What is Celsius?

DazedInPontoon said:
One neat thing is that the nature of crypto allows for proving "proof of reserves" to the public in an easier way than most anything else. So if a company is really saying that have all client funds on reserve they should be proving it. Kraken is one such exchange that does: https://www.kraken.com/proof-of-reserves

This allows clients to confirm themselves that their are reserves backing their balance on the exchange.
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It's getting slightly above my pay grade. I was fascinated by Caitlin's Twitter to the extent that I was able to follow it and by @tecate's own comment. Bitcoin is not immune from the evils of "fractional reserving".
 
Yeah bitcoin itself won't stop a company taking bitcoin deposits from customers and then doing risky, stupid or fraudulent things with those deposits. You'll want to avoid that through one or more of: regulation, crypto-audits and avoiding the companies entirely via self-custody. This has been obvious and at the forefront since the Mt. Gox disaster.
 
Duke of Marmalade said:
and by @tecate's own comment. Bitcoin is not immune from the evils of "fractional reserving".
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More than happy to acknowledge that, Duke - and surprised it has taken until now for it to come up. Having Wall Street latch on to BTC is something of a poisoned chalice. But then, whether the crypto space is to embrace that or not is irrelevant. Bitcoin doesn't discriminate against its userbase - and so they were always going to get involved.
There is an upside in terms of it making regulation roll that much easier. However, if they manage to capture it as they've done with gold, then it becomes much more impotent. I think that it should be ok though - as it is far more auditable than gold (or the commodities that are equally manipulated) and a much larger proportion is going to end up self-custodied.
 
@tecate you accuse me of being selective in citing bitcoin’s current plight. Yet you cite 4 micky mouse banks in Henan province, presumably supplied by cult central. You should have been a politician.
 
Duke of Marmalade said:
@tecate you accuse me of being selective in citing bitcoin’s current plight.
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lol. There's so much wrong with that sentence, I don't know where to start. I accused you? News to me, Duke. However, last I checked this is a discussion board - and if you post here, there's a good chance that someone or other will respond to what you've posted.
I don't know what the 'being selective' is about? If you mean, I questioned the soundness of you relying on the views of the Chinese Communist Party, as a regime that's authoritarian, anti-freedom, pro-censorship and runs a surveillance state, they're not likely to have anything good to say about Bitcoin.
And as regards Bitcoin's 'current plight', you won't find any post from me referring to Bitcoin having a 'current plight'. It's fundamentally as sound as it ever was. And as regards its ecosystem, that's a 1000x better than it was in the 2018 bear market.
I'm a little concerned that all your attention is consumed by Bitcoin. It might be worthy revisiting your thinking on inflation. i recall a discussion here 18 months ago when you scoffed at the notion of inflation being an issue - saying you wouldn't take your counsel on that from someone off reddit. You said that 2% would be on the high side. Eurozone inflation is at its highest rate ever at 8.6%. Meanwhile, the Euro is at its lowest point against the dollar in 20 years.

Duke of Marmalade said:
Yet you cite 4 micky mouse banks in Henan province, presumably supplied by cult central.
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Henan province has a population of 95 million people. I cited a report published on ccn.com. Here's another report from the BBC. According to the BBC, $6 billion worth of customer deposits were frozen - affecting 100s of thousands of ordinary people. On top of freezing their accounts, the local authorities responded with violence when those depositors protested. These are your friends in the CCP who say that Bitcoin is 'utterly worthless'. Now if you want to try and whitewash that by suggesting that it's mickey mouse stuff, go right ahead comrade marmalade. :cool:
 
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tecate said:
lol. There's so much wrong with that sentence, I don't know where to start. I accused you? News to me, Duke.
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You said I was cherry-picking (bitcoin timeframes). I paraphrase that as you "accused me of being selective". Gosh, I would need a cult spiritual director to vet my posts.
tecate said:
I cited a report published on ccn.com.
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If you say you picked up this story from watching ccn.com and it was not referred to you by cult central or a fellow cultist, then I must say you have a lot of time on your hands.
 
Duke of Marmalade said:
You said I was cherry-picking (bitcoin timeframes). I paraphrase that as you "accused me of being selective".
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Somehow the Duke can only work back from a market top. It's a simple statement of fact - you've been doing it over the course of five years.

Duke of Marmalade said:
If you say you picked up this story from watching ccn.com and it was not referred to you by cult central or a fellow cultist, then I must say you have a lot of time on your hands.
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So I have a 'lot of time on my hands' as I came across a story that was picked up by CNN? Whatever you say, Duke. So Duke I saw that piece on CNN and I thought it would be relevant in response to what you brought to this discussion from the South China Morning Post! Now, riddle me this - do you have the SCMP delivered with the Irish Times of a morning?
Thanks for the feedback - I do agree that CNN is a very bad use of my time although I don't think switching to the SCMP is going to be helpful. But maybe its because the SCMP has a better crossword? Is that the attraction, comrade?
 
So Celsius files for bankruptcy.

[…] In its latest statement, Celsius said it has both estimated assets and liabilities anywhere between $1 billion to $10 billion. […]
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which translates as: we have absolutely no idea what we were doing, and surely you don’t need to do accounts when running a successful crypto business.
 
Brendan Burgess said:
Hi Duke
That is Conor Pope in the Irish Times.

The deposit selling professor was Brian Lucey

Brendan
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He refers to some talk to be given by Brian Lucey
Conor Pope said:
Brian Lucey is economics professor at Trinity College and he has been following the evolution of crypto assets.

He talks to In The News about the rise and fall, and fall and fall, of virtual money and pores over the runes - or should that be ruins - to see what might come next.
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