Y were they still paying us interests... And y were

Malcolm
Has Celsius repaid yet?!

if they repaid, there would be no rewards for BTC depositors

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24.06.2022

Spencer

Jun_Bunz
if they repaid, there would be no rewards for BTC ...

Im surprised that they havent cut the rewards rate. If there is a problem, as all info points to, then why not cut rewards rate?

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24.06.2022

Malcolm

Jun_Bunz
if they repaid, there would be no rewards for BTC ...

But isn’t it matured already?

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24.06.2022

Dirk | Won’t DM | CVM

Spencer
Im surprised that they havent cut the rewards rate...

they should cut all rewards asap. although they are just fake numbers anyone since nobody has access to them...

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24.06.2022

Spencer
Im surprised that they havent cut the rewards rate...

because.. maybe there isn't a huge problem besides illiquidity? that's a possibility ya know

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24.06.2022

Spencer

Jun_Bunz
because.. maybe there isn't a huge problem besides...

Then wouldnt cutting rewards help free up liquidity? I have considered that, and i still think cutting rewards would help, no?

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24.06.2022

Spencer
Then wouldnt cutting rewards help free up liquidit...

its likely because it would make no difference during a bank run. Changing doesn't matter if everyone wants to withdrawl. the only solution to a bank run is to have all the cash back or take a loan big enough to pay everyone who wants to withdrawl

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24.06.2022

Spencer
Then wouldnt cutting rewards help free up liquidit...

and i think they are considering a mix of both. Keep the company running and paying rewards as usual, and also raising enough cash to pay those who wants to leave

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24.06.2022

Dirk | Won’t DM | CVM

Jun_Bunz
its likely because it would make no difference dur...

i sincerely hope this is the outcome. and they figure out a way for better rewards / insurance / etc on people who want to keep funds in

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24.06.2022

Jun_Bunz
and i think they are considering a mix of both. K...

this is likely the case because if they took all the money lent back, there will be NO rewards, and everyone would leave, and company is dead. the plan is likely to not kill the company to satisfy withdrawls. So they DO need financial help to satisfy the withdrawls, and over time, when confidence is rebuilt by new or existing users, they can start to grow again

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24.06.2022

Jun_Bunz
its likely because it would make no difference dur...

Which they are doing right now. What do you think the assets lend by celsius to institutional are doing? Sitting pretty in cold storage? Hell no, they are being deployed. So celsius need to retrive them and it takes time. Institutions may have to close their positions, at the moment they may as well be at losses if they close it now? There is no evidence of what im saying. Just educated guess and logical thinking, if i am in insitutions position shoes that borrowed assets from celsius

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24.06.2022

Xjeu
Which they are doing right now. What do you think ...

the problem is, they are under contracts, they can't just force people to give money back; they can only either ask for them or give them a sweet deal for doing so. This would take too long and everyone will be more mad. The only solution they have to rectify and reopen withdrawls are to get financial help outside of their ecosystem

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24.06.2022

Dirk | Won’t DM | CVM

Jun_Bunz
the problem is, they are under contracts, they can...

they need to open withdrawals. even the shittiest companies have opened withdrawals up. i cant beleive for how big celsius is they cant atleast do that

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24.06.2022

Xjeu
Which they are doing right now. What do you think ...

I think they just leveraged to much themself, after 3ac and organised bankrun on celsius, they needed customers money to keep their leverage positions safe.

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24.06.2022

Jun_Bunz
the problem is, they are under contracts, they can...

Anyway patience and timing is key. Dont be like dokwon (all bark no action).

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24.06.2022

Xjeu
I think customers assets are fine. The problem wit...

I think customers assets are fine. The problem with eth or steth, since they may use steth or other crypto assets like link/doge/ada/etc to further borrow eth to deploy ij DEFI. Which definitely caused a problem now (whicu normally dont in normal market condition)

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24.06.2022

Jo Mars

Steth is not the only problem unfortunately

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24.06.2022

Xjeu
I think customers assets are fine. The problem wit...

Yes i think if bitcoin and eth are near bottom, assets are safe. But if btc and eth crashes another 50% it will get harder and maybeethey need help.

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24.06.2022

Maximj
Yes i think if bitcoin and eth are near bottom, as...

yep my magic chart says we should be ok but who knows

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24.06.2022

Al MicMac

Xjeu
I think customers assets are fine. The problem wit...

You seen Josh from Crypto World’s tweet today .. StETH nearly back @ 1:1

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24.06.2022

Al MicMac
You seen Josh from Crypto World’s tweet today .. S...

Steth was never a problem. Remember those fiasco when people crying about usdt depegging while its not?

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24.06.2022

Xjeu
Steth was never a problem. Remember those fiasco w...

The problem was that during a bankrun people wanted their ethers back, and celsius staked them with leverage.

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24.06.2022

M H

Xjeu
I think customers assets are fine. The problem wit...

I admire your optimism. If the stEth was the only issue, or the biggest issue, we could think of multiple ways of dealing with it. E.g. freezing Eth withdrawals until 2.0 for example. Are you not worried about what you don't see?

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24.06.2022

Maximj
The problem was that during a bankrun people wante...

It may not be perfect decision but given the market condition and circumstances, it might as well have been the best decision could be made, for Celsius and entire crypto industry

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24.06.2022