Major crypto lender Celsius freezes withdrawals as markets tumble(reuters.com)
reuters.com
Major crypto lender Celsius freezes withdrawals as markets tumble
https://www.reuters.com/technology/crypto-firm-celsius-pauses-all-transfers-withdrawals-between-accounts-2022-06-13/
403 comments
As a contributor the mentionned fund that invested 750m into that exchange (it is a mandatory government saving taking ~10% of our paycheck each month) I must say I am really pissed off. They don't invest in our own early stage startup citing "risk" and then they go and invest in a foreign crypto exchange of all things.
It's pretty amazing watching crypto speedrun the last 200 years of financial history failures all over again.
What justifies Bitcoin being valued at 30k vs 20k?
The answer is nothing. And same applies to 10k. Since there's no measurable intrinsic value, there's zero fundamental factor limiting the downside
The answer is nothing. And same applies to 10k. Since there's no measurable intrinsic value, there's zero fundamental factor limiting the downside
I like the balls on the CEO of Celsius calling out people for saying they can not withdraw right before they lock down withdraws...
https://twitter.com/SilvermanJacob/status/153617697375127961...
Classic run on the bank scenario. And the bank behind all of this is not secured or even worse, so it makes sense.
https://twitter.com/SilvermanJacob/status/153617697375127961...
Classic run on the bank scenario. And the bank behind all of this is not secured or even worse, so it makes sense.
“A loan worth more than $278 million, one of the biggest single loans on decentralized lending platform MakerDAO, is labeled as a loan made by Celsius, according to data tracker Block Analitica. If Bitcoin falls below $22,534.89, the position will be liquidated, adding more sell pressure for Bitcoin, the analytics firm said.
Data shows that the address used 17,919 wrapped Bitcoin, a version of Bitcoin that can be used in decentralized finance, as collateral for a loan worth $278,490,419 in the decentralized stablecoin DAI. While the blockchain explorer Etherescan didn’t labeled the wallet as Celsius, a wallet from Celsius sent additional 2,000 wrapped Bitcoin to support the position. Celsius did not immediately respond to a request for comment on the wallets.”
https://www.bloomberg.com/news/articles/2022-06-13/bitcoin-s...
Data shows that the address used 17,919 wrapped Bitcoin, a version of Bitcoin that can be used in decentralized finance, as collateral for a loan worth $278,490,419 in the decentralized stablecoin DAI. While the blockchain explorer Etherescan didn’t labeled the wallet as Celsius, a wallet from Celsius sent additional 2,000 wrapped Bitcoin to support the position. Celsius did not immediately respond to a request for comment on the wallets.”
https://www.bloomberg.com/news/articles/2022-06-13/bitcoin-s...
This is not looking good for Crypto. Bitcoin is around 24K USD today after a ~10% fall. Other major crypto are following or likely to follow .. Terra Luna fiasco was just the trailer .. The whole movie is going to be more horrifying ..
I am confused as how this is a story about crypto and not story about Celsius. If Robinhood stopped withdrawals, would we be having a conversation about solvency about of US government? It is interesting, but it shows that crypto has an oddly rabid opponent base.
Just to put it in perspective, everything is falling today.
For the record, I don't disagree with some of the criticisms, but the knee-jerk reaction to anything crypto is just odd.
minor edit: I have minor stake in crypto, but nothing that would make me retire/commit suicide over losses.
Just to put it in perspective, everything is falling today.
For the record, I don't disagree with some of the criticisms, but the knee-jerk reaction to anything crypto is just odd.
minor edit: I have minor stake in crypto, but nothing that would make me retire/commit suicide over losses.
Joyous day! I'm glad to watch each and every one of these burn to the ground. I feel sorry for anyone who got suckered, but this needs to happen.
Crypto is starting to invoke a tribal, emotional response in people now. It's bizarre to see these comments. Scammers scam. Surprise. Unregulated waters are dangerous unless they're tread carefully. Surprise. People using a technology for a completely different reason than it was invented for are ruining it for the rest of us. Surprise.
"Crypto is real."
- Billboards all over Austin, TX right now
- Billboards all over Austin, TX right now
Bitcoin is at 24k now, down 20% in a few days... at 21K the Microstrategy margin call kicks in. That may cause 130000 bitcoin to be dumped onto the market.
This is what I call a significant bear case.
This is what I call a significant bear case.
Has anyone done an investigation into how this current issue, Luna previously, etc. is hitting the various VC cheerleaders? a16z in particular for their rampant pumping.
Let me see if I understand this: I put 10 bitcoin into this bank, and it gets loaned to you. If you cash it out to 10 bucks immediately, and bitcoin later drops to half a buck, you can buy 10 bitcoin, pay back the loan and keep 5 bucks, right? Not including whatever interest, I guess.
So this is a way to short bitcoin?
Edit: Sorry, maybe just to short Celsius' own tokens, although maybe it's indirectly shorting other currencies
So this is a way to short bitcoin?
Edit: Sorry, maybe just to short Celsius' own tokens, although maybe it's indirectly shorting other currencies
I still remember looking at Bitcoin and Ethereum back in day. I was just curious and I know my friends bought and sold some. Back in 2017 (video is earlier) I looked at a video that explains, what Ethereum is: https://www.youtube.com/watch?v=Clw-qf1sUZg
This video has not aged well. It's full of so many buzzwords that my mind can't keep up. Also, the idea of anonymity and privacy...clearly they gave up on that as everybody is using their real names, addresses, etc so sign up for exchanges.
Again, I don't know enough about it, but since I've looked it back in 2017, until today, I'm still as confused, which is why I've stayed away from it.
This video has not aged well. It's full of so many buzzwords that my mind can't keep up. Also, the idea of anonymity and privacy...clearly they gave up on that as everybody is using their real names, addresses, etc so sign up for exchanges.
Again, I don't know enough about it, but since I've looked it back in 2017, until today, I'm still as confused, which is why I've stayed away from it.
So is this the bubble people talked about when crypto was starting to become mainstream?
That's why I have a problem with someone else managing my money (outside of direct fund managers, of course, who take a fixed percentage fee and are incentivized to have the fund grow, not to fleece me).
https://www.youtube.com/watch?v=gvZSpET11ZY
https://www.youtube.com/watch?v=gvZSpET11ZY
Reminds me of the South Park investment report: aand it's gone.
This is what happens when you centralize a decentralized currency
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if you can't realistically use crypto as money (which you can't), then there is no reason to hold it unless it is rising
crypto does not generate revenue
crypto does not generate dividends
crypto is only something you try to sell to a bigger fool
if crypto even just goes sideways....then its just a cash-equivalent with no real-world utility
these pyramid schemes have a long way to fall still...crypto will be the greatest ponzi scheme of the last 100 years
if you like exotic cars, the crypto kids will be liquidating soon...keep your eyes open
crypto does not generate revenue
crypto does not generate dividends
crypto is only something you try to sell to a bigger fool
if crypto even just goes sideways....then its just a cash-equivalent with no real-world utility
these pyramid schemes have a long way to fall still...crypto will be the greatest ponzi scheme of the last 100 years
if you like exotic cars, the crypto kids will be liquidating soon...keep your eyes open
Celsius freezes at zero ;-)
If you hold any significant crypto assets, it is time to sell. The scheme is over.