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

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

#181

Post by Jommi »

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?

you can trade crypto you own, all the while keeping ownership of that crypto

look into decentralized finance and you will be amazed

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

#182

Post by gobip »

redox99 wrote: post #177
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?

That's why I think Bitcoin is outdated (yes, get your pitchforks), and you really need something that can do smart contracts. Bitcoin you can hold it, transfer it, and not much more. Having smart contracts (like Ethereum) allows you to have something like Uniswap, which is decentralized and allows you to trade your coins. Yes, it's not a fiat on/offramp, but if stablecoins are actually good and backed, in the scenari…

Layer two on Bitcoin. Lightning network. Stablecoins coming soon.

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

#183

Post by redox99 »

browningstreet wrote: post #161
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…

How do you safely use crypto?

With a hardware wallet where you store your seed phrase. You would never type this seed anywhere. You would store backups of this seed in something like a metal sheet that you can buy. You would be extremely careful of the numerous phishing attempts that you will encounter. Also with malicious smart contracts. And you would have a hot and cold wallet, to minimize risk.

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

#185

Post by arcticbull »

ericd wrote: post #160
arcticbull wrote: post #67

Earlier quoted context omitted.

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

It’s his book because he believes it’s true, not because he’s trying to influence things. I’d highly recommend reading Big Debt Crises.

Sorry, when I said "talking his book" that's like a finance term for advocating for things that would benefit the positions you hold.

> Talking your book is a phrase used to describe what portfolio managers are doing when they discuss their portfolio holdings. It is generally assumed that this discussion is to create interest (and buyers) of these securities. This will ultimately benefit the price of the security and the manager’s portfolio.

[1] https://abnormalreturns.com/2010/02/18/everybody-talks-their...

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

#186

Post by [deleted] »

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 -…

[deleted]

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

#187

Post by [deleted] »

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…

[deleted]

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

#188

Post by notch656a »

gilrain wrote: post #121
ajross wrote: post #114

Earlier quoted context omitted.

Oh, come on. Have you never lost a check? Never seen a credit card bill you can't explain? Never had an argument with your spouse over what the $2k at Costco was for? Never gotten a bill and had trouble figuring out if you've paid it or not? Accounting failings happen to all of us. The only people with perfect bank accounts are either (1) accountants themselves or (2) never really bothered to look.

No to all of that, never. I lost my debit card once along with, stupidly, my PIN (both were in my wallet, which was left somewhere). The maximum daily withdrawal was taken from ATMs that night. The next day, my bank made me whole. If that had been a crypto wallet, I’d have been out $1000 I couldn’t afford to lose. Man, was I grateful for the human considerations built into traditional banking!

That's nice anecdote. When a thief intercepted my credit card information, my bank accused me of lying and made sure the thief could keep all the money, including going through the full appeals process for fraud reporting where my claim was denied at every step. Then the bank kept insinuating that my family members must have stolen the money, and called into question my credibility in a condescending tone. Honestly I've found fraud protection at the bank to suck horribly.

With my crypto transactions I never send the private key with it, unlike with credit card payments where I transmit the private information (CC numbers). Going off anecdotes, I've found crypto to be vastly safer for my transactions than the banking system.

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

#190

Post by xani_ »

pazimzadeh wrote: post #49
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 -…

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…

Legal system isn't preventing all of the the problems

Lack of legal system is allowing for all of the problems

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