Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers

Post by pazimzadeh » Thu, Oct 06, 2022, 7:42 PM UTC

eropple wrote: post #145

pazimzadeh wrote: post #102

Earlier quoted context omitted.

There are many ways to implement undo-ing transactions on the blockchain. One is with multi-sig wallets. There are also others: https://www.coindesk.com/tech/2022/09/28/stanford-proposal-f...

You keep talking about "multi-sig wallets" in multiple posts. Are you going to have courts in every relevant jurisdiction have a handle on that wallet? That seems unlikely to go over well with the sorts of people who take these seriously.

Post by __s » Thu, Oct 06, 2022, 7:52 PM UTC

itake wrote: post #146

redox99 wrote: post #143

Earlier quoted context omitted.

This isn't crypto. You didn't own any crypto. Some company owned your crypto. The whole point of crypto is that you can own it (ie you and only you have your keys). We hear stories here every now and then about how their bank/paypal/etc froze their money and they are fucked. Crypto allows you to actually own your stuff. With fiat unless you hold cash, you can't do that. Crypto is about being trustless. If you give aw…

> The whole point of crypto is that you can own it (ie you and only you have your keys). I've also heard stories where people were locked out of exchanges during crashes, preventing liquidation, because exchanges stopped or delayed deposits during high volume trading. Its super cool that you can keep your own crypto, but if you can't trade that crypto, whats the point?

Post by cwkoss » Thu, Oct 06, 2022, 7:54 PM UTC

redox99 wrote: post #143

jedberg wrote: post #33

Oh 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 -…

This isn't crypto. You didn't own any crypto. Some company owned your crypto. The whole point of crypto is that you can own it (ie you and only you have your keys). We hear stories here every now and then about how their bank/paypal/etc froze their money and they are fucked. Crypto allows you to actually own your stuff. With fiat unless you hold cash, you can't do that. Crypto is about being trustless. If you give aw…

Post by jedberg » Thu, Oct 06, 2022, 7:55 PM UTC

EVa5I7bHFq9mnYK wrote: post #113

jedberg wrote: post #84

Earlier quoted context omitted.

> Crypto is like the invention of ink that cannot be erased. How that technology would weaken trust and accountability is beyond me. The other important aspect of a working financial system is the ability for a 3rd party (courts/law enforcement) to undo transactions. Crypto makes that impossible without the cooperation of the offender.

Many traditional types of payments, such as wire transfers, cash etc. are also non-undoable. Incarceration and a variety of other tools at law enforcement's disposal are used to recover funds.

Post by ericd » Thu, Oct 06, 2022, 8:02 PM UTC

arcticbull wrote: post #67

scifibestfi wrote: post #65

Earlier quoted context omitted.

Fiat works until it doesn't. Whether that's inflation, corrupt government, or the long term debt cycle which we nearing the end of. Ray Dalio has a good video about what that means and how this has played out every time over the past 500 years: https://www.youtube.com/watch?v=xguam0TKMw8

This is the same thing that William DeVane has been saying shilling gold for Rosland Capital at 2am to Fox viewers for the last decade. I'm not worried. [1] Dalio is talking his book. [1] https://www.youtube.com/watch?v=VVcdvT09qr4