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Celsius acknowledges $1.2B hole in balance sheet

coindesk.com

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Re: Celsius acknowledges $1.2B hole in balance sheet

#11

Post by moralestapia »

voodootrucker wrote: post #6
bluelightning2k wrote: post #2

If I read it correctly it's more like a 1.8 bn hole. They are counting 600m of their own token, which already had only 170m or whatever of market cap, which presumably now is absolutely worthless. I don't mean worthless in a conceptual sense like all crypto, but this specific brand of made up money is based on the trust of a bankrupt lender. Nobody is buying that and counting it as 600m of asset is absurd. It's like…

So exactly like the federal reserve or the social security administration buying US bonds then?

US Bonds are not worthless, come on.

Re: Celsius acknowledges $1.2B hole in balance sheet

#13

Post by SilasX »

bluelightning2k wrote: post #2

If I read it correctly it's more like a 1.8 bn hole. They are counting 600m of their own token, which already had only 170m or whatever of market cap, which presumably now is absolutely worthless. I don't mean worthless in a conceptual sense like all crypto, but this specific brand of made up money is based on the trust of a bankrupt lender. Nobody is buying that and counting it as 600m of asset is absurd. It's like…

For reasons I don’t claim to understand, their token is still trading at about a third of where it was three months ago:

https://coinmarketcap.com/currencies/celsius/

Re: Celsius acknowledges $1.2B hole in balance sheet

#14

Post by sergiotapia »

adam_arthur wrote: post #3

Scam, after scam, after scam, after scam...

Still waiting to see even one single useful use case for cryptocurrency and block-chain storage.

It's all a grift to take money away from stupid retail investors trying to get rich quick.

Re: Celsius acknowledges $1.2B hole in balance sheet

#15

Post by SilasX »

axlee wrote: post #10
blobbers wrote: post #5

Quoted post unavailable.

> To the author that talked about writing yourself a bunch of IOUs and claiming it gives you wealth, that's essentially what the US Government does, but at a different scale. They write debt denominated in their own currency. This is such a bad take. Government-issued money in itself is not equivalent to private debt, and has never been. It is an academically heterodox and often politically charged view of what money…

Then why did you leave off the clear reason that easily refutes the misconception? Were you just depending on the status signals to carry your refutation?

Seriously, I don’t get why people proclaim such confident views and then neglect to share their knowledge and insights. “Fake it till you make it”?

Re: Celsius acknowledges $1.2B hole in balance sheet

#16

Post by mccorrinall »

sergiotapia wrote: post #14
adam_arthur wrote: post #3

Scam, after scam, after scam, after scam...

Still waiting to see even one single useful use case for cryptocurrency and block-chain storage. It's all a grift to take money away from stupid retail investors trying to get rich quick.

I pay my servers at vultr.com, my domains on porkbun.com and my drugs on $market with bitcoin :)

Re: Celsius acknowledges $1.2B hole in balance sheet

#17

Post by qbasic_forever »

sergiotapia wrote: post #14
adam_arthur wrote: post #3

Scam, after scam, after scam, after scam...

Still waiting to see even one single useful use case for cryptocurrency and block-chain storage. It's all a grift to take money away from stupid retail investors trying to get rich quick.

IPFS has some cool use-cases, like anti-censorship webhosting. I'm with you on waiting to see actual money use cases that crypto is better at than real dollars/credit cards. It's not even good for money laundering since the blockchain leaves a very public trail that lasts forever.

Re: Celsius acknowledges $1.2B hole in balance sheet

#18

Post by derefr »

axlee wrote: post #10
blobbers wrote: post #5

Quoted post unavailable.

> To the author that talked about writing yourself a bunch of IOUs and claiming it gives you wealth, that's essentially what the US Government does, but at a different scale. They write debt denominated in their own currency. This is such a bad take. Government-issued money in itself is not equivalent to private debt, and has never been. It is an academically heterodox and often politically charged view of what money…

Where do promissory notes issued by individual private savings-and-loan banks (as most paper money was in the 1800s) fall on that spectrum?

Re: Celsius acknowledges $1.2B hole in balance sheet

#19

Post by strangescript »

adam_arthur wrote: post #3

Scam, after scam, after scam, after scam...

They weren't really scamming, but got scammed along with several other companies that were trying to be legit. They made large loans to three arrows capital because on the surface it seemed like a legit serious business hedge fund, but it turned out it making tons of high risk bets in the crypto scene that fell apart when the market crashed.

Re: Celsius acknowledges $1.2B hole in balance sheet

#20

Post by rsstack »

mccorrinall wrote: post #16
sergiotapia wrote: post #14

Earlier quoted context omitted.

Still waiting to see even one single useful use case for cryptocurrency and block-chain storage. It's all a grift to take money away from stupid retail investors trying to get rich quick.

I pay my servers at vultr.com, my domains on porkbun.com and my drugs on $market with bitcoin :)

But all three of them also accept USD or your local currency. So the use case remains... evading the authorities? That's not a compelling use case for the general population.
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