Latest Coffeezilla video's about it recaps it very nicely: https://www.youtube.com/watch?v=d5ll3ByaoHE
Celsius Appears insolvent, and it's taking the whole crypto market with it
51–60 of 107 posts
Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#52Earlier quoted context omitted.
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.
WTF is the Dramaverse? My search engine isn't helping.
Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#53Earlier quoted context omitted.
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.
WTF is the Dramaverse? My search engine isn't helping.
I bet parent is grouping a lose coalition of joker, gawkers and trolls on and off reddit (r/buttcoin, rdrama, Farms, etc.) under the moniker of Dramaverse.
Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#54Earlier quoted context omitted.
Same as before - hope the price is low enough and starts rising for the same reasons it was rising years ago.
Real markets, or the companies within, make something that people need. They have equipment, customers, etc. Maybe they are important enough that the state has to bail them out. Maybe they get restructured or merged. Anyways, there is some kind of floor to which they can fall, and which will catch them. What kind of "floor" is there for crypto? By definition it is not tied to anything non digital? Right?
The floor is belief in usability for transfers, for speculation, for avoiding local inflation, etc. You don't need real-world-value for that.
Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#55Earlier quoted context omitted.
The problem or benefit of crypto land though is there are no bailouts so the insolvencies will be contagious.
I see it as a benefit. No bailouts means a proper cleansing of bad parties. It empowers good projects, vs rewarding bad behavior.
So the only hangover from bad parties is that the party ends?
The biggest, baddest parties will always draw the popular crowd, and the same DJs will know better when to quietly slip out the back door with bags full.
How does a well-regulated party compete against that without calling for more regulation?
Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#56Earlier quoted context omitted.
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.
Even if you could do that, the barriers are insane compared to cash and cards.
Just the security practices required to avoid fraud are absurd, but since scammers can irreversibly empty your wallet, they're required. There's no credit card company to call, no fraud detection, no withdrawal limits, no way to lock your stolen card.
The same applies to personal information. Lose your key, lose your money. It requires the sort of data security and redundancy discipline that few people outside of tech are capable of.
Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#57Who said doublespent is impossible? Innovating your way out of such a limitation : "$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 liquidit…
This is not double-spend. You are spending your ETH to buy a token. This token can be converted back to ETH (plus some interest) at a later date. In the meanwhile, you can do anything you want with this token: trade it, spend it, stake it on another platform, etc. But if you don’t bring it back, you are not getting back that ETH that you originally spent.
Doesn't that token represent staked ETH, ie. ETH which nothing can be done with, ie. no "trade it, spend it, stake it on another platform, etc. " ?
Now, you take that new token, exchange into new ETH, stake that new ETH, and get again that new token, ad infinitum, every time increasing your staked ETH amount and thus accruing stake yield of that multiplied staked ETH ... One would naturally expect that a system allowing for such things to happen simply must undergo "Rapid Unplanned Disassembly" at some point.
Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#58Regarding the investment part (not the marketing or insurances obv.) how is that different from what an investment bank does when it invest in long term products? If the funds are in e.g. long term bonds, real estate, mortgages... the investors can't get back all of their money all at once, it will take years to mature, also the capital they are required to hold are only a few percent, so they are also technically insolvent right? Genuinely asking.
Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#59Earlier quoted context omitted.
I see it as a benefit. No bailouts means a proper cleansing of bad parties. It empowers good projects, vs rewarding bad behavior.
So the only hangover from bad parties is that the party ends? The biggest, baddest parties will always draw the popular crowd, and the same DJs will know better when to quietly slip out the back door with bags full. How does a well-regulated party compete against that without calling for more regulation?
By operating in an open and honest manner and standing the test of time.
In the end though they will probably still call for more regulation because once they have stood the test of time they will want to cement their position.
Re: Celsius Appears insolvent, and it's taking the whole crypto market with it
#60Earlier quoted context omitted.
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?
Under proof-of-stake, if I control some fraction of the network, perhaps statistically I’ll occasionally be able to profit from doing things the network designers didn’t think of. So I’d want to buy during a sell-off to maximize my profits.
Is there something like MEV with PoS?