... 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.
... guess nothing learned. Oh well.
Celsius App
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
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
41 - 60 of 94 Posts
Since I still don't understand how this all works...
Here's a question: Where is the pain being felt with Celsius Network freezing withdrawals and transfers?
People lending their crypto can't get their assets out. If their assets are in a crypto currency that is dropping, they pretty much have to wait it out / watch their valuation sink (??). (I did find in one article that interest is still being paid however even though you can't withdraw anything.) What if their assets are in a stablecoin?
It sounds like people on the other side of the trade that borrowed are having their collateral liquidated (at a loss?) since their collateral doesn't have enough value to cover the equivalent value of their loans and they are not able to transfer in additional assets/crypto to increase the required minimum value (??).
I'm assuming Caisse and other investors in the Celsius business itself are at risk if the company can't stabilize the business and manage the withdrawals which may end up like a bank run?? How secure are the lenders deposits if Celsius goes under? Are they just an unsecured creditor?
Here's a question: Where is the pain being felt with Celsius Network freezing withdrawals and transfers?
People lending their crypto can't get their assets out. If their assets are in a crypto currency that is dropping, they pretty much have to wait it out / watch their valuation sink (??). (I did find in one article that interest is still being paid however even though you can't withdraw anything.) What if their assets are in a stablecoin?
It sounds like people on the other side of the trade that borrowed are having their collateral liquidated (at a loss?) since their collateral doesn't have enough value to cover the equivalent value of their loans and they are not able to transfer in additional assets/crypto to increase the required minimum value (??).
I'm assuming Caisse and other investors in the Celsius business itself are at risk if the company can't stabilize the business and manage the withdrawals which may end up like a bank run?? How secure are the lenders deposits if Celsius goes under? Are they just an unsecured creditor?
Where is m3s when we need him?
Yup, that's exactly why I revived this thread but he's seen nowhere.Where is m3s when we need him?
I am not sure why anyone would not keep their coins on a cold wallet like Ledger or Trezor ,when I want cash I will send max $2000 to Coinsquare and sell same day. They are going to hang on to this money indefinitely and some institutional investors bought in at $50,000 a coin. I am a gambler you guys all know this and that is the main use for bitcoin and to avoid taxes for many ,my own friends included lol .Scary times when pensions get into bitcoin lol
well he seems to have been banned for some reason (anyone know the story??) so it’s a little difficult for him to speak up.Yup, that's exactly why I revived this thread but he's seen nowhere.
this is both morally and legally inadvisable. However inefficient and even repugnant you may find our government and bureaucracies, evasion is theft from your fellow citizens and unless your opsec is truly next level (and constantly being updated), not getting caught will be a matter of luck.and to avoid taxes for many
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.
Celsius is a company whose business model was taking deposits (in crypto), pursuing what one could generously call return generating strategies in the crypto space and then paying a “yield” back to the depositors. Their risk management was obviously terrible and news is out today that they have appointed restructuring lawyers.
I imagine CDPQ’s equity will get wiped out but let’s not overdo it — while CDPQ does seem like dumb money sometimes and Celsius was a bad investment, this was likely a vanilla equity stake worth a minuscule portion of their overall assets. Any large pool of capital that invests in a diversified way across public and private markets is going to have a few duds.
For the depositors, not your keys not your coins, and M3S was pretty clear about that early in the thread. Crypto natives know that the whole point of what we are trying to build is to obsolete intermediaries like Celsius. Anyway Celsius has terms of service that clearly say deposits are uninsured, can be commingled and rehypothecated, and withdrawals can be blocked for any number of reasons. This means the depositors should just be a mass of unsecured creditors and expect to take a haircut and wait a long time for repayment. Fluctuations in whatever crypto they had on the platform will be theirs to bear — unclear whether they will get paid back in kind or in some currency equivalent (at what rate who knows). Gox repayment is going to end up taking near a decade but getting paid back in Bitcoin means those creditors are going to have done quite well in fiat currency terms lol.
If you took a borrow from Celsius it was probably over collateralised. You could pay it back or top up your collateral but why do that if you have no way to get anything off the platform. Probably have to mark it zero and move on with life.
Today more rumours are circulating that 3AC (a crypto prop firm that at its peak was worth billions) has been missing margin calls. If true the selling will continue, but I agree londoncalling that crypto is not going anywhere. Survivors will come out on the other side of this, those now happily vindicated in their view that this is tulips will go back to being mad — circle of life will continue.
I imagine CDPQ’s equity will get wiped out but let’s not overdo it — while CDPQ does seem like dumb money sometimes and Celsius was a bad investment, this was likely a vanilla equity stake worth a minuscule portion of their overall assets. Any large pool of capital that invests in a diversified way across public and private markets is going to have a few duds.
For the depositors, not your keys not your coins, and M3S was pretty clear about that early in the thread. Crypto natives know that the whole point of what we are trying to build is to obsolete intermediaries like Celsius. Anyway Celsius has terms of service that clearly say deposits are uninsured, can be commingled and rehypothecated, and withdrawals can be blocked for any number of reasons. This means the depositors should just be a mass of unsecured creditors and expect to take a haircut and wait a long time for repayment. Fluctuations in whatever crypto they had on the platform will be theirs to bear — unclear whether they will get paid back in kind or in some currency equivalent (at what rate who knows). Gox repayment is going to end up taking near a decade but getting paid back in Bitcoin means those creditors are going to have done quite well in fiat currency terms lol.
If you took a borrow from Celsius it was probably over collateralised. You could pay it back or top up your collateral but why do that if you have no way to get anything off the platform. Probably have to mark it zero and move on with life.
Today more rumours are circulating that 3AC (a crypto prop firm that at its peak was worth billions) has been missing margin calls. If true the selling will continue, but I agree londoncalling that crypto is not going anywhere. Survivors will come out on the other side of this, those now happily vindicated in their view that this is tulips will go back to being mad — circle of life will continue.
True, we're talking about something like 0.05% ($150M US). Pocket change for them. For an idea of scale, they lost some $40 billion in 2008.I imagine CDPQ’s equity will get wiped out but let’s not overdo it — while CDPQ does seem like dumb money sometimes and Celsius was a bad investment, this was likely a vanilla equity stake worth a minuscule portion of their overall assets.
... 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.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.
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.
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.
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.
A little town house with no yard or a condo with fees higher than rent costs 7 figures in Canada todayWhat 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.
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.A little town house with no yard or a condo with fees higher than rent costs 7 figures in Canada today
... should I ask those wiser long time members if they made their 7 figures from stocks included cryto-currencies?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
... 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.Or maybe you should ask yourself why you think 7 figures is a lot.
... 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.I will pay 7 figures just in taxes if I want to realize gains
We can see the evidence of intelligence and wisdom... 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.
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
.. yes, we sure can see that here. For the records , you brought this "distinction" if not an insinuation up. Read on.We can see the evidence of intelligence and wisdom
... 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.You don't like crypto but want them to pay taxes?
The reference to taxes is the 'realized' gains from so-called investments you made, highlighted rom marina628's post. So to your next point,
... 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?Whether or not people pay their taxes has nothing to do with crypto.
... 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?.Asking whether or not they made their 7 figures in crypto has nothing to do with how wise the are.
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.
... 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.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
... 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.If you think Canadian wage are too low you should ask yourself if voting for someone with no monetary policy is intelligent
Maybe it's time for you to land back on earth ... you know actually getting dirt beneath your runners and breathing polluted air.
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
We need to keep our wise elders typing and engaged in society as long as possible
I have made 7 figures on bitcoin over the years but i got my coins from gambling and gambling affiliate income. As I stated many years ago my first bitcoin i paid 3 bux for them and used them for a poker game. There were months i took a break went on vacation etc and came back to 50% profits on my coins. I thought I hit the jackpot when i cashed out most of my coins at $4400that cost me 500-1200 .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 ,if you were working in the casino space like I do you would see how one big sportsbooks payuts to their 6000 affiliates in a month constantly affects the bitcoin pricing ,i have been tracking my own payments vs movement in price in 2 years now. I am not sharing that group the dates etc as I believe bitcoin is something each person has to discover and learn about themselves. In December my brother in law sent me a link from some financial blog saying to buy bitcoin at $50,000 USD ,I told him then to wait til he sees $29,000 because many big players in bitcoin spoke at a conference in Serbia and mentioned that price. These same players said bitcoin will be a dog until October so you should plan to keep til then ,I took it to mean they plan to manipulate things down and then blow it up in October. We will see what happens then,but My advise is only put in bitcoin what you can loose and tie up for a long play ,buy your own wallet so you control your keys.
BTW bitcoin was suppose to be anonymous and for a few years it was. Then Coinbase had to disclose the identities of all the American accounts .In 2021 Coinsquare has a tax tab and all of this is available to CRA so there is practically no way not to pay taxes on bitcoin when you sell and withdraw it now. Gambling wins in Canada are tax free but I am paying capital gains on the bitcoin profits I have made on sitting on my coins .
... so what are you doing here? Being a crypto-currency spokesperson seeking for elderly victims?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
41 - 60 of 94 Posts
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