The equivalent of $104M for Fahrenheit Execs.
Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
231–240 of 327 posts
Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#232Earlier quoted context omitted.
But you can blame gold itself for that. Gold is inherently valuable; and one flaw of inherent physical value is that it can physically change hands forcibly and, well, the bearer of that value now controls it in complete and total form. Cryptographically verified exchange is a different kind of exchange, and it has its own benefits and drawbacks. one of the benefits of this kind of exchange is that mere custody of th…
You can blame gold if it is very easy to steal. Or if owners are more likely to have it stolen, etc etc. Crypto has certain vulnerabilities that gold doesn’t. But it also has lots of benefits. But I don’t know of any situations where gold banks let them drive trucks of $40M in gold before they stopped customers. It’s just harder to move.
? Candidly I don't know what you mean, so I will share this anecdote about gold in trucks: there is a building in downtown Chicago, built at the height of the mob days, with an elevator which can lift an entire (full) armored car.
It can lift it several stories up, into the building, where the bank can unload it safely without risk of robbery.
Also, of course, you can't actually steal bitcoin, you can merely steal the keys. That is an actual distinction because possession of the article itself is meaningless without the other half of the cryptographic operation it takes to move it.
Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#233Earlier 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…
>Crypto is about being trustless. People always say this, but you definitely have to trust that a group of unknown validators/miners/stakers will choose to keep working on your chosen chain, just as much as you have to trust that the bank will keep doing it's job as they promised you they would. And before you say "I don't need trust, validators have economic incentive to keep doing it, and if they don't someone else…
> And before you say "I don't need trust, validators have economic incentive to keep doing it, and if they don't someone else will", I have something to tell you about why people choose to work at banks (it's the salary).
This statement supports exactly the opposite of the point you're trying to make.
Think about it:
* Bankers have economic incentive to work at a bank (the salary)
* Validators have economic incentive to work on your chain (the block rewards)
That's literally the entire point. You don't need to trust any validator, only that the majority are self-interested, rational actors.
Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#234It isn't your crypto if you don't hold your own private key.
Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#235Oh 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…
There are a large number of different "whole points." One of them, supported by a lot of people, is "programmable money unencumbered by banking institutions." To a lot of people, organizations like Celsius is the point of crypto. And we keep seeing this kind of garbage happen.
Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#236Earlier quoted context omitted.
> yes, I can steal your Bitcoin Let's fix that phrase: - yes, I can steal your Bitcoin keys And then go further and transfer the bitcoins Other than that, no, you CANNOT steal "my" bitcoins
Um, no, I don't think language works like that. Let's try to rephrase that with gold: "You CANNOT steal the gold under my mattress. You can steal my keys or break my door, walk in and then move the gold from my house to your car and drive off.". Don't you agree the above is equivalent to me stealing your gold?
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Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#237Oh 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 -…
The problem is the people in the government with guns tend to work against the people (or at least certain people, last time I interacted with one of them they were serving me an absurd perjurious warrant). I trust the crypto-anarchists with guns far more than the fiat-authoritarians with guns.
Is your sample size small, though : 1 legal system with guns compared to 0 anarchists with guns?
Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#238Earlier 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…
There are a large number of different "whole points." One of them, supported by a lot of people, is "programmable money unencumbered by banking institutions." To a lot of people, organizations like Celsius is the point of crypto. And we keep seeing this kind of garbage happen.
I hate to be a "told you so" person, but since 2010 I've been saying bitcoin is just a typical libertarian pipe dream. Yes I missed out on a large financial bubble, but I also made $0 on beanie babies, and that is fine.
But my main point is that people see a problem with the government and jump to the conclusion that we should just get rid of the whole institution without understanding the history of that institution. So bitcoin decided to get rid of govt control of money, which is just like a small town getting rid of their property taxes. It sounds great and works great until a bridge unexpectedly collapses and you have no way to pay for a new one, or until someone finds a bug in your defi code and borrows all your crypto for 1000 years at a zero interest rate.
Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#239Earlier 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...?
Depends where you live. In Lebabon you have to go to the bank with a gun in order to get your own money.
Re: Celsius Execs Cashed Out $40M in Crypto Before Halting Withdrawals for Customers
#240US should regulate the crypto industry ASAP. A lot of investors are losing money due to scams.