/biz/ - Business & Finance

[Anonymous No.50572947]

Celsius holders are desperately pleading with the Bankruptcy courts...

https://www.marketwatch.com/story/celsius-customers-write-pleas-to-bankruptcy-court-to-get-crypto-back-this-is-an-emergency-situation-simply-to-keep-a-roof-over-my-family-and-food-on-their-table-11658784650

>“I watched every single AMA each Friday since sign-up, and week in and week out Alex would talk about how Celsius is safer than banks because they supposedly don’t rehypothecate and use fractional reserve lending like the banks do,” Stephen Richardson wrote in a letter to the court. He described himself as a Celsius customer since 2019, with more than six figures worth of crypto on the platform.

>Flori Ohm, a single mother of two daughters headed to college next year, wrote in another letter: “I and my family are severely impacted both in financial and mental health by the bankruptcy and locked up cryptos. I always check the app if my cryptos are still there. I can’t focus [on] my job or sleep. I have supported my parents and my daughters by myself for [my] whole life. I am struggling hard [to make a] living,” she wrote.

>Stephen Bralver, another Celsius customer, said he has less than $1,000 left in a Wells Fargo checking account to support his family, after Celsius froze all withdrawals. Bralver called for a release of his funds with Celsius, saying that “this is an EMERGENCY situation, simply to keep a roof over my family and food on their table.”

[Anonymous No.50573143]

You MotherFuckers!

[Anonymous No.50573755]

>>50572947
why do these retards speculate their life savings then have to make it everyone elses problem when they inevitably lose it? i swear, it's like these normies follow a cookie cutter model of life then kvetch when they lose a game that they knew was rigged from the beginning.

[Anonymous No.50574157]

>>50572947
I tried to warn people about crypto, but it fell on deaf ears. Now they reap what they sowed.
You’d have to be an absolute financial retard to put any amount of money into a “crypto bank” like that.

[Anonymous No.50574197]

>>50573755
The people who lost money were mainly normalfags who thought Celsius was a safe and trusted bank-like platform
There wasn't nearly as much crying about Bitconnect, because that was obviously degen ponzi shit

[Anonymous No.50574199]

thank you based jews for the keks

[Anonymous No.50574288]

>>50572947
Should have used defi fagots

[Anonymous No.50574317]

>>50574197
Do you think the judge will hear their pleas? Kek!

[Anonymous No.50574393]

>>50574317
>Do you think the judge will hear their pleas?
of course not
around jews you always lose
thanks for the money goyim :^)

[Anonymous No.50574438]

>>50572947
Do not redeem my savings

[Anonymous No.50574458]

>>50574157
Nothing to do with crypto, faggot. You could have given these fags any currency or asset and you'd have the same result

[Anonymous No.50574652]

>>50574288
Bancor says hi

[Anonymous No.50574694]

>>50572947
Where is Mashinksy?
Why is it a yaught instead of a jail cell with tyrone?
>>50574393
oh ya

[Anonymous No.50574855]

>>50574197

This was obvious ponzi scheme like bitconnect only more polished. promising returns like above 20% when alt coins and crypto is already volatile enough.

And less secure then real banks because it is unregulated space.

[Anonymous No.50574899]

>>50572947
>some random Jewish guy makes promises too good to be true
>greedy goy buy it all up
>gets mad when the scorpion stings

[Anonymous No.50574995]

>>50572947

lol. Didn't they learn from Bitconnect?

[Anonymous No.50576455]

>>50574995
Bitconnect was so small though. It was very niche that most normies never even heard of it.

[Anonymous No.50576503]

>>50572947
>Celsius is safer than banks because they supposedly don’t rehypothecate and use fractional reserve lending like the banks do,”
how retarded do you have to be to see yields of 15-20% on stables when the defi rate is <10% and savings/money market rates are <1% and legitimately believe your money isn't being rehypothecated to hit those figures? Christ

[Anonymous No.50576582]

>>50574855
>promising returns like above 20%
Most of these people deposited BTC and stablecoins that paid less than 6% for the most part, maybe 10% if you chose to get paid in CEL and were a platinum member. I think that the single-digits APY was one thing that made people think it was safe.

[Anonymous No.50576762]

>>50576582
exactly, look at something like XCM, the coinmetro token, offers like 4% APY maximum, but now they've rugged and people can't even sell it anymore, that 4% is worthless

[Anonymous No.50576848]

>>50574458
Except every crypto is ALSO a pyramid scheme.

[Anonymous No.50576878]

>>50574317
Yes, judges are normies and will fall to sympathy rather than enact blind justice. Sorry, you can't get as much money as a creditor because Sarah is a single mom and needs to receive the full amount of her losses possible.

[Anonymous No.50576945]

>>50576503
It’s even more stupid than that.
A yield for a given stock is a percentage returned to you via dividends which are paid with the companies net profit which is generate by revenue. Bitcoin does not generate revenue. Therefore he must be taking your coins and loaning them out or buying up something with them that can generate revenue in order to provide yield but he claimed he wasn’t. It’s a complete scam. Idiots throwing their money away without even knowing the first thing about trading or the market

[Anonymous No.50576987]

>>50576848
not even remotely true

[Anonymous No.50578375]

>>50576987
It's more true than not true I would say.

[Anonymous No.50578420]

>be afraid and stay out of my pool
You stay out of mine apy leech

[Anonymous No.50578476]

>be inbred pedokike
>tribe gang molests you at birth cause pedokikes
>scam your own mother by your 5th birthday
>scam the goyim
>fuck your sister
>scam the father
>moshe is born
>scam the goyim
>have the rabbi give him herpes
>scam grandmother
>create celsius
>scam the goyim
>flee to israel to chew more newborn foreskin with your child molester ethnic cult
>scam the tribe out of a dozen fresh foreskins
>scam the goyim

[Anonymous No.50578508]

>>50572947
A few points:
1) not your keys, not your coins
2) no refunds
3) not my problem

[Anonymous No.50578580]

>>50574899
It's literally aesops fable, and they fall for it every time. Why are Jews so evil and goyim so stupid?

[Anonymous No.50578678]

>>50574458
there's no difference between loaned crypto being lost, and dollars spent on crypto losing purchasing power. it's a distinction without a difference.
you may think that as long as you have your tokens, any losses are temporary, but that's not the case for countless cryptos that went to zero
and when the dust settles, bitcoin will be no different

[Anonymous No.50578689]

>>50574652
he said defi

[Anonymous No.50578727]

>>50572947
Serves them right.
They trusted a Jew!

[Anonymous No.50578737]

>>50576987
what product do crypto project provide?
what is the asset collateral of tangible equipement in case of insolvency ?

[Anonymous No.50578754]

Stage 1. purchase shittoken. Stage 2. waste everything. Stage 3. Cry a river on 4chan. do not be such an asshole. Use Yopi Network!

>Backed up by gold the yopi.network sustains very strong currency
>Micropayment services
>No team coins
>90 days lock = 66% APY

[Anonymous No.50578831]

>>50574995
bitconnect offered 1% per day, completely ridiculous
celsius rates appeared more "legit", at least to those who didn't pay attention

[Anonymous No.50578832]

>>50573755
That's why there are so much regulations for non institutional investors. 99% of them are retarded beyond belief

[Anonymous No.50579024]

>>50574197
Many bizrealis lost money in Celsius. I lost 50k personally.

[Anonymous No.50579041]

>>50574855
They never offered that high. You got like 7-8% on stablecoins and 3-5% on eth and btc.

[Anonymous No.50579055]

>>50579024
Fucking narcissistic nigger, go back to twitter

[Anonymous No.50579082]

>>50576503
>how retarded do you have to be to see yields of 15-20% on stables

They never offered 20% on stables you fucking retard. They offered me 7-8% on usdc.

[Anonymous No.50580846]

>>50576848
>>50578678
If it were true that's a separate issue continue to seethe tho

[[e-mail] No.50580852]

How is this parking lot for my desk?

[Anonymous No.50581449]

Decentralization and liquidity are the two most important aspects in a crypto project. ALWAYS

This is exactly why I only use DEXs like Uniswap and DAOs like BitDAO with more than a billion dollars as backup in their treasury. Plus they’re fully decentralized

[Anonymous No.50582387]

>>50574317
idk what they are pleading for - if there was enough money to repay them, they wouldn't be bankrupt, would they now. It is very important that the bankruptcy administrators spend lots and lots of time carefully gathering in the assets (while billing $1200 p/h). They can then spend even more time arguing with lawyers for secured and priority creditors over whether they get 90% or 95% by selling off everything. After that, there may even be something left for the collective lawyers of the kleingoy plebs here to argue over for a few years. End of the decade or so, they may even get 5% back.

[Anonymous No.50582423]

>>50572947
imagine trusting this large nose large eyes tight beady eye phenotype with your savings. id rather trust a fully anon dev like seb

[Anonymous No.50582462]

>>50579024
not your keys not your coins
any true bizreali would know that, retard

[Anonymous No.50582682]

>>50574855
>>50576503
Do you fucking retards even look up any of the bullshit you post or just post uninformed fucking nonsense? They never offered anything close to 20%, it was maybe like 8% for stables and 5% for btc/eth, hardly that unbelievable when places like CDC and Binance offered similar rates and are still in order

[Anonymous No.50583130]

>>50574157
>>50574157
Stupid faggot, Celsius was a piece of shit centralized goyscam. Only retarded gorilla brained niggerfaggot cucks conflate the situation with real ideas and developments in the cryptocurrency space. 7/10 bait and fuck you

[Anonymous No.50583176]

>>50572947
My grandfather began investing around the age of 40. His rule was to never invest more than 10% of his annual income. He did this for 25 years.
His investments paid out until he died at 92.
Anyone who throws all their money into ANY form of investment deserves their consequences.

[Anonymous No.50583182]

>>50573755
>then kvetch when they lose a game that they knew was rigged from the beginning
That's the thing, they genuinely DO NOT believe the game is rigged. They genuinely believe the people running these projects have all their customers best interests in mind.

[Anonymous No.50583301]

>>50582682
They offered the same rate as Mt Gox, therefore they were legit.

[Anonymous No.50583348]

>>50583301
did he died?

[Anonymous No.50583388]

>>50573755
These are the same faggots who were 'cool with' shoe-designer porn sluts running $2b lending desks. Because Trustworthy Alex did weekly AMAs. Fuck 'em, they deserve their pain.

[Anonymous No.50584583]

>>50574157
>>50576848
Kill yourself faggot.

[Anonymous No.50585281]

>>50572947
why did the SEC let this happen? crypto needs to be made illegal ASAP. all this money is going to drug dealers anyways

[Anonymous No.50585297]

>>50578678
>countless cryptos that went to zero
>and when the dust settles, bitcoin will be no different
finally someone got it. couldn't have phrased it better myself

[Anonymous No.50585608]

>>50582387
get fucking punched nazi

[Anonymous No.50586390]

>>50585281
I just pay the drug dealers in fiat and avoid this crypto scam

[Anonymous No.50586426]

>>50583301
did he dieded?

[Anonymous No.50586441]

>Celsius

Just like WASSA WASSA WASSA

[Anonymous No.50586605]

>>50578737
People would have been happy to engage with this question 5 or 10 years ago, when it was much more nebulous to most. At this point, if you are unaware of ANY of the myriad proposed use for crypto utility, you're just an idiot. Asking this question in Current Year isn't an invitation to debate as much as it is asking someone to educate you and to do your research for you. Look it up yourself.

[Anonymous No.50587313]

>>50576987
Explain how people make money through crypto. The ONLY way is if someone else LOSES money. There is no value creation with crypto.

[Anonymous No.50589110]

>>50576848
Dude, you're as retarded as they are, just on the other side.

[Anonymous No.50589161]

>>50576945
>Therefore he must be taking your coins and loaning them out or buying up something with them that can generate revenue in order to provide yield but he claimed he wasn’t.

I remember in the first Smartcon when we were all meming on him for calling Celsius Network a DeFi company he frantically tried to make the case it was by claiming the company would take the funds to apply to trading strategies and whatnot. I guess this didn't pop up in his AMAs then.

[Anonymous No.50590028]

>>50572947
If you lost money on Celsius you should consider making it back by being a candl chain beta tester. You get CNDL rewards for testing their AMM and doing things like staking. It's easy money.

[Anonymous No.50590381]

>>50590028
Kek just go make your money back bro!

[Anonymous No.50591578]

>>50576848
And yet, not ONE person ITT can explain how crypto makes money, and how it isn’t a Pyramid Scheme.

[Anonymous No.50591603]

>>50585608
>t. Bet on Jews

[Anonymous No.50592104]

>>50582682
the apys towards the end were getting very nebulous
you would get personal one time offers and if you tried to withdraw funds you got a special email from the ceo with an offer of even more apy if you kept your funds on the platform
this shit was shared and laughed at here, the claim of 20% apy is not found in any public facing pages but i believe it that some highrollers were indeed offered this to not leave the platform
this is the classic ponzi collapse keep the rubes in at all times for a cash out means a total collapse

but even ignoring all that, way back in the summer of defi anons here were debating how much the apys could fall in a bear and that they must in a bear
yet when the bear began rates on offer shot through the roof everywhere especially after terra really jumped the shark with 20% no strings on the public page apy
everyone had to go into oblivion at that point, its pure game theory, they were all open platforms so if one retard offers 20% you have to follow and offer the same or else all your clients jump ship, cant offer 20% make something up and hope the bull comes again soon so you can hide the losses

be warned tho this type of scam will repeat itself again and again as defi in your own control is too high iq for most people so they will always go the a custodian that supposedly does defi for them but it always ends in a total scam
i mean everyone knew abut bitconnect yet here it happened again with far far more money

>>50591578
a freely tradeable token can be definition not be a ponzi, there isn't even a yield
>>50578831
you should call the ceo of bitcoin, she will answer those questions for you, i mean they are paying an entire investors relations department exactly to provide those insights

[Anonymous No.50592255]

>>50586605
It's ok if you can't answer, there are none. Nothing changed in all these years, but the constant repetition of flimsy use cases brainwashed the bagholders into believing them.

[Anonymous No.50592630]

I want the market to pump so hard so these celsius holders cry.

[Anonymous No.50592768]

>>50574199
Why is no one murdering these fucking kikes? What's writing a shitty letter gonna do for you?

[Anonymous No.50592909]

>>50592104
> a freely tradeable token can by definition not be a ponzi, there isn't even a yield
Exactly, so the only way to “make gains” is to sucker someone else into buying the worthless crypto and leave them holding the bags. That makes it a pyramid scheme, and it’s why crypto will always collapse.

[Anonymous No.50592964]

>>50592768
There should be massive protests outside of the Celsius headquarters in New Jersey, yet there hasn’t been a single one. Redditors are fags.

[Anonymous No.50593000]

Stupid retards

Bankruptcy court does not work this way

[Anonymous No.50593144]

>>50583301
Kek fuck bikers