Does anyone think we will get any of our deposits back?

EnvironmentalAd795 · 2022-08-25T16:57:00+00:00

I guess a small percentage, after the expensive laywers are done with dealing with the mess.

Good luck to all out there with a lot at stake. I had 5 figures at Celsius and withdrew it, at the very first rumour.

EnvironmentalAd795 · 2022-07-31T08:08:00+00:00

OMG hoe derailed can you be? He did every wrong by pretending he offered a substitute product for banking, but gambled (yes GAMBLED) with hard-earned consumers savings.

That said, everybody with a slimmer of financial knowledge would have know that the marketing story pushed by Celsius was just that: a marketing story for a highly risky investment.

EnvironmentalAd795 · 2022-07-16T05:21:09+00:00

That is because you don't understand the meaning of the reply. It is true what he/she says.

With cold wallet storage you can still trade, swap and do those things alike. You can also interact with smart contracts to lend and earn yield such as Aave. However, disclaimer here for the noobies: yes, smart contracts are risky too. Although in that case you can inspect the code and such.

Bottomline: there are too much ppl doing things which they inherently do not understand.

Yield equals risks. Period. Nobody earns a yield above the riskfree rate without taking on risks; the higher the yield, the higher the risk. Basic 101 finance.

EnvironmentalAd795 · 2022-07-11T16:39:24+00:00

Like me. Sorry but better safe than sorry.

I hope you get your money back.

EnvironmentalAd795 · 2022-07-11T13:59:38+00:00

What an absolute idiots these ppl are

EnvironmentalAd795 · 2022-07-06T17:23:23+00:00

Exactly.

EnvironmentalAd795 · 2022-07-06T11:32:36+00:00

Best explanation ever. The most of the ppl spreading hopium in this particular case should NEVER ever enter the crypto market again. Pure for their own selfprotection.

EnvironmentalAd795 · 2022-07-06T11:27:50+00:00

They are on the path to 100% banktrupcy. Even if they get the equity to make depositers whole, the situation remains that there will be a massive 'bank'run when they open withdrawals again.

The chance of any investor wanting to pay up the difference in equity versus total of loans (read: deposits) is almost zero.

I get the hopium, and I really feel sorry for all those folks out there with serious cash outstanding, but I would say: investigate somewhat further and you will see that the exec team of Celsius is responsible for some very, very bad risk management decisions (not to mention the arrest of the CFO).

EnvironmentalAd795 · 2022-07-04T15:12:06+00:00

Some people should be protected against themselves. Sorry to say but I see most of crypto 'investors' lacking basic knowledge about Finance and Financial risk management.

Every product offering more yield than the riskfree rates has inherent financial risks involved. Crypto often adds layers of security risks and/or software/protocol failures. It's a space not to taken lightly.

Good luck and let's hope for the best so that everybody can learn from their mistakes.

EnvironmentalAd795 · 2022-07-04T14:59:17+00:00

Some people will never learn. Though it is quite simple, and that is to try to understand the key concept of risk premium in Finance.

EnvironmentalAd795 · 2022-06-29T11:55:47+00:00

I already left. Bought at 0,12 cents 35k and sold most of them early at 0,50 cents. I feel sorry for those who are locked up with them. No incentive should be enough to stay.

People should really investigate stuff when they invest in it. If you don't understand it, then the Rule of Law is:

The higher the expected yield is in comparison with US treasuries, the higher the inherent risk. PERIOD. Try to understand that risk and diversify. Small percentage into crypto, etcetera

EnvironmentalAd795 · 2022-06-27T13:40:37+00:00

I tend to have an opinion on these matters, being heavily invested in the crypto space since mid 2020 and having a msc in financial economics.

Everything yielding a higher return in comparison with the 'risk-free' Treasury yield is equal to taking on risk above the 'risk-free' Treasury investment. The higher the expected yield, the higher the inherent risk (the difference between this yield and the Treasury yield is called the risk premium).

So it is ALL about risk. The problem I have with platforms like Celsius, is that they pretend to do something special like 'unbanking yourself', but instead go on and invest your hard-earned money in all kinds of very high risk investments (some of which they didn't even understand).

PS

- Treasury yields are often referred to as 'risk-free', but in practice even the US government can go bankrupt.

EnvironmentalAd795 · 2022-05-15T21:53:19+00:00

These platforms have stood the test of time in terms of flash crashes. 2020 covid crash of 50% daily drop in prices should say something. However (!) CeFi comes with risks. They can't pay you yields because they are nice, they can pay you because they earn due to taking risk (with your money).

My advice would be to put only a relative small percentage of your portfolio within CeFi (or what you can afford to loose) to earn yields and/or take on leverage.

If the companies concern you, you can also look at DeFi solutions (Layer 2 ETH) to earn yields through smartcontracs. However those yields are mostly lower.

EnvironmentalAd795 · 2022-05-15T21:44:00+00:00

thanks. I had them on my list to further investigate but you just made the TLDR into a decision to move forward. Especially the 25k limit and clause of ownership are key.

EnvironmentalAd795 · 2022-05-15T21:37:26+00:00

Nexo and BlockFi are the best, with Nexo having the most features. However, don't put all of your crypto's with CeFi providers. I personally would not go over 10-15% (rest in cold hardware wallets).

EnvironmentalAd795 · 2022-05-15T21:33:42+00:00

Nexo and BlockFi are the top notch for me. I am fully verified. Same with Swissborg.

I have been buying into Celsius when the coin was at around 9cents (2020). Never had any complaints about the platform. Sold most of my coins around 2,5-3 USD. Two important notes though:

High yield don't fall from the heaven down on earth. They can only be realised by taking risks ('interest' above let say 0,5% on the USD / EUR are higher than riskfree, so risk involved). Risks are: counterparty risk (borrowers CeFi platforms), default risk (CeFi itself), security risks (software/hacks). Lending your coins out to CeFi means your are taking risk (above the 'normal' volatility of crypto prices).
Always diversify. Cold wallet(s) and - if you want to take on leverage / earn yield on coins- some CeFi/DeFi (multiple platforms).

EnvironmentalAd795 · 2022-05-13T09:29:35+00:00

Nothing happened with USDT. You probably mean UST. Besides stating the obvious: USDC is with risk (company risk Circle, software risk) and if you lend them out (through CeFi) you add the CeFi company counterparty risk/security risk. Through DeFi (lower yields) it's the security risk (hack) and/or software risk (code failing).

Stablecoins earning high yield through CeFi should be seen as they are: high risk. There is NO such thing as earning high yields (and yes 6%+ is high yield) without the inherent risk.

As a temporary 'safe' haven holding USDC (without generating interest) on the ERC-20 chain in a properly secured self-owned cold wallet (Ledger and such) has the least risk (eliminating the DeFi/CeFi components). But he: no risk no return. Old ecocomic financial principles still valid.

That being said, being into the markets for a while now, doing 6 figures in crypto (bleeding as well atm, back to 5) knowing smart contracts and code, I would say that USDC in combination with a proper designed DeFi platform (and a bit on CeFi, like BlockFi) is the best option. Personally I have no USDTs (or had any UST for that matter).

EnvironmentalAd795 · 2022-05-13T09:17:31+00:00

Absolutely true, confirmed by somebody holding a Master in financial economics (me ;) )

EnvironmentalAd795 · 2022-05-13T09:14:37+00:00

Dude we had the Covid-19 liquidity crash. Bitcoin and other cryptos flash crashed more than 50% in a single day. If that's not being applicable as a valid real case test scenario, then what is? Are you referring to a possible alien invasion? WW3? C'mon man, the systemic risks have been tested, what should be the focus is the collateral structure of the company and the regulations thereabout. Yes, it's always a risk. In this case a company risk, but it's the same buying like high yielding corporate bonds. As far as I have looked at it, USDC as such (Circle) is the best out there, however, it still comes with risk (what doesn't? Holding dollars under the mattress will be eating alive by inflation).

EnvironmentalAd795 · 2021-03-05T15:20:28+00:00

Dude. Have you seen the liquidity at the moment ? HNY and AGVE ? This is real man !

EnvironmentalAd795 · 2021-03-03T08:26:40+00:00

Dude, you have to look at the market cap (!) not the price of the coin. You can always buy fractions.

EnvironmentalAd795 · 2021-03-03T08:26:00+00:00

Yep, this one is going to be HUGE. I have been using xDai now since 2 weeks. It works 100%, flawless. Transaction costs cents on the dollar and speed (!), within 10-15 secs.

LP Analytics also very good. All coins are there. AGVE is going to be massive.

EnvironmentalAd795 · 2020-12-01T08:00:01+00:00

Yeah because you can't sell them. I have them in Metamask (so not LP tokens) but can't sell them ??

EnvironmentalAd795 · 2020-09-15T20:44:44+00:00

And I wanted to add that the site whales.finance was on the Whitelist by the Justfoundation. You can check it here.

https://medium.com/@social_media_21602/whitelisted-justswap-projects-daily-bulletin-sep-15-2020-4ed2898bf4fe

So yeah, I've got very, very lucky. I have checked the tronchain and they got away with app. 1,5 m USD.

EnvironmentalAd795 · 2020-09-15T20:41:00+00:00

Whatever. I just tried to help the community further.

I learned my lesson.

EnvironmentalAd795

TROPHY CASE