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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

#251

Post by FabHK »

StanislavPetrov wrote: post #140
aardvarkr wrote: post #121

Earlier quoted context omitted.

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

>2. Transferring money internationally as groundbreaking uses for crypto? Seriously? You are confusing, "groundbreaking" with, "useful and convenient". It is much cheaper, faster and easier to send small international payments via crypto than it is via any legacy financial service - this is beyond dispute.

> It is much cheaper, faster and easier to send small international payments via crypto than it is via any legacy financial service - this is beyond dispute.

Let me dispute it then. Try Wise (formerly Transferwise). It is cheap, fast, and easy.

FWIW, I know many people working abroad (from expats to domestic helpers), and none of them use crypto for remittances, as far as I know.

Re: Celsius acknowledges $1.2B hole in balance sheet

#252

Post by throwaway0a5e »

heavenlyblue wrote: post #249
Peleus wrote: post #224

Earlier quoted context omitted.

Fucking lol. I can just imagine a company sending a package to the wrong address. The customer rings the company to ask what's going on. "Sorry the blockchain is immutable, we can't change where your package is going, deal with it". Yes, blockchain totally solves all these problems... I worry if people are actually this delusional.

> I worry if people are actually this delusional. Would it make you worry more or less if they are not delusional but just plainly not thinking?

I don't care whether they're thinking. I care whether they're voting.

Re: Celsius acknowledges $1.2B hole in balance sheet

#253

Post by tromp »

everfree wrote: post #186
gcr wrote: post #180

Earlier quoted context omitted.

If Celsius is accepting deposits on existing addresses, they are continuing to accept deposits that they know their customers can't access. Celsius designed the system without an off switch because DeFi systems generally view that as an anti-feature, but that means that they probably aren't able to be compliant with the bankruptcy affidavit. You yourself wrote that they "can't prevent" deposits for existing accounts.…

> If Celsius is accepting deposits on existing addresses, they are continuing to accept deposits that they know their customers can't access. Did you read the affidavit? Your argument is specifically pre-empted and refuted: > It is important to understand that users transfer their digital assets from external “wallets” to the Celsius platform by recording such transactions on the blockchain. These transfers are entir…

> It's a feature that most blockchains simply do not support.

Notably, the feature of requiring receiver approval is inherent in blockchains using the Mimblewimble protocol.

Re: Celsius acknowledges $1.2B hole in balance sheet

#254

Post by aaaaaaaaata »

jakelazaroff wrote: post #104
titzer wrote: post #80

Earlier quoted context omitted.

> 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?

> “Monetary policy” is backed up by the military.

I love this.

How poignant of an image: you're holding your dollars, "the military" is standing in front of you...and the rest of the world is just walking in the other direction.

Re: Celsius acknowledges $1.2B hole in balance sheet

#255

Post by aaaaaaaaata »

moralestapia wrote: post #11
voodootrucker wrote: post #6

Earlier quoted context omitted.

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

US Bonds are not worthless, come on.

Neither are the assets under discussion.

Both are subjective.

Re: Celsius acknowledges $1.2B hole in balance sheet

#256

Post by aaaaaaaaata »

tsimionescu wrote: post #230
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…

> You'd have been better off just buying bitcoin on margin (Since BTC is only down 53% YTD). It's also funny to note that you'd have been better off just buying Turkish Lyra, which is "only" down ~29%. Most fiats, at least in Europe, are down waaaaaay less than that, of course. So much for crypto as a store of value.

Will we catch you right here next year, or the year after when it's at a new all-time high, saying the opposite?

Re: Celsius acknowledges $1.2B hole in balance sheet

#257

Post by aaaaaaaaata »

tsimionescu wrote: post #231
trixie_ wrote: post #228

Earlier quoted context omitted.

It's pretty simple, all the Bitcoin 'manipulation' you see is simply buying/selling open market coins. Not selling massive quantities of newly minted coins. The government on the other and has minted and spent trillions of dollars in stimulus which has resulted in permanent inflation. The point is, Bitcoin will bounce back, the dollar will not.

There is plenty of other manipulation, like constructing ponzi schemes that require BTC/ETH to get into, or "stable coins" backed by other crypto, or selling "art" like NFTs. These all sooner or later crash down, and bring the value of ETH and BTC down with them. Already billions of dollars have left the crypto space, and are unlikely to ever come back. It of course isn't impossible that BTC will bounce back, but the…

> are unlikely to ever come back.

This is you projecting, to some extent.

Re: Celsius acknowledges $1.2B hole in balance sheet

#258

Post by aaaaaaaaata »

Nursie wrote: post #212
trixie_ wrote: post #209

Earlier quoted context omitted.

There are many theories about everything. Sorry the ones you bought into didn’t work out. Most of us aren’t surprised that when the dollar is manipulated that other asset classes’ dollar values change as well.

I didn't buy into them, nor was I the slightest bit surprised. The point is that like most theories about cryptocurrency value that originate with cryptocurrency proponents, they have been shown to be wrong when exposed to the real world. To turn it back on you - I'm not sure why you're upset that a central bank currency is being manipulated, that's entirely the point of such a system, to allow manipulation by steeri…

I had a comment written, I'll leave it at this: https://www.dailymail.co.uk/news/article-10966165/Jerome-Pow...

Your faith is misplaced.

Re: Celsius acknowledges $1.2B hole in balance sheet

#259

Post by aaaaaaaaata »

Nursie wrote: post #226
trixie_ wrote: post #218

Earlier quoted context omitted.

I'm not upset either. The dollar is a stable because of manipulation though unfortunately over the long term it does lose value. The cost of stability. Crypto on the other hand I do expect to go up over the long term while being short term volatile. Let's check back in five years and see if that's the case.

We can do that, and I'm not sure I would like to make a prediction about the price of any particular cryptocurrency asset that far ahead. But I'm also not sure what that has to do with my posts further up, which are saying that another claim about cryptocurrency, that it's a hedge against the stock market and the wider financial system, is wrong. If you're trying to say "Well it might work out, longer term!" then I'm…

> that it's a hedge against the stock market

It can be, but still be correlated right up until that moment.

Re: Celsius acknowledges $1.2B hole in balance sheet

#260

Post by aaaaaaaaata »

FabHK wrote: post #250
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…

First, you are conflating settlement of securities with money transfers, two different things. Next, I can transfer money in Europe (SEPA) settling immediately, for a tiny fee ($0.30 or so). Finally, I've had BTC transactions in the mempool for 16 hours or more, hanging in there without any confirm. They might just drop out, or they might eventually be included in a block - who knows. Not exactly a predictable and re…

> I've had BTC transactions in the mempool for 16 hours or more

...and then what?

This is the first story I've heard like this.

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