Crypto is pretty much speed running our existing financial institutions’ past history.
At this point, I see crypto as nothing more than digital penny stocks. It isn't all scams, just mostly.
Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
71–80 of 327 posts
Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#72Earlier quoted context omitted.
Huh? If that was true then it would be services like AAVE or Uniswap which would be bankrupt, not the centralized finance Celsius. The idea that the traditional legal system prevents funny business with money is naive. 9/10/2001: Rumsfeld says $2.3 TRILLION Missing from Pentagon https://www.youtube.com/watch?v=xU4GdHLUHwU The Pentagon’s $35 Trillion Accounting Black Hole https://www.yahoo.com/video/pentagon-35-trilli…
It doesn't prevent it, but it gives you recourse to make yourself whole again, and in a sense prevents a lot of funny business because people are afraid of getting caught and being put in jail.
Crypto is like the invention of ink that cannot be erased. How that technology would weaken trust and accountability is beyond me. It's literally perfect for finance (especially once multi-sig wallets become common). If Celsius had been more all-in on crypto tech, they would have had FEWER problems.
Also, I don't know any law that exempts crypto companies from being taken to court.
Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#73Oh hey look the consequences of a monetary system that isn't backed by a legal system (that is backed up by people with guns). The reason fiat money works is because at the end of the day if you run into trouble you have the legal system to make things right. And if the perpetrator of the crime doesn't listen to the legal system, there are people with guns/violence to back that up. That's why the whole system works -…
But wait! I thought decentralised is sooo much better??
It's centralized. Turns out people like centralized things because it's easier!
Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#74Earlier quoted context omitted.
Huh? If that was true then it would be services like AAVE or Uniswap which would be bankrupt, not the centralized finance Celsius. The idea that the traditional legal system prevents funny business with money is naive. 9/10/2001: Rumsfeld says $2.3 TRILLION Missing from Pentagon https://www.youtube.com/watch?v=xU4GdHLUHwU The Pentagon’s $35 Trillion Accounting Black Hole https://www.yahoo.com/video/pentagon-35-trilli…
How much money have you lost from your private bank account...?
That's besides the point. I have not lost money from my private account or from my crypto wallets.
I lost money on companies which marketed themselves as using crypto, but were in fact not.
Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#75Earlier quoted context omitted.
Huh? If that was true then it would be services like AAVE or Uniswap which would be bankrupt, not the centralized finance Celsius. The idea that the traditional legal system prevents funny business with money is naive. 9/10/2001: Rumsfeld says $2.3 TRILLION Missing from Pentagon https://www.youtube.com/watch?v=xU4GdHLUHwU The Pentagon’s $35 Trillion Accounting Black Hole https://www.yahoo.com/video/pentagon-35-trilli…
Not true. https://leadstories.com/hoax-alert/2022/09/fact-check-donald...
"according to estimates we cannot track 2.3 trillion dollars"
Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#76Earlier quoted context omitted.
It doesn't prevent it, but it gives you recourse to make yourself whole again, and in a sense prevents a lot of funny business because people are afraid of getting caught and being put in jail.
Crypto is like the invention of ink that cannot be erased. How that technology would weaken trust and accountability is beyond me. It's literally perfect for finance (especially once multi-sig wallets become common). If Celsius had been more all-in on crypto tech, they would have had FEWER problems. Also, I don't know any law that exempts crypto companies from being taken to court.
> How that technology would weaken trust and accountability is beyond me. It's literally perfect for finance
Because modern legal systems and modern economies work on the assumption that malfeasance is a reason to un-do what crypto systems want to make indelible. This is an obvious and obviously good thing to people who are not absorbed by this odd groupthink. That impedance mismatch is an excellent indicator of why this technology is viewed as stuff for cranks and grifters, even were there useful applications to be had for the public.
> Also, I don't know any law that exempts crypto companies from being taken to court.
...while at the same time the crypto community is wracked by disposable entities fleeing into the night, beyond any practical legal reach.
On the other hand, if somebody compromises your debit card, Bank of America will make you whole while they reverse the transactions on the backend.
Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#77Earlier quoted context omitted.
It doesn't prevent it, but it gives you recourse to make yourself whole again, and in a sense prevents a lot of funny business because people are afraid of getting caught and being put in jail.
Crypto is like the invention of ink that cannot be erased. How that technology would weaken trust and accountability is beyond me. It's literally perfect for finance (especially once multi-sig wallets become common). If Celsius had been more all-in on crypto tech, they would have had FEWER problems. Also, I don't know any law that exempts crypto companies from being taken to court.
> literally perfect for finance
It’s useful for a cartoon version of finance. It’s "perfect for finance” in that crypto users are willing to tolerate high fee burdens, which makes them profitable.
Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#78Earlier quoted context omitted.
The DOJ is going after folks for front running [edit: better wording: insider trading, thx jcpham2 for pointing out my lazy language] NFTs on Coinbase. This is not a defense (“not real money”). Can’t have it both ways, that they’re digital assets when you want to scam, but it’s play money when you get caught. These people will be charged with a crime, and the government is going to find something that sticks. Securit…
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Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#79Earlier quoted context omitted.
And the most amazing part --- it's not even a scam. He really didn't cash out anything that was legal tender --- what he cashed out was a bunch of play money. Technically, this isn't a crime because it wasn't "real" money.
The DOJ is going after folks for front running [edit: better wording: insider trading, thx jcpham2 for pointing out my lazy language] NFTs on Coinbase. This is not a defense (“not real money”). Can’t have it both ways, that they’re digital assets when you want to scam, but it’s play money when you get caught. These people will be charged with a crime, and the government is going to find something that sticks. Securit…
Imho we should be careful of using this term front running.
If I buy a thing (simply becqause I can) and then turn around and sell it at artificially high limit sell orders, does this mean I'm front running or market making? Spoofing?