If Celsius goes down your coins go down with it. Beware: Take your coins out of Exchanges.

If Celsius goes down your coins go down with it. Beware: Take your coins out of Exchanges.

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  1. Why is everyone so surprised by this? Banks have the FDIC which is how they guarantee a certain amount of your cash back if they go under. Exchanges are not banks and crypto is not government backed fiat

  2. This makes way more sense than Coinbase’s disclaimer though.

    Celsius is very clear that your coins are part of a lending and borrowing service.

    Coinbase is a custodian.

    There should be different risks associated with these 2 very different activities.

  3. Not a fan of nonsense regulation but this needs to get regulated!

    “or otherwise unable to repay” for example losing the keys in a boating accident or CEO dies with the keys in india?

  4. OP why are you posting dumb shit?

    Celsius is a lending platform, they lend the money you deposit. If they somehow lose the money they lent, you obviously are not getting that money back unless they have reserves to cover that loss (which as far as I know they have). If Celsius goes under, it’d be because the money they lent has not been paid back therefore they don’t have “your” money. If you don’t like that, don’t give your money to a lending platform lmao and go do something else with your money.

  5. Don’t trust these fucks.

    Their financial filings from 2020 are publicly available.

    What I understood from reading them, is that their entire business depends on their own shit token CEL. Which is down 90% from 6 months ago.

    They are lowering interest rates on tokens while the FED is actually increasing interest rates. Does not compute. Ask yourself why

  6. Celsius is not an exchange. It’s a cefi. No matter if it’s a cefi or defi it’s always a risk. Financial operations always imply some level of risks. If you don’t want to risk, keep your coins in a cold storage, or, even safer, don’t play with crypto at all.

  7. It’s so simple. If Bitcoin succeeds, the few %s you made with these services becomes meaningless.

    It’s not worth the risk. If you are already assuming the risk of having your money in Bitcoin, assuming it becomes standard, then realize the few sats you’ll be getting are irrelevant in the grand scheme.

    Just hold your shit on your own, it feel so much better, and obviously, much safer.

  8. I really don’t understand why this is news to people…

    If you buy tokens on a centralised exchange and they go belly up, you are a bottom of the list creditor so you’re very unlikely to get your coins back

    This isn’t a new witchcraft or trickery, it is how consumers are treated in insolvency in basically every industry.

    Hopefully it’s a good life lesson for people to read the small print, because this is just a fact of life.

    Not your keys, not your coins. If you don’t self custody, your coins are at risk

  9. Not your keys, not your coins. Those are the most powerful words in bitcoin. All of human history is people guaranteeing they won’t take depositary’s stuff and then taking it. Bitcoin for the 1st time in history requires no trust but if you decide to trust someone with your coins you’re so stupid you almost deserve to get fucked

  10. The “war on exchanges” among the community is very hurtful.

    Exchanges are the best options for 90%+ of potential buyers.

    Hard wallets are not 100% safe either and peer to peer trading is dangerous and complicated.

  11. That’s insane. Though I knew about it.

    Can’t use dex due to high fees for few coins.
    Also I believe Celsius was going to introduce some insurance for stakers

  12. Why t f people still go for it is unbelievable to me. I would rather flush the money in toilet and watch it go rather than putting it in such scams smh

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