Celsius acknowledges $1.2B hole in balance sheet

Post by jahnu » Fri, Jul 15, 2022, 3:40 AM UTC

TimJRobinson wrote: post #172

Nursie wrote: post #145

Earlier quoted context omitted.

> not a single major DeFi protocol failed during a period of enormous stress Was Terra/Luna/Anchor/Whatever not a DeFi protocol?

They were a DeFi ponzi chain which was obviously going to fail to anyone who spent time looking into it. They were printing a stablecoin backed by nothing. Far different from the blue chip DeFi apps on Ethereum that the OP listed, which process billions of dollars per day without issue. DeFi makes things more transparent, but it doesn't make them risk free. I personally profited off the collapse because of the transp…

Post by dannyw » Fri, Jul 15, 2022, 3:57 AM UTC

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…

Post by Wertigoyr » Fri, Jul 15, 2022, 4:02 AM UTC

TimJRobinson wrote: post #142

vkou wrote: post #132

Earlier quoted context omitted.

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.

Post by thematrixturtle » Fri, Jul 15, 2022, 4:10 AM UTC

loeg wrote: post #189

oneoff786 wrote: post #166

Earlier quoted context omitted.

You think there’s a 50% gross margin on mining Bitcoin, after the price has fallen heavily, and we’ve entered a global energy crisis?

Global energy crisis?

Post by trixie_ » Fri, Jul 15, 2022, 4:19 AM UTC

Nursie wrote: post #184

trixie_ wrote: post #177

Earlier quoted context omitted.

Like stocks, don't confuse short term volatility with long term performance. The fed is expert at manipulating short term valuations, but their manipulations only hold for so long before they have to lower or raise rates again.

I'm not. Cryptocurrency has explicitly and repeatedly been touted as un or anti-correlated to the wider financial ecosystem, fiat currencies and the stock market, and has been loudly, noisily and never-endingly sold as a great hedge against these things, absent any evidence. The evidence is in now, and those theories are a bust.