11–20 of 327 posts
gasp I'm shocked, absolutely SHOCKED, that people involved in crypto would be scam artists.
He really didn't cash out anything that was legal tender --- what he cashed out was a bunch of play money. Technically, this isn't a crime because it wasn't "real" money.
I don't follow crypto, so these are actual questions, not trolling: - If Celsius is a trading platform, how can Celsius itself owe anybody anything? - My naive understanding is that cryptocurrency, being based on blockchain, is a log of universally agreed upon, legitimate transactions. So how can there be a liquidity crisis at all, let alone one in the billions? How is the platform allowing transactions not backed by…
2. The liquidity crisis happened because of off-chain financing which models current lender/borrower agreements.
It's one thing to pull some elaborate and complex fraud, but you'd have to be really stupid to do such blatant insider trading in broad daylight. Are they taking calculated risks in doing this because surely they're getting prosecuted and having all their money taken away as well?
LOL!
Either really stupid --- or really smart.
He did nothing that was technically illegal --- because it was only play money --- i.e. not legal tender.
The really stupid people are those surrendering legal tender in order to play a game with "Monopoly Money".
I don't follow crypto, so these are actual questions, not trolling: - If Celsius is a trading platform, how can Celsius itself owe anybody anything? - My naive understanding is that cryptocurrency, being based on blockchain, is a log of universally agreed upon, legitimate transactions. So how can there be a liquidity crisis at all, let alone one in the billions? How is the platform allowing transactions not backed by…
By the way, there are legit decentralised blockchain based lending platforms like Aave.
I don't follow crypto, so these are actual questions, not trolling: - If Celsius is a trading platform, how can Celsius itself owe anybody anything? - My naive understanding is that cryptocurrency, being based on blockchain, is a log of universally agreed upon, legitimate transactions. So how can there be a liquidity crisis at all, let alone one in the billions? How is the platform allowing transactions not backed by…
Celsius is similar, but they also offer a loan system on top of it. So the coins you give to celsius are not only no longer owned by you, but they're also not even present in a Celsuis wallet.
gasp I'm shocked, absolutely SHOCKED, that people involved in crypto would be scam artists.
And the most amazing part --- it's not even a scam. He really didn't cash out anything that was legal tender --- what he cashed out was a bunch of play money. Technically, this isn't a crime because it wasn't "real" money.
These people will be charged with a crime, and the government is going to find something that sticks. Securities fraud, wire fraud, whatever fits.
https://www.justice.gov/usao-sdny/pr/three-charged-first-eve...
https://www.justice.gov/usao-sdny/press-release/file/1521186...
Crypto is pretty much speed running our existing financial institutions’ past history.
I don't follow crypto, so these are actual questions, not trolling: - If Celsius is a trading platform, how can Celsius itself owe anybody anything? - My naive understanding is that cryptocurrency, being based on blockchain, is a log of universally agreed upon, legitimate transactions. So how can there be a liquidity crisis at all, let alone one in the billions? How is the platform allowing transactions not backed by…
This is why it is unsafe to keep too many funds custodially with untrustworthy parties and why it is a good idea to minimize the amount you have custudially (e.g. on exchanges see mt gox fiasco)
Earlier quoted context omitted.
And the most amazing part --- it's not even a scam. He really didn't cash out anything that was legal tender --- what he cashed out was a bunch of play money. Technically, this isn't a crime because it wasn't "real" money.
The DOJ is going after folks for front running [edit: better wording: insider trading, thx jcpham2 for pointing out my lazy language] NFTs on Coinbase. This is not a defense (“not real money”). Can’t have it both ways, that they’re digital assets when you want to scam, but it’s play money when you get caught. These people will be charged with a crime, and the government is going to find something that sticks. Securit…