Earlier quoted context omitted.
My friend Kelvin says crypto is going to absolute zero.
There's gonna be a lot of buyer's Réaumur-se around...
I see what you did there but for me at least it's not Rankine.
Celsius Appears insolvent, and it's taking the whole crypto market with it
31–40 of 107 posts
Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#32Oh 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?
> No wonder that it's hard for some people to see the Ponzi schemes, pyramid schemes and what else those things are called. On the other hand, it's quite easy. After the third flavor of ETH and nested contracts, I thought to myself "fuck, that's complicated." Then just follow Buffett's advice of not investing in things you don't understand.
I always thought that for something meant as a currency, it sure is hard to understand, even for a passively interested, financially literate computer scientist.
Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#33Oh 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?
No post body was provided.
Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#34They're done. Even if they're not insolvent, the moment they enable withdrawals, everyone will cash out.
There's no new money entering this space anyway. Without customer deposits, they're toast as a business.
Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#35Reddit thread warning about this 2 weeks ago. Not everyone agreed. https://old.reddit.com/r/CryptoCurrency/comments/v29t59/cels...
Moderators seem to deleting all new comments on this Reddit post
It was linked on the Dramaverse and got brigaded. The thread was a couple of days old so it was easy to tell who got linked from outside.
Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#36Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#37Reddit thread warning about this 2 weeks ago. Not everyone agreed. https://old.reddit.com/r/CryptoCurrency/comments/v29t59/cels...
No post body was provided.
Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#38Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#39My 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…
It is so amusing to see crypto redoing 100 years of financial scandals at accelerated pace: mass money laundering, ponzi schemes, non separation of client and firm money by brokers, market manipulation, inability to sustain a “bank”run, misleading marketing material sold to retail investors. This is something fascinating for a finance professional.
The paradox being that crypto is proving the benefits of heavy financial regulation by showing us a world without financial regulation (and I am talking as someone who has to deal with banking regulation and think the current massive amount of regulations is ridiculous and kills competition).
Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#40Earlier quoted context omitted.
> No wonder that it's hard for some people to see the Ponzi schemes, pyramid schemes and what else those things are called. On the other hand, it's quite easy. After the third flavor of ETH and nested contracts, I thought to myself "fuck, that's complicated." Then just follow Buffett's advice of not investing in things you don't understand.
I always thought that for something meant as a currency, it sure is hard to understand, even for a passively interested, financially literate computer scientist.
A currency is only useful if you can actually buy things you need with it, and that means (among other things) you need its value to be relatively stable.
Everyone (or almost everyone) pushing cryptocurrency is, in one way or another, a speculator, so their incentives are not aligned at all with people who might actually want to use it as a currency.