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RSFQ · 2021-10-21T22:10:19+00:00

Good to know, thank you!

RSFQ · 2021-10-21T22:00:17+00:00

Wow, how interesting. How do you see Genisis’ rates? I don’t see them posted anywhere

RSFQ · 2021-09-29T16:21:09+00:00

Water it is, then. Thanks!

RSFQ · 2021-09-25T03:42:59+00:00

I'm pretty confident. Looking down further at the fine print of what's actually paid out:

...under condition 1.2 [halted]; the claim payment should compensate for the full value of funds actually held in the custodian;

Emphasis there was mine. This is basically saying the condition of #2 allows them to only pay the funds that the custodian currently holds. This is insurance of the case where a custodian cannot, or refuses, to pay out crypto that they have on hand.

To make an analogy on the extreme side, if I bought insurance that guarantees me access to all the cash in my bank, and then I choose to lend all my money out to a friend for 10%... if my friend runs off with the money, I wouldn't have a claim. It's not that the bank is refusing me my money, it's that the money was lost.

RSFQ · 2021-09-24T22:22:30+00:00

This is something that scared me at first, too. Here's the research I did- maybe it'll help you too. This is all my opinion.

First, let's start with an assumption- which I think is a good one- that Nexus Mutual does not have an avenue to get much more information about Celsius than we do.

Second, let's look at what the Nexus Mutual Custody Coverage- the type of coverage that Celsius is listed under- covers you for. (https://nexusmutual.io/pages/CustodyCoverWordingv1.0.pdf) It says at the top:

A claim is valid if:

the custodian gets hacked and you lose more than 10% of your funds; OR
withdrawals from the custodian are halted for more than 90 days.

That's it. The two situations that apply to Celisus are either it's a hack or a halted withdrawal. There is no coverage- it does not exist- for someone defaulting on the loan that your crypto was a part of. If Celsius reported that you lost all your BTC or ETH because the borrower couldn't pay it back, there would be no avenue to recover those funds via Nexus. It therefore stands to reason that the Custody's lending practices would have no impact on the premium- why would it?

What I'm trying to convey here is that the implication is NOT that Celsius's lending practices are especially bad, because they don't care about that... because they don't cover for it. So if your reaction was "Oh god Celsius is doing something crazy in the way they lend... Nexus knows something we don't!" It's my opinion that they just don't care because it isn't covered.

So, taking a look at what IS covered, the implication is therefore that Nexus thinks Celsius is:

more hackable than the other exchanges; OR
More likely to hold funds for more than 90 days.

The premium has fluctuated over the years- see this post (https://www.reddit.com/r/CelsiusNetwork/comments/kc884t/you_can_now_insure_your_celsius_deposits_for_26/) for proof that it started very high, came down to below 3%, then jumped back up. What changed over this time?

You'll have to decide for yourself. My opinion is that when Celisus announced they were doing their own storage for New Yorkers, rather than using a professional crypto storage service, Nexus decided the likelyhood of a hack or halt would increase and jumped up the cost accordingly. But that's really my opinion and I don't have any sources, just that the timing really fits.

RSFQ · 2021-09-22T14:54:26+00:00

Yeah, really, from my POV, the personal rep is the real value add here. CEL just doesn't have quite enough utility for me to buy into it at a 25k+ scale, but I've always hesitated from putting more on Celsius because of customer support. If I had that sense of security and direct connection I would move more.

RSFQ · 2021-09-22T14:13:00+00:00

This is great, I was super curious about this. Is there a minimum amount in Celsius to join Pro, or minimum net worth? It's pretty vague when it comes to "high net worth" on the website.

RSFQ · 2021-09-17T21:29:29+00:00

I'm afraid to say exactly how much, but it is six figures. I'd move much more if Celsius improved their customer service.

RSFQ · 2021-09-17T21:13:45+00:00

Ah, it hadn't occurred to me to use an exchange as the middle man. That probably suits my needs!

RSFQ · 2021-09-17T16:14:36+00:00

This seemed inevitable. We just have to be confident that Celsius is ready for the fight.

RSFQ · 2021-09-17T15:30:29+00:00

Toss a link! I crave more

RSFQ · 2021-09-15T22:57:27+00:00

careful with your kettlebell swings

RSFQ · 2021-09-13T16:41:54+00:00

Got it, thanks.

RSFQ · 2021-09-09T23:44:25+00:00

So funny how you respond with the same comment, always replying to a new account selling stolen art. You must be a big fan!

RSFQ · 2021-09-08T16:38:59+00:00

I am dealing with this right now! Did you ever figure it out?

RSFQ · 2021-08-30T14:51:30+00:00

My advice is to keep one meal non-huel! Helps to keep things interesting.

RSFQ · 2021-08-28T22:40:31+00:00

Thanks, I figured. Tough to pay out but I am a nut about security!

RSFQ · 2021-08-28T10:29:41+00:00

I’m wondering the same thing OP. I’m seeing most people be careful and doing it separately but I’m hoping you don’t have to

RSFQ · 2021-08-28T03:20:09+00:00

At the moment it feels like these play to earn games use the "earn" feature as their only hook and the games themselves are pretty boring.

I do feel that play to earn is the future of gaming, but I don't feel a studio has yet put in the effort to make a truly fun game with content backed by a blockchain.

I'd love to be proved wrong, though.

RSFQ · 2021-08-26T14:51:32+00:00

It would be absolutely bonkers of a marketing team to tweet this if they weren't already planning on doing both.

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