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Celsius Appears insolvent, and it's taking the whole crypto market with it

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Re: Celsius Appears insolvent, and it's taking the whole crypto market with it

#4

Post by jazzyjackson »

My favorite part of this is that because their reserves are illiquid, Celsius is forced to take out loans from other exchanges in order to pay out withdrawals. Each of these transactions/bailouts was visible on the blockchain and immediately called out on Twitter, accelerating withdrawals. A run on the exchange.

If one major exchange goes bust and people learn that they have no recourse to recover funds, expect to see people pulling money out of other exchanges.

Re: Celsius Appears insolvent, and it's taking the whole crypto market with it

#5

Post by hdjjhhvvhga »

jazzyjackson wrote: post #4

My favorite part of this is that because their reserves are illiquid, Celsius is forced to take out loans from other exchanges in order to pay out withdrawals. Each of these transactions/bailouts was visible on the blockchain and immediately called out on Twitter, accelerating withdrawals. A run on the exchange. If one major exchange goes bust and people learn that they have no recourse to recover funds, expect to se…

> Each of these transactions/bailouts was visible on the blockchain and immediately called out on Twitter, accelerating withdrawals.

Well, they could have used Monero.

Re: Celsius Appears insolvent, and it's taking the whole crypto market with it

#8

Post by suzzer99 »

datalopers wrote: post #7

The crypto market is crashing for the same reason real financial markets are crashing. The problems with Celsius are an irrelevant blip.

Except the real financial markets have a bottom where contrarian investors will step in and stop the free fall. What tangible value is there for a contrarian investor in crypto?
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