Question, so if we do have loans with Celsius, I

Question

Question, so if we do have loans with Celsius, I

guess it makes no sense to pay them off now right? Since we can't even get back collateral. But is there a difference between paying and not paying the loan off?

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14.07.2022

21 ответов

12 просмотров

Kristian

Yeah, the safe option is to just get liquidated.

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14.07.2022

Liam

Celcius says that when the loan is repaid, it will be returned to the savings account.

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14.07.2022

Maverick 28 Автор вопроса

Liam
Celcius says that when the loan is repaid, it will...

Sure, but even in the savings account, there's no guarantee that we are ever going to see a cent of it

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14.07.2022

Liam

Maverick 28
Sure, but even in the savings account, there's no ...

yes!!!

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14.07.2022

Liam

Maverick 28
Sure, but even in the savings account, there's no ...

This is impossible. Because they recently paid off a lot of debt and got their collateral. We (the borrowers), like them, should review a complete and safe recovery.

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14.07.2022

Alejo Z

If one doesn't pay the loan, part of the collateral is liquidated to cover the amount of the loan. The rest of the collateral goes to the Earn account (or Custody, I guess).

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14.07.2022

Liam

Alejo Z
If one doesn't pay the loan, part of the collatera...

If you don't repay the loan at the maturity date, won't all of your collateral be liquidated?

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14.07.2022

Alejo Z

Liam
If you don't repay the loan at the maturity date, ...

I think it depends of how much collateral (LTV %) you had. MY friend had a loan that got liquidated during the wick to 17k (Loans did not reply his emails to close the loan). They just took the equivalent to the USDC amount of the loan from his BTC collateral; the rest of the collateral went to his Earn account. His loan was overcollateralized.

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14.07.2022

zigzog

Alejo Z
I think it depends of how much collateral (LTV %) ...

Can confirm, this happened to me.

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14.07.2022

zigzog

Alejo Z
I think it depends of how much collateral (LTV %) ...

And I still think if celsius somehow magically gets back on feet those loans should be restored because people didn't have the possibility to add collateral to avoid liquidations

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14.07.2022

Liam

Alejo Z
I think it depends of how much collateral (LTV %) ...

Is the loan due to maturity? Is this a liquidated loan?

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14.07.2022

Alejo Z

zigzog
And I still think if celsius somehow magically get...

Exactly. I was saying that during these past days. Those liquidations have to be challenged —my friend did it by sending an email, with copy to a friend who is a lawyer. Just to document the issue. It was before declaring bk. Time will tell.

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14.07.2022

Alejo Z

Liam
Is the loan due to maturity? Is this a liquidated ...

That was a liquidated loan because he replied the margin call email, received a ticket, but Loans never followed up with instructions (he didn't know how add collateral or stablecoin, since all operations were paused in the app and the instruction was to email Loans 🤷🏽‍♂️)

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14.07.2022

M H

Alejo Z
Exactly. I was saying that during these past days....

I wish I got liquidated, would've bought back at those prices on spot and forget this nightmare

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14.07.2022

Alejo Z

M H
I wish I got liquidated, would've bought back at t...

On one hand, it is ok that they did not reply the email, so my friend couldn't send more funds into Celsius. On the other hand, losing your Bitcoin for the value of 17k... ahhhhhh

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14.07.2022

zigzog

M H
I wish I got liquidated, would've bought back at t...

What do you mean? You can still buy back?

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14.07.2022

M H

zigzog
What do you mean? You can still buy back?

Just use the money you would use to pay off the loan to buy back in as the price dips below liquidation

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14.07.2022