11–20 of 107 posts
No wonder that it's hard for some people to see the Ponzi schemes, pyramid schemes and what else those things are called.
Regulations anyone?
Or do we now just see people loosing their money?
"$stETH is a product by @LidoFinance.
It stands for (liquid) staked $ETH and it's one of the most innovative DeFi products to be released in the last few years.
$stETH can also be used to earn MORE yield than otherwise possible with vanilla $ETH.
Why?
Because while $stETH already earns staking yield, it can also be lent out or liquidity provisioned."
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.
Reddit thread warning about this 2 weeks ago. Not everyone agreed. https://old.reddit.com/r/CryptoCurrency/comments/v29t59/cels...
But crypto discussions on Reddit are just ridiculous. You do get some good nugets like OP's but for the most part it's a group of cryto bros pushing their own exposure.
Reddit thread warning about this 2 weeks ago. Not everyone agreed. https://old.reddit.com/r/CryptoCurrency/comments/v29t59/cels...
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?
Celsius has had a chilling effect on the crypto market.
Oh boy oh boy that thread had lots of ETH and sETH and oETH und BTC and what not. No wonder that it's hard for some people to see the Ponzi schemes, pyramid schemes and what else those things are called. Regulations anyone? Or do we now just see people loosing their money?
Oh boy oh boy that thread had lots of ETH and sETH and oETH und BTC and what not. No wonder that it's hard for some people to see the Ponzi schemes, pyramid schemes and what else those things are called. Regulations anyone? Or do we now just see people loosing their money?
The only regulations crypto needs is how to call things. Just like whatever Tesla has should not be called Autopilot, crypto prophets should not be allowed to call it investment. Call it gambling and off you go.