Question: Who owns the deposited assets? Don't the original owners have dibs? Or can Goldman just pull the rug and say "ours now". That would seem crazy.
Goldman Raising $2B to Buy Distressed Celsius Assets
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Re: Goldman Raising $2B to Buy Distressed Celsius Assets
#32It's taken me a while to understand this but a very common cycle for tech is: 1)Startup founder gets and idea and develops it. 2)The startup develops the tech and finds a market for it 3)The Startup becomes successful 4)The market falls apart and the founder can't guide the startup thru the difficulties 5)Start up is in distress or fails 6)An MBA type comes along buys everything at a deep discount 7)The new manager r…
"Gets the shaft" implies harsh or unfair treatment. It was startup guy's idea to sell the company, and startup guy's lack of abilities which led them to the mess in the first place. It seems like startup guy is getting exactly what he deserved?
I think from a purely moralistic perspective this is unkind. Perhaps they are getting exactly what they signed up for. But how many naive purely technical people have been short changed by similar antics in the past
Re: Goldman Raising $2B to Buy Distressed Celsius Assets
#33If Goldman are raising money from investors it's probably because they think they can charge those investors for advising on and structuring a deal. It doesn't mean Goldman are buying Celsius. It's only a vote of confidence in Celsius to the extent that it means Goldman think they can find people who want to buy it and who will pay an investment bank to do so.
Re: Goldman Raising $2B to Buy Distressed Celsius Assets
#34Honestly I am surprised we are not seeing violent acts against people running these companies (Celsius, terra, etc). I would be beyond furious if I couldn't withdraw my assets from this scam.
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Re: Goldman Raising $2B to Buy Distressed Celsius Assets
#35Honestly I am surprised we are not seeing violent acts against people running these companies (Celsius, terra, etc). I would be beyond furious if I couldn't withdraw my assets from this scam.
Because people trying to commit violent acts will go to prison etc. and, assuming they're at least vaguely rational, will realize that (and that it won't actually return their money).
That must be why violent acts never happen. Go figure.
Re: Goldman Raising $2B to Buy Distressed Celsius Assets
#36Earlier quoted context omitted.
Because people trying to commit violent acts will go to prison etc. and, assuming they're at least vaguely rational, will realize that (and that it won't actually return their money).
That must be why violent acts never happen. Go figure.
Economists figured this out long ago. Every person is 100% efficient and rational, and this is why we can predict the future.
Re: Goldman Raising $2B to Buy Distressed Celsius Assets
#37Anybody trading the Celsius token?
I had been expecting steeper dips so I missed that 600% flip.
Not exactly my perfect storm for buying a dip, I usually wait for an information asymmetry in my favor, but shoulda just taken a slightly smaller position.
Re: Goldman Raising $2B to Buy Distressed Celsius Assets
#38Goldman is also buying the dip.
They don't seem to be buying anything. They are raising other peoples money to buy it. They then charge those people. So unless they retain some portion of it, they will make money regardless of whether the investment makes money.
Re: Goldman Raising $2B to Buy Distressed Celsius Assets
#39Doesn't say how much of their own money they'll risk.
Exactly...
Re: Goldman Raising $2B to Buy Distressed Celsius Assets
#40Question: Who owns the deposited assets? Don't the original owners have dibs? Or can Goldman just pull the rug and say "ours now". That would seem crazy.
> Question: Who owns the deposited assets? Don't the original owners have dibs? Or can Goldman just pull the rug and say "ours now". That would seem crazy.
Their terms have this language:
> Eligible Digital Assets held in a Custody Wallet are subject to the other provisions of these Terms, unless where expressly stated otherwise. Celsius retains the right to set-off any Eligible Digital Assets in a Custody Wallet against any obligations you may have to us.
> You understand and acknowledge that the legal treatment of Digital Assets remains unsettled and may vary depending on the jurisdiction in which you reside. In the event that you, Celsius or any Third Party Custodian becomes subject to an insolvency proceeding, it is unclear how your Digital Assets would be treated and what rights you would have to such Digital Assets.
> Celsius does not make any representation as to the likely treatment of Digital Assets in your Celsius Account, including those in a Custody Wallet, in the event that you, Celsius or any Third Party Custodian becomes subject to an insolvency proceeding whether in the U.S. or in any other jurisdiction. You explicitly understand and acknowledge that the treatment of Digital Assets in the event of such an insolvency proceeding is unsettled, not guaranteed, and may result in a number of outcomes that are impossible to predict reliably, including but not limited to you being treated as an unsecured creditor and/or the total loss of any and all Digital Assets reflected in your Celsius Account, including those in a Custody Wallet.