Thanks for this thorough review. Do you have a link for the 61-page declaration you just went through? I can't seem to find it on Stretto, and I'd like to read the whole thing. Thanks!
Definitely some mixed feelings here. Thank you for your humbling transparency and honesty about Celsius, the video was well done. You still have tweets out there telling people to by CEL tokens and that Celsius was only tanking because of the short sellers. You may want to right that wrong as well. I put some money on Celsius because of your vids, but ofc I don't blame you. Lesson learned.
Tbh, the whole idea that banks are bad (which they are), so let's just throw our money in an unregulated space, is just a classic case of "out the frying pan and into the fire". Greed will always be a factor. Even if someone has good intentions, once all that money starts coming in, these companies are going to look out for themselves. Decentralization is not the answer, but I know people here likely don't want to hear that, but that's reality. This cannot work without regulation. Nothing is stopping these people from screwing you over so it will keep happening.
I did not. I received no inside information as an ambassador. If I knew that Celsius was using funds in these ways, I would’ve not been an ambassador and would’ve discussed Celsius in a very different way.
We talked about Celsius selling users' crypto to buy Bitcoin miners? We talked about them taking stablecoin loans to buy more crypto and disguise their balance sheet gap? We talked about them giving unsecured loans to borrowers when they told us they never would? Absolutely not. The only thing I was aware of was the DeFi activities because they were dug up on the blockchain. Even then, we were led to believe it was a much smaller exposure than it actually was.
@@ValueForInvestors they never said they would never Alex himself had said that yes some loans would be on the collateralized. I was always under the thought we knew that that's how Bitcoin mining was being done how else do you earn yield. Other than lending.
They're more dead than stinking fish, yet people keep wishful thinking, clinging to burning embers; I bet virtually all "customers" didn't actually read the TOS before. The worst part is I doubt it'll be the last of these things to go bust, people just don't learn, are willingly misguided or sadly, uneducated about these things 😔.
@@jrussellmoore i get accused of spreading FUD about Celsius even now, AFTER they have gone bust. I'm not. I'm basically just taking the piss because it's funny. If i had a penny for every Celcian/Voyager/Luna fan who told me "enjoy being poor" when i pointed out the obvious ponziness, I'd have about 14 pence. The irony is that if Celsius had operated as a pure Ponzi instead of being bad gamblers, a lot MORE user funds would still be there.
I have an attorney. If you have a loan outstanding that is an asset of celsius. They may force you to pay this loan back EVEN THOUGH they have your collateral. In other words the court may say pay the loan back and then wait in line to see if you get your collateral
Tyler, does this mean there is no chance that we will get the full amount back, even if it takes multiple years? Damn I have been so cautious all my life with my savings and can't imagine I was tricked by the "reputable" profile of Machinsky to have me put a significant amount of my savings to Celsius :(
@@ValueForInvestors theres no chance. SBF basically shook his head and walked away - his "2 billion hole" is basically 1.2 billion plus the fake 600 million CEL on the balance sheets plus some other shit he spotted but hasnt come out yet. Whats the odds on a company that has blown 2 billion in 2 years suddenly turning it around? Zero.
No - tough to trust any of them anymore. I also had almost everything on Celsius before this, so it’s too late to go back as many of them no longer offer interest for US users. I have some funds sitting on FTX (they pay 8% APY), but that’s just until I figure out which hardware wallet I want.
Also, don't put any more collatoral on the platform, let it liquidate, far higher risk to put anything on Its a huge mistake investors make, not understanding risk to reward ratios.
Liquidation helps you out by reducing what is owed to you and it probably helps out Celsius by allowing them to fill the hole they have partially through interest. I'm hoping the fee they have also helps especially if they become more lean and only keep an essential workforce.
I have not finished watching the video yet...but I am wondering about the crypto that is in custody accounts...is that crypto more likely to be returned than the crypto in earn accounts?
I don’t think there will be an option for users to choose to pay the difference.. and I think many would disagree and not want to pay a penny more into their system haha
@@ryanwdavies1 it would have to be pro rata. You cant expect someone with 100 dollars on the platform to pay the same as you. Basically rather than that you might as well just chapter 7 and split the assets. 30-40 percent IS GONE. Whats the point in putting that 30-40 percent in just to take it back out again? Stupidest idea ever.
They should have just done one last announcement where they said "News coming soon" in a last ditch effort to cause a Cel short squeeze where CEL token inflated in price massively, 5x or 20x. Then they could have dumped a good portion of their CEL holdings (80%), recapitalizing the business. Then the CEL token would have crashed due to the sudden dump, but once they announced that they were continuing operations and allowing withdrawals the CEL token would have rocketed up again in a crazy 50x run, which they could then again have dumped the remainder 20% of their CEL holdings and bail out everyone with the recapitalization of the business.
Probably but definitely get with a tax pro for it. 🤔 It’s tough because it’s not exactly lost YET, so I’m not sure if you’ll have to wait or if you can claim losses now
Thanks for this thorough review. Do you have a link for the 61-page declaration you just went through? I can't seem to find it on Stretto, and I'd like to read the whole thing. Thanks!
Sorry, should’ve posted it earlier! Here it is: pacer-documents.s3.amazonaws.com/115/312902/126122257414.pdf
@@ValueForInvestors Thank you, sir!
Definitely some mixed feelings here. Thank you for your humbling transparency and honesty about Celsius, the video was well done. You still have tweets out there telling people to by CEL tokens and that Celsius was only tanking because of the short sellers. You may want to right that wrong as well. I put some money on Celsius because of your vids, but ofc I don't blame you. Lesson learned.
Good point, I forget I have stuff on twitter. 😅 thanks for your understanding!
BITCONNECTTTTT
😭
Long time investor in equities here. Anytime a company files bankruptcy, expect not to get anything.
Tbh, the whole idea that banks are bad (which they are), so let's just throw our money in an unregulated space, is just a classic case of "out the frying pan and into the fire".
Greed will always be a factor. Even if someone has good intentions, once all that money starts coming in, these companies are going to look out for themselves. Decentralization is not the answer, but I know people here likely don't want to hear that, but that's reality. This cannot work without regulation. Nothing is stopping these people from screwing you over so it will keep happening.
Good to see someone invested in crypto, but not part of the cult of crypto!😃
I was part of the cult, I’ve learned my lesson 😭
You were an ambassador you knew all this
I did not. I received no inside information as an ambassador. If I knew that Celsius was using funds in these ways, I would’ve not been an ambassador and would’ve discussed Celsius in a very different way.
@@ValueForInvestors I was one with you we talked about this all the time
@@ValueForInvestors it's fine to cover your ass but not to lie
We talked about Celsius selling users' crypto to buy Bitcoin miners? We talked about them taking stablecoin loans to buy more crypto and disguise their balance sheet gap? We talked about them giving unsecured loans to borrowers when they told us they never would? Absolutely not. The only thing I was aware of was the DeFi activities because they were dug up on the blockchain. Even then, we were led to believe it was a much smaller exposure than it actually was.
@@ValueForInvestors they never said they would never Alex himself had said that yes some loans would be on the collateralized. I was always under the thought we knew that that's how Bitcoin mining was being done how else do you earn yield. Other than lending.
What about NEXO, do you know if they are going to last? and how could i check if they are in danger.
If you have anything on there just take it now. No amount of yield is worth the stress of potentially losing it all.
$Frm is one token I won't want you to miss out on. It's going to be bullish🚀
18.63% returns are a lie?
Surprised face 😱
🤣🤣🤣
🤣
They're more dead than stinking fish, yet people keep wishful thinking, clinging to burning embers; I bet virtually all "customers" didn't actually read the TOS before.
The worst part is I doubt it'll be the last of these things to go bust, people just don't learn, are willingly misguided or sadly, uneducated about these things 😔.
@@jrussellmoore i get accused of spreading FUD about Celsius even now, AFTER they have gone bust. I'm not. I'm basically just taking the piss because it's funny.
If i had a penny for every Celcian/Voyager/Luna fan who told me "enjoy being poor" when i pointed out the obvious ponziness, I'd have about 14 pence.
The irony is that if Celsius had operated as a pure Ponzi instead of being bad gamblers, a lot MORE user funds would still be there.
degen king Alex Machinsky
Yes. King of the Greedy Idiots.
Scam artist, flim flam man, liar, thief, scumbag, two faced back stabbing dual citizen are all words that are too nice for Celsius.
so will you still buy celcius token now
They lied! Right to our face!
Yes. But it was obvious lies that people chose to believe due to greed for yield.
Well, obviously. And they are not the only one lying.
But people will still act surprised when they crash.
Wonderful, video. Thank you!
Thanks for the comment Stephanie!
Keep up your videos brother, I got hit pretty hard as well.
Appreciate the support man 🙏🏼 wishing you the best & hoping for a depositor-friendly outcome with Celsius!
Thank you abothe best video on th the situation
Good, honest, video I hate people just talking unfounded fud.
Thanks, at least we finally have everything documented so we know what the truth is!
I have an attorney. If you have a loan outstanding that is an asset of celsius. They may force you to pay this loan back EVEN THOUGH they have your collateral. In other words the court may say pay the loan back and then wait in line to see if you get your collateral
Yikes, that’s good to know. I have some outstanding loans, thanks for sharing. 🙏🏼
That would be head-falling-off funny if it happened.
What about the non preforming loans?
Since cryptos can't be kept under the mattress, where will we migrate to?
Hardware wallets!! or Nexo if you're brave enough to trust someone again 😅
Tyler, does this mean there is no chance that we will get the full amount back, even if it takes multiple years? Damn I have been so cautious all my life with my savings and can't imagine I was tricked by the "reputable" profile of Machinsky to have me put a significant amount of my savings to Celsius :(
I think there is still a chance! We will just be waiting on legal proceedings, potential acquisitions, and whatever else goes on. 😔
@@ValueForInvestors theres no chance. SBF basically shook his head and walked away - his "2 billion hole" is basically 1.2 billion plus the fake 600 million CEL on the balance sheets plus some other shit he spotted but hasnt come out yet.
Whats the odds on a company that has blown 2 billion in 2 years suddenly turning it around?
Zero.
Nothing will be left after the lawyers, and time if we get anything it will be 10 to 15%, maybe, paid in fiat.
80k now rigs now.... There's a quick depreciating asset
Tyler, have you decided to keep any coins on the other interest yielding platforms like Nexo and Blockfi. If so, why? If not, why not?
No - tough to trust any of them anymore. I also had almost everything on Celsius before this, so it’s too late to go back as many of them no longer offer interest for US users. I have some funds sitting on FTX (they pay 8% APY), but that’s just until I figure out which hardware wallet I want.
Also, don't put any more collatoral on the platform, let it liquidate, far higher risk to put anything on
Its a huge mistake investors make, not understanding risk to reward ratios.
Agreed!!
Liquidation helps you out by reducing what is owed to you and it probably helps out Celsius by allowing them to fill the hole they have partially through interest. I'm hoping the fee they have also helps especially if they become more lean and only keep an essential workforce.
@@AJM2408 stockholme syndrome.
I have not finished watching the video yet...but I am wondering about the crypto that is in custody accounts...is that crypto more likely to be returned than the crypto in earn accounts?
That's not clear yet, all we know is they did not gamble with those funds like they did with the rest. 🙁
Could you comment on the number of celusers1.2bn/1.7m=$700/ each happy to pay that
I don’t think there will be an option for users to choose to pay the difference.. and I think many would disagree and not want to pay a penny more into their system haha
Pay the people who've stolen your money more money. Genius.
@@wizzyno1566 can be happy to pay a 700 Ransom to get my life savings back
@@ryanwdavies1 it would have to be pro rata. You cant expect someone with 100 dollars on the platform to pay the same as you.
Basically rather than that you might as well just chapter 7 and split the assets.
30-40 percent IS GONE. Whats the point in putting that 30-40 percent in just to take it back out again? Stupidest idea ever.
Good think I took everything out of Celsius just in time!
....and put it into Tera Luna....
😭
Appreciate the info! Lost a bit with you too
Had to be shared! Hang in there. 🙏
You were on Coffee Zilla's video, sorry brother, this really sucks
Haha I saw that, got my 5 seconds of fame for the wrong reasons 😅 just gotta learn the lesson and press on!
@@ValueForInvestors Yep, but you did your best, you never mislead people on purpose.
They should have just done one last announcement where they said "News coming soon" in a last ditch effort to cause a Cel short squeeze where CEL token inflated in price massively, 5x or 20x. Then they could have dumped a good portion of their CEL holdings (80%), recapitalizing the business. Then the CEL token would have crashed due to the sudden dump, but once they announced that they were continuing operations and allowing withdrawals the CEL token would have rocketed up again in a crazy 50x run, which they could then again have dumped the remainder 20% of their CEL holdings and bail out everyone with the recapitalization of the business.
Seems like market manipulation but the crypto market doesn't really have any laws of insider trading and whatnot
This might not even be the shadiest thing they could’ve done, all things considered 🤣 CEL short squeeze is still very much in play IMO
@@ValueForInvestors It was already shady. Might as well end with a cherry ontop and try to save everyone... lmao
Magical wishful thinking. I like it!!!
Can I write it off as a tax loss
Probably but definitely get with a tax pro for it. 🤔 It’s tough because it’s not exactly lost YET, so I’m not sure if you’ll have to wait or if you can claim losses now
They need to let people withdraw at least 500usd a week
They dont "need" to do anything. You want them to, but its not going to happen.