins 13% last round and 12% this round.

[PENNIEStoSTACKS]

WHAT A POS THIS TURNED OUT TO BE

[PENNIEStoSTACKS]

"Cryptocurrency Market Sheds $8 Billion Since Yesterday (Market Watch)"
https://cryptopotato.com/bitcoin-dips-to-10750-as-crypto-market-sheds-8-billion-since-yesterday-market-watch

Crypto is worse than Penny stocks, once one goes down, most of the rest follow, not true for penny stocks, look at VNUE its holding gains and climbing.

[PENNIEStoSTACKS]

"US Plans to Simplify Regulation Process for Cryptocurrency Firms"
https://cryptopotato.com/us-plans-to-simplify-regulation-process-for-cryptocurrency-firms/

[PENNIEStoSTACKS]

Very true, game changing partnerships coming soon https://twitter.com/PENNIEStoSTACKS/status/1303538313563955200

[lakingsphan0427]

It's ok I feel comfortable on my entry point.. Just gotta wait and see to what libra can bring to the table

[PENNIEStoSTACKS]

You should have waited a bit, good thing is https://twitter.com/PENNIEStoSTACKS/status/1303538313563955200

All the best

[lakingsphan0427]

I am in..didn't put much tho.. Only invested $500 and I got 25,920 @ 0.196

[PENNIEStoSTACKS]

At the top of your Uphold page look for "Uphold just got better! 0% trading commissions, 0% deposit/withdrawal fees, and 100% easier to use."

Click TRY NOW

[lakingsphan0427]

Computer way..

[PENNIEStoSTACKS]

Download app https://play.google.com/store/apps/details?id=com.uphold.wallet&hl=en_US
https://apps.apple.com/us/app/uphold-buy-and-sell-bitcoin/id1101145849

I find its the easiest way

If you have anymore problems I'll coach you through the Computer way

[lakingsphan0427]

Just transferred $ to my uphold account but now I need the steps on how to buy LBA or other cryptos.. How did you do?

[PENNIEStoSTACKS]

STILL WAITING for the 2 PARTNERS NEWS https://twitter.com/PENNIEStoSTACKS/status/1303538313563955200

[PENNIEStoSTACKS]

All the best but I'm thinking this time it heads to .10+

[MindlessSelf]

An opportunity lost but I will not chase it. I will wait for it to come back or let the fish go.

[PENNIEStoSTACKS]

Another game changing PR expected

[MindlessSelf]

I was holding off waiting for lba to drop below 0.15 to buy back in but it just blasted off

[PENNIEStoSTACKS]

LBA / CRED - Visa Adds Crypto Lender Cred to Fast Track Payments Program
https://www.coindesk.com/visa-cred-fast-track

[PENNIEStoSTACKS]

Thanks for your efforts an have a great holiday weekend.