Celsius App

6109 Views 93 Replies 16 Participants Last post by sags, 11 mo ago

m3s

Discussion Starter · Sep 1, 2021

I've been testing and using financial apps and I think CMFers could benefit from this one the most

You can sign up with Canadian government ID (KYC) and stack several promo codes while earning much better yields than traditional banks. You can also take collateralized loans on crypto (rather than selling for a taxable event)

Pros
Very good steady yields - weekly playouts Monday
Good security features - 2FA, whitelisted addresses, biometrics
Reputable team - this app has been around and has customer service by email
Free withdrawals - I've tested them with no issues

Cons
No self custody - tokens are lent out
No CDIC obviously - insurance options coming
No swaps - better to trade on an exchange, this app is more for the yields
Takes 24hrs to change withdrawal address - it's a security feature but I don't like this

Some of the current promo codes that can be stacked -
172616627b (my referral code) Transfer $400, get $50 in BTC after 30 days
STABLE10 Coin Transfer $50 in USDC / USDT, get $10 in BTC after 30 days
STABLE50 Coin Transfer $200 in USDC / USDT, get $50 in BTC after 30 days
STABLE600 Coin Transfer $25K in USDC / USDT, get $600 in BTC after 90 days
ADA40 Transfer $400 in ADA, get $40 in ADA after 30 days
ADA500 Transfer $20000 in ADA, get $500 in ADA after 90 days

You get 8.88% yield on USDC instead of Canadian banks paying 1-2% promo yields. You can also get 8.88% on TCAD. You can also chose to earn CEL tokens as rewards

There's a bunch of similar promo codes for crypto tokens. I basically just farmed the promos to test out the app

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james4beach

· #15 · Sep 8, 2021

agent99 said:
Something I just don't get. If you can make 8% or even much more with crypto investments, where does that gain come from? Usually, when one investor gains, another one will lose unless they are investing in a company that increases its worth.

Well I'm young, and I'm a computer scientist, and I worked in cryptography. You're not the only one who doesn't "get it". A lot of this stuff doesn't make sense, even to experts like me.

Our people (not just me, but also PhDs at my last firm) all looked at this stuff, and we basically think it's a kind of convoluted shell game / scam. Lots of techno babble that superficially sounds impressive, but doesn't actually make sense. That's why I don't invest in it.

We even had crypto firms approach our company and ask us to join their ventures in partnership. We analyzed their claims, and rejected their invitation.

When I say this stuff, other young people usually respond and say that I just don't get it. Well maybe, but I am an expert directly in this field (including the cryptography and networks).

It's possible that for some reason, I just don't get it. But if that's the case ... do you really want to invest in something that even experts (like me) can't decipher? That's not a good sign.

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james4beach

· #22 · Sep 9, 2021

wayward__son said:
you have a lot of great stuff on this forum, but you've also been here advising against bitcoin since late 2013 . . . but you may wish to consider the possibility that there is more substance to this than you think.

Possible there's more to it, but I'm not a believer.

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james4beach

· #26 · Sep 10, 2021

m3s said:
Trying to apply it to existing professions would be like trying to explain the internet to industry "experts" from the 70s

The internet began as an academic project heavily funded by the US government, under the ARPA agency, which today is called DARPA. It was an entirely academic project with heavy involvement by seasoned experts across major universities.

It was founded by experts, and under the arm of the US government.

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james4beach

· #71 · 12 mo ago

wayward__son said:
i'll need to part ways with you here friend. 8-9% is not nearly enough to compensate me for the risk of this investment, i.e., unsecured creditor to a fintech

Smart move. You applied sound logic!

Indeed, if Celsius or another one of these exchanges/platforms collapses, the crypto koinz might be seized during bankruptcy proceedings by creditors. This happens because there are no regulations in this area which protect client assets.

Lack of regulation = wild west = asking for trouble.

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