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Cryptocurrencies

tommyguns2

tommyguns2

Senior Moderators
Staff Member
Dec 25, 2010
5,951
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I've got no dog in this fight, and I don't think much of Schiff, but this intentional leaking of information that someone is being criminally investigated is complete BS. There is no minimum threshold of evidence needed for an investigation to commence. Somebody at the IRS, SEC, FBI, DOJ, etc. who doesn't like you can have a criminal investigation opened and then leak it to the press, and bam, your reputation goes down the toilet.

And the investigation remains open forever, and in that way the agency can simply continue to state that they are not permitted to discuss an ongoing investigation. Of course, they're not able to discuss the existence of an ongoing criminal investigation, but it got leaked!! Selective scruples. The Federal Gov't, the world's largest criminal enterprise.
 
Swiper

Swiper

VIP Member
Jan 8, 2011
1,432
1,347
“Crypto Lender Celsius Files for Bankruptcy After Cash Crunch”

“Bankruptcy processes can take a while to resolve. Creditors of Mt. Gox, at one time the world’s biggest Bitcoin exchange that closed doors in 2014 and began liquidation proceedings, have yet to be paid.

Whether Celsius’s users will get anything is unclear. Under its terms of service, treatment of its customers’ digital assets in case of insolvency is “unsettled” and “not guaranteed,” which may result in customers being treated as unsecured creditors.”


 
Rider

Rider

TID Board Of Directors
Aug 27, 2010
1,574
935
“Crypto Lender Celsius Files for Bankruptcy After Cash Crunch”

“Bankruptcy processes can take a while to resolve. Creditors of Mt. Gox, at one time the world’s biggest Bitcoin exchange that closed doors in 2014 and began liquidation proceedings, have yet to be paid.

Whether Celsius’s users will get anything is unclear. Under its terms of service, treatment of its customers’ digital assets in case of insolvency is “unsettled” and “not guaranteed,” which may result in customers being treated as unsecured creditors.”



Wow! The crazy thing is that I always focused on crypto prices, and not so much on the exchanges as long as they were popular and reputable. What happened to Voyager and Celsius was a real shocker.
 
I

Iron1

VIP Member
Jul 7, 2021
106
171
This was predictable.
The FDIC regulations applied to banks and other financial intuitions since 1933 are to prevent exactly what's happening to some crypto exchanges. Later when electronic trading became a thing in the 1970s, the SIPC was implemented to protect investors capital from a failing brokerage. Can't really be surprised that history repeated itself when this scenario was advertised as a feature of the crypto service.
 
tommyguns2

tommyguns2

Senior Moderators
Staff Member
Dec 25, 2010
5,951
4,264
I may be speaking out of ignorance, but an "exchange" may not be an accurate term for all the things Celsius or Voyager was doing. A pure exchange operates as a market to buy/sell one or more securities, or in this case cryptocurrencies. So a pure exchange would allow you to buy and sell bitcoin or one of many other cryptocurrencies. The exchange would serve as the forum for the buyers and the sellers, and the exchange would take a commission fee for facilitating the transaction.

In addition to what I just described above, Celsius and Voyager were asking those with crypto assets to load them to the exchange for a relatively high interest rate. They were then using the assets to short-trade with the expectation of making more money than what they were borrowing it at. So if I'm taking out a loan at 12%, I need to make more than that to make it worthwhile. So the exchange was motivated to take bigger risks to cover their high interest rate loan.

When someone tells you that you can make 12% with zero risk, you're a sucker. Sure, you may be making good money for a while, but eventually, economic gravity exerts itself, and you're left holding the bag.
 
M

mURTYbOLS

New Member
Jul 18, 2022
2
1
I saw the thread name and decided to look it through. Tbh, I'm new to investing in cryptocurrency, so I'd be really glad if you shared any tutorial on it. I've already read some info on it on the web, but I still feel like I'm in a labyrinth. What could I start with?
 
ItalianMuscle

ItalianMuscle

Drama Queen senior Vip
Sep 1, 2010
2,544
930
I think it was b/s that Celsius Network prevented people from withdrawing their assets. They claim it wouldn't be fair to the other investors, if some got all their money out first. Well you know what, tough shit. If you were late to the withdraw party, thats your problem. Now instead of paying anyone back, they file for bankruptcy? I had a gut feeling this was going to happen. It was inevitable, with all the crypto taking a hit, then them trying to obtain financing from 3rd parties. It was obvious that wasn't going to work, so just file bankruptcy. Unbelievable..
 
macgyver

macgyver

TID Board Of Directors
Nov 24, 2011
1,955
1,610
revented people from withdrawing their assets. They claim it wouldn't be fair to the other investors, if some got all their money out first. Well you know what, tough shit. If you were late to the withdraw party, thats your problem. Now instead of paying anyone back, they file for bankruptcy? I had a gut feeling this was going to happen. It was inevitable, with all the crypto taking a hit, then them trying to obtain financing from 3rd parties. It was obvious that wasn't going to work, so just file bankruptcy. Unbeli
Looking like we will be getting back at least 60% of deposits. Cel has proposed trying to get 100% to holders using their mining operations to pay back depositors. Now it is all in the hands of a judge. But probably get a hair cut, but this will take at least a year possibly 2 to sort out.

Looking at my available moves. Still going to accumulate regardless. I have a skid steer a buddy wants to buy. He asked if he could pay me in BTC. I said 'sure'. I am still betting on BTC long term.
 
Swiper

Swiper

VIP Member
Jan 8, 2011
1,432
1,347
“Tesla Has Sold 75% of Its Bitcoin, Despite Elon Musk's Crypto Enthusiasm”

“Tesla sold off $936 million worth of bitcoin, its latest earnings report revealed. The company's bitcoin reserves were at one point worth $2 billion.”

 
Stickler

Stickler

VIP Member
Oct 28, 2010
280
213
“Tesla Has Sold 75% of Its Bitcoin, Despite Elon Musk's Crypto Enthusiasm”

“Tesla sold off $936 million worth of bitcoin, its latest earnings report revealed. The company's bitcoin reserves were at one point worth $2 billion.”

Ouch
 
Swiper

Swiper

VIP Member
Jan 8, 2011
1,432
1,347
“MicroStrategy’s Saylor Drops CEO Role as Company Posts $1 Billion Loss”

“MicroStrategy Inc. co-founder Michael Saylor gave up his chief executive officer title and said he’ll focus more on Bitcoin after the enterprise-software maker reported a loss of more than $1 billion related to the second-quarter plunge in the price of the cryptocurrency.”


 
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