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re: Voyager and Celsius bankruptcies have destroyed crypto investors’ confidence
Posted on 7/14/22 at 10:47 pm to supadave3
Posted on 7/14/22 at 10:47 pm to supadave3
quote:
I'd be so fricking mad. That's adding insult in injury. I guess they disclosed that on some terms of service, but I bet 90% of their customer base had no idea
I would feel misled
On a similar topic I believe there are some banks where similar fraud may be buried in their terms. That is, if they were to be underwater your checking or savings account might not be safe.
Granted the Voyager and Celsius claims of higher returns imply higher risk, but I don't feel satisfied with the integrity or ethics of more than one part of the banking system
1
Posted on 7/14/22 at 11:52 pm to Diseasefreeforall
quote:
Voyager argued before the bankruptcy court last week that "customers did not own the specific crypto assets in their accounts. Voyager considers those assets to be the company's property, saying that its customers hold unsecured claims for the value of those assets".
Oh I know, hence the massive disclosures coming this way for anyone that wants to do business in the US.
Posted on 7/15/22 at 12:40 am to molsusports
quote:
I believe there are some banks where similar fraud may be buried in their terms. That is, if they were to be underwater your checking or savings account might not be safe.
Non FDIC or offshore, I’m assuming?
Posted on 7/15/22 at 4:49 am to Street Hawk
There will be more exchanges to go bankrupt and BTC is headed to Zero. It’s a scam/con and always has been.
Posted on 7/15/22 at 5:44 am to BottomlandBrew
quote:
I'm a big crypto bull
Get out while you have a seat.
Posted on 7/15/22 at 6:16 am to KillTheGophers
I recommend the Crypto Critics Corner podcast/Youtube for anybody looking for a more skeptical view. They do a really good job.
Their most recent episode talks about a lawsuit a Celsius contractor filed against Celsius. The contractor is just some random dude who started a crypto project and when Celsius couldn't generate the revenue to pay yields they hired him with a handshake agreement to try to make money. Celsius gave him hundreds of millions of dollars worth of customers' funds which he invested in ponzi projects like Olympus DAO. He remotely logged in to Celsius' computers for this until Celsius got hacked and they decided to give him private keys.
Celsius also at one point also allegedly used customers' bitcoins to buy Celsius tokens to pump up the CEL price and they tried to close a hole in their books by taking out loans collateralized with their own Celsius tokens. So yeah, house of cards.
Their most recent episode talks about a lawsuit a Celsius contractor filed against Celsius. The contractor is just some random dude who started a crypto project and when Celsius couldn't generate the revenue to pay yields they hired him with a handshake agreement to try to make money. Celsius gave him hundreds of millions of dollars worth of customers' funds which he invested in ponzi projects like Olympus DAO. He remotely logged in to Celsius' computers for this until Celsius got hacked and they decided to give him private keys.
Celsius also at one point also allegedly used customers' bitcoins to buy Celsius tokens to pump up the CEL price and they tried to close a hole in their books by taking out loans collateralized with their own Celsius tokens. So yeah, house of cards.
Posted on 7/15/22 at 6:39 am to KillTheGophers
quote:
There will be more exchanges to go bankrupt and BTC is headed to Zero. It’s a scam/con and always has been.
Anything based on a greater fool theory to generate money etc is headed for trouble.
Posted on 7/16/22 at 12:59 pm to Diseasefreeforall
quote:
And it's no just the newbs, Mark Cuban got destroyed on Voyager and pissed off some Mavs fans with a promotion that encouraged them to use the Voyager platform to get rewards.
I agree with you.
I just read an article about Cuban’s Voyager and overall crypto “evangelist” role the other day. Jon and Pete Najarian are also in hot water because of their company’s (Market Rebellion) relationship with Voyager. From what Jon implied the other day on CNBC, the lawyers are already sniffing for a trail. Jon indicated that he and Pete (and Market Rebellion) have taken a big hit on their equity positions in Voyager. I guess the same is true of Cuban. But the people who took their advice and/or guidance are rightfully mad and are giving them hard looks. I’ve met Jon and personally like him (though we’re not BFFs or anything), but I can’t say that I blame the investors who relied (too much) on their supposed investment expertise.
I (thankfully) don’t have any dogs in this fight. But when I see people saying that anyone who took it in the shorts is stupid or naive, the above mentioned people and all of the hedge funds and crypto exchanges that have gotten rekt so far indicate that some very sophisticated investors also got the rug pulled from under them.
Posted on 7/16/22 at 3:01 pm to Street Hawk
These are people that could actually make sense out of the fact that they were receiving interest payments exceeding 5% on their deposits. These are people that thing money somehow grows on trees
Posted on 7/17/22 at 6:13 pm to Im4datigers
quote:
Anything based on a greater fool theory to generate money etc is headed for trouble.
Should I sell all of my stocks, real estate, and commodities?
I always thought the experts were wrong for not having LSU ranked in the top 100 universities, but I was wrong. LSU grads on an investment forum don't understand simple investment and economic principles.
And this guy is a banker for 25+ years.
This post was edited on 7/17/22 at 6:15 pm
Posted on 7/17/22 at 6:18 pm to SlidellCajun
quote:
receiving interest payments exceeding 5% on their deposits.
Hex.com boss. 0 counter party risk. It is an immutable smart contract that pays nearly 40% interest.
I've also lent my crypto to others for a decent return. There is some counter party risk when lending.
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