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

[byates1]

It's all the same.

[NakedShorts]

Unfortunately though BAD traditional finance does not mean DeFi is GOOD.

Also, the European banks are as good as dead. The next financial panic will come from them or Japan (Negative Rates Destroy Banks, Pension Funds, Insurance Companies when rates go up) oh and USD going up makes these problems worse around the world.

[byates1]

Unfortunately though BAD traditional finance does not mean DeFi is GOOD.

No it just means it's all the same, and the tiny 1-2T digital asset space compared to the hundreds of trillions of tradfi means the scumbags of tradfi are behemoths. But it is still all the same.

[J. Barron DeJong]

No it just means it's all the same, and the tiny 1-2T digital asset space compared to the hundreds of trillions of tradfi means the scumbags of tradfi are behemoths. But it is still all the same.

Are you ignorant? Being willfully blind?

Look at how much retail money has been lost in DeFi scams/fraud/negligence, whatever you want to call it, over the past couple months. And these were big, ‘well respected’, players.

TradFi obviously isn’t perfect, but it seems pretty obvious at this point that you should expect a much greater chance of losing a significant chunk of your investment with a DeFi company than a TradFi company.

[schuss]

He's right, they're the same, it's just DeFi also lacks even the minimum of financial regulation.

[summit]

https://www.reuters.com/business/fin...ng-2022-07-14/

1.19 billion deficit on the Celsius balance sheets

[CarlMega]

1.19 billion deficit on the Celsius balance sheets

"These interest rate returns are amazing! Almost too good to be true!"

Celsius business plan: "Completely sound as long as crypto valuation goes up forever with new people constantly giving us their money"

[bennymac]

You mean I can’t get low risk 15-20% returns by investing in projects with no substantial revenue streams? WTF.

[Cono Este]

I'm still trying to digest what this means, truly. Might be trying to figure it out for the rest of my life...

The “bank” you trust is part of the risk you take. It should minimized as much as possible. And as said before me, in crypto there are even fewer, if any protections that someone won’t just disappear with you Lt money.

I’m a crypto beginner, but if I ever bought a sizable amount of Bitcoin I’d seek every way possible not to use anyone. I believe that’s one of the benefits of Bitcoin, you can park it in a thumb drive.

I have about 2000 with Coinbase and if I woke up and it was all gone I wouldn’t be surprised. I won’t even use charles Schwab for my retirement accounts because they let people take out mortgages against their portfolio s.

I know it’s a 1 in a million chance, but why take it?


Sent from my iPhone using TGR Forums

[frorider]

He's right, they're the same, it's just DeFi also lacks even the minimum of financial regulation.

Roughly speaking defi mkt was around $100Bn in mid 2021, and estimates I’ve seen are $12Bn lost in fraud in 2021. So about a 12% chance.

Pretty sure Tradfi fraud losses are considerably smaller in percentage terms.

[shera]

[schuss]

Roughly speaking defi mkt was around $100Bn in mid 2021, and estimates I’ve seen are $12Bn lost in fraud in 2021. So about a 12% chance.

Pretty sure Tradfi fraud losses are considerably smaller in percentage terms.

If TradFi had the same lack of regulation it would likely be similar. That's why regulations are in place.

[Mustonen]

I’d guess that the general suspension of reality in defi is responsible for a few percentage points all on its own.

[J. Barron DeJong]

Sounds like even that -$1.2B deficit might be optimistic:



thread: https://twitter.com/bennetttomlin/st...PAeoojSB42k_LQ

[shera]

Yeah, well, doom and gloom. It could also be wrong in the other direction over time. That's a snapshot. Fwiw my guess at 80% was a good one, just hope I can get that back into my dirty pockets.

[bennymac]

Are we to believe the entity that acts like a bank, whose users treat it as a bank, but doesn’t want to be a bank so it doesn’t have to be regulated like a bank is experiencing the same problems as banks before bank regulations were instituted?

[dunfree]

Most banks weren’t run by scammers; the quote I liked was “they were too dumb to run a Ponzi scheme”

[neufox47]

I’m sure that will get better once it is stated using GAAP with Audited figures 🤣🤣🤣.

[schuss]

Yeah, well, doom and gloom. It could also be wrong in the other direction over time. That's a snapshot. Fwiw my guess at 80% was a good one, just hope I can get that back into my dirty pockets.

I'd bet on 20-50%. At most. It sucks and I'm rooting for you, but this is exactly the shit we were all warning people against.

[4matic]

If they could pay out 80% they wouldn’t have gone bankrupt.

[JimmyCarter]

I’m sure that will get better once it is stated using GAAP with Audited figures 🤣🤣🤣.

“Fresh start accounting”
Just need a few of those line items fair valued…

[shera]

Are we to believe the entity that acts like a bank, whose users treat it as a bank, but doesn’t want to be a bank so it doesn’t have to be regulated like a bank is experiencing the same problems as banks before bank regulations were instituted?

So weird, just saw this on reddit,
Do you mean to tell me the entity that acts like a bank, whose users treat it as a bank, but doesn’t want to be a bank so it doesn’t have to be regulated like a bank is experiencing the same problems as banks before bank regulations were instituted? Something something shocked pikachu face.

Regurgitated?
https://www.reddit.com/r/technology/...t_doesnt_have/

[bennymac]

So weird, just saw this on reddit,
Do you mean to tell me the entity that acts like a bank, whose users treat it as a bank, but doesn’t want to be a bank so it doesn’t have to be regulated like a bank is experiencing the same problems as banks before bank regulations were instituted? Something something shocked pikachu face.

Regurgitated?
https://www.reddit.com/r/technology/...t_doesnt_have/

Yep top comment - edited so it wasn’t directed at “you”.

[MakersTeleMark]

Celsius is completely insolvent. How anyone thinks they're going to see a penny is laughable.

[garyfromterrace]

Sorry Shera, however my experience with companies forced into bankruptcy protection (a half dozen perhaps) is 10 or 20 cents on the dollar. If anything.

Note: not "my" companies but ones I either held stock in or companies that my firm did work for. 80 cents on the dollar is unlikely.