Bitcoin....who's gotten into it?

[up an down]

But hasn't the GDP of El Salvador benefited since bitcoin adoption? Thought I read that somewhere...

According to article in Economist magazine ... El Salvador is much worse off financially since bitcoin adoption....and the dictator is increasing restrictions on media / free speech ... But the dictator increased his own wealth so that's what's most important to the bitcoin hucksters

[nickwm21]

Freakanomics is doing a mini series on Crypto - First episode last week. It was a good listen. Stephen does a good job straddling the tight rope between the two sides of the discussion…


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[My Pet Powder Goat]

According to article in Economist magazine ... El Salvador is much worse off financially since bitcoin adoption....and the dictator is increasing restrictions on media / free speech ... But the dictator increased his own wealth so that's what's most important to the bitcoin hucksters

this guy?! I'm shocked! he looks legit.

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[frorider]

A balanced article IMO: https://www.cnbc.com/amp/2022/06/25/...-finances.html

[byates1]

[MakersTeleMark]

Confirmation of what we knew. Man, they must have some serious coin considering all of their projects.
https://coloradosun.com/2022/06/28/o...to-mine-solar/

[neufox47]

If Bitcoin keeps bouncing around the 20k mark, does that mean it is likely to go lower? Seems like the support that held it is likely to erode with a second extended dip below $20k.

For what it’s worth my programmer / EE friend who retired at 32 from Tesla remains convinced that the underlying tech is really good and that this is a blip similar to the 99 tech crash. He claims that he could see himself buying “a couple hundred thousand more $” worth of Bitcoin if it drops much lower. He did manage to cash out on Tesla completely when it was near its all time highs. Maybe there are a lot of people out there like him. 🤷


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[up an down]

If Bitcoin keeps bouncing around the 20k mark, does that mean it is likely to go lower? Seems like the support that held it is likely to erode with a second extended dip below $20k.

For what it’s worth my programmer / EE friend who retired at 32 from Tesla remains convinced that the underlying tech is really good and that this is a blip similar to the 99 tech crash. He claims that he could see himself buying “a couple hundred thousand more $” worth of Bitcoin if it drops much lower. He did manage to cash out on Tesla completely when it was near its all time highs. Maybe there are a lot of people out there like him. ��


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Your friend has enough brains to buy at a lower price.. And the brains to sell after a huge price increase.. Unlike the hucksters and bitcoin religion cult members

[4matic]

Technically, when something bounces around the lows after a big decline it usually goes lower because a market doesn’t give you that much time to buy the low. Or, it moves sidewise and develops a solid base. “The longer the base, the higher in space”

Is Celsius in cash or do they have more to sell since it looks like bankruptcy?

I suspect there was a lot of activity in recent weeks so market makers could get ready for BITI.

[shera]

Why does it look like bankruptcy? I never heard anything like that from Celsius, only from engagement farmers. Do you have a source?

[J. Barron DeJong]

Why does it look like bankruptcy? I never heard anything like that from Celsius, only from engagement farmers. Do you have a source?

Isn’t pausing withdrawals a giant red flag?



https://twitter.com/silvermanjacob/s...oHOjLXshZXUpNg

[4matic]

Why does it look like bankruptcy? I never heard anything like that from Celsius, only from engagement farmers. Do you have a source?

CNBC discussion about an hour ago. There is no path out. Their only solution is open up and no one sells. That’s not happening.

It’s what their lawyers want?

“Celsius, dogged by a liquidity crisis for weeks, has been resisting guidance from its own lawyers to file for Chapter 11 bankruptcy.”

[4matic]

There could be a miracle 100% rally in assets to bail them out.

[frorider]

the WSJ reported recently that Cel has been hiring bankruptcy lawyers.

Goldman Sachs is preparing to buy the distressed assets if/when Celsius goes bankrupt.

[4matic]

the WSJ reported recently that Cel has been hiring bankruptcy lawyers.

Goldman Sachs is preparing to buy the distressed assets if/when Celsius goes bankrupt.

They have to auction to highest bidder? GS could step in pre BK but don’t think they’d want any custodial liability

[dunfree]

Why does it look like bankruptcy? I never heard anything like that from Celsius, only from engagement farmers. Do you have a source?

get your money the fuck out of Celsius as soon as you can

https://www.wsj.com/articles/behind-the-celsius-sales-pitch-was-a-crypto-firm-built-on-risk-11656498142

[frorider]

They have to auction to highest bidder? GS could step in pre BK but don’t think they’d want any custodial liability

https://markets.businessinsider.com/...ets-2022-6?amp

GS would be acting as broker.

[shera]

Ok, thanks. No new information. I'm just waiting, not much else I can do.

[neufox47]

get your money the fuck out of Celsius as soon as you can

https://www.wsj.com/articles/behind-the-celsius-sales-pitch-was-a-crypto-firm-built-on-risk-11656498142

Is that even possible? Won’t people just be getting a return of the portion the bankruptcy court allocated to them? I don’t know much about this, but I thought the thing about Celsius is that they leveraged the money / assets people put in so the assets will be sold to pay off creditors? If Celsius says they had $11B of assets and GS is brokering a deal at $2B doesn’t that mean everyone is going to get ~$.15 on the dollar back?

[4matic]

“Assets?” Like leveraged loans? It’s all one giant derivative contract. It’s completely opaque what they actually have in reserve.

[Brock Landers]

Not like lev loans

[dunfree]

Is that even possible? Won’t people just be getting a return of the portion the bankruptcy court allocated to them? I don’t know much about this, but I thought the thing about Celsius is that they leveraged the money / assets people put in so the assets will be sold to pay off creditors? If Celsius says they had $11B of assets and GS is brokering a deal at $2B doesn’t that mean everyone is going to get ~$.15 on the dollar back?

some of the bailout proposals for other crypto corps have preferred equity to customer accounts.

[neufox47]

“Assets?” Like leveraged loans? It’s all one giant derivative contract. It’s completely opaque what they actually have in reserve.

My (very limited) understanding is that people either put $usd into Celsius or contributed bitcoin and other crypto. So the assets would be crypto currency.

[neufox47]

some of the bailout proposals for other crypto corps have preferred equity to customer accounts.

No shit, they have lower priority than equity!? That’s fucking nuts, although I guess it makes sense given the advertised returns.

[J. Barron DeJong]

https://twitter.com/silvermanjacob/s..._WHYknTbm468IA