The shitcoin market is entertaining for a maxi like me, I love watching people play stupid games and win stupid prizes. Luna has been taking most of the headlines, but Fantom and its stablecoin ponzi have been hit hard too. I will probably do a review one that one once it hits bottom but we've got other fish to fry today
It seems like everyone's favourite CEFI platform is starting to have a little trouble, I've used Celsius in the past. I've long since moved on from using this shitcoin casino once I did my purge of centralised products and services, something I think everyone should do, but if you don't that's fine, but remember that you are an unsecured lender, and your coins could be taken from you if the service shits the bed.
Cease and Celsius
The trouble started a month ago, It seems that Celsius is the new target after the SEC took BlockFi to task and they had to pay $150 million. Now it seems over half a dozen state regulators have gone after Celsius issuing cease-and-desist orders and demanding that they stop operating in their jurisdictions, while others have requested them to prove that their products are not securities.
Cel rewards dry up
Last month, Celsius updated its “Risk Disclosures” messaging to warn customers that its native CEL token faces significant regulatory risks as they are holding an unregistered security. To over their arses Celsius also banned nonaccredited U.S. investors from earning rewards on its Earn platform. In a bid to keep regulators off their case.
That was enough to freak a lot of users out, and then we saw a bank run on the service and their native token.
Cel token in free fall
The token has taken a bashing in the last 24 hours with 50% of its value evaporating and I can't see that trend reversing, who is going to want to own unregistered securities?
As Cel crashes further we've seen the buy wall for the token evaporate and the largest buy order of 2.5 million tokens is sitting at $0.00, so if users are willing to give it away someone will redeem it, that can't be a good sign.
$CEL token crashing further, now at $0.69.
— dirtybubble.dead (@MikeBurgersburg) May 12, 2022
The mysterious bid wall that has supported the price for months has been moved down to… $0.00.
Has #Celsius given up on $CEL?@Bitfinexed @intel_jakal @DoombergT @SilvermanJacob pic.twitter.com/jZVo5vUWMr
I don't know when shitcoiners are going to learn, but it looks like it's going to be a long and painful road for them, and loads of laughs for me.
You can always come over to bitcoin, there's plenty of room to get on the life raft or you can #HFSP
Sources:
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Posted Using LeoFinance Beta
I think I need to stop putting it off and learn how to do my own
Basically, I need to get a cold wallet. The thought of which bores me to tears and fills me with dread. 😂
Posted Using LeoFinance Beta
You don't need a physical wallet you can do it with software too, so and just restore the wallet to a hardware wallet when you want to access those funds again
Another shit coin about to gone. They will all fall one by one.
Think many times before making an investment.
Lol they're all shitcoins!
Dear @chekohler , Do you think all coins other than Bitcoin will disappear?
Yes I do, and there will be new ones that replace them, but do yourself a favour look at all the top 10 coins for each year it keeps changing
I felt that cryptocurrencies were like stocks!
Stocks are nothing like cryptocurrencies, stocks are regulated, stocks have a backing of a company, stocks sometimes have voting rights, stock sometimes pay dividents. Stocks are ownership in a company and a claim on future or present cash flow, cryptocurrencies are just unnecessary tokens used to access and make transactions on a network
Wow, Dear my mentor @chekohler, After listening to your explanation, it is easy to understand the difference between stocks and cryptocurrencies. So, are cryptocurrencies better than stocks in that they pay less tax? I don't know what DeFi means, but I guessed it was probably a bank where individuals like me could easily borrow foreign capital.
No you don't pay less tax, you pay the same rate of tax, cryptocurrencies are securities, they are NOT currencies
Dear @chekohler , Some have argued that cryptocurrencies, including Bitcoin, can advance the world and give individuals wealth and freedom. So, what advantages do cryptocurrencies have compared to fiat currencies? Should non-Western people like me hold Bitcoin in order not to become economic slaves to Western developed countries, as you argued before?
Some have said that cryptocurrencies give individuals the power to evade the centralization and surveillance of the state.
I agree with your assertion that cryptocurrencies do not make the majority of individuals rich. However, I am hopeful that Bitcoin will give me the power to evade state surveillance.
https://peakd.com/hive-167922/@chekohler/sri-lanka-and-lebanon-default-who-will-be-next
I see Celcius Ad as a footer in your post.
Posted Using LeoFinance Beta
Lol yeah I am too lazy to change it
I agree if you do not have the keys you really do not have the crypto which is why exchanges like Coinbase are just terminals for me to transfer fiat into Hive Engine