<story><title>Cryptocurreny retailer BitPrime closes trading after running out of money</title><url>https://www.bitprime.co.nz/important-notice-for-all-customers/</url></story><parent_chain><item><author>soared</author><text>Would someone mind calming me by explaining why this is not a huge red flag, this isn’t the beginning of the end, and a theoretical crypto crash won’t throw the market into turmoil (or why the current market turmoil ain’t so bad)?&lt;p&gt;I don’t have any kids to feed, just young dumb and tired of market crashes.</text></item></parent_chain><comment><author>woah</author><text>This is some random startup nobody has heard of. HN likes to work themselves into a froth over every scrap of bad crypto news, but this is utterly insignificant. Crypto will continue to fluctuate wildly as it always has.</text></comment>
<story><title>Cryptocurreny retailer BitPrime closes trading after running out of money</title><url>https://www.bitprime.co.nz/important-notice-for-all-customers/</url></story><parent_chain><item><author>soared</author><text>Would someone mind calming me by explaining why this is not a huge red flag, this isn’t the beginning of the end, and a theoretical crypto crash won’t throw the market into turmoil (or why the current market turmoil ain’t so bad)?&lt;p&gt;I don’t have any kids to feed, just young dumb and tired of market crashes.</text></item></parent_chain><comment><author>atleta</author><text>I&amp;#x27;m not positive on crypto in general, but they seem to have run of of their own money (capital) and not their customers&amp;#x27; money. I.e. they didn&amp;#x27;t lose their customers&amp;#x27; coins. Actually, it seems that they have never held them anyway. So it&amp;#x27;s not like a bank crash.&lt;p&gt;The service seems to have been making it possible for people to sell their coins directly to one another. (Crypto exchanges hold your crypto and don&amp;#x27;t do an actual transaction through the block chain until you withdraw what you have. Though they could still guarantee not losing your coins if they go bankrupt...)&lt;p&gt;This is what they said about it:&lt;p&gt;&amp;gt;  Are my funds safe?&lt;p&gt;&amp;gt; We don’t hold customer funds – at the time of the trade, we send the cryptocurrency directly to your wallet. If you need to execute a trade at this time, other platforms can facilitate this.</text></comment>