Unbank Yourself.

[BenDeCosta]

4 minutes ago, Neeranam said:

I don't think anyone is suggesting there is only one way to invest. 

This thread is about getting 12% on your 'cash'(stablecoins). There is very little risk in doing so. 

 

Your comment that there is very little risk is very irresponsible.

 

The risks of trading cryptocurrencies are mainly related to its volatility. They are high-risk and speculative, and it is important that you understand the risks before you start trading.

• They are volatile: unexpected changes in market sentiment can lead to sharp and sudden moves in price. It is not uncommon for the value of cryptocurrencies to quickly drop by hundreds, if not thousands of dollars.
• They are unregulated: cryptocurrencies are currently unregulated by both governments and central banks. However, recently they have started to attract more attention. For example, there are questions about whether to classify them as a commodity or a virtual currency
• They are susceptible to error and hacking: there is no perfect way to prevent technical glitches, human error or hacking.
• They can be affected by forks or discontinuation: cryptocurrency trading carries additional risks such as hard forks or discontinuation. You should familiarise yourself with these risks before trading these products. When a hard fork occurs, there may be substantial price volatility around the event, and we may suspend trading throughout if we do not have reliable prices from the underlying market.

 

You could have millions of dollars in crypto and wake up one morning to find that your exchange was hacked and you lost everything. It is definitely risky.

Edited May 13, 2021 by BenDeCosta

[Neeranam]

11 minutes ago, Andy from Kent said:

 

Nice you claim that.    Can you in any way promise  or guarantee your claim for   those unsuspecting  TVF members ?

No, I can't. I am looking into it and suggest you do too if you are interested in using it. 

[Neeranam]

3 minutes ago, BenDeCosta said:

 

Your comment that there is very little risk is very irresponsible.

 

The risks of trading cryptocurrencies are mainly related to its volatility. They are high-risk and speculative, and it is important that you understand the risks before you start trading.

• They are volatile: unexpected changes in market sentiment can lead to sharp and sudden moves in price. It is not uncommon for the value of cryptocurrencies to quickly drop by hundreds, if not thousands of dollars.
• They are unregulated: cryptocurrencies are currently unregulated by both governments and central banks. However, recently they have started to attract more attention. For example, there are questions about whether to classify them as a commodity or a virtual currency
• They are susceptible to error and hacking: there is no perfect way to prevent technical glitches, human error or hacking.
• They can be affected by forks or discontinuation: cryptocurrency trading carries additional risks such as hard forks or discontinuation. You should familiarise yourself with these risks before trading these products. When a hard fork occurs, there may be substantial price volatility around the event, and we may suspend trading throughout if we do not have reliable prices from the underlying market.

I have no idea why you are so interested in telling everyone that cryptocurrency is so bad. Very troll-like behavior. 

I am not talking about trading cryptocurrencies, I'm trying to help others get 12% on their hard earned cash(in stable coins)  by allowing Celcius to lend it for you. 

 

[covidiot]

1 hour ago, BenDeCosta said:

Communism or socialism, history has shown us that these ideals simply don't work and end up causing oppression, poverty and desperation.

There is always that risk.

Then again, a lot of employers are corrupt and oppressive. 

And it seems like the bots are coming for many of our jobs ... soon. 

 

 

 

[BenDeCosta]

4 minutes ago, Neeranam said:

I have no idea why you are so interested in telling everyone that cryptocurrency is so bad. Very troll-like behavior. 

I am not talking about trading cryptocurrencies, I'm trying to help others get 12% on their hard earned cash(in stable coins)  by allowing Celcius to lend it for you. 

 

 

I didn't say that it's bad, but I think you should clarify the risks before promoting it, just being responsible. If you think that is me being a troll, then that's your opinion, and you are perfectly entitled to it and I respect your right to your opinion.

 

Crypto can make you rich, but you also have a duty to point out the risks.

 

If there was a legitimate way to earn 12% per annum on your assets without risk, then everyone would be doing it. But it absolutely is not without risk, and irresponsible to promote it as such.

Edited May 13, 2021 by BenDeCosta

[covidiot]

If I am accused of trolling, then I stand guilty as charged!

I would like to offer a better alternative to stablecoin.

Ladies and gentlemen .... I am pleased to announce to you ... SHAKYCOIN!

 

In all seriousness, Forbes has a cautionary article.

Sorry to rain on your parade, Neer.

 

https://www.forbes.com/sites/jasonbloomberg/2018/11/25/bernie-madoff-move-over-stablecoins-have-you-beat/?sh=6ce62c37dab1

 

But with the price of Bitcoin and other cryptocurrencies in the doldrums, a new scam is rising to the top, like bits of toilet paper in sewage: stablecoins.

 

Just one problem: as with any Ponzi scheme, the value of your investment is stable until the bottom falls out, and it becomes worthless. Your money, meanwhile, is in the pockets of the scammers.

 

 

 

 

[BenDeCosta]

https://www.linkedin.com/pulse/bernie-madoff-move-over-stablecoins-have-you-beat-jason-bloomberg

 

Neeranam is promoting a scam on this forum.

 

If it looks like a Ponzi scheme, smells like a Ponzi scheme, and offers 12% interest, then it almost certainly is a Ponzi scheme.

 

Moderators, you need to do something about this.

Edited May 13, 2021 by BenDeCosta

[wordchild]

14 minutes ago, BenDeCosta said:

 

Your comment that there is very little risk is very irresponsible.

 

The risks of trading cryptocurrencies are mainly related to its volatility. They are high-risk and speculative, and it is important that you understand the risks before you start trading.

• They are volatile: unexpected changes in market sentiment can lead to sharp and sudden moves in price. It is not uncommon for the value of cryptocurrencies to quickly drop by hundreds, if not thousands of dollars.
• They are unregulated: cryptocurrencies are currently unregulated by both governments and central banks. However, recently they have started to attract more attention. For example, there are questions about whether to classify them as a commodity or a virtual currency
• They are susceptible to error and hacking: there is no perfect way to prevent technical glitches, human error or hacking.
• They can be affected by forks or discontinuation: cryptocurrency trading carries additional risks such as hard forks or discontinuation. You should familiarise yourself with these risks before trading these products. When a hard fork occurs, there may be substantial price volatility around the event, and we may suspend trading throughout if we do not have reliable prices from the underlying market.

 

You could have millions of dollars in crypto and wake up one morning to find that your exchange was hacked and you lost everything. It is definitely risky.

Great post.  Anyone thinking of “investing” in these sorts of things should read this and proceed with caution . 
it’s too easy to say that people who warn on this just “don’t understand” . It has all happened before, one day the music will stop!
 

[BenDeCosta]

14 minutes ago, wordchild said:

Great post.  Anyone thinking of “investing” in these sorts of things should read this and proceed with caution . 
it’s too easy to say that people who warn on this just “don’t understand” . It has all happened before, one day the music will stop!
 

 

Most banks around the world have deposit guarantees of some description so that if your bank goes bust, the government will cover your loss, up to a certain amount. If all your money is in crypto, held in some exchange based in Serbia, when the exchange gets hacked you'll just get the middle finger. And eventually, they are all going to get hacked. You can cry all you want about how many clown-coins got stolen, but they mean nothing, they have no intrinsic value and they have no use at all, they are an imaginary asset that has no use. You can make a fortune from crypto, but to promote it as a safe and reliable investment is extremely irresponsible.

Edited May 13, 2021 by BenDeCosta

[Neeranam]

37 minutes ago, covidiot said:

In all seriousness, Forbes has a cautionary article.

Sorry to rain on your parade, Neer.

Rain away 

????

[Neeranam]

33 minutes ago, BenDeCosta said:

Neeranam is promoting a scam on this forum.

I am promoting nothing, grow up. 

[BenDeCosta]

Just now, Neeranam said:

I am promoting nothing, grow up. 

 

You're promoting investment in cryptocurrencies, without mentioning the risks.

 

I grew up a long time ago.

[Neeranam]

19 minutes ago, BenDeCosta said:

 

You're promoting investment in cryptocurrencies, without mentioning the risks.

 

I grew up a long time ago.

I am not, read my first post. I am asking a question about the Celcius site. You won't be hearing from me again. Troll. 

[GrandPapillon]

1 hour ago, Neeranam said:

I don't think anyone is suggesting there is only one way to invest. 

This thread is about getting 12% on your 'cash'(stablecoins). There is very little risk in doing so. 

says who? you? LOL ????

[BenDeCosta]

Anyone who suggests that a crypto investment has very little risk is someone that you should ignore.

 

It's extremely irresponsible to advise anyone to invest in such things without mentioning the risks, which, in this case are substantial. Just do a Google search for people who have lost money on crypto, there are stories about people who took out a second mortgage on the advice of a crypto buffoon, and they ended up losing their house.

 

Crypto is just about buying something that has no intrinsic value in the hope that a bigger mug will come along and buy it from you at a higher price. It's not investing, it's gambling.

 

The sheer fact that there are now so many alt-coins should make people wary. Any idiot and their dog can now create a new crypto currency, and attract investment from greedy idiots who assume that it'll go up in value. These things are worthless.

 

It's just gambling with hints of a Ponzi scheme. Unless, of course, Walmart and McDonalds start accepting them as payment, and I don't think that'll ever happen.

Edited May 13, 2021 by BenDeCosta

[BenDeCosta]

6 minutes ago, josthomz said:

Trust me, last year I got 1000% gains on $1500 USD that I had invested into a sh***tcoin. 

 

Of course, these things are extremely volatile, which is why for most people they are not good investments. Congratulations on your winnings.

 

Maybe tomorrow Bitcoin will drop 30%, but apparently this is normal.

 

It's pure speculation.

[HighPriority]

If “turning a profit” is your justification for something being a legitimate investment then we should be still investing in tulips.

[BenDeCosta]

4 minutes ago, josthomz said:

On this I agree with you. It’s volatility at its best. 
 

But for people who have a lot of money, and trust me here in Thailand and TVF there are plenty. Cryptos are just another thing in which we can invest a small part of our assets. And we run the risk of getting huge gains or losing a money which we can perfectly survive without.
 

For people who have modest savings but nothing they can afford to lose. They shouldn’t even think for a moment about cryptos… Because they run the risk of losing all they have… 

 

Thats why I say it works for some and not for others. 

 

Exactly, it's gambling, it's not investing.

[GrandPapillon]

38 minutes ago, HighPriority said:

If “turning a profit” is your justification for something being a legitimate investment then we should be still investing in tulips.

indeed, and it would be eco-friendly ????

[GrandPapillon]

gambling is taking a lot of risk for small returns

 

investing is taking a small risk for better returns,

[Bangkokhatter]

1 hour ago, Neeranam said:

I am promoting nothing, grow up. 

From your comments above it does seem like promotion to me.

2 hours ago, Neeranam said:

I am not talking about trading cryptocurrencies, I'm trying to help others get 12% on their hard earned cash(in stable coins)  by allowing Celcius to lend it for you. 

 

 

[GrandPapillon]

so much for smart contracts and stablecoins, more bad news ????

 

https://twitter.com/CryptoWhale/status/1392871749591748612

 

Tether confirmed today what we’ve been saying for years. That they aren’t backed by the U.S dollar. They admitted they are only backed by 3.87% cash, and 96.13% cryptos. In other words, Tether is backed by Bitcoin, which is backed by Tether, which is backed by Bitcoin…

Edited May 13, 2021 by GrandPapillon

[GrandPapillon]

https://cryptonews.com/news/tether-reveals-its-reserves-breakdown-for-the-first-time-10296.htm

 

As reported in April, per an independent accountant, Moore Cayman, Tether’s consolidated total assets “amounted to at least USD 41,017,565,708” on March 31, while its liabilities were lower, of which “USD 40,855,204,950 relates to digital tokens issued.”

 

The market capitalization of USDT reached almost USD 58.5bn today.

 

Tether was obliged by the New York Attorney General’s Office (AOG) to disclose how tethers are backed in more detail. Per the office, Tether must offer public disclosures, by category, of the assets backing tethers, including disclosure of any loans or receivables to or from affiliated entities.

 

Meanwhile, as reported today, it appears that regulatory strife may well be in store for stablecoins, with experts opining that fiat-pegged tokens could fall under the scrutiny of financial policymakers.

Edited May 13, 2021 by GrandPapillon

[GrandPapillon]

and more good news ????

 

https://cryptonews.com/exclusives/imagine-regulators-shutting-tether-down-what-happens-to-bitc-8025.htm

[GrandPapillon]

2 minutes ago, josthomz said:

 

Why you spend some much time reading / researching about something you despise and are not interested in? 

 

I hate soccer, and wouldn't lose 30 seconds of my life in any news / discussion about it...

Came across this by chance, and I love following and investigating fraudsters and scams, part of my job I guess ????

[GrandPapillon]

47 minutes ago, josthomz said:

 

You work for the NSA?

NSA, CIA, FBI the whole thing ????

[timendres]

A good read of their "Terms Of Use" page was enough to make me cringe.

Especially section 10. Risk Disclosure.

https://celsius.network/terms-of-use/

[GrandPapillon]

2 minutes ago, timendres said:

A good read of their "Terms Of Use" page was enough to make me cringe.

Especially section 10. Risk Disclosure.

https://celsius.network/terms-of-use/

that must have been painful to read the whole thing ????

 

the front page alone should tell you it's a scam ????

[fdsa]

6 hours ago, mjnaus said:

 

A quick look at the USDC's website reveals: "Every month, the US dollar reserves for USDC are attested to by top 5 accounting services firm, Grant Thornton LLP. We publish those reports so that you can be confident that USDC is always 100% redeemable for dollars.". These reports are all available on their site, going back to when Circle first started minting USDC back in October 2018. Didn't need to dig too deep for that one, now did I? USDC is managed by a partnership between Circle and Coinbase (the latter now being a publicly traded company).

 

Tether (USDT) does indeed have a slightly shadier background (hence me suggesting to do at least a little bit of research before claiming to know it all) and Tether has, until recently, never fully disclosed their collateral. That is, until today: https://www.theblockcrypto.com/post/104780/tether-usdt-reserves-breakdown-first-time-since-launch. 

 

 

DAI, one of the first crypto collateralized stablecoins, secured on-chain, has a collaterization ratio of 150%. This being secured in publicly accessible smart contracts, this data is easily verified.

 

thanks for your research, it shows that USDC could be trusted a little bit, and it confirms that USDT (Tether) is a scam as only 3% of their printed "stablecoins" is covered by the real US dollars and 97% are some "commercial papers" and loans for which "Hoegner declined to share the names of counterparties". Highly likely that the quality of these papers is similar to their subsidiary company in Panama called "Crypto Capital Corp."

 

 

[fdsa]

1 hour ago, GrandPapillon said:

so much for smart contracts and stablecoins, more bad news ????

 

https://twitter.com/CryptoWhale/status/1392871749591748612

 

Tether confirmed today what we’ve been saying for years. That they aren’t backed by the U.S dollar. They admitted they are only backed by 3.87% cash, and 96.13% cryptos. In other words, Tether is backed by Bitcoin, which is backed by Tether, which is backed by Bitcoin…

 

despite I'm mostly on the contrary with your posts I had to press "like" on that one.