Earlier quoted context omitted.
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?
the same place undercover agents find them
Celsius acknowledges $1.2B hole in balance sheet
101–110 of 339 posts
Re: Celsius acknowledges $1.2B hole in balance sheet
#102Earlier quoted context omitted.
If its bank transfers between trusted entities why do you need blockchain?
This is called the ACH network and there's no way to trace, undue, or recall transactions. It has been used in bank robberies [1] and numerous financial institutions and payment processors who are not banks use it, not all of whom are trustworthy. [1] https://www.kaspersky.com/about/press-releases/2015_the-grea...
ACH is only for internal US transfers and is absolutely reversible. Your linked article is not about that. There is of course a time limit.
Re: Celsius acknowledges $1.2B hole in balance sheet
#103Earlier quoted context omitted.
Hertz had actual vehicles.
It's not like Celsius has a zero balance sheet. They still have substantial liquid assets even if you discount the suspect ones. They just have a lot more more liabilities, thus the bankruptcy.
Are the tokens a senior claim on any of their assets, though?
Re: Celsius acknowledges $1.2B hole in balance sheet
#104If 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…
> It's like writing yourself a bunch of IOUs and claiming it gives you wealth. I think you just described monetary policy.
“Monetary policy” is backed up by the military. What are Celsius’ tokens backed up by?
Re: Celsius acknowledges $1.2B hole in balance sheet
#105Earlier 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.
Crypto is our generation’s write off. The cost of a free market economy. We’ll have people with stranded skill sets. They deserve compassion; though based on precedent, they will find none. Maybe in a hundred years we’ll realise they were ahead of their time. When some UN blockchain extends across the solar system. Like how we remember N. Tesla and the 90s’ satellite internet folk. Financially ruined. But cute in the…
> Maybe in a hundred years we’ll realise they were ahead of their time. When some UN blockchain extends across the solar system.
I doubt it. Crypto reached the superbowl and it's incredibly mainstream. If it's trillion dollar use hasn't been found yet (beyond just doing what already exists slightly better / worse) then I doubt it will ever come.
Re: Celsius acknowledges $1.2B hole in balance sheet
#106Earlier quoted context omitted.
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.
There are levels of trust between treating the other party as hostile by default and being sure that there will never be a disputed issue.
Re: Celsius acknowledges $1.2B hole in balance sheet
#107Earlier quoted context omitted.
I pay my servers at vultr.com, my domains on porkbun.com and my drugs on $market with bitcoin :)
I can also flip my burgers with my flipflop. I was asking for a useful usecase.
I love this comparison, similar to the “if my grandmother had wheels she would have been a bike”
Re: Celsius acknowledges $1.2B hole in balance sheet
#108If 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…
> It's like writing yourself a bunch of IOUs and claiming it gives you wealth. I think you just described monetary policy.
If you can require people to pay taxes in your money, you made money.
They can't. They didn't.
Re: Celsius acknowledges $1.2B hole in balance sheet
#109Earlier quoted context omitted.
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…
> 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. But they’re already trusted partners who already have a functioning settlement mechanism that already has provisions for reversing transactions. Jamming a blockchain on top of…
How many serious bugs have there been in bitcoin?
All I’m talking about is a simple ledger, not the fancy smart contact nonsense.
Re: Celsius acknowledges $1.2B hole in balance sheet
#110And yet the site apparently continues to accept deposits: https://celsius.network Business as usual. Oh yeah, check out our hello bar for that minor detail that withdrawal, swap, and transfers are "currently paused." These guys are going to prison.
The site is not actively accepting deposits. Did you assume that it was, based on something you saw there?
Read this passage from Alex Mashinsky's bankruptcy affidavit:
> Importantly, however, shortly after the Pause Date, on June 18, 2022, Celsius made the necessary changes to the Celsius App to prevent any new users from generating a deposit address and thus being able to deposit cryptocurrency on the Celsius platform. Moreover, as of the Petition Date, new users are prevented from even registering for a Celsius Account.
Celsius can't prevent people from sending crypto to addresses that Celsius controls, but that's a whole different story from "continuing to accept deposits."