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The biggest crypto lending company is a ponzi scheme

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Re: The biggest crypto lending company is a ponzi scheme

#91

Post by lalos »

usehackernews wrote: post #75
obayesshelton wrote: post #15

Crypto and NFT is one big ponzi scheme. Who on earth is spending $000,000s on a virtual ship? I sense it is a case of somebody close to the NFT or virtual world buying the asset and making out it is a great thing and then selling it on quickly. Many a scam involves somebody from the group buying something so the unwilling feel like it safe. As always, don't be left holding the baby.

Why do people on HN assume that if they don’t find something valuable, others shouldn’t either. I think of NFTs like car titles. Having the car title in your name is the only way to prove you own a car. Someone can burrow your car, and have it in their possession but that doesn’t make them the owner - the title does. When you buy a car, what you’re really buying is a little paper that says you’re the owner - without…

The absurd part would be that there are multiple registries, so more than one person can own the same NFT since they are on different systems. Which one is used to prove ownership? The one backed by entity A or the one backed by entity B?

P.S. I find value in this tech but it is still in primitive phase in my perspective.

Re: The biggest crypto lending company is a ponzi scheme

#92

Post by shoto_io »

I am really getting fed up with these black and white verdicts on DeFi. I am missing a nuanced view of the potential but also the possibilities behind DeFi.

Yes, maybe some of these platforms and players are not legit. But constantly putting the entire crypto and DeFi world into the "shit-this-world-does-not-need" bucket is so tiering.

Re: The biggest crypto lending company is a ponzi scheme

#93

Post by quietbritishjim »

usehackernews wrote: post #75
obayesshelton wrote: post #15

Crypto and NFT is one big ponzi scheme. Who on earth is spending $000,000s on a virtual ship? I sense it is a case of somebody close to the NFT or virtual world buying the asset and making out it is a great thing and then selling it on quickly. Many a scam involves somebody from the group buying something so the unwilling feel like it safe. As always, don't be left holding the baby.

Why do people on HN assume that if they don’t find something valuable, others shouldn’t either. I think of NFTs like car titles. Having the car title in your name is the only way to prove you own a car. Someone can burrow your car, and have it in their possession but that doesn’t make them the owner - the title does. When you buy a car, what you’re really buying is a little paper that says you’re the owner - without…

> Sure, people can copy and paste a JPEG, but they can’t copy the title. Just like driving a friends car doesn’t make you the owner.

This is exactly why NFTs are different to a car title. If someone tries to use your car (the car which you have the title to) without your permission, then the police can intervene. (They often won't, but that's the principle.) In theory at least, they have no right to make use of that object.

If I own the NFT for a JPEG, there's nothing I can do to stop someone copying it, as you say. Not even an ineffective or theoretical method. That's just not part of the rights associated with an NFT to begin with.

In fact it's worse than that. The JPEG (or the image it represents) can still have copyright that someone can own and sell on independently of the NFT. That copyright is the actual analogue of a car title (though enforcement by the police is even less likely). You could have a NFT of a JPEG but not be allowed, in theory, to have a copy the JPEG itself!

Re: The biggest crypto lending company is a ponzi scheme

#94

Post by vesinisa »

marcinjachymiak wrote: post #77

I'm not a fan or user of Celsius, but this is an incredibly inflammatory title with very little evidence to back it up. Claims like that demand greater proof. This is an incredibly lazy article The author pretty much failed to do any research on DeFi investments (point 3 in the OP). Compound and Aave are just 2 of many places investors place their assets, and are definitely near the lower end of APYs. Badger, which C…

So instead of actually debunking his arguments you published a handwavy reply? I very much think that if someone is offering insanely high ROIs but does not divulge how the value is created, you can safely assume it's a scam, and simply pointing out the disparity suffices as proof to me at least.

Re: The biggest crypto lending company is a ponzi scheme

#95

Post by onlyrealcuzzo »

usehackernews wrote: post #75
obayesshelton wrote: post #15

Crypto and NFT is one big ponzi scheme. Who on earth is spending $000,000s on a virtual ship? I sense it is a case of somebody close to the NFT or virtual world buying the asset and making out it is a great thing and then selling it on quickly. Many a scam involves somebody from the group buying something so the unwilling feel like it safe. As always, don't be left holding the baby.

Why do people on HN assume that if they don’t find something valuable, others shouldn’t either. I think of NFTs like car titles. Having the car title in your name is the only way to prove you own a car. Someone can burrow your car, and have it in their possession but that doesn’t make them the owner - the title does. When you buy a car, what you’re really buying is a little paper that says you’re the owner - without…

No - when you buy a house - you also are "buying a title". That's not why people buy houses or cars. They buy them to use & own them.

Maybe Ultra High Net Worth Individuals who collect cars and $10M lakefront mansions across the world don't buy cars and houses to "use" them. But >99% of cars and houses are bought for use - not for a piece of paper to prove ownership.

Sure - the people buying $1M NFTs are probably Ultra High Net Worth Individuals (or complete frauds - maybe both?). But the majority of NFTs are not $1M - and the majority of people buying them are not Ultra High Net Worth Individuals.

Re: The biggest crypto lending company is a ponzi scheme

#96

Post by ceejayoz »

usehackernews wrote: post #75
obayesshelton wrote: post #15

Crypto and NFT is one big ponzi scheme. Who on earth is spending $000,000s on a virtual ship? I sense it is a case of somebody close to the NFT or virtual world buying the asset and making out it is a great thing and then selling it on quickly. Many a scam involves somebody from the group buying something so the unwilling feel like it safe. As always, don't be left holding the baby.

Why do people on HN assume that if they don’t find something valuable, others shouldn’t either. I think of NFTs like car titles. Having the car title in your name is the only way to prove you own a car. Someone can burrow your car, and have it in their possession but that doesn’t make them the owner - the title does. When you buy a car, what you’re really buying is a little paper that says you’re the owner - without…

> When you buy an NFT, you’re really buying the title for that artwork.

You're not necessarily, though. When Jack Dorsey sold his first tweet as a NFT, it didn't infer any actual ownership rights. You couldn't even make him delete it.

A car's title holds specific legal weight. The only way NFTs do is if there's a contract, at which point you don't need the NFT anyways.

Re: The biggest crypto lending company is a ponzi scheme

#97

Post by bombcar »

isoprophlex wrote: post #82
etskinner wrote: post #3

> It is possible for customers to take out USD stable coin loans from Celsius, under the condition that they provide a Bitcoin or Ethereum collateral of at least twice the value of the loan. How does one provide Bitcoin or Ethereum collateral? Wouldn't you have to give away your private key (maybe in escrow), or transfer coins to them?

I don't get this, you'd have to be entirely crazy to do this right? Why post twice the loan value as collateral? Why not sell half of the crypto assets instead? On the assumption that suddenly your crypto can go to the moon?! It might equally well lose its value...

Exactly. You're trying to leverage for more returns.

Re: The biggest crypto lending company is a ponzi scheme

#98

Post by infecto »

anonymoushn wrote: post #31
prepend wrote: post #8

This seems so common to me and it’s surprising how many of these ventures are around. And that they haven’t busted yet. I looked at these a few years ago when the 5%+ returns started popping up and they are all unregulated, not fdic insured, and seem to survive on bitcoin’s ever increasing rise. If these returns were true then institutional investors would use them. But they do seem like they should have collapsed ye…

> If these returns were true then institutional investors would use them. But they do seem like they should have collapsed years ago. After trying to raise money for arb strategies with higher returns than Celsius all year I'm really tired of hearing this.

What are you trying to say?

Re: The biggest crypto lending company is a ponzi scheme

#99

Post by [deleted] »

usehackernews wrote: post #75
obayesshelton wrote: post #15

Crypto and NFT is one big ponzi scheme. Who on earth is spending $000,000s on a virtual ship? I sense it is a case of somebody close to the NFT or virtual world buying the asset and making out it is a great thing and then selling it on quickly. Many a scam involves somebody from the group buying something so the unwilling feel like it safe. As always, don't be left holding the baby.

Why do people on HN assume that if they don’t find something valuable, others shouldn’t either. I think of NFTs like car titles. Having the car title in your name is the only way to prove you own a car. Someone can burrow your car, and have it in their possession but that doesn’t make them the owner - the title does. When you buy a car, what you’re really buying is a little paper that says you’re the owner - without…

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