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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

#21

Post by colechristensen »

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.

Interbank nightly balance settlements between large institutions. A distributed cryptographic ledger would be great for this kind of thing. A private “coin” between mostly trusted partners with provisions for reversing transactions as needed.

Useful because it would have lower administration overhead than one bank maintaining a service for exchanging funds, no concerns about downtime, and all sorts of guarantees about the correctness of balances. Lots of back end software that just doesn’t need to be written or maintained.

Lots of similar usecases where small mostly trusted groups need to keep track of asset transfers or trade between them.

Re: Celsius acknowledges $1.2B hole in balance sheet

#22

Post by dijonman2 »

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 :)

hypothetically, where does one find latest markets?

Re: Celsius acknowledges $1.2B hole in balance sheet

#23

Post by aaronbrethorst »

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.

money laundering?

Re: Celsius acknowledges $1.2B hole in balance sheet

#24

Post by roflyear »

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 :)

Why do you need BTC to do any of that?

Re: Celsius acknowledges $1.2B hole in balance sheet

#25

Post by Hayvok »

dwater wrote: post #12
blobbers wrote: post #5

Quoted post unavailable.

If Celsius was backed by the full faith and credit of the US economy and war machine then those Celsius Bucks would probably still have value.

Agreed. “The government does it, why can’t we?” is just being deliberately naive. In the hands of the U.S. government it’s monetary policy - in mine it’s literally a scam.

There’s a fascinating lesson and wake-call in monetary theory and philosophy somewhere here for us, but I’m not sure anybody wants to learn it.

Re: Celsius acknowledges $1.2B hole in balance sheet

#26

Post by selimthegrim »

xrd wrote: post #7
blobbers wrote: post #5

Quoted post unavailable.

It would have been really interesting if any of these crypto companies bought a bunch of tanks when times were good. That sounds like a good sci-fi novel and an interesting ending.

Maybe they can pay the stamp fees under the NFA for the tank ammo with crypto

Re: Celsius acknowledges $1.2B hole in balance sheet

#27

Post by sgjohnson »

strangescript wrote: post #19
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.

By this logic banks putting garbage mortgages in their CDOs and having them AAA rated wasn’t scamming either.

It’s just that they also got scammed when the market crashed!

Oh, wait, they got bailed out.

Re: Celsius acknowledges $1.2B hole in balance sheet

#28

Post by adrr »

colechristensen wrote: post #21
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.

Interbank nightly balance settlements between large institutions. A distributed cryptographic ledger would be great for this kind of thing. A private “coin” between mostly trusted partners with provisions for reversing transactions as needed. Useful because it would have lower administration overhead than one bank maintaining a service for exchanging funds, no concerns about downtime, and all sorts of guarantees abou…

If its bank transfers between trusted entities why do you need blockchain?

Re: Celsius acknowledges $1.2B hole in balance sheet

#29

Post by kelseyfrog »

colechristensen wrote: post #21
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.

Interbank nightly balance settlements between large institutions. A distributed cryptographic ledger would be great for this kind of thing. A private “coin” between mostly trusted partners with provisions for reversing transactions as needed. Useful because it would have lower administration overhead than one bank maintaining a service for exchanging funds, no concerns about downtime, and all sorts of guarantees abou…

Do banks not presently trust each other?

edit: Suggesting that the interbank system move to crypto on a thread about a massive failed crypto project is a huge failure on reading the room. It's like trying to convince people to buy Titanic II tickets at the funeral for the Titanic I victims or trying to sell a Model 38 to Jacqueline Kennedy on November 23, 1963.

Re: Celsius acknowledges $1.2B hole in balance sheet

#30

Post by abakker »

SilasX wrote: post #15
axlee wrote: post #10

Earlier quoted context omitted.

> 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”?

the government backs its currency by having _different rights_ than private companies. E.g. the ability to levy taxes and field an army. We the citizens have given them those rights specifically so that they are the highest authority.

This is why a currency that derives from them is better than a currency that derives from anonymous scammers on the internet.

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