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I want news.
... see post 1163 from sags even though it's a day old news. Not sure if the network is different from the app but the name Celsius is there.

Crypto currencies could be a total scam

I doubt there's gonna to be more news on this Celsius thing now that a pension plan has been snared into it. Pension plan details are notoriously hushed hushed. I hope I'm proven wrong here with more news to come on it...LMAO.
 

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Well I suspect they'll soon be told "there's no money to see here". As for me, I won't even bother with "I told you so". If they couldn't see it from the start, there's no point in trying to explain.
... fair enough but unfortunately, some of the withdrawing folks will include pensioners and then what? Pensioners don't get to make decisions on what's on their pension plan. Least of all, crypto/derivatives.

If Celsius bellies up, that's an "absolute" dent on their "assets" list. I wonder if the Quebec regulator is working or asleep on this.
 

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I'm not sure the usual regulation authorities apply to the Caisse. It's a government entity, set up by a specific set of laws.
... I don't suppose those specific set of laws include throwing dices with their pension plans. I could be wrong as afterall it's the Caisse.

It's worth noting that they also got burned very badly by asset backed commercial paper in 2008. But long term, they seem to be doing ok.
... guess nothing learned. Oh well.
 

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M3S was banned for some comments in the off topic lounge. He is fairly knowledgeable in this area. The timing isn't good for those that are interested in what is going on with Celsius but are not very knowledgeable. Unfortunately some members get caught up in squabbles which I find to be a detractor to the forum. We'll have to see if he resurfaces after the temporary ban to share his insight. Perhaps someone else can enlighten us in the meantime. I find the whole crypto world fascinating and think what is happening is necessary to shake out the wheat from the chaff. Some believe this will bury crypto but it is not going away. It may or may not have been a good investment depending on when you get in and out but there is a lot of potential for utilization in many areas. Like many things it may take time to reach their potential. There will always be things to distract and derail. Being a good invention and being a good investment are not always the same thing at the same time.
... I think he (m3s aka mode3sour) was throwing personal attacks (constantly) at another poster so was banned. Don't know if it's temp or perm. It's unfortunate given crypto is his baby.

What I don't get is why would he teach(?) on this forum when he made 7 figures (or is making that as claimed) in the crypto-world? I'm still scratching my head over this.
 

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A little town house with no yard or a condo with fees higher than rent costs 7 figures in Canada today
... well yeah, it's 2022 and I can't help that "investors" see them gold at the end of the RE rainbow.

I have 7 figures from stocks many years ago after learning from wiser long time members here who have far more time and success in stocks than me. So I guess you should ask them all why they are posting here as well
... should I ask those wiser long time members if they made their 7 figures from stocks included cryto-currencies?

Or maybe you should ask yourself why you think 7 figures is a lot.
... why wouldn't it be? What's the average wage in Canada these days? I don't suppose it's anywhere close to 6 figures, let alone 7 figures.

I will pay 7 figures just in taxes if I want to realize gains
... I would hope so or your "fair" share of the taxes when realized. But then marina628's/post 45 says otherwise with her friends in the crypto business.
 

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We can see the evidence of intelligence and wisdom
.. yes, we sure can see that here. For the records , you brought this "distinction" if not an insinuation up. Read on.

You don't like crypto but want them to pay taxes?
... there's nothing to like or dislike about crypto other than they're synthetic. And for them to be paying taxes, why would they (the fake currency) do that unless you recognize them as 'legitimate' currency.

The reference to taxes is the 'realized' gains from so-called investments you made, highlighted rom marina628's post. So to your next point,

Whether or not people pay their taxes has nothing to do with crypto.
... no, not on the crypto itself that you're recognizing as legitimate currency but the after-effects of the "gains" that you're now seems to be either deflecting or attempting to deflect with that notion. Did you not get paid with legal tender currencies when you traded in your cryto? Or did you get more crypto-back as the gains? Are you able to buy a coffee over THI with that crypto buck?

.Asking whether or not they made their 7 figures in crypto has nothing to do with how wise the are.
... no but you stated what you've learned from the wiser long time members here. So my question is did those wise long time members teach you to invest or trade in crypto in reaching your claimed 7 figures?

I have 7 figures from stocks many years ago after learning from wiser long time members here who have far more time and success in stocks than me.
7 figures is 7 figures unless it's fiat money then who knows nowadays right. After inflation it's just another figure that buys what 6 figures used to buy
... of course, in the crypto -world. And for you to state this so arbitrarily indicate it's "make-believe". The 7 figures must have magically appeared too.

If you think Canadian wage are too low you should ask yourself if voting for someone with no monetary policy is intelligent
... this has nothing to do with my vote nor whom I voted for. There are numerous factors that account for low wages in Canada Far too many to list here but for certain the average wage doesn't come near a 7 figure that I think is ALOT which you think is NOT. And now I get why you think 7 figures is like a drop in the bucket ... of course, in crypto-currency. I mean I can add a few extra zeros to the $1 buck here to get 7 figures.

Maybe it's time for you to land back on earth ... you know actually getting dirt beneath your runners and breathing polluted air.
 

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I'm not sure what you are saying anymore but I'm impressed you found the keyboard

We need to keep our wise elders typing and engaged in society as long as possible
... so what are you doing here? Being a crypto-currency spokesperson seeking for elderly victims?
 
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^ Let's hope this disease doesn't spread to the Ontario's Cons heads.

Btw, that's called "Innovation" by the geniuses out there. LMAO.
 
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Crypto’s latest meltdown leaves individual investors bruised and bewildered

TOM WILSON, ELIZABETH HOWCROFT, NUPUR ANAND AND ECE TOKSABAY, Globe and Mail June 20, 2022


For Jeremy Fong, U.S. crypto lender Celsius was an ideal place to stash his digital currency holdings - and earn some spending money from its double-digit interest rates along the way.
“I was probably earning $100 a week,” at sites like Celsius, said Fong, a 29-year civil aerospace worker who lives in the central English city of Derby. “That covered my groceries.”

Now, though, Fong’s crypto - about a quarter of his portfolio - is stuck at Celsius.

The New Jersey-based crypto lender froze withdrawals for its 1.7 million customers last week, citing “extreme” market conditions, spurring a sell-off that wiped hundreds of billions of dollars from the paper value of the cryptocurrencies globally.

Fong’s long-term crypto holdings are now down about 30%. “Definitely in a very uncomfortable position,” he told Reuters. “My first instinct is just to withdraw everything,” from Celsius, he said.
The Celsius blow-up followed the collapse of two other major tokens last month that shook a crypto sector already under pressure as soaring inflation and rising interest rates prompt a flight from stocks and other higher-risk assets.

Bitcoin fell below $20,000 on June 18 for the first time since December 2020. It has plummeted around 60% this year. The overall crypto market has slumped to around $900 billion, down from a record $3 trillion in November.

The tumble has left individual investors across the world bruised and bewildered. Many are angry at Celsius. Others swear never to invest in crypto again. Some, like Fong, want stronger oversight of the freewheeling sector.

Susannah Streeter, an analyst at Hargreaves Lansdown, compared the turmoil to dotcom stocks crash in the early 2000s - with technology and low-cost capital making it easy for individual investors to gain access to crypto.

“We’ve got this collision of smartphone technology, trading apps, cheap money and a highly speculative asset,” she said. “That’s why you’ve seen a meteoric rise and fall.”

Crypto lenders, such as Celsius, offer high interest rates to investors - mostly individuals - who deposit their coins with these sites. These lenders, mostly unregulated, then invest deposits in the wholesale crypto market.

Celsius’ troubles appear to be related to its wholesale crypto investments. As these investments turned sour the company was unable to meet client redemptions from investors amid the broader crypto market slump.

The redemption freeze at Celsius was akin to a small bank shutting its doors. But a traditional bank, overseen by regulators, would have some form of protection for depositors.

One of those impacted by the Celsius freeze was 38-year old Alisha Gee in Pennsylvania.

Gee invested “every last bit” of her paycheques in crypto since 2018, which have built up into a five-figure sum. She has $30,000 of deposits at Celsius - part of her overall crypto holdings - earning her interest of $40-$100 a week, which she hoped would help her to pay off her mortgage.

Just over a week ago, Gee got an email from Celsius saying she couldn’t make withdrawals. “I just was pacing in the dark at 2 a.m., just back and forth,” she said.

“I believed in the company,” Gee said. “It doesn’t feel good to lose $30,000, especially that I could’ve put towards my mortgage.”

Gee said she would continue to use Celsius, saying she was “loyal” to the company and hadn’t experienced problems before.

Celsius CEO Alex Mashinsky tweeted on June 15 the company was “working non-stop,” but has given few details of how or when withdrawals would resume. Celsius said on Monday it was aiming to “stabilize our liquidity and operations.”

For some, enthusiasm for crypto is undimmed.

“I have seen multiple bear market cycles by now, so I am avoiding any knee-jerk reaction,” said 23-year old Sumnesh Salodkar in Mumbai, whose crypto holdings are down but still in positive territory.
For others, warnings from regulators across the world about the risks of dabbling in crypto have become reality.

Halil Ibrahim Gocer, a 21-year old in the Turkish capital Ankara, said his father’s crypto investments of $5,000 have tumbled to $600 since he introduced him to crypto.

“Knowledge can only take you so far in crypto,” said Gocer. “Luck is what matters.”

Another investor, a 32-year old IT worker in Mumbai, said he poured three-quarters of his savings - several hundred dollars - into crypto. Its value has plummeted by around 70%-80%.

“This will be my last investment in cryptocurrencies,” he said, requesting anonymity.

Regulators in countries around the world have been working out how to build crypto guardrails that can protect investors and dampen risks to wider financial stability.

The crypto market turmoil sparked by Celsius highlights the “urgent need” for crypto rules, a U.S. Treasury official said last week.

Fong, the UK investor who has lost access to his crypto at Celsius, wants things to change.
“A bit of regulation would be good, essentially. But then I think it’s a balance,” he said. “If you do not want too much regulation, this is what you get” he said.
... deja vu altogether.

I wonder if their "peers" will be shedding a tear for them.

Putting groceries $ into crypto ... how about doing a few hours of honest OT instead? I admit the latter is alot harder than making magical money.

And then there's the other deluder of his cryto still being in "positive territory".

And now these "investors" want regulations or more regulations all of a sudden. So laughable ...
 
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^ So then who will take over his post? In fact, I haven't heard much of what VP K. Harris is responsible for these days.
 

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One crypto analyst described "defi" as a "majoritocrisy"......where those with the most coins control everything.

It sounds overlaying a fiat system that favors the wealthy onto cryptocurrencies and blockchains.
... figures.
 
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