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Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
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Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11The only way
Technology isn't always directly translate to what we desire it to become. For example, we wish social media to become a place to keep in touch of others but it created another whole new level of distrust and misinformation that spread like a Pandemic. Be careful of your wishes! Like AI we think they can bring up a new level of the game in the creative industry and possibly to replace writers like you and me, but can they? It seems they are very powerful to execute what we want them to, ...
xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11The only way
Technology isn't always directly translate to what we desire it to become. For example, we wish social media to become a place to keep in touch of others but it created another whole new level of distrust and misinformation that spread like a Pandemic. Be careful of your wishes! Like AI we think they can bring up a new level of the game in the creative industry and possibly to replace writers like you and me, but can they? It seems they are very powerful to execute what we want them to, ...
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It has been 60 days since Genesis held customers' funds and has not allowed anyone to withdraw.
This impact other services like Gemini Earn program, which withheld customers' funds and pending withdrawal.
This triggers a question of why those financial services pause withdrawal and why this is not allowed.
I asked ChatGPT to give suggestions and here it is:
It is generally not acceptable for financial services institutions to withhold customers' funds without a valid reason. This is because customers entrust their money to these institutions with the expectation that it will be safe and accessible to them when they need it. Withholding funds without a valid reason would violate this trust and could result in financial loss or inconvenience for the customer.
However, there are certain circumstances where financial services institutions may be required to hold or freeze a customer's funds. This is typically done as a result of legal or regulatory requirements. For example, in the United States, the government may freeze a person's assets if they are suspected of engaging in illegal activities such as money laundering or terrorism financing. Banks also freeze the funds if there is any suspicious activity on account or any kind of fraud.
Additionally, financial institutions are required to adhere to laws related to "Know Your Customer" (KYC) and "Anti-Money Laundering" (AML) regulations. These laws require financial institutions to identify and verify the identities of their customers, and to monitor their transactions for suspicious activity. In some cases, if an institution has reason to suspect illegal activity, it may be required by law to freeze or hold a customer's funds until the suspicious activity can be investigated.
It is important to note that in cases where a financial institution holds or freezes a customer's funds, it must provide an explanation for why the funds are being withheld and for how long, and inform the customers of any steps they can take to have the hold released, such as providing additional documentation or proof of legitimate funds.
Genesis holding withdrawal funds is unreasonable and unacceptable.
Since there is no reason for holding up funds, not additional documentation or proof on why they are holding up, and no explanation on how long the funds will be held.
It sparked a debate between Genesis and Gemini.
Because DCG, behind Genesis, needed to reveal the correct information and deceive their customers Gemini.
However, Gemini also deceives its customers through its program Earn, which seems like a saving account still needs to provide safety after Genesis shuts down.
We all knew after FTX collapsed, funds were stuck in the FTX and Genesis was one of the creditors.
However, Genesis had a branch in Hong Kong, which shut down right after the collapse of FTX might reveal that the company was putting their money with "Trust me bro" style.
There have not yet been any investigations or sources to dive deep into the Hong Kong branch issue, and people are unlikely to find out more.
Such a dispute will likely resolve in the lawsuit, and customers' funds will force them to return with less than they had before.
Photo by Micaela Parente on Unsplash
It has been 60 days since Genesis held customers' funds and has not allowed anyone to withdraw.
This impact other services like Gemini Earn program, which withheld customers' funds and pending withdrawal.
This triggers a question of why those financial services pause withdrawal and why this is not allowed.
I asked ChatGPT to give suggestions and here it is:
It is generally not acceptable for financial services institutions to withhold customers' funds without a valid reason. This is because customers entrust their money to these institutions with the expectation that it will be safe and accessible to them when they need it. Withholding funds without a valid reason would violate this trust and could result in financial loss or inconvenience for the customer.
However, there are certain circumstances where financial services institutions may be required to hold or freeze a customer's funds. This is typically done as a result of legal or regulatory requirements. For example, in the United States, the government may freeze a person's assets if they are suspected of engaging in illegal activities such as money laundering or terrorism financing. Banks also freeze the funds if there is any suspicious activity on account or any kind of fraud.
Additionally, financial institutions are required to adhere to laws related to "Know Your Customer" (KYC) and "Anti-Money Laundering" (AML) regulations. These laws require financial institutions to identify and verify the identities of their customers, and to monitor their transactions for suspicious activity. In some cases, if an institution has reason to suspect illegal activity, it may be required by law to freeze or hold a customer's funds until the suspicious activity can be investigated.
It is important to note that in cases where a financial institution holds or freezes a customer's funds, it must provide an explanation for why the funds are being withheld and for how long, and inform the customers of any steps they can take to have the hold released, such as providing additional documentation or proof of legitimate funds.
Genesis holding withdrawal funds is unreasonable and unacceptable.
Since there is no reason for holding up funds, not additional documentation or proof on why they are holding up, and no explanation on how long the funds will be held.
It sparked a debate between Genesis and Gemini.
Because DCG, behind Genesis, needed to reveal the correct information and deceive their customers Gemini.
However, Gemini also deceives its customers through its program Earn, which seems like a saving account still needs to provide safety after Genesis shuts down.
We all knew after FTX collapsed, funds were stuck in the FTX and Genesis was one of the creditors.
However, Genesis had a branch in Hong Kong, which shut down right after the collapse of FTX might reveal that the company was putting their money with "Trust me bro" style.
There have not yet been any investigations or sources to dive deep into the Hong Kong branch issue, and people are unlikely to find out more.
Such a dispute will likely resolve in the lawsuit, and customers' funds will force them to return with less than they had before.
Photo by Micaela Parente on Unsplash
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