Celsius is Collapsing... Here's Why
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- Опубліковано 12 чер 2022
- -90%, banned from withdrawals... things are looking ROUGH for the bank that's not a bank.
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This video is an opinion and in no way should be construed as statements of fact. Scams, bad business opportunities, and fake gurus are subjective terms that mean different things to different people. I think someone who promises $100K/month for an upfront fee of $2K is a scam. Others would call it a Napoleon Hill pitch. - Розваги
Shout out to the guy who predicted this would happen on reddit 12 days ago. They accused him of spreading FUD yet he ended up being right, lol.
Wich sub?
seems like people who are paid to cover base on behalf of the company, it happens so often these days
@@gabrielfreitas7373 r/CrypyoCurrency
Don't believe the lies, it's all FUD.
I was just reading that lol. Someone in the comments said this "You don't deserve service as Celsius. It has ups and downs but it still exists and keeping high standards. They even have call center which is available almost the whole week."
As a mechanic, I have to say that flywheels are great until the bearings supporting and stabilizing them fail. And since flywheels are powerful stores of energy, their self destruction sequence is quite spectacular.
Thats why you use lube
@@everythingpony you can take it how ever you like it. 🤣
Thats really fucking funny 🤣
Too true
It won't disintegrate, it's a load bearing flywheel. Don't worry.
I love how all cryptocurrencies are worth "something" until the moment there isn't new people to join "the project" and they collapse.
I think described every public business in the world. Look @ nexflix, uber, Ford, GM if they stop growing the stock collapses. The business resets it gets new funding/bailout, merges/gets bought or goes out of business.
Hmmm sounds alot like a Bearnie special hahah😂 But I agree crypto is a big scam
@@royalmike4757 Those are companies that provide products and services. The price of those products and services is determined by more than pure speculation.
@@RossStalker Some companies provide garbage. Crypto is new, barely over 10 years old, it will change and provide other services. You probably be in your grave but that doesn't mean the change won't come.
@@longbeach225 which companies provide gargabe ? you mean crypto company hahahah
"You hated the stupid government so much, you became a stupid government" - Rick from Rick and Morty
"Banks are not your friends"...says someone who's pitching you a bank with zero FDIC backing in an infinitely more volatile market.
This guy's stance seems to be "Banks are bad because I'm not at the top of any of them and I can't rob their clients."
@@tjenadonn6158 banks are bad. They loan money without deposits, if the loan is secured.
However, Celsius is even worse than a bank.
Anyone who doesn't believe in regulation in anything is either a charlatan or delusional.
Richard S, think about that again. banks are not your friend.
@@patrickshanghai2064 he didn't say they were, he just said your money is not ensured with Celsius unlike a bank and that crypto holdings are a much more volatile market which is also true, so think again.
Saw someone ask on Twitter if they were FDIC insured. The hardest I've laughed in a LONG time.
@Azur ii Federal Deposit Insurance Corporation. If a banking failure occurs and the bank goes under the money in your account is protected.
Sounds like that someone on Twitter might be about to learn the answer to that the hard way.
@@joshuamooney4509 He got dogpiled on and deleted the tweet. I'm hoping just a kid with $50 in trashcoins, but you may be right. It's funny but sad.
Not sure if that is funny or sad.
You wouldn't want to insure crypto. That would mean that it is regulated. Regulation = Boomer Bad!
Techbros rediscovering old scams and financial disasters is depressing and hilarious. In this episode, they were taught why the FDIC exists
It's worth noting that banks didn't used to provide such horribly low interest rates either, and there are a lot of complex reasons why they're doing so now. It used to be that interest rates from banks tried to at least nominally keep up with inflation so you weren't _losing_ money by saving it. But that hasn't been the case in decades, so.
Coffeezilla: "It's winter in June."
Me, living in the Southern Hemisphere: "Yes it is."
Yes it goddamm is.
It is in the northern hemisphere too this year which is a nice change
@Steve Arthur oh yeah?
People leveraging their home equity or children's futures are being just plain greedy....
...and plain stupid, too.
Yea they deserve to get burn by this. First rule of life, dont put all your eggs in one basket
Yup greed is the downfall of many a crypto investor
Stupid is the word I would use.
I hate it when people say crypto is the future, lambo, rocket emojis, it can only go up.
Then quietly say "im not a finacial advisor and this doesnt constitute finacial advice. Dont invest more than you can lose"
Its just incongruent with their actual representation that crypto can only go to the moon. Its a sure deal sort of thing.
A lot of less sophisticated people are getting bled dry.
Banks are not your friends, but they are insured. I’m with you though. I do hope it doesn’t fail. People losing all that money would be really heartbreaking. I wouldn’t wish that on anyone
You need to make a playlist of interconnected failures. Like the fact that ftx is included in this one and tether is included in Celsius
All in Kelvin bois. It literally can’t go to zero.
every crypto ass....bro right now
@@svenwahnsinn734 Absolute Zero??
😂😂😂
Like fucking minus degrees 😂
@@CaseyBurnsInvesting unachievable in real life...
Hats off to how fast you're keeping us updated on these things. At the rate we're going, you're going to be really busy updating us on more collapses.
Christians did say it was the "end times" lol
Thats good news i hope cypto dies its all a scam
That went over your head
House of cards
Cope , there won't be any other collapses ..
And if be guess what , your future life then will either be below poverty or worse (since people will rise up , and internet remember forever) !
"Either bank is lying or Celsius is lying".
Third option: both are lying.
I wanna shout out myself when I sold my cel token when it hit $7 lol
Hey, good job.
"I hope they make it"
"I'll be giving a full post-mortem soon"
Um. I don't think you expect them to make it.
🤣🤣🤣🤣🤣
Expectations and hopes aren't the same thing.
"Get well soon" says the mortician.
"You have a 0.1% chance of survival from that deadly crash"
"I hope I live."
He hopes but doesn’t expect them to make it
The timing in this is impeccable
Oh hi there
Love your work
It's a bank run. The "timing" is the only reason it's happening. Even if all of their positions are 100% collateralized, they can still suffer a bankrun. I don't rhino) think their CEL token really has much to do with it. The problem is locked staking. And if that's their only problem (and they aren't doing anything shady), it will resolve itself.
It's unlikely that Celsius is doing anything as risky as banks do, but banks have insurance to prevent bank runs. Otherwise they would all collapse.
CBDC anyone?
@@onetwothree4148 unlikely ? It's actually very likely they are doing riskier things than banks
It would've been great to simultaneously get a reaction video from all CEL holders during that hour it plummeted 50%. I would've paid good money to see that!
8:05 The reverse flywheel, lmao
If I’ve learned anything from Coffee’s channel it’s that when I say “this is such a great idea, why hasn’t anyone done this before?!?”… I need to do some more research 😂
This is the best policy. Keep an open mind of course, but always check. If it sounds to good to be true, it probably isn't true.
So true!!!
How could anyone not see this coming? 9.32% interest paid against 12.00% interest coming in? There's literally no way they could maintain liquidity at that rate. Any excessive withdrawals would have upended the scheme, and any major slowdown in loans would have done the same thing.
Why are people gambling their life savings on things like this? Are they insane? Do they not understand why banks are regulated (here's a hint -- it's to prevent this very scenario from happening, because it used to ALL THE TIME)?
No they dont. Pll has been brainwashed into thinking "bank bad", "regulations bad". If they ever stop and think about why we needed those in the first place (even though their current state is shitty), then there wouldn't be so many of these pll.
Do you understand how much fiat has been created in the past few years?
USD is a Ponzi scam... banks can loan out like 10x of what they have lol
@@slomnim what you are doing is whataboutism. Just because what you say is true doesn't mean what he said untrue. Both bad things can be true
Greed
I used to work here and during training, I realized they figured out a way to cut out the FDIC. They couldn't find a building in Las Vegas until after I quit (red flag numero uno). Some of the tickets I would get would blow peoples mind. By the way, all monies are recoverable, but only to the richest investors. Everyone else, gets the "hell naw", script.
Do an Anonymous Interview with coffee.
Celsius: "We're not a bank"
*Suffers from a bank run*
I been told that Crypto is a hedge against inflation and depressions lol
Crypto is a scam
Can’t be a hedge when it’s value is based on dollars. That’s what these idiots don’t understand.
Its great, just invest in the least stable thing in a destablized economy and should all balance out right....
😆 🤣
I always keep losing in crypto, I don't trust the system... Scam
"Why don't they just convert it to Fahrenheit?"
Dammit Coffee, ya got me
Fahrenheit... also known as Freedom Units.
All my homies use Rankine.
the Fahrenheit fork is coming, you just wait 😂
2x at least
honestly real insightful and good video on Celsius and the situation as a whole, Steven as always!
Yo, your hair has grown back! damn dat half a year went by faster than expected. You was rockin the bald look kinda gon miss it but it's nice seeing you back again in the same old manner yet wit new freshness x)
I really enjoy your production! thanks So much!!!
The past 2 years of crypto has been the definition of “Lol. Lmao”
That was my experience in the first two years, but I see your point.
So true
@@CNYKnifeNerd me too. oof.
new title: everything is collapsing
Major depression inbound.
If they convert Celsius to Kelvin it can’t go to zero. Problem solved 😎
Thank God
@@CaseyBurnsInvesting LMAO
Well we are in the “everything depression” so that would make sense
I’ve been following you recently and I gotta say your content is 100% on point ! Great work buddy
As a person living outside of the US. I find it difficult to switch to Fahrenheit but I’ll try to manage. Thank you.
Ah yes, an alternative to banks that acts primarily in the interest of its members... you know, like a credit union.
I wouldn't trust credit unions if they weren't insured.
Shame to hear people losing their life savings but come on it’s called Celsius. This is America we don’t fuck with the metric system
Fo sho
How do you make a conscious decision to dump all of your money, all your life savings into a brand new (no real value) thing? Literally no intrinsic value. No product being produced, no real service being offered.
Sucks to see this stuff. We saw some pretty bad examples with Luna already...
I THOUGHT THIS WERE MURICA
Lol look at a soda bottle and pretty much everything you buy... Metric right there, y'all even call it a liter bottle. 🤣🤣🤣
@@YeahBass3k same way gambling addicts bet the car that they drove to the casino while already down their house and wife.
it’s adrenaline.
Crazy fast turnaround on this one! Nice work
I just want to let you know how much I appreciate your videos and work
Celsius spent the last several weeks sending cease and desist notices to a couple of UA-cam channels that were reporting on their crypto problems BEFORE the shit hit the fan yesterday.
Absolute scummy behavior now exposed in the harsh light of day.
There’s already something that does what banks do but is more focused on the wellbeing of account holders. It’s called a credit union.
Yeap, local credit union is your best bet
Shhhhh, dont say the forbidden U word. You gonna trigger some capitalist, u dont wanna be branded a communist now would you.
@@vudangtung5638 why would a credit union trigger capitalists? I'm pretty warm on free markets, but I use a credit union because it's more respectful toward me, and because they behaved better during the 2008 crash. If credit unions threatened capitalism don't you think they would have banned them?
I don't think local credit unions run their own funnymoney they pay interest in.
@@lasskinn474 what do you think a stock is?
lovely work and glad to see your hair back
Perfect timing Coffee! I just sat down to eat and needed something to watch 👏
Nugget watches Coffeezilla?
Pooping right here 😂
W me too
Same
hahahhahahahhhaha me tooo
That bankruptcy clause is in every centralized exchange, including Binance, Coinbase, or FTX. Fairly certain.
7:35 that aged poorly
Man, you were born to do this. You're good. You're very GOOOD
8:10 Locking the doors during business hours really helped confidence in banks right before the Depression.
Um it worked and it was during the depression. The reason the depression wasn't a recession is because banks failed taking out the deposits with them. When people no longer have them in a bank then money/commerce is frozen which fed itself in the 1930s
There's a reason why banks are heavily regulated and it's called The Great Depression. Nobody would put money in a bank if it isn't FDIC Insured, society as we know it would collapse if people's money in banks are at risk.
What's happening with cryptocurrencies right now is maybe more comparable to the "free banking" era when there wasn't even a Federal Reserve Bank.
@@tz8785, agreed.
@@arcadion448 and thats what we need mate.....screw the gov they have ruined everything how can you still actually trust them? lol its to be your own bank. things like maiar and elrond are what we need....look into it. its staking to secure the network not provide liquidity like Celsius.
@@b__w_4565, you're an idiot if you think that. We haven't had another Great Depression solely cause of FDIC. Banks are not allowed to keep your deposit to pay off their creditors if they go bankrupt, but these crypto wallets currently can.
This is more akin to buying corporate bonds than putting money in a bank. Bonds give you yield, but there is a risk of default.
Love watching 👀 your videos Coffeezilla 📹
"The banks are not your friend, we all know that."
Idk man, my bank has never locked up my ability to withdraw my money, and I doubt it has anything in my terms of service hidden to allow it to.
Banks did this all the time. Now they don't need to because the government will bail them out if it gets to that point
Not yet, and yes it does.
If you're Canadian, they operate on bail in laws.
Isnt that what the banks in china are doing right now lol
If anyone's considering going in hard on the CEL token right now ..
- Just, be careful. Many did that with LUNA and then it dropped down even further.
You may score. Then again, you may also lose out, big time. Just like with LUNA.
Whatever you do, don't spend money that you can't afford to lose.
Time to pull a KSI
That’s about the most reckless thing I can think of doing and I’m an active crypto investor btw. People are going to act illogically in search of quick profits no matter how many red flags they see unfortunately.
Yolo, hodl, bro down with mad profits.
The type of people investing in that will just tell you it's FUD.
Luna is not a good comparable here.
So sad to see what's happening. I've also recently been a victim of a scam (not crypto related) in Brazil and it feels horrible to lose your savings. I'm still young (24 yo), I'll recover what I lost through my work, so it's still not as sad as elder people putting their own life savings into cryptocurrencies and losing it all. They'll probably never recover it.
So crazy how you talk about getting scammed and some scammers (2 comments above) comment trying to get you to contact them (where they will rip you off). So sad.
How did you get scammed in Brazil?
I'm sorry to hear about it, you have to be very careful with scammers in Brazil, there is a ton of them, stay sharp always, and be doubtful on everyone you don't know, some scammers also tried to scam my grandma, using one of the oldest and most known tricks, gladly she's okay and didn't got scammed
@McGeezer Puffins I live in Brazil, you just can't dodge every single bullet
@@OficialDeChancelaria Você tinha por acaso investido com o faraó dos Bitcoin?
Honest question, how did they sucker you in?
As an Aussie, yes of course it’s winter in June!
I'm not a big Crypto follower and this channel is great at explaining the car crashes I keep seeing in this space. Things I don't quite understand:
Who was borrowing from Celcius at 12% !! If that was the only place you could get a loan, how much default risk is in their loan book?
The whole "we are disruptive and not a bank, you can't regulate us" If it looks, smells, and operates like a standard financial product - and you don't want it regulated - what is that saying about you, no matter what your T shirt says or how cool your Tweets are. If you have $25 Billion on your books, you don't get to play with that.
That was so crazy when you brought up Morbius single handedly morbing the coin down to zero. Wild!
I’m actually surprised there hasn’t been a MorbCoin yet
Every bad thing that happened in the last 3 years is because of Morbius.
Every good thing that happened in the last 3 years is because of Morbius.
This is the duality of Morbius. We are living in Morbing Time.
fun fact: in the film Morbius, the protagonist, John Morbius, never actually says the line "it's morbin' time!" he does, however, say, "let's get this party morbulating!"
@@firstnamelastname7244 I'm pretty sure he says it in Morbius Bikini Party 7.
The crypto market at the moment nicely shows why governments really try to avoid bank runs in hard times...
That is EXACTLY what I was thinking of, runs on banks!
ya, ik people bitch about regulations, especially crypto bros these days, but we literally saw during the great depression you can't base you're entire financial system on the whims of the market w/o safeguards and not expect shit like this to happen.
FDIC really helps with that. We'd probably have seen crazy bank runs in 2008 and 2020 without it
@@Noschool100 really, it doesn't matter because the politicians and the elites are in bed with one another.
If there is no regulations the ceos act like Kingpins and squash you like a bug by any means necessary
If there are regulations then their lobby groups just bribe the dirty politicians and their relatives/adult-offspring with marketplace incentives.
The problem is crooked people keep getting elected and people blindly elect them because it's "the safe predictable route" versus people who actually care about fairness. We need the old crooked cronies out of all facets of the office before regulations are expected to be enforced correctly.
@@ZolYinPodcast At the end of the day, Id rather have some legal pretext that the money is insured instead of re,tards comparing my financial savings to sharing fucking sugar with the neighbor who's only guarantee is we'll lose all your money if we go bankrupt but please "trust us bro"
Excellent video as always. Their bankruptcy disclosure is similar to that of Coinbase.
Its amazing how crypto and nft can come up with many ways of saying "but it could have been worse" to things that are rotten in the world
You can't have an investment that is safe, easy, and high yield.
Blame the boomers
@@daveterrier2228 if everyone is rich then we’re all broke.
We need to teach this to high schoolers, too many people just don't understand that they don't get all three.
Investments are like food: if it involves a bunch of unpronounceable shit that the people making it are reluctant to explain it's best avoided.
yet millions of crypto bros think they’ve reinvented finance. lol
Man, why does this keep happening to people? It's so sad to see people who are doing just fine get caught up in these things and get ruined. Keep warning folks about these things man, I'm sure you've saved quite a few families from losing everything already. Thanks.
Because people are trying to find an out to the dollar collapsing in front of our eyes and are willing to take on risk to do so. Unfortunately, these people lost that risk.
Not your keys, not your crypto. It's being said so many times yet people just disregard this.
It's called greed
bank runs happened all the time before FDIC was introduced.
@@dougdimmadomeownerofthedim5376 the dollar has been increasing in value pretty heavily recently
I think you mean inflation? Too bad btc is not and well never be an inflation hedge
Zilla always bringing that fire!
Love your content Coffee
The only "safe" investment that currently has an interest rate yield of 9.62% is the Series I-Bonds ...
but it does come with several restrictions.
Where and how and when
Those are inflation adjusted bonds right?
@@cameronhoglan Yup. 9.62 until October I believe. 10k max deposit per year
You don't know how to invest
Inflation is past 15% here in EU 🤡
At this point I'm just expecting a new video from you every month hailing the complete and burning collapse of a "big crypto" I never heard of.
Coffee will have plenty of content to make with crypto crash
Somehow they are playing with hundreds of millions or billions.
@@donm2067 It's just the big boy version of the monopoly gameboard. Except in the end every player goes bankrupt.
When a bubble bursts first it's slow then it happens all at once.
He will soon enough be commenting live 24/7 until we reach the capitulation phase.
@@ncournault Thought the same. It will probably take about an hour just to read the names of the crypto coins that failed within the last hour...
"Now live, from the 10 trillion luna studio" ;-)
5:34 This looks like a perpetual motion machine, but it's making money instead of energy. Another similarity is that both don't exist.
Your production has gotten so clean it's like you're in my room 🤯
You're wrong on normal banks. Many will lend out MORE money than they have in reserves/deposit, and if facing liquidity crisis will borrow from Federal Reserve to pay withdrawals.
Exactly. What’s the difference??
Also.. Stock market freezes trades every now and again to avoid complete market and economic collapse. Everyone sees that as an acceptable safeguard, what’s the difference?!??
@@dudedeano1 difference is stocks needs war(Russia) or investor distrust to collapse. Crypto faces an increase in interest rate and begin its collapse
@@dudedeano1 The difference is regulation. If they fail, you will see some or all of your money back eventually. Could take weeks, could take years. But you will.
With Celsius, good luck. The money is gone.
Correction* they will ALWAYS lend out more money than they have in reserves. This is the primary cause of inflation.
@@kenyenmusic7548 No it isn't. If it was the primary cause of inflation what we are seeing today would happen every year, not just once every 40 years.
If it is a 10% interest, it is a Ponzi or a leverage play. Since leverage plays only exist in traditional markets like w/ ETN's, then in this case it is a Ponzi, and now the Ponzi has collapsed.
with things like celsius which can lend you crypto, you can easily get leverage. However its leverage into a ponzi scheme which makes it just that much worse.
Maybe it is a leveraged ponzi 😂
Tbh I personally don't think he was trying to scam. BUT I think he was waaay over on his head about trying to be a crypto bank. I imagine those ridiculous numbers were to attract ppl but again he didn't know what he was doing and it collapsed on him. They took out a loan to try to get the money to pay it back and from what i'm aware of, no scammer has done that.
I dont agree, the stock market average 10% and there are funds with much more than that
@@thephilosopher7173 Ponzi himself actually didn't want to scam people. He thought he had found a great business idea (that was delusional though), but nobody would give him the money to start. So he came up with these crazy interest rates and suddenly people were lining up at his office. He even managed to survive the first bank run after some newspapers started spreading doubts. Celcius seems to be exactly the same thing.
How have i never heard of this x'D.. get em Coff!
I actually love u coffezilla sheeeeeeesh
Isn’t it great that we can remake all the mistakes of the distant past when banks and regulation was in its infancy? I think it will really help us to to rediscover why our system, as flawed as it is, is better than almost anything out there. Maybe then we can actually try to move forward.
Eh, the whole system is a big ponzi scheme which is currently in the process of collapsing. The only difference is that it lasted longer due to various tactics to drag more resources into its orbit.
our system is absolutely not better than almost anything out there. Our system is completely rigged. It was far better when we had more regulation and less centralization.
@Whatsap±1865𝟸𝟹𝟸𝟽𝟼92 Coffeezilla
no, I dont think we will
That's exactly what we need, to move backwards. The current "traditional" system is overregulated and cannot innovate, extremely unfair and discriminatory, while the crypto is the wild west. Somewhere there in the middle is the sweet spot.
@@k0zzu21 what do you mean by "innovate"?
Its always winter in June, at least here in Australia. One thing you forgot to mention is that Mashinski was also collecting 12% interest on loans made out to highly leveraged celsius customers. So this is how he was able to offer 9.25% back to the customer. However, if you elected to get paid back in your bitcoin instead of the useless $CEL you got 8%. Strangely enough even though he paid you less interest he was worse off as he can mint cel out of thin air.
Conventional banks actually do something called "fractional reserve banking" which means they loan out huge amounts of money not backed by deposits.
coffee has thumbnails i enjoy and find funny, favs are the shocked or wth face over sth plummeting or similar, this 1 made me think of "to the moon! (during the day)" get it? :D
You forgot to also mentioned that Binance "paused" withdrawals as well.
So true
It's more of a problem with the ETH2.0 upgrade being constantly delayed.
Withdrawals of staked ETH2.0 can't be taken out until the update after the upgrade. Binance has all the ETH required to pay everyone out, but they just can't take it out until the ETH team upgrades and then enables unstaking ETH.
Funds are safu...
If it sounds too good to be true, it is. This has been a fact since the dawn of time.
Crypto ponzi scheme
Ah come on, it's a "new economy, the old rules don't apply". Oh, wait, sorry, that was from the 2000 internet bubble. I meant to say it's "Tokenomics, the old rules don't apply".
Keep ‘em coming
Great vids, love to watch
This all could have been avoided if they just re re released Morbius you naive FOOLS
You can't just open a bank in your barn over the weekend, you can't take deposits and give loans. How is this even legal that Celsius is allowed to function? Where are authorities and regulators ???
They don't exist in the crypto space
Crypto decided not necessary
The people in power in the governments have no idea how the technology works in the first place. It's gonna take them a long ass while to get this regulated.
An example has been made
0:40 That is the worst idea I've ever heard.
Those promo clips are damning
Crypto confounds me. Like do these realize everything they are doing (private companies issuing currency, unregulated banking, etc) All of it. We have tried, we have tried multiple times and guess what, it always ends up in a mess. Glad I never got into this dumbery. An industry that has terms like rug pull as standard colloquialisms is not an industry you want to even come close to
Speedrunning the history of the financial system because nobody has time to read a book.
Lol u watch to much coffeezilla! Freedom look it up...
@@royalmike4757 “freedom” is a logical fallacy lmfao.
@@christophervanzetta “Do your own research.”=“It’s not my job to educate you.” The tried and true response from people(shillbots) without any response with substance.
@@royalmike4757 Yes, we're all really impressed with the freedom people have whose money is stuck at Celsius.
And they fell down, in burning ring of fire.
They went down, down, and the flames went higher.
Also, They just found the problem with a commodity backed over banking; if you don't have a free printer, don't engage in inflationary tactics
I truly feel that the meme "Aaaaaaaaaaaaaaaaaaaaaaand it's gone" applies well to this video situation. But not, because they're not a "bank".
Great vid coffee!! BUT WHERE IS THE OUTRO MUSIC?!?
Banks may not be your friend, but ar least your money is protected by the FDIC
There you have it.
In a period of widespread panic, the FDIC almost certainly would not be able to guarantee all deposits.
Side note, there are bank runs happening in China right now related to Evergrande, though there is very little coverage.
I love how cryptobros have just decided that saying something isn't another thing makes it so. Crypto isn't fiat currency because... they say it isn't fiat currency. Celsius isn't a bank because we're not calling it a bank. It's not a scam because we don't call it a scam...
never been happier to find out about a thing by it collapsing
2:06 I like how they say "this currency is not a currency"
Important Rule:
Don't throw money at something if you can't afford to lose it when shit hits the fan.
That wheel definitely hit “BANKRUPTCY” lol
Considering celcius has been around since... 2018? So far the chance of it has been 1 out of 1400ish days! Pretty awful odds
Lmao. Coffeezilla is swimming in content exposing these Ponzi schemes. I love it
Man when I got the email about then pausing withdrawals, I was so glad that I had pulled all my crypto out of Celsius a few months ago. My heart goes out to anyone who has there money still stuck in there.
And kids this is what we call a bank run.
It amazes me how people keep putting their life savings into this stuff.
Well it’s hard to be a saver.
Tulips, anyone?
To be fair everything is collapsing right now.
@@johnc2438 tulip bulb craze on meth 😂
@@johnc2438 the history repeats itself at higher rate
I think that if it collapses, all those people who put their life savings into it need a reality check. Nobody can give you 10% interest forever. If they said that interest would vary between 1-10% based on the amount of loans, sure. But they're literally saying that they need to be collecting 2.5 billion a year in interest in order to just pay their accounts back. It feels like they'd have to pull a ponzi scheme to make it work.
Thabk u dude
The 21st century equivalent of the tulip bulb craze.
crypto bros know nothing of dutch tulips as a very famous tweeter exposing crypto bros showed
Not really. The industry is very young. Traditional banking systems had it way worse same time-line. I'm guessing another 10 years and we see revolutionary projects. But until then alot of mistakes will happen on the way.
@@adambreezy251 LOL. banks like we have today have their roots from 14th century Europe. one of the oldest banks still standing is the bank of england which dates from 1695
@@toomanyaccounts If nobody finds your service useful nobody's going to use it. In a couple of decades crypto is going to be remembered the way we remember Beanie Babies. Not every industry or new technology succeeds: just look at Segways. Crypto is to finance what the Segway is to transport: overhyped, overcomplicated, and ultimately a solution to problems nobody has that causes more problems than it could ever hope to solve that is really only ever bought by a miniscule contingent of people with more dollars than sense.
@@toomanyaccounts I'm not gonna sit here and educate you on banks. If you don't know you don't know.
This is the most interesting to me rly. Cause this one doesnt look like a straight up scam. But he backed himself into a corner by promising almost 10% a year to his investors.
A lot of magical thinking was involved.
What happened was basically a bank run. With a real bank the fed will bail you out. Here, they probably won't
Many of the staking rewards u could earn where from proof of stake cryptos that already had a 8%+ inflation rate to pay validators so that part really ain't that bad as it sounds, it's mostly just a bankrun with funds still locked up in those nodes waiting to be unlocked
It's a scam bro. Currency is a medium of exchange not an investment. People need to get that into their heads. And get this into your head too: if it's not adding value to the economy it's not a real business.
@@moisesaguirre515 doesn't it act like peer to peer loans which can easily give 10% return. The value of crypto is faster more efficient transfer of value, but yes not really a good investment.
@@dubstepXpower it's not just a bad investment. It's literally a scam. The people doing this know that damn well. Everyone wants to live out their wolf of wall street fantasy but no one wants to get the masters degree in finance with the hard analytics and mathematics courses that's the problem
They're not the "Bank"
They're "Bankrupt"
Thanks man
YASSS! I wonder what non-extradition treaty country Mashinsky is in currently?
This is the ruggiest rugpull of all rugpulls, omg!