Celsius acknowledges $1.2B hole in balance sheet
coindesk.com
Celsius acknowledges $1.2B hole in balance sheet
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Re: Celsius acknowledges $1.2B hole in balance sheet
#2If I read it correctly it's more like a 1.8 bn hole.
They are counting 600m of their own token, which already had only 170m or whatever of market cap, which presumably now is absolutely worthless.
I don't mean worthless in a conceptual sense like all crypto, but this specific brand of made up money is based on the trust of a bankrupt lender. Nobody is buying that and counting it as 600m of asset is absurd.
It's like writing yourself a bunch of IOUs and claiming it gives you wealth.
Re: Celsius acknowledges $1.2B hole in balance sheet
#3Scam, after scam, after scam, after scam...
Re: Celsius acknowledges $1.2B hole in balance sheet
#4good luck liquidating this 720M of mining gear :)
Re: Celsius acknowledges $1.2B hole in balance sheet
#5No post body was provided.
Re: Celsius acknowledges $1.2B hole in balance sheet
#6If I read it correctly it's more like a 1.8 bn hole. They are counting 600m of their own token, which already had only 170m or whatever of market cap, which presumably now is absolutely worthless. I don't mean worthless in a conceptual sense like all crypto, but this specific brand of made up money is based on the trust of a bankrupt lender. Nobody is buying that and counting it as 600m of asset is absurd. It's like…
So exactly like the federal reserve or the social security administration buying US bonds then?
Re: Celsius acknowledges $1.2B hole in balance sheet
#7Quoted post unavailable.
It would have been really interesting if any of these crypto companies bought a bunch of tanks when times were good. That sounds like a good sci-fi novel and an interesting ending.
Re: Celsius acknowledges $1.2B hole in balance sheet
#8If I read it correctly it's more like a 1.8 bn hole. They are counting 600m of their own token, which already had only 170m or whatever of market cap, which presumably now is absolutely worthless. I don't mean worthless in a conceptual sense like all crypto, but this specific brand of made up money is based on the trust of a bankrupt lender. Nobody is buying that and counting it as 600m of asset is absurd. It's like…
So exactly like the federal reserve or the social security administration buying US bonds then?
no, in fact it's not exactly like that.
Re: Celsius acknowledges $1.2B hole in balance sheet
#9If I read it correctly it's more like a 1.8 bn hole. They are counting 600m of their own token, which already had only 170m or whatever of market cap, which presumably now is absolutely worthless. I don't mean worthless in a conceptual sense like all crypto, but this specific brand of made up money is based on the trust of a bankrupt lender. Nobody is buying that and counting it as 600m of asset is absurd. It's like…
So exactly like the federal reserve or the social security administration buying US bonds then?
Nothing like that.
Re: Celsius acknowledges $1.2B hole in balance sheet
#10Quoted post unavailable.
> To the author that talked about writing yourself a bunch of IOUs and claiming it gives you wealth, that's essentially what the US Government does, but at a different scale. They write debt denominated in their own currency.
This is such a bad take. Government-issued money in itself is not equivalent to private debt, and has never been. It is an academically heterodox and often politically charged view of what money really is.