Celsius Network – Earn Interest on Crypto – Deposit Promo Codes [Withdrawals Frozen]

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• Files for bankruptcy

  "Crypto lender Celsius Network LLC has filed for bankruptcy protection a month after halting withdrawals, in the wake of a collapse in digital currency prices that stretched the crypto lending platform’s business model past the breaking point."

  https://www.wsj.com/articles/crypto-crash-drags-lender-celsius-network-into-bankruptcy-11657758483?mod=breakingnews

• "Celsius Network was a ‘Ponzi scheme,’ company’s former investment manager alleges in lawsuit"
  https://www.marketwatch.com/story/celsius-network-was-a-ponzi-scheme-companys-former-investment-manager-alleges-in-lawsuit-11657241889
  (If paywall open in incognito.)

• and.......there goes Vauld

• Voyager done now?

  • Yup.
    https://www.investvoyager.com/blog/voyager-update-july-1-2022/

• BlockFi next https://twitter.com/otteroooo/status/1537497403246268416 !!!

• I guess they dropped to...

  ...zero degrees Celsius.

• Now you know why I use this username. More reward usually brings more risk! And if you don’t fully understand how higher returns are being generated, then stay away!

  • Now you know why I use this username.
    *Only has 1 comment in history*

    • Hope you didn’t lose much on Celsius 😂

      • @guest_1395140 @guest_1395537 I have no dog in this game. lol

• If nothing else, it'll be nice not having to read comments on 4% FDIC-insured account threads about how stupid I am for not dumping all my money into "stablecoins" and making 10+% "risk free".

  • @guest_1395121 The issue with Celsius right now has nothing to do with stablecoins. So stop blaming this issue on stablecoins like USDC, BUSD, GUSD which are fiat back stablecoins with no issue. This FUD revolving around Celsius has to do with what they did with their ETH deposits and staking them on Lido platform as stETH (staked ETH) and the ETH pool being drained throw off some peg. Since 1 stETH = 0.96 ETH, every ETH redemption is worth less and so if a ton of ppl are redeeming, Celsius needs to find a way to make up for it. Because crypto markets have been taking a crap, people have been wanting to withdraw and sell so it is sorta causing a bank run type of think. The issue with Celsius is more of illiquidity and not insolvency. The stETH is still worth 1 ETH, its just that they can't unstake it right now properly until ETH 2.0 is fully converted which won't be for another few months.

    • But I thought one of the benefits that people love to spout is the fact that crypto has so much liquidity?

      • But patoot, they have stable and coin in the name. In the same way that a roll of quarters holds its value if I throw it into the ocean or give it to a conman.

    • Are stablecoin withdrawals not limited as well right now?

  • Nobody credible said this stuff was "risk free" and the obviously well-designed stablecoins are still stable, so your comment is uninformed and unnecessary, but I do understand that people like to feel superior especially when something they don't understand has some negative news. Personally I'm still up 31% on the crypto side of my portfolio over the past 2 years, even after counting all of my funds in Celsius as lost. Like any smart investor, I started small and spread out my money, and in the crypto space that means using multiple services/brokers as well as multiple specific coins. I wasn't greedy and sold as prices went up. And of course I was lucky, things could have certainly gone the other way. But everything financial is risky whether it's speculation like crypto or stocks or choosing to be super-duper-FDIC-safe and choosing to LOSE money to inflation with your 4% "gains" while the banks get richer and richer.

    • Wow so you mean if you invest in Stablecoin
      1. They give you an outsize interest rate
      2. They give you zero protection of capital
      and none of these stablecoin company and their executive becomes richer and richer?
      So what exactly is their business model are they some kind all charity compare to the all evil banks??

      Someone is drinking a lot of Kool-aid 🤣🤣🤣

    • Are you new to DoC? Plenty of people were comparing stablecoin to I-Bonds and how they were a much better idea for a risk-free investment. Good for you that you're still up 31% up? Are you letting us know or are you just telling yourself that to convince yourself you were right? The issue was the fact that people on here, Reddit, Slickdeals were praising crypto up until these major dips over the past couple months. Anyone who actually listened weren't so lucky and would now be in the hole. Of course, everyone should do their own due diligence, but it's concerning that people continue to spout how stablecoin is just as risk-free as a freaking US bond.

    • Reread my post. I literally put stablecoins and risk-free in quotations to highlight the absurdity of the things that those people argued. Oh, there are well-designed stablecoins, I own some USDC for the reasons you mentioned. But many supposed stablecoins aren't what their name says, many have argued much less risk than is true (including you), and your condescension highlights WHY people like me laugh when this stuff happens. If you're still making money in the space, good for you. I'm not sure what purpose your hyping could serve except to convince YOU that you're right.

      • LOL, you show glee at the misfortune of others, then accuse me of condescension. The funniest part is (I think?) we agree that nobody credible said this was "risk free", so if your post was meant to get back at the minority of non-credible crypto people, why not find a better place than here, where lots of sincere and realistic people come to discuss this stuff? No, you're being disingenuous, it's obvious that you feel good knowing that your 4% is better than these fools who lost money on "stablecoins".

        • I posted this here because this is the website where I was told an FDIC-insured 4% was stupid compared to the 10+% people were getting on Celsius. Here. On this website. The website that those posters commented on.

        • @guest_1395417 Like Danno said, reread his OP, you're obviously missing the point here. I'll reserve judgement on you until you do

  • I think most people were smart enough to spread it around various places and Celsius had one of the lower rates. All told, it's likely people will have recoveries as Nexo has already reached out about purchasing the company. People that weren't holding loans or leverage of any kind will almost for sure recover all their stablecoins. Those will leverage will likely end up with nothing (or worse). Obviously no one knows for sure.

    • My opinion is that this is wishful thinking, but I hope you're right. I think the Nexo thing is just a way to attract customers, even if they did buy Celsius they won't be able to afford to make anyone whole. The Celsius ToS makes it clear that if they suffer a serious downturn they aren't required to give us anything.

• RIP Celsius and my 4-figure balance

  • RIP my nearly 6 figure balance across all crypto platforms.

• Looks similar to that short ladder by Citadel when the Robinhood kids
  couldn't find the sell button for their Gamestop shares.