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Celsius App

6109 Views 93 Replies 16 Participants Last post by  sags
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)

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

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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8-9% is not nearly enough to compensate me for the risk of this investment, i.e., unsecured creditor to a fintech.
Fair enough

I think you have to be in the app to see the links to blockchain explorers for transparency on the digital assets and transactions. I think we're going to see a lot of these "centralized" front end with "decentralized" back end. I'm getting better yields using DeFi directly with my own keys but I can see why there will be a market for these apps

Just hard to watch everyone debate 1-2% yields that don't even beat inflation before tax
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.
It depends.

The stablecoins can be used as liquidity for over collateralized loans (unlike your 0% fractional reserve banks, smart contract loans are typically limited to 50% or less collateral) People with say 10-1000x capital gains are happy to pay x% to borrow stablecoins against 10-20% of their crypto collateral to get some inflationary fiat instead of triggering capital gains. There is more demand to borrow stables than to lend, whereas I see CMFers are happy to lend their fiat for smaller yield

Stablecoins can be used as liquidity for decentralized exchanges that typically earn the 0.1%-0.3% swap fees as a ratio of your liquidity provided. This means you earn more the more volume on the exchange and stablecoins typically have high volume. Most people in crypto don't want to hold stablecoins but there is demand to borrow and swap them which means the ratios are good (You probably can't fathom my yields on stables.. not to mention the governance tokens!!..)

You have to realize that these protocols are far more capital efficient than brick and mortar banks. This is what you are probably missing. Bitcoin is an entirely different beast and has nothing to do with this. Bitcoin increasing in value for the same reason gold does. Gold doesn't yield anything rather you pay to hold it and yet people do. Gold and Bitcoin are a bet against money printing. The DeFi protocols yield also have tokens that can vote on the protocols and large treasuries from yields

When I was a kid 8% yield on CAD was the norm and I'm not even a boomer. This is a money forum I don't know why people don't get how you can make 8%..
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This thread was about getting yield on USDC stablecoins because I know CMFers don't get crypto. I don't actually buy or hold BTC but I'll ELI5 it again anyways

I cannot imagine gold increasing in value 20X in 12 months or less. Gold is also something you can buy and store. Or even make valuable products from. It has intrinsic value.
Maybe you should ask the people in Lebanon or Venezuela how gold can 20x vs their fiat or maybe the Afghans can explain it better. The vast majority of gold is stored in vaults and not turned into anything with intrinsic value. Rather it is secured at great expense. Its value is derived from supply and demand because it is finite and scarce unlike fiat.

Why would I buy a Bitcoin? Just because many others are and the price is skyrocketing? I imagine there is a reason, but not something I can fathom.
Again this thread wasn't about Bitcoin and I don't buy Bitcoin but I'll try. The reason is purely supply and demand. Like gold it is a store of value against inflation. However unlike gold, no military or government can take it with force or confiscate it. Also unlike gold it can be stored and transported in your mind.

It doesn't really matter if the older generation doesn't value it because the incoming generation does and adoption is increasing with them.
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Even my economics professor friend doesn't get it and he has tried a lot harder than I have! He figures it is a tool for those who want their transactions to be untraceable!
How old is this prof friend? Transactions can be "mixed" but that only makes them slightly harder to trace.

Digital transactions are far more traceable than cash. Both recent hacks were traced thanks to all the KYC nowadays. Even the silk road guy was traced back to an email account on a forum or something.. The new protocols will have self-controlled ID built in

I'm listening to many podcasts with economists who very much get it. It actually shows how little people understand economics in the first place because markets are markets. Money is only worth what someone will give you for it. Your house is worth what someone will pay for it. That's it

The reason for the explosive growth is metcalfe's law and the debasement of the unit you are measuring in.
Warren Buffet doesn't get it but he also didn't get FANG. Doesn't mean he was a bad investor just from a different era

My computer science profs were far behind the industry that was changing faster than the text book editions could print

People struggle to accept radically new information that is still developing in real time
You think CBDC will replace smart contract networks and decentralized apps

All this says is they can do digital payments with legacy fiat. That's great. About time. They don't replace existing stablecoins because those are specific to each network. Blockchains monetize P2P transactions of art, music, gaming, experiences, computation, data etc without the need for fiat and intermediaries (or central banks..) CBDC is just a hybrid to the legacy system

Anyways this thread was supposed to be an example of how you could earn better yields on your fiat.

Nevermind - enjoy your 1% negative real returns
Do you have crypto credit card at all(mogo,, blockfi)? I get 5% cashback and free netflix, spotify, amazon with the Visa Card from
I hear podcast ads for it a lot lately. I know Celsius, Voyager, Coinbase etc will all have debit/credit cards coming

Do Canadians get this or is it the US based Visa?
Who pays for the promotions ?
Marketing budget. Much cheaper than TV commercials for boomers

Not to mention the savings on brick & mortar, mutual fund salesmen, big bank execs and sky scrapers etc
It's available for Canadians .I got it. so far got the 3% cashback but upgrading soon to the 5% one.
Hmm they have some very interesting deals now and I didn't know it was in Canada

I think Celsius has been around longer and established more trust for keeping their rates pretty stable. Their team is also pretty active with AMAs and social media

I'll definitely watch CRO though. They are doing a lot of marketing
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.
The industry moves so fast it doesn't surprise me PhDs don't get it yet

I self taught myself to code in high school and my university profs and textbooks were so behind and outdated. It's really only last year you could start to use DeFi and now it's exploding with development. Most won't be able to get it before mass adoption because they can't imagine things change especially if they assume they are experts that already know everything

Trying to apply it to existing professions would be like trying to explain the internet to industry "experts" from the 70s
So how many of those experts used their advanced early knowledge of the internet to build FAANG companies?

I remember many tech experts misunderstanding FAANG business, including pretty much everyone on this board

It's very difficult for most to see emerging tech. The vast majority are not visionaries or interested in what could be
Celsius has some new ETH promos today

ETH20 $20 after 90 days for $500 deposit
ETH200 $200 after 90 days for $5000 ETH deposit
ETH600 $600 after 90 days for $20000 ETH deposit

You can stack all 3 promos plus 5.35% up to 30 ETH. Those promos make about 18% effectively on 10 ETH

I tend to use Celsius and Gemini together because both have free transfers. Both have referrals as well
Who's selling ETH at discount on social media? I'll take some of that

What I posted is no different than the Tangerine and EQ promo rates and referrals. In the US you get hundreds of dollars to open a traditional bank account or credit card. Celsius is actually a legacy model for people who aren't technically inclined to use a blockchain themselves which is why I share it on this forum

There's lots of scams and NFT hype marketing like there is anywhere in a free society. I am tracking the development and all the major US companies are already hiring and developing blockchain integration. Building your own walled garden defeats the purpose but there will be multiple chains optimized for different purposes

Anyways you probably aren't ready for this, but your kids are gonna love it :LOL:
Hopefully nobody else has funds in Celsius? I had $3 leftover weekly yield there. They didn't pay my last promo code

The US banned Celsius and other lending services a few months back. This caused a lot of withdrawals. Celsius locked in capital that can't be freed up to repay loans now. People have been watching their transactions on-chain and there has been smoke and rumours that they were over leveraged. Shame because it was a simple platform that is easier to use than DeFi but clearly they weren't very good at managing risk

I posted that I was derisking last September and I harvested any tax losses in Dec. That was an early hunch but the warning signs got much louder this year.
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.
A little town house with no yard or a condo with fees higher than rent costs 7 figures in Canada today

I have 7 figures from stocks years ago after learning from wiser long time members here who have far more time and success in stocks than me. marina628 probably spends 7 figures for breakfast if she wants and kcowan probably has 7 figures in apple alone, Larry has 7 figures in suncor etc. So I guess you should ask them all why they are posting here as well

Or maybe you should ask yourself why you think 7 figures is a lot. I will pay 7 figures just in taxes if I want to realize gains
... well yeah, it's 2022 and I can't help that "investors" see them gold at the end of the RE rainbow.

... should I ask those wiser long time members if they made their 7 figures from stocks included cryto-currency?

... 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 would hope so or your "fair" share of the taxes. But then marina628's/post 45 says otherwise.
We can see the evidence of intelligence and wisdom

You don't like crypto but want them to pay taxes? Whether or not people pay their taxes has nothing to do with crypto. Asking whether or not they made their 7 figures in crypto has nothing to do with how wise the are. 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

If you think Canadian wage are too low you should ask yourself if voting for someone with no monetary policy is intelligent
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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
Then I became a buyer again at $10,000.My friend cashed out 1 million a couple years sent revenue Canada roughly $400,000 when he did his taxes ,a year later they sent him back almost $200,000 determined it was capital gains not basic income taxes so he bought a Lamborghini and cashed out more to cover it. In my own circle i know many who have thousands of coins ,even this month my business will be paid around $60,000 in bitcoin and I hate it because I much prefer to have a bank wire .I have no choice but deal in bitcoin but each time i get paid it is a gamble if I will get it out in time. I believe we will see $40,000 bitcoin again and for that reason I will sit on some coins for now
That's crazy the CRA sent $200k back. They're probably just happy he filed like a good boy

I filed what I sold off last year as capital gains however due to the volume I figure they will want me to refile as income. There is no way to know because the rules are so vague. I already have more income from crypto this year than salary even in a bear market so I imagine at this point it's clear I will need to file as business income.

I've heard the gambling industry used as an example of what happens when the government tries to outlaw something based on some kind of moral superiority. People still like to gamble even if the US government said it's bad mmkay. So in the end they just lost all the tax revenue because the business and money went elsewhere

So did you have to structure your multi-million gambling businesses from off-shore islands? Is that why the profits come in BTC? Does Canada lose out of tax income because of this? What do you think about the US banning online gambling and whether it made sense? Do you think Canada should ban crypto to protect us like sags wants?

Do you know any good business tax planners? I think I need to structure an online business I don't see why I would domicile a digital business in Canada?
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