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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

#141

Post by johnnymorgan »

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.

How about WikiLeaks insurance files, pretty the only reason Assange is still alive.

They stuck them in there around 2012, during the dust spam (which wasn't dust spam, it was a dos attack which failed)

The use cases are there but you've made up your mind to ignore them and act smug about it.

GLHF!

Re: Celsius acknowledges $1.2B hole in balance sheet

#142

Post by TimJRobinson »

vkou wrote: post #132
dcolkitt wrote: post #117

One thing to note is that while Celsius, a centralized and opaque yield platform, collapsed, not a single major DeFi protocol failed during a period of enormous stress. MakerDAO, Aave, Uniswap, Curve, Lido and Compound all had perfect 24/7 uptime with zero losses due to unrecoverable debt. This pretty clearly strengthens the case for pure and transparent DeFi, where anybody can inspect the health of the protocol or t…

Celsius seems to have been either a ponzi scheme, or a group of morons doing dumb speculative investment on margin, or (most likely) both, but I'd like to point out that MakerDAO is down 70% YTD, Aave is down 60%, Uniswap is down 60%, etc, etc. You'd have been better off just buying bitcoin on margin (Since BTC is only down 53% YTD). The point of this post is that you can't make something out of nothing. None of thes…

Their tokens are down, but you don't have to buy them to use the platform, they're basically like shares in a company. I constantly use all those platforms without ever buying their tokens.

AMZN being down 30% in the last 6 months has no impact on how useful Amazon or AWS are as products.

Re: Celsius acknowledges $1.2B hole in balance sheet

#143

Post by menzoic »

powerhour wrote: post #61
impulser_ wrote: post #55

Earlier quoted context omitted.

There are features of cryptocurrencies that would actually be useful in today's financial services. The main one would be near instant settlement. If I make a transaction on Bitcoin, that transaction is completely settled and verified and approved over a hundred thousands times within an hour. All parties can trust that the transaction happened and everyone has their money. That's not possible in today's financial sy…

This sounds good until someone makes a mistake and your money is irreversibly gone forever.

This is based on a common misunderstanding of Blockchain. Yes transactions are immutable, but reversing is not necessary. All fiat backed stablecoins run on decentralized infrastructure but they also operate on smart contracts that give the creators the ability to mint and burn coins at will in order to credit fiat deposits and burn tokens for fiat withdrawals. The fact that it runs on an immutable Blockchain just means transactions themselves aren't reversible but it doesn't mean new transactions can't be made to rectify a problem with loss or stolen funds.

Re: Celsius acknowledges $1.2B hole in balance sheet

#144

Post by mccorrinall »

roflyear wrote: post #24
mccorrinall wrote: post #16

Earlier quoted context omitted.

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?

I don’t need to do that. But it’s an accepted currency, so why shouldn’t I use it when it’s offered?

Re: Celsius acknowledges $1.2B hole in balance sheet

#145

Post by Nursie »

dcolkitt wrote: post #117

One thing to note is that while Celsius, a centralized and opaque yield platform, collapsed, not a single major DeFi protocol failed during a period of enormous stress. MakerDAO, Aave, Uniswap, Curve, Lido and Compound all had perfect 24/7 uptime with zero losses due to unrecoverable debt. This pretty clearly strengthens the case for pure and transparent DeFi, where anybody can inspect the health of the protocol or t…

> not a single major DeFi protocol failed during a period of enormous stress

Was Terra/Luna/Anchor/Whatever not a DeFi protocol?

Re: Celsius acknowledges $1.2B hole in balance sheet

#146

Post by mccorrinall »

sergiotapia wrote: post #58
mccorrinall wrote: post #16

Earlier 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.

Paying bills isn’t a useful usecase?

Re: Celsius acknowledges $1.2B hole in balance sheet

#147

Post by Peleus »

impulser_ wrote: post #87
Peleus wrote: post #75

Earlier quoted context omitted.

Then look at _why_ you don't have it in today's financial services. Is it because there is some technology lacking that only blockchain and cryptocurrencies can solve? No, it's because in the years of financial market experience, people realise the risks don't outweigh the rewards. Cryptocurrencies and block chain isn't solving a problem, it's just spruiking the pro's side of a pro's and con's decision.

I never said blockchain was a solution. I literally just said there are features of cryptocurrencies that are useful. Send money across the world in minutes without haveing to pay a corporation is a useful feature that could be adopted by the US financial system. Instant deposit money into any bank account is a useful feature. PayPal makes billions offering this service, when it could be a feature of the financial sy…

I never said blockchain was a solution. I literally just said there are features of cryptocurrencies that are useful.

There are features of cryptocurrencies that would actually be useful in today's financial services.

The main one would be near instant settlement.

PayPal makes billions offering this service, when it could be a feature of the financial system.

You seem to be doing this weird thing where you're trying to imply cryptocurrency is solving a problem, but still wanting to have take backs when people say "cryptocurrency doesn't solve this problem".

If your position is that instant transfer would be useful, there is no reason we don't have that already at a technical level. It's purely a financial system construct that we wait and have settlement periods for the ability to reverse transactions, have added security, etc.

If your position is that cryptocurrency somehow solves a technical problem, I'd be interested to hear what you think that technical problem is.

Re: Celsius acknowledges $1.2B hole in balance sheet

#148

Post by adam_arthur »

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.

Guaranteeing double digit yields on what is effectively a pyramid scheme is a scam enough in my eyes

Re: Celsius acknowledges $1.2B hole in balance sheet

#149

Post by game-of-throws »

aardvarkr wrote: post #121
game-of-throws wrote: post #65

Earlier quoted context omitted.

We've had two crypto threads in the past two days. They both had a real world use case in the top comment: https://news.ycombinator.com/item?id=32080174 https://news.ycombinator.com/item?id=32094142 Or do those not count?

You hold up 1. Paying content creators for content and 2. Transferring money internationally as groundbreaking uses for crypto? Seriously?

Parent didn't ask for "groundbreaking", they asked for "even one single useful use case". The bar wasn't high.

More charitably you could call them 1. micropayments and 2. disrupting rent-seeking incumbent banks. You use a currency to pay for things, so yeah, the use cases will tend to circle around payments and transferring money. What did you expect, a cure for cancer?

Re: Celsius acknowledges $1.2B hole in balance sheet

#150

Post by cdiddy2 »

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.

Just because you come from a place of great financial privilege and a liberal society does not mean others have no use for a censorship resistant form of money.

Afghanistan: https://theintercept.com/2022/01/19/crypto-afghanistan-sanct...

Argentina: https://www.bbc.com/news/business-60912789

Russia: https://www.reuters.com/world/europe/navalny-ally-urges-dono...

Lebanon: https://www.reuters.com/article/lebanon-crypto-currency-yout...

Nigeria: https://www.coindesk.com/tech/2020/10/16/nigerian-banks-shut...

Ukraine: https://www.cnbc.com/2022/03/23/ukrainian-flees-to-poland-wi...

https://www.financialinclusion.tech/

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