/biz/ - Business & Finance

>>25907531
How about the risk exposure on the application side? Will a back-end error destroy user records? Will a faulty app release result in an account lockout situation? How does one access their funds if the mobile app doesn't work (they can't)? Consider also the "HODL mode" deception. This feature locks users from their funds for 24h as a "security benefit", but it ALSO locks a large portion of users into the platform for 24h in the event of a solvency crisis. Further, I have read countless pieces of bad news about the application itself including.


>Account lockouts (accounts suspended)

>App fails to load/open (update does not complete)

>Blockchain synchronization issues (missing/delayed deposits)

>Unable to assign/change withdraw address

>Unable to deactivate HODL mode once activated (asset lockout)

>Withdraws missing, withdraw processing delays, incorrect amounts received

>2FA malfunction issues

>App breaking promo codes

Wow id pay money to see nudes of her

>>25907558
Meanwhile, if you encounter any of the above, you should assume NO customer support (2-3 weeks response time is reported when creating a ticket). If the automated systems do not work properly, you are screwed. For this reason, exiting Celsius should be approached with care. If you want to get your funds out, do a SMALL test withdraw. Check to make sure that there are enough funds available in the hot wallets to handle your real withdraw. Celsius keeps very little funds in their hot wallets. If you request more than is in the withdraw wallet, which is easy to do by requesting at the wrong time, you may end up waiting weeks for an answer from support for your failed withdraw request. If you have larger amounts in there, take it out in pieces to hedge against application failure and/or re-KYC flagging. Fortunately, I was able to recover all funds from the platform without any issues, including all interest owed.

Will Celsius honor their obligations for the next two weeks? Probably. Will the platform remain solvent years to come in this highly volatile market? Who knows? There is a time-risk factor associated with exposure to any platform offering yield. In exchange for your hard earned position, Celsius trades your funds aggressively and gives you database entry in return. While you chase a 5-10% APY, you are exposed to 100% deposit risk with no insurance to cover your losses. The risks are simply too great to have even small amounts earning yield in this platform. Stay away.

>>25907560
Funny. I'd pay money to unsee them.

I have a small amount of bitcoin (.15) sitting on celsius accruing interest, I enjoy the platform because they don't charge gas fees, their pricing is delayed by like 30 min from the actual price so it makes it easy to game the system, and its super easy to use Wyre to buy Bitcoin/ETH.

Of course there's risk, there's inherent risk in every exchange. Alex has been doxxed and made public for a long time now and he isn't just a random dude, this is far from his first rodeo.

Be wary of exchanges with no business model - Celsius has a business model and their CEL token has gone up like 400% since I joined and has made a ton of people, that whore included, rich. I don't see a rugpull happening. I do see an issue with the bull market once BTC reaches crazy levels (100k+) and will likely be pulling my BTC out of there before it hits that high, but I don't think in the interim it's that big of a deal to keep *some* of your funds on there.

i have 6 figures on celsius i trust it more then these defi protocols. wont cash out for years idgaf

Nice FUD from a BlockFi employee

So would you say blockfi is safer?

>>25908070
gl trying to find someone to underwrite your holdings on Celsius

>>25908070
the reason we're all here is the dream of decentralisation

code is law

not your keys, not your coins

>>25908683
Cypherpunk decentralization and “fuck the bankers and fuck rehypothecation” aside - what’s the real risk of platforms like Blockfi and Celsius? I don’t like the idea of my BTC getting rehypothecated either but I also don’t see a black swan event on the horizon that wipes CeFi platforms out. What am I missing? A sudden upswing in BTC price that kills short sellers they lend our coins to? What??

>>25908827
the coins are not in your possession anymore
suddenly you can't access your account and support is gone
i'd rather not have those nightmares

>>25908996
Fair enough, anon. The returns are juicy but if BTC does what we think it will do, then then even a 1% risk of losing everything is too much. Need to do some more thinking and possibly some if not all exposure.

>>25909115
To lower risks you could split between Celsius and Blockfi. That's what I do. 33% in hardware wallet, 33% in Celsius and 33% in Blockfi.

>>25908827
>but I also don’t see a black swan event on the horizon that wipes CeFi platforms out

that's how black swan events work anon...

>>25908827
Blockfi is fine, but Celsius seems liek a ponzi scheme. I mean it's literally run by a jewish pornstar

>>25909321
based antibuzzwordtard anon

>>25908208
BlockFi is working with gemeni. I feel like the winklevii will bail them out if anything went nuts. Also their rates are lower and more in line with something sustainable in my opinion.

>>25909310
Doing the same thing actually but starting to wonder if any CeFi exposure period is worth the risk. Fuuuuck

>>25909115
those platforms come and go, they slash rewards in a whim. look at crypto.com and their shady stuff. i don't like that. i don't want to be involved in this, just gives me headaches.

i also don't want to split it. i'd rather "play it safe" hold my coins and when it's time to sell i am selling into usdc/dai and will be putting some of it to use on aave, dydx, cream or compound

>>25909497
So Defi it is then.

>>25908683
the most valuable lesson I learned from my short term experiment with Celsius was the meaning of rehypothication. Celsius is engaged in rehypothication of debt against YOUR valuable collateral. that is the primary business model.

They are subsidizing balance sheets with the CEL token to pump their asset values. They are issuing loans with their own (minted) CEL using YOUR collateral to justify value. then they try persuade you to take CEL as payment for interest. as long as they can pay some fraction of interest in in CEL, they can keep rates high because they have to buy less BTC, ETH, LINK, ... to meet obligations.

CEL adds a massive amount of fake collateral to a thin pool of user supplied real collateral, and issues loans against this combined pool of collateral. Liquidation is a real risk, especially if the CEL token dumps. my belief is that the real collateral pool is not as large as it is made out to be, because that is usually what happens in rehypothication schemes.

Rehypothication is one thing, but the inclusion of "fiat" CEL as "valid collateral" adds a whole new level to it. If you subtract the CEL, what is really left on the balance sheet? 50%? 30%? 20%?! Incidentally, this is why they offer rates on a wide array of shitcoins. It does not matter what the collateral is. If you rehypothicate someone's shitcoin deposits as "0.3 BTC", and start issuing loans based on total BTC value in assets (that you could never actually liquidate in the case of some shitcoins offered), you can hold more debt with less collateral.

Yes, banks do do this too, but what Celsius does is the very extreme crypto version of rephypothication. I assume that they shorted BTC to hedge because they hinted at it. Did they take your Linkies and buy BTC to open a short position? What if they had gone long? What was their risk in the short? They are solvent today, maybe, but how about on the next dump? We have no idea?

Not your keys, not your coins.

>>25907531
Celsius is unironically staffed by a bunch of former IDF and Israeli MOD members. Make of that what you will.

>>25909497
what is shady about crypto.com? Most of the criticisms are just misunderstandings

>>25909497
There's no way 16% is sustainable in a bear market. Maybe if you're ok getting paid in a shitcoin that will dump 99%

>>25909493
That's all just fud. It's unlikely they'll rugpull. And it's not like everyone is gonna pull all their money out of cel/blockfi when bitcoin moons. Plenty of customers myself included will let it sit because the interest paid out will also moon.

Besides it's not like holding your own keys is risk-free. If you somehow fuck up and lose your keys it's game over just as well. Happened to plenty of hodlers.

>>25909555
respectable digits anon

how about Blockfi? I feel like its better since its more Normie-centric.

>>25909475
After looking into these interest paying sites, it seems like Blockfi is the only trustworthy one. Just sucks that the rates are low and will probably go lower (currently 6% if under 2.5 btc, 3% if more).

>>25907531
Who is this? pornstar?

>>25909544
This seems like a legit concern, but whats your angle? where to get yield?

Ok nice blog post but where tf can I find this video??

>>25909659
they won't rugpull intentionally. it would be more like a route to insolvency where celsius network got liquidated and there were very little assets remaining to pay back user deposits.

Seems ridiculous. Anyone that offers a "guaranteed" 13% return on fiat is taking heavy risks and isnt worth it.

There is simply no recourse if they claim insolvency. There terms are laughable and this looks like a modern Ponzi scheme.

ugly fuck

Celsius is backed by Gemini and has insurance by them. Cel is also going to be listed on a few big exchanges in early Feb. And unlike other shitcoins which have paid to be on large exchanges, these exchanges are paying Cel to come aboard.

Smart people also split their shit 50/50 cel and blockfi. That's the current meta on getting that passive income with relative security.

>BULLISH

>>25910193
Celcius is 'backed' by Bitgo for 100 mil (under 10% of their assets).
BlockFi is backed by Gemini
In terms of dodgy ass shit, CEL is #1. BlockFi MIGHT be worth it because they don't rely on some shitty erc20 token to pay apy

>>25907531
>>25907558

tldr-Not your keys not your crypto basically. The interest rates are sexy but you should never put more than 20% of your holdings in a single CEX wallet let alone probably 20% total combined.

>>25907531
JESSICAAAAA

>>25909374

She was mid level at best in the company and no longer works there however most of the team is IDF/Israeli military background which either means they plan to jew off with your money or it succeeds with no chance of failure because they are jews and have (((necessary))) backing. I will likely be using Blockfi in the future to ideally take a USD loan against some crypto to avoid taxes and accrue interest in USDT once my gains reach a certain point. It was like 9.3% last I looked which is crazy.

Cell is literally up 100x
It's too late.

>>25907531
What was wrong with her tits? Breast implant scars?

>>25910552
yea think so

>>25908047
ever thought about who will eat the loss when u game the system?

>>25907531
That woman is the bane of my existence. I've worked hard my whole life to get my family out of poverty, taken big risks, chased my luck and now I'm set to make mid six-figures in my 30s as a doctor.

And there comes THIS literal whore, that studied "economics or something", sucks some dude's cock, ends up as a hedge funds manager multimillionaire in her 20s AND gets in the 30 under 30. My sanity gets smashed every time I see her, I wish I never fucking knew about her.

>>25911181
work smart, not hard

>>25911181
Used to know an Italian girl in university that looked like her. Real hot.

>>25911181
u can pay ur way into 30 under 30

>>25911247
Shut the FUCK up. I've done BOTH otherwise I'd still be like the rest of my friends that make 3 euros per hour.

>>25911256
She's not even that fucking hot oh my God

>>25911279
> yea bro everything's rigged bro

>>25811874

ITT:
overleveraged defi shitcoin bagholders fud succesful cefi projcts

>>25909544

This seems like a very legit concern, I have my entire stack there and I'll be likely moving it back to Kraken next week due to your post (I know not your crypto not your wallet but Kraken is a very proven and legit exchange and I can sell directly into EUR/USDC from there when the time comes).

Should I keep the linkies that I "earned" on celsius on there so at least they can keep compounding, risk free?

What do you think about what anon here suggested? >>25909497

>>25909843

I guess he's against earning yield until the official staking is live

>>25909843
that guy is too much of a pussy to use something like Celsius to earn yield on Link, but if other people do they get more link and he gets less, thus diluding his bags. He therefore fuds

post HD source to Jessica pls kthxbai

>>25907531
I was enjoying them and seemed good... you freaked me out and I took out my ~10k aud.

All came out into my personal wallet in under 5 mins. Made about ~$60 in interest. Might wait and watch em... Nexo was the other I used.

>>25911181
Literally who?

>>25907531
ALL FEMALES ARE WHORES

>>25907531
I can contest. I lost about 2k on Celsius when I tried to cash out my gains. There was a need for centralized security pool ? Or something. Anyway I was not allowed to have all my gains. I can confirm it is a scam

anons please, this post is making me paranoid, I have .5 BTC split between Nexo and YouHodler earning interest, should i take it out?

A trustworthy J*wish crypto expert. All you go-jims should trust her with your shekels.

>>25907531
Yeah some funds in Celsius for a few hours but then I remembered the Jessica Khatar memes and quickly got my shit out of that exchange. Also lots of youtube shilling spooks me lol

>>25911181
lol get cucked, I am literally 21 years old and I have north of 3 million USD because of CHAINLINK

I think pornstar FUD is unprofessional und mysogynistic

Just focus on her shitty professional experience and dont get bogged down in false equivalencies and anti cancel culture

>>25911181
Your post is great but her salary was probably 95k at most.

was her life ruined after that porn thing? anybody knows what she's up to theses days?

>>25909555
This.

>>25909544
>Celsius is engaged in rehypothication of debt against YOUR valuable collateral. that is the primary business model.
>They are issuing loans with their own (minted) CEL using YOUR collateral to justify value.
Why is the board suddenly full of blithering retards? Nothing in your posts makes even the slightest bit of sense.
>>25912826
>This seems like a very legit concern
What the actual fuck is wrong with you retards? How is just making up random nonsense with no regard for any of the available data a "legit concern"?

>>25916220
No

I was about to sign up for an account for a quick sign up bonus and withdrawal, but the app kept crashing when I tried to put the promo code in. Lmao this shit is literally pajeet scamware

Alright, so where should I park my coins to get some APY? This entire time I've just had them chilling not doing anything.

is DeFi worth it with the gas fees?
What about blockfolio? I'm a bit worried about the KYC

>>25917046
For me, it’s a blend of Nexo Celsius and CDC. I like Nexo the best, and it has web access to manage funds taboot. The others force you to use the app.

>>25917046
You won't get a better APY than Celsius. They advertise around 5% on BTC but in reality I got around 100% last year from my BTC thanks to the CEL token.
Most DeFI projects advertise higher APY than you actually get long term.

this thot is one of the reasons I quit porn. Seeing her suck dick like crazy on camera, ruining her future life and career in the process was just too much. Whatever drives women to do this can not be worse than the men who make a point to find them, exploit them, and film them so they are doing it on record forever