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Discussion Starter · #68 ·
It is all based on the "greater fool theory" and after the recent collapses in Luna and Celsius, crypto is running out of fools with money.
Luna and Celsius were both entirely centralized and under-collateralized. They both paid too much yield and instead of de-risking and adjusting to market conditions they both became insolvent when their collateral declined

The only reason Canada and the US didn't collapse recently is that they can print infinite fiat money and bring in or hire cheap labour from around the globe. It's all a ponze scheme sags. Your pension is paid by new people on the bottom
 

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Discussion Starter · #69 ·
Presently I have 38 clients under my current business ,I have no idea if you have employees ,what clients and services you have so cannot advise you on that.
That's impressive stuff. I don't have any employees or clients

I just have a lot of volume and taxable events because even stablescoins are considered a taxable trade. The CRA websites doesn't make it any clearer

Basically says if you were trading regularly to make a profit it's a business but if it was without knowledge or plan to make profit it's a capital gain
 

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Discussion Starter · #72 ·
Lack of regulation = wild west = asking for trouble.
The US actually did step in an regulate Celsius.

They made it illegal for americans like everything else related to crypto including airdrops (so most airdrops don't go to US IP addresses) Obviously Celsius lost a lot of assets during that time, including a relatively small amount from me

They have too much assets locked up. Sounds like they're being helped by another exchange now.
 

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Discussion Starter · #79 ·
Alberta Premier Jason Kenney announced Alberta is rolling out the welcome carpet to FTX crypto exchange, which is operated by Sam Bankman-Fried, the guy interviewed in the link posted below......who perfectly describes crypto yield farming as a huge ponzi scheme.

“We want to position Alberta at the forefront of emerging technologies and industries in Canada. FTX launching in Calgary will help further grow our reputation and our opportunities in technology and innovation, specifically in blockchain technology. This is great news for further growth of our fintech sector and further diversification of our economy.”
  • Honourable Doug Schweitzer, Minister of Jobs, Economy and Innovation
Same Bankman-Fried was the 2nd largest donor to President Biden's campaign and doesn't like DeFi because he prefers centralized things like Solana that he can control. Rumour is he's been bailing out and taking control of a lot of crypto things lately maybe even Celsius

He's like the Larry Fink of crypto - FTX is dominating everything like Blackrock. He's also doing a lot of lobbying in the White House and apparently Alberta. While Honourable Doug Schweitzer appears to be an extremely bright young non-boomer for a politician he has the wrong guy
 

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Discussion Starter · #86 ·
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.
There are all different kinds of systems going on sags. You don't seem to grasp the concept that crypto is more than 1 single thing or concept. It's like when people say "stocks are gambling" it shows they have no concept of what stocks are in the slightest

There's a lot of talk about using quadratic voting where smaller wallets would be weighted proportionally higher to balance the whales. Problem is then there is no incentive to buy as something has value because it gives some sort of power/control

We all know you dream of communism and socialism but unfortunately it never seems to work anywhere. Even short lived CERB and stimulus checks seemed to cause unintended consequences to the economy in such a short time

Maybe there is a better balance between capitalism and communism. All the different cryptos with different distributions and voting structures are like individual monetary experiments. Maybe one of them will find a balance that can't be gamed (will require much better DID which is coming)

Either way I don't think you'll get it so might as well stop concerning yourself with it. Keep dreaming of UBI I'm sure it will solve all the world's problems without any inflation or unintended consequences. Russia is still around after all
 

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Discussion Starter · #88 ·
Perhaps the crypto platforms and concepts should work out all their problems before they start collecting investor cash from the public.
You realize this concept exists outside of crypto right?

Crypto critics constantly show how little they understand existing markets

If you don't have funds to put in risky ideas then worry about your GICs rates
 

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Discussion Starter · #91 ·
FP article on what apparently went on and the challenges behind the scenes at Celsius.
I didn't read the article in fill but I've read the claims from people on twitter who are also sharing the court documents

Sounds to me like the older CEO didn't understand how things in crypto work such as impermanent loss that don't exist in trad fi and didn't heed advice. Celsius CEO by the way created VoIP so he is probably more tech savvy than financial

I was fully withdrawn except for leftover weekly yield. Not because I knew what was coming but because it's not worth the risk after the promos. Voyager I did see coming and warned several americans to withdraw just in time. They gave a huge hint by lowering withdrawal limits while seeking funds

Not your keys not your crypto once again.
 

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Discussion Starter · #93 ·
Did you see sleepy Joe fall off his bike?
 
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