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Started By
Message
re: Another Crypto network imploding (Celsius)
Posted on 6/13/22 at 3:24 pm to TigerTatorTots
Posted on 6/13/22 at 3:24 pm to TigerTatorTots
quote:
To be fair, knowing what I've read over the years about when he got in the market and what he owned, the dude had 7, possibly 8 figures of crypto assets and was "retired" from it. I'm sure his net worth took a hit and he may even need to find a real job now but he was doing more than fine prior.
Well if you can access your "assets" or convert them to USD, you're gonna have a bad time.
1
Posted on 6/13/22 at 3:34 pm to JayDeerTay84
Risk comes with the reward and there's always been a ton of risk surrounding these high yields with no idea of how they are backstopped or what kind of liquidity they can provide when things turn for the worse. There's a reason banks are highly regulated and public companies have to file with the SEC. Those regs aren't foolproof but they are a lot better than the black boxes that are too many crypto projects.
Posted on 6/13/22 at 3:34 pm to JayDeerTay84
dup
This post was edited on 6/13/22 at 3:34 pm
Posted on 6/13/22 at 3:36 pm to Diseasefreeforall
quote:
Risk comes with the reward and there's always been a ton of risk surrounding these high yields with no idea of how they are backstopped or what kind of liquidity they can provide when things turn for the worse. There's a reason banks are highly regulated and public companies have to file with the SEC. Those regs aren't foolproof but they are a lot better than the black boxes that are too many crypto projects.
I dont disagree.
Posted on 6/13/22 at 3:39 pm to Grievous Angel
Shocking.
Posted on 6/13/22 at 5:48 pm to JayDeerTay84
quote:
Well we certainly know you guys get enjoyment out of crypto going down or negative news so you can gloat.
No, I’m not one of the “you guys” who gets any enjoyment out of anyone losing money in anything. You’re quite off the mark there. I make a very healthy income doing what I do. But you will not find a single post here where I brag or gloat about that either - never have and I’ve been at this for decades. Likewise, you’ll not find a single post here where I poke someone because they’re getting slammed on a trade or investment. If someone proposes something that doesn’t make sense to me, or I’d like further information about something, I ask. Sharing information is what this forum should be about.
Anyway, thanks for the explanation about your crypto strategy.
Posted on 6/13/22 at 7:18 pm to Jag_Warrior
quote:
Jag_Warrior
off topic but i don't care. did i ever send you the photo of the primrose 1974 v12 XKE jaguar my mother had? this is not exact car but closest i could find. my gawd that car was awesome. roadster convertible. I think it was like 4 carburetors. would do 160 easily. manual transmission on the floor. i never liked that english racing green but i loved the primrose yellow. thing had a hard top then the soft top that rolled back. so much better than the hard top 2+2 they made.
Posted on 6/13/22 at 7:49 pm to Grievous Angel
I had some eth in a coinbase account, but sold after watching that Line Goes Up youtube video as well as coffeezillas channel, a lot of these "projects" are basically just frickin ponzi schemes. Scamming and rugpulls in the crypto space is giving the entire industry a pretty big black eye. It definitely needs regulation.
Posted on 6/13/22 at 7:57 pm to Triple Bogey
Con artists and frauds are the rule not the exception.
Posted on 6/13/22 at 8:01 pm to Triple Bogey
quote:
I had some eth in a coinbase account, but sold after watching that Line Goes Up youtube video as well as coffeezillas channel, a lot of these "projects" are basically just frickin ponzi schemes. Scamming and rugpulls in the crypto space is giving the entire industry a pretty big black eye. It definitely needs regulation.
honestly there are probably less than ten projects that deserve any attention at all. Most crypto projects are outright scams or ideas that would not benefit from decentralization. People only put money into some of no-name coins because they hope for a moonshot, but that's definitely how you know you're in a speculative bubble. I also think the sheer number of these projects are why Bitcoin didn't get to the 100k people predicted as the cycle top, the greedy money just got spread around.
Posted on 6/13/22 at 8:19 pm to Fat Bastard
quote:
thing had a hard top then the soft top that rolled back. so much better than the hard top 2+2 they made.
Jag E-types are ALWAYS on topic and on point.
I agree. The roadsters were much more beautiful than the 2+2.
To bring it back on topic (a little), it would take several Bitcoins to buy that pristine baby.
Posted on 6/13/22 at 8:28 pm to Fat Bastard
Probably rocket something or other. He was on one with crypto.
Posted on 6/13/22 at 9:43 pm to Diseasefreeforall
quote:
Risk comes with the reward and there's always been a ton of risk surrounding these high yields with no idea of how they are backstopped or what kind of liquidity they can provide when things turn for the worse. There's a reason banks are highly regulated and public companies have to file with the SEC. Those regs aren't foolproof but they are a lot better than the black boxes that are too many crypto projects.
This is not the case. Bank after bank after bank has failed the past 100 years. The only difference is the Federal Reserve bails them out via the American tax payer.
Posted on 6/13/22 at 9:52 pm to tenderfoot tigah
quote:
The only difference is the Federal Reserve bails them out via the American tax payer.
False.
The vast majority of the time it’s another bank that comes in, not the FDIC
Posted on 6/13/22 at 10:10 pm to iAmBatman
quote:
The vast majority of the time it’s another bank that comes in, not the FDIC
Who backs that bank? All roads lead to the Federal Reserve, the greatest scam in the history of this country.
The other banks only come in because it's only a formality to get Federal Reserve money if there is an issue.
This post was edited on 6/13/22 at 10:11 pm
Posted on 6/14/22 at 12:56 pm to Fat Bastard
quote:
but i read here CELSIUS was just like a savings account albeit with guaranteed 10% interest!
I assume Rocket31 will be here to explain soon?
Posted on 6/15/22 at 10:00 am to Chucktown_Badger
quote:
I assume Rocket31 will be here to explain soon?
Posted on 6/15/22 at 12:32 pm to tenderfoot tigah
quote:
The only difference is the Federal Reserve bails them out via the American tax payer.
Well, that particular difference largely removes the risk, up to $250K per individual anyway.
Years ago, I had some funds on deposit with Old Court Savings & Loan (you can read about the scandal at your leisure). They paid significantly higher rates on CDs than most other institutions. Best I can remember, my 12 month CDs had an APY around 14%. I wasn’t overly concerned because the funds were insured by state backed deposit insurance. Turns out Old Court’s president, Jeffrey Levitt, was a crook and was embezzling money. The run on the bank contributed to the failure of the Maryland Savings-Share Insurance Corporation (MSSIC). The state of Maryland came up with the Maryland Deposit Insurance Fund to replace the MSSIC. With that, I was FINALLY able to get all of my money back after a long delay. But I did get it all back (and even kept the interest that had been earned).
That long story is just to say that even in cases quite similar to Celsius and others (rumors say that another crypto deposit shoe is about to drop in a similar scheme), government back stops do indeed change the risk assessment.
Posted on 6/15/22 at 12:40 pm to Fat Bastard
quote:
there was a poster here who swore by this shite. have not seen him or her in a long time. cannot remember username.
I remember that too. Everytime someone would ask about a lower risk, higher return place to park cash, he’d pop up with a Celsius “endorsement” and a link. It happened so often that I began wondering if he was a paid shill.
But it wasn’t rocket31 that I remember doing that (although he was the one who kept claiming that there was zero risk). It was some other character, who I wasn’t familiar with. And no, I haven’t seen him (or rocket31) around lately.
Posted on 6/15/22 at 7:42 pm to Jag_Warrior
quote:I remember one thread where rocket was acting like 15% or so returns were pathetic. In fact, I think I found it, it was 16%. From April of last year:
But it wasn’t rocket31 that I remember doing that (although he was the one who kept claiming that there was zero risk).
Dave Ramsey: Will the stock market crash under Joe Biden?
Here is his first post:
quote:Here is my response:
imagine bragging about 16%
Dave is a clueless dinosaur
quote:And here is follow-up:
Imagine thinking 16% is not an excellent rate of return in any conditions, let alone during a recession.
quote:The insane part of this, is that this was when interest rates were really low (I think fed funds was still at 0%), and he thought it was possible to get a 12% return with “ZERO RISK.” He was obviously downvoted heavily, but I just don’t know how anyone who knows even a smidgen about investing can think one can get a 12% risk-free rate of return when the traditional risk-free rate of return was at or near 0%.
yea it's not. that's just fiat brainwashing
I can get 12% with zero risk at all
Edit: Found where he recommends Celsius:
quote:
go to celsius. put dollars, into usdc. and there you go. current rate is 13%
This post was edited on 6/15/22 at 7:44 pm
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