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Goldman Raising $2B to Buy Distressed Celsius Assets

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Re: Goldman Raising $2B to Buy Distressed Celsius Assets

#71

Post by Nick87633 »

pclmulqdq wrote: post #65
olalonde wrote: post #51

Earlier quoted context omitted.

> With FTX and now Goldman buying up assets from dying crypto companies, it looks like a bigger crypto crash will now start to hit the rest of the financial markets. Why?

Those companies have connections to the broader financial markets. The traditional thought was that crypto could do what it wants because it's a fairly insulated silo. If it fails, nothing of value fails with it. If it is going to contaminate the rest of the financial system, we are going to need to shut down the shenanigans very fast.

So you are referring to a future, bigger crash outside of the current year?

Re: Goldman Raising $2B to Buy Distressed Celsius Assets

#72

Post by bouncycastle »

mupuff1234 wrote: post #7

Honestly 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.

A lot of people in crypto are mature adults, they understand the risks, and only put in money that they will be OK with losing. That should always be the motto, especially for F grade semi-decentralized retarded projects like Celsius, terra, etc

Re: Goldman Raising $2B to Buy Distressed Celsius Assets

#73

Post by ntoskrnl »

danieltanfh95 wrote: post #70
pclmulqdq wrote: post #65

Earlier quoted context omitted.

Those companies have connections to the broader financial markets. The traditional thought was that crypto could do what it wants because it's a fairly insulated silo. If it fails, nothing of value fails with it. If it is going to contaminate the rest of the financial system, we are going to need to shut down the shenanigans very fast.

That has never been the modus operandi for Centralised Exchanges for Crypto. This is like saying the Internet could do what it wants because it's insulated from the real world. FYI most funds have always been holding crypto, bitcoin in particular gives a better yield over any traditional asset in the world over a 10 year period, consistently over 30 years.

What 30 years are you referring to?

Re: Goldman Raising $2B to Buy Distressed Celsius Assets

#74

Post by KMag »

HFguy wrote: post #39
quantified wrote: post #2

Doesn't say how much of their own money they'll risk.

Exactly...

The Volker Rule legally limits them to holding zero dollars on their own books beyond what they can reasonably expect (RENTD) to quickly turn around and sell to potential clients.

Re: Goldman Raising $2B to Buy Distressed Celsius Assets

#75

Post by djbusby »

Tsiklon wrote: post #32
googlryas wrote: post #27

Earlier quoted context omitted.

"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

The list is being added to every day

Re: Goldman Raising $2B to Buy Distressed Celsius Assets

#77

Post by amluto »

WheelsAtLarge wrote: post #58
ceeplusplus wrote: post #28

Earlier quoted context omitted.

The one thing of value that crypto actually delivers (and which will never be replicated in tradfi because of incentives of existing players) is atomic multi-party transactions across unrelated parties. Something like a flash loan would never exist in tradfi. Being able to borrow billions with _no_ risk of loss due to execution delays between borrowing money and executing a trade means more liquidity and lower risk f…

Here's an advantage that no one seems to point out. "Longevity," crypto, like bitcoin, does not need a nation state to survive. True, it's value will fluctuate, there is nothing stopping it from going to zero, but as long as there's group of people that want to mine it and use it, it will be here.

Bitcoin is quite susceptible to its own form of death spiral: the point at which attacking it becomes more profitable or simply more amusing than to mine it honestly. There is a large amount of mining hardware out there, and the lower the price goes, the less profitable it is to mine with that hardware. But idle hardware still exists.

Imagine if you could rent mining hardware, IaaS-style, and there was enough available to control a majority of the active hash rate. An attack that lasted a few hours would not be particularly expensive.

It’s easy to assume that Bitcoin, Ethereum, etc are technologies that work as advertised and that the only interesting questions are weather the tokens on the respective blockchains are useful and/or valuable. But the blockchains themselves have critical requirements for proper functioning, and they can easily fail.

(For Ethereum in particular, you can rent GPUs on fairly large numbers. A change in the economics could easily make it possible to rent a majority of mining power on AWS or similar platforms. At least Bitcoin hardware is mostly useless for anything other than Bitcoin mining.)

Re: Goldman Raising $2B to Buy Distressed Celsius Assets

#78

Post by bitxbitxbitcoin »

danieltanfh95 wrote: post #70
pclmulqdq wrote: post #65

Earlier quoted context omitted.

Those companies have connections to the broader financial markets. The traditional thought was that crypto could do what it wants because it's a fairly insulated silo. If it fails, nothing of value fails with it. If it is going to contaminate the rest of the financial system, we are going to need to shut down the shenanigans very fast.

That has never been the modus operandi for Centralised Exchanges for Crypto. This is like saying the Internet could do what it wants because it's insulated from the real world. FYI most funds have always been holding crypto, bitcoin in particular gives a better yield over any traditional asset in the world over a 10 year period, consistently over 30 years.

But Bitcoin hasn’t been around for 30 years?

Re: Goldman Raising $2B to Buy Distressed Celsius Assets

#79

Post by dereg »

mupuff1234 wrote: post #7

Honestly 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.

There is a really disturbing trend nowadays where people are casually advocating for violence. This is one of those examples. Violence is never okay.

Re: Goldman Raising $2B to Buy Distressed Celsius Assets

#80

Post by insaneirish »

kerblang wrote: post #31

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.

> Question: Who owns the deposited assets? Don't the original owners have dibs?

If you give your money to something that looks like a bank, walks like a bank, but is not actually a bank, don't expect them to be held to the same legal standards as a bank.

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