Let’s say worst case scenario 2 billion debt and let’s

Question

Let’s say worst case scenario 2 billion debt and let’s

just assume 500k ACTIVE users. Operations resume if users either deposit $4k of cel or deposit $4k of usdc/btc etc. Would require all hands… thoughts?

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02.07.2022

19 ответов

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R Автор вопроса

Game of thrones
let s assuming 500k active, you have to know not a...

Maybe tiered by amount of asset on platform by user. 20-30% “haircut” by user… just spitballing here

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02.07.2022

Nick

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Maybe tiered by amount of asset on platform by use...

Don't agree with hari cutting anyone We would be way better off buying Celsius tokens each, a few thousand if need be, keep withdrawals limited until the next bull run, we would all be winners

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02.07.2022

Alice

I wondered how many of those active users were part of the bank run ? I reckon 50 % but maybe more.

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02.07.2022

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Nick
Don't agree with hari cutting anyone We would be ...

I legit don’t understand the purpose of the token. Can you enlighten me?

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02.07.2022

Game of thrones

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Maybe tiered by amount of asset on platform by use...

look, it is very difficult for a platform to tell its users to deposit money to get money, it seems like a scam, and no one will believe them, because there is no guarantee to have their money back

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02.07.2022

Klaus

Alice
I wondered how many of those active users were par...

Yeah. Also maybe in money terms there’s a ton exiting in the frozen queue

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02.07.2022

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Alice
I wondered how many of those active users were par...

Doesn’t matter, users were free to withdraw or deposit as much as they want at any time for any reason. Did Celsius get caught with their pants down? If they survive we need to make June 12 PROOF OF RESERVES day when every user withdraws their funds for 24-48 hours. This would keep management team honest and not get users involved in the insanely risky degen protocols they got involved in, no?

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02.07.2022

R Автор вопроса

Agree, definition of send one bitcoin, get two in return.

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02.07.2022

Game of thrones

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Agree, definition of send one bitcoin, get two in ...

exactly

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02.07.2022

b3hav3

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Doesn’t matter, users were free to withdraw or dep...

Oh man and how should the make money without using your money. Also traditional Banks have not all money in house

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02.07.2022

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b3hav3
Oh man and how should the make money without using...

What does “unbanking yourself” mean if you’re just going to compare Celsius to a traditional bank? Either a PROOF OF RESERVES style event each year or Celsius shows an audited and verifiable proof of reserves. Up until the day before withdrawals were paused, Mashinsky was questioning Twitter users who were claiming people might not be able to withdraw.

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02.07.2022

Adam

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Doesn’t matter, users were free to withdraw or dep...

U mean July?

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02.07.2022

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Adam
U mean July?

No, June 12. If SOMEHOW Celsius gets out of this and operations resume, June 12 (day everything was paused) will be immortalized as Proof of Reserves Day every year.

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02.07.2022

Torpedo

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Doesn’t matter, users were free to withdraw or dep...

To me, a yearly external audit report of their holdings will be satisfactory.

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02.07.2022

Autism Capital DOGE

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No, June 12. If SOMEHOW Celsius gets out of this a...

Lol true.

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02.07.2022

Uri

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What does “unbanking yourself” mean if you’re just...

Pretty much the only way to restore trust if it's even possible is a monthly audit from a well known respected company, explaining assets vs debt and income reports. If the hole is substantial, team will need to step down probably.

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02.07.2022

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Uri
Pretty much the only way to restore trust if it's ...

And community driven/sponsored MASS withdrawals whenever users feel like it. Celsius is not like traditional banks so they would not be fractional reserving user coins, right? Celsius could incorporate 3/6/9/12 month lock in periods for users who want to earn a higher interest percentage.

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02.07.2022

Hodler100 Depositor

Uri
Pretty much the only way to restore trust if it's ...

This is what Nexo does with Armanino, difference being is that it’s a real time attestation.

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02.07.2022