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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

#261

Post by aaaaaaaaata »

powerhour wrote: post #171
menzoic wrote: post #143

Earlier quoted context omitted.

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 me…

Sure, you can make new transactions that do whatever you want, but can you force the recipient (edit: or smart contract author) to create a transaction that returns the tokens or do you have to hope they'll do it on request?

When you give the butcher a hundred bill instead of a ten bill, and he says "no, it was a ten", what's your recourse?

Same onus.

Re: Celsius acknowledges $1.2B hole in balance sheet

#262

Post by aaaaaaaaata »

JumpCrisscross wrote: post #234
impulser_ wrote: post #92

Earlier quoted context omitted.

You wouldn't be wiring your hotel. You would be wiring your hotel's bank.

> You wouldn't be wiring your hotel. You would be wiring your hotel's bank. Sure. Yes. Fine. A worthless difference. But yet. I won’t wire my hotel’s bank. I will wire my lawyer or accountant. (Sorry, their banks.) Wires which process instantly and for free. But virtually irreversibly, and so at higher risk for me. (Also, AmEx gives me goodies. Same reason I don’t swipe my debit card.)

I'd wire or send them cryptocurrency of a small deposit — the same one they're putting on your credit card via a hold, if there's any issue.

Re: Celsius acknowledges $1.2B hole in balance sheet

#263

Post by aaaaaaaaata »

Peleus wrote: post #174
kelseyfrog wrote: post #137

Earlier quoted context omitted.

Blockchain solves it by making it so that all that goes away. In return if something fucks it up...well look at every crypto project that has ever crashed. I'm not being glib. That's the solution.

so that all that goes away All WHAT goes away? You're talking about hordes of people answering customer queries. How the hell does blockchain make that go away?

Eliminate customer service touch points from your business.

Re: Celsius acknowledges $1.2B hole in balance sheet

#264

Post by aaaaaaaaata »

game-of-throws wrote: post #65
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.

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?

Filecoin

Re: Celsius acknowledges $1.2B hole in balance sheet

#265

Post by aaaaaaaaata »

JumpCrisscross wrote: post #51
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.

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…

> how we remember N. Tesla and the 90s’ satellite internet folk. Financially ruined. But cute in their own way.

A revolutionary researcher who had the government confiscate all of his valuable work — "cute in their own way"?

I don't know what your point is, but your disrespect is shameful.

Re: Celsius acknowledges $1.2B hole in balance sheet

#266

Post by dcolkitt »

vkou wrote: post #233
yokem55 wrote: post #164

Earlier quoted context omitted.

> but I'd like to point out that MakerDAO is down 70% YTD, Aave is down 60%, Uniswap is down 60%, etc, etc. The health of the protocols is only very marginally connected to the value of the tokens that govern them. Even if the $UNI token went to zero, the liquidity pools and swap contracts would still work fine. $MKR and $AAVE are a little more complicated because if the governance tokens got too cheap, the protocols…

That's wonderful. But what are all these loans used for? Arbitrage? Trading other coins around? It's turtles all the way down - there's nothing that generates value at the bottom.

We could easily put real economic assets and loans on-chain. The legal frameworks exist On-chain yields are now low enough and “real-world” interest rates high enough that there’d be demand. Delaware courts can and have enforced corporate entities governed by software.

The problem is that all of this is currently illegal, because The SEC and Gary Gensler have made zero effort to build a regulatory framework for securities as tokens.

Re: Celsius acknowledges $1.2B hole in balance sheet

#269

Post by nradov »

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…

There is no such thing as “blue chip DeFi apps". The very notion is completely delusional and disconnected from reality.

Re: Celsius acknowledges $1.2B hole in balance sheet

#270

Post by nradov »

basch wrote: post #225
Wertigoyr wrote: post #205

Earlier quoted context omitted.

What does there platform provide then?

Currency exchange. P2P Lending. Money services.

But the problem is that it's not real currency and you can't do anything useful with it beyond trying to trade it to a bigger idiot.
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