The crypto thread

What do you prefer?

  • Bitcoin

    Votes: 3 9.7%
  • Ethereum

    Votes: 6 19.4%
  • Binance Coin

    Votes: 0 0.0%
  • Cardano

    Votes: 1 3.2%
  • Fiat

    Votes: 6 19.4%
  • Go away, I deal in coke and gold bars

    Votes: 14 45.2%
  • Privacy coins

    Votes: 1 3.2%

  • Total voters
    31
  • Poll closed .
Celsius pauses all withdrawals, claims it's due to "extreme market conditions"

The Celsius platform announced that they would be pausing all withdrawals, swaps, and transfers due to "extreme market conditions".

There has been a lot of concern lately about Celsius' reserves and its ability to honor redemptions, with some speculating that the platform might be underwater and forced to default. Celsius released a blog post on June 7 titled, "Damn the Torpedoes, Full Speed Ahead" where they accused "vocal actors" of "spreading misinformation and confusion", and promised that "Celsius continues to process withdrawals without delay", and that "Celsius has the reserves (and more than enough ETH) to meet obligations".

Celsius' June 12 announcement did not include any details on what their plans would be, just that they hoped it would allow them to "stabilize liquidity and operations while we take steps to preserve and protect assets".
Of note, as tether is significant in the crypto market and is rumored to be under capitalised:

COMPANIES WITH KNOWN EXPOSURE TO CELSIUS NETWORK:

- #Tether (shareholders and lent >$1 billion to Celsius)
- @investvoyager ($295 million in March 2022)
- @NuriBanking (sends all funds to Celsius Network)
- @Gemini (Celsius claimed to hold ~$100 mil $GUSD, on-chain links)​
 
Is this the crash? Binance pauses bitcoin withdrawals

Binance said Monday that it is temporarily pausing bitcoin withdrawals “due to a stuck transaction causing a backlog.”

At first, Binance founder and CEO Changpeng Zhao said in a tweet that the issue would be fixed within 30 minutes. But he later amended that to say, “Likely this is going to take a bit longer to fix than my initial estimate.” He added that, ”[t]his is only impacting the Bitcoin network,” and that holders “can still withdraw Bitcoin on other networks like BEP-20.”

“Funds are SAFU,” he added. The acronym may stand “secure asset fund for users,” which is a fund the company established in 2018 to help safeguard users, or “Situation Normal, All [Messed] Up”.

The news comes as bitcoin tumbled more than 10% on Monday, breaking below $24,000 and sinking to the lowest level since December 2020.

Binance is the world’s largest crypto exchange. The company handles spot trading volumes of more than $14 billion and nearly $50 billion in derivatives volume in a single day, according to data from CoinGecko.​
 
They made a computer game, Axie Infinity, that looks a bit boring, but it is embedded in a blockchain and you need to buy in to stant playing but then once you get gud you are the one getting paid. About a year ago it took off, and the good players were making better than the average salary in the Philippines, and people were quitting their jobs and investing in rigs to do it full time. The company was playing up how Axie Infinity had "created hundreds of thousands of jobs in the Philippines". I think there was also some work gang type stuff going on, where some people would work for others and they would get a skim a la. MLM's.

But obviously it was a total pyramid scheme, it only worked when new people were joining. As of May, even top-ranked players were making around $0.68 a day and now the company has crumbled.

"A Billion-Dollar Crypto Gaming Startup Promised Riches and Delivered Disaster", Bloomberg
 
Survivors will see an upturn in the future.
 
Apparently this Celsius thing was an outright Ponzi scheme. Promising high interest on bitcrap deposits, the money for paying them to be produced by financial fairies.
I though these schemes were illegal, but clearly anything goes.
 
Oof. Even my Ethereum is now below what I bought it for a few years ago, I am officially "at a loss". But... I will hold, or even HODL. May as well, at this point. I've said all along that it was it was money I can afford to lose. No point in locking in the losses I suppose. :)

EDIT: All I mean is I may as well hope for a rebound - nothing really to lose at this point.
 
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As a crypto outsider, ethereum has made the most sense.
 
I'm in a remote meeting for work on an entry level presentation for web 3.0 please kill me. You can take my paycheck
 
I'm in a remote meeting for work on an entry level presentation for web 3.0 please kill me. You can take my paycheck
Are they laying out the costs and risks in a balanced manner, or are they "selling it" to you?
 
Bang! Bang! :sniper:You're dead.
 
Are they laying out the costs and risks in a balanced manner, or are they "selling it" to you?
"...So web 1.0 was like the library where you could check out the book..."
 
More to the point, are they selling it to you by telling you how you can use it to be evil and commoditise every aspect of our lives?
"...So web 1.0 was like the library where you could check out the book..."
I guess not then.
 
Right now they're like "web 3.0 means you will own all your data and there's no hierarchy!" so I guess selling it, so far, not even for business but enthusiasm and ideology. The clue in the beginning was one of the engineers said "the economy will become based on blockchain tokens"
 
Right now they're like "web 3.0 means you will own all your data and there's no hierarchy!" so I guess selling it, so far, not even for business but enthusiasm and ideology. The clue in the beginning was one of the engineers said "the economy will become based on blockchain tokens"
You work in tech, right? So the point is that the two yous are different. The first you is your company, the second you is you personally.
 
This fool really just said with web 3 anyone can join anything, and everything will be public.

edit: why did I think this would be worth popping a ritalin
 
How much money are they asking for?
 
If they have a question and answer at the end, can you ask him what happened on May 1st?

Spoiler Graphs :
Sales and total value
46YJvZI.png



Sales and average sale price
ss24oAr.png

Source
 
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