Earlier quoted context omitted.
I’m not sure this is good news…
It seems Goldman is just brokering some demand whether it is insightful or dumb.
Easy profits with way.
Goldman Raising $2B to Buy Distressed Celsius Assets
141–147 of 147 posts
Re: Goldman Raising $2B to Buy Distressed Celsius Assets
#142Honestly 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.
>Honestly I am surprised we are not seeing violent acts against people running these companies (Celsius, terra, etc). Let's flip the question: what reasons do you have to expect "violent acts against people running these companies"? Sure, you have a bunch of people that are angry, but makes you think they're angry enough to follow through with the plan? Was there a spree of violence against bankers in 2007/2008?
The biggest reason would be the only increasing levels of social & economic inequality.
My working assumption is that there will be some breaking point or a triggering event where people just had enough.
There's plenty of violent acts driven by various reasons, I guess I am surprised we have yet to see "vigilante" type act against people of power.
Re: Goldman Raising $2B to Buy Distressed Celsius Assets
#143It'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…
A slightly more cynical version: 1) Startup founder gets an idea and develops a legitimate product. 2) The company gains some customers, but the growth is tough, since competing products often sell below cost. 3) The founder gives up and goes to VCs. 4) VCs take away the controlling stake in exchange for an endless stream of cheap money, so the company can start selling dollars for 90 cents just like the competition.…
"The whole cycle is all about getting a bigger share of the endless stream of cheap money from the fed. VCs throw in a lump sum to buy visibility. Enough visibility guarantees that more people with extra freshly minted cash on hand will choose your shares over other speculative investment."
I would mostly say yes but keep in mind that money does make the world go around. Meaning that greed sparks ideas, products and services that keeps us from going back to a society that survives having or providing nothing to spare beyond the basic necessities.
It's not pretty but it's what's kind off working now.
Re: Goldman Raising $2B to Buy Distressed Celsius Assets
#144Earlier quoted context omitted.
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 availab…
How is attacking it more profitable? You need gigantic investment to accomplish it now and it's not even a sure return and by the time you're constantly successful with your attack, the market has figured the network is taken over for the price to go zero to move over to another coin. Then you're left with crazily invested factories, mining a worthless coin. Your assumptions are missing the simple idea that if there'…
If the price of Bitcoin always goes up and the efficiency of mining hardware always goes down, then I probably agree with you. But this is not the case! There is plenty of mining hardware, right now, that cannot be used to profitably mine Bitcoin. The lower the price goes, the higher the fraction of hardware for with this becomes true. To me, mining hardware that can’t honestly mine for a profit is just asking to be used to dishonestly mine.
Re: Goldman Raising $2B to Buy Distressed Celsius Assets
#145Earlier quoted context omitted.
How is attacking it more profitable? You need gigantic investment to accomplish it now and it's not even a sure return and by the time you're constantly successful with your attack, the market has figured the network is taken over for the price to go zero to move over to another coin. Then you're left with crazily invested factories, mining a worthless coin. Your assumptions are missing the simple idea that if there'…
If the price of Bitcoin always goes up and the efficiency of mining hardware always goes down, then I probably agree with you. But this is not the case! There is plenty of mining hardware, right now , that cannot be used to profitably mine Bitcoin. The lower the price goes, the higher the fraction of hardware for with this becomes true. To me, mining hardware that can’t honestly mine for a profit is just asking to be…
For one, where are the mining hardware that are unused?
The hash rate is actually going up during this bear market.
They should drop once they can't mine profitably for a while but so far not the case.
https://www.blockchain.com/charts/hash-rate
You cannot possibly own half of that hash rate to yourself unless you're some state level actor wasting tax on it thinking wasting billions (even then, you can't just order million ASIC units overnight) today to kill Bitcoin is better than some future they see with Bitcoin but then again, people can fork Bitcoin to form another base cryptocurrency, and their effort could become a complete waste.
The only few ways Bitcoin can kill itself is that either people fail to see its usefulness or that some severe unfixable security flaw is found.
Re: Goldman Raising $2B to Buy Distressed Celsius Assets
#146Earlier quoted context omitted.
I’ve seen a couple examples of a somewhat opposite scenario where founder does well, sells to MBA for a lot, business struggles, founder repurchases for much less, then brings business back to profitability
Steve Jobs?
Was thinking of a couple observations that aren’t particularly famous but Jobs is in the category too.
Re: Goldman Raising $2B to Buy Distressed Celsius Assets
#147Anybody 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.
Where can you speculate on it?
I usually opt for an AMM like Uniswap, but I check for liquidity pools elsewhere too
Just be sure to check liquidity depth and current network transaction fees beforehand