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

Post by browningstreet » Thu, Oct 06, 2022, 8:04 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, 8:07 PM UTC

yieldcrv wrote: post #162

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 -…

that copypasta you found has nothing to do with the asset involved….. it is not likely what Celsius did was legal (or consequence free via the legal system) , so that has nothing to do with the matter that their company held crypto assets adding clearer fiduciary duties to company’s that hold crypto assets is entirely possible and so also has nothing to do with crypto

Post by optimalsolver » Thu, Oct 06, 2022, 8:13 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 rodgerd » Thu, Oct 06, 2022, 8:17 PM UTC

__s wrote: post #154

itake wrote: post #146

Earlier quoted context omitted.

> 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?

You can trade crypto in person without an exchange

Post by dangerlibrary » Thu, Oct 06, 2022, 8:19 PM UTC

Retric wrote: post #69

pazimzadeh wrote: post #49

Earlier 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…

Political theater, the money isn’t missing. In order to prevent fraud and obscure details from spies, the pentagon is setup to hand out money via multiple archaic systems rather than a single computer system. This limits the possible damages, but means audits are really slow and will report massive discrepancies before their complete.