Celsius App

6108 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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sags

· #81 · 12 mo ago (Edited)

President Biden has not aged well in the Presidency, and should step down before he falls off his bike one too many times.

He perfromed a great patriotic service by defeating Trump, but it is time for him to retire and bask in the praise of a job well done.

Beaver101

· #82 · 12 mo ago

^ 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.

Beaver101

· #83 · 12 mo ago

sags said:
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.

sags

· #84 · 12 mo ago

Who knows what the VP is doing these days. She has disappeared into the vast unknown.

sags

· #85 · 12 mo ago

m3s should start an honest crypto exchange, maybe guaranteed 100% with gold bullion reserves.

Levy sufficient transaction fees to pay all the operational expenses.

Reactions: 1

m3s

Discussion Starter · #86 · 12 mo ago

sags said:
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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sags

· #87 · 12 mo ago

Perhaps the crypto platforms and concepts should work out all their problems before they start collecting investor cash from the public.

Trapped in the middle of a crypto crisis doesn't seem the optimum time to be experimenting with internal governance protocols and procedures.

It certainly doesn't convey any level of trust or confidence in the protocols to possible future investors.

m3s

Discussion Starter · #88 · 12 mo ago

sags said:
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

sags

· #89 · 11 mo ago

I don’t play in the kindergarten sandbox.

milhouse

· #90 · 11 mo ago

FP article on what apparently went on and the challenges behind the scenes at Celsius.

financialpost.com

Inside Celsius: One of crypto's biggest lenders having a 'Lehman Brothers moment'

Former employees and internal documents suggest a reckless pursuit of high returns put Celsius in a poor position to ride out this year's market turbulence. Read more here

financialpost.com

m3s

Discussion Starter · #91 · 11 mo ago

milhouse said:
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.

sags

· #92 · 11 mo ago (Edited)

First comes the SEC and IRS to build the case and then come the criminal prosecutors to arrest and send them to prison.

Bernie Madoff was an amateur compared to these crypto scam artists.

I am always surprised by the arrogance of these people who think they can steal billions, walk away, and get to keep the money by pleading ignorance.

I wanted millions so I stole some.

I fought the law but the law won.

m3s

Discussion Starter · #93 · 11 mo ago

Did you see sleepy Joe fall off his bike?

sags

· #94 · 11 mo ago (Edited)

Celsius declared Chapter 11 bankruptcy last night. A judge will determine if depositors are secured or unsecured creditors.

They have 100,000 creditors......owed tens of millions or small retail customers.

They estimate their liabilities between $1 billion and $10 billion. More entanglements are thought to be uncovered in the bankruptcy process.

www.bloomberg.com

Crypto Lender Celsius Files for Bankruptcy After Cash Crunch

Cryptocurrency lender Celsius Network Ltd. filed for Chapter 11 bankruptcy, the latest casualty of a $2 trillion crash that has wiped out some of the industry’s biggest names and exposed hundreds of thousands of individual investors to steep losses.

www.bloomberg.com

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