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Bitcoin Plunges as Major Crypto Lender Halts Operations
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nishikat
June 14 07:15 am JST

Thank God and good riddance. Don't get me wrong! I wish I had gotten in early and cashed out for real currency. It would be some else's problem while I take the [real] money and run.

Mr Kipling
June 14 07:22 am JST

What's that old adage...

If things appear too good to be true...

19% return? Lol

Simian Lane
June 14 07:24 am JST

I never bought crypto, so I can just sit here now and watch with impunity. I don’t wish pain or loss on any investor, but the crypto news was so just so loud and garish, I won’t miss it if it disappears.

Fiddlers
June 14 07:26 am JST

I dont feel too sorry for those who lost as so much greed in the world.

If its too good to be true then it usually isn't.

kurisupisu
June 14 07:30 am JST

Time to get back in …big time!

Hiro
June 14 07:50 am JST

Anyone who though the 19% yield comes with zero consequences deserved to be scammed at this point.

Make money out of nothing and expect your digital asset to keep increasing in value is so stupid. It contribute nothing to society and is practically a huge ponzi shceme.

Reckless
June 14 09:20 am JST

GBR48
June 14 09:53 am JST

Nobody complained when they shot up in value by ridiculous amounts. A volatile, virtual asset can go down as fast as it can go up. That has probably sunk in by now.

blue
June 14 09:55 am JST

Sounds like the turkeys who got invited to Thanksgiving are starting to realize what Thanksgiving is all about...

It's the latest high profile collapse of a pillar of the cryptocurrency industry. These meltdowns have erased tens of billions of dollars of investors' assets and spurred urgent calls to regulate the freewheeling industry.

"Urgent calls"? From those investors who are losing their shirt in this debacle, I guess. Well, for many the whole point was to stick it to the man and escape regulation. What goes around comes around and here you are now...

On Sunday, the cryptocurrency lending platform Celsius Network announced that it was pausing all withdrawals and transfers between accounts in order to “honor, over time, withdrawal obligations.” Celsius, with roughly 1.7 million customers and more than $10 billion in assets, gave no indication in its announcement when it would allow users to access their funds.

Doesn't sound good...

In exchange for customers’ deposits, the company pays out extremely generous yields, upwards of 19% on some accounts. Celsius takes those funds and lends them out to generate a return.

There is nowhere you can invest in in current finance or markets that could generate a 19% yield unless taking an insane risk of losing it all...Effectively, this is nothing more than a Ponzi scheme.

Even while Celsius was failing, the company's website advertised that users can “access your coins whenever, keep them safe forever.”

...

The move surprised investors and depositors. In online chats, they questioned why their investments weren’t protected.

A lot of people didn't read the fine print, it seems.

It’s possible that Celsius’ investors, which include Quebec’s pension fund, may get their investment back before Celsius' depositors will.

An effing pension fund?!?!? You gotta be kidding me!! Suddenly the news about a move to more "riskier investments" by Japan's GPIF makes me VERY nervous...

“This was yet another bank run. You're not reinventing anything here. They were promoting their services as a better savings account but in the end, you're just another unsecured lender,” said Cory Klippsten, CEO of Swan Bitcoin, who has been publicly skeptical of Celsius' business model for years.

A cryptocurrency operator criticizing another cryptocurrency operator? Ahem. Let's keep this quote somewhere warm for potential later use should Swan Bitcoin get itself into trouble in the future as well...

Strangerland
June 14 10:23 am JST

virusrex
June 14 10:28 am JST

The instability of the currency is part of its appeal, so as long as people understand these risks and choose to invest there is nothing to worry about.

The problem is when people are mislead into thinking this is some kind of secure investment that will for sure help them make money, then events like this make a lot of people panic and the results are obvious.

blue
June 14 11:35 am JST

@Strangerland

A cryptocurrency operator criticizing another cryptocurrency operator?

Cryptocurrencies are decentralized. What are these operators you speak of?

Sorry, semantics, I guess.

Abe234
June 14 11:43 am JST

I suppose this reminds me of all the other investment fads.

tulips.telecoms, anything internet, Dot coms, crypto, NFTs and what a great story, talking about Block chain and decentralized. Id it says get rich quick stay away. Go for boring, go for long term and ignore the noise. And stop chasing. All those YouTube channels and articles touting the BS, ignores the fact there are way way more losers than winners chasing that money. If you want proof Iook at all those active managers who say they know when and what to buy and sell. The truth is, they don’t. They will always win and take their fees.

Blacklabel
June 14 12:04 pm JST

nishikat
June 14 12:11 pm JST

Tesla?

TokyoLiving
June 14 12:13 pm JST

Deflated little tiny bubble, please never change..

LOOOOL !!..

Conservative tears.. LOOOOOOL !!..

Blacklabel
June 14 12:30 pm JST

Tesla

Buying opportunities coming.

its not conservative tears, as people of all politics have lost half their retirement savings and pensions.

The misery of hard working Americans who were ready to retire but now can’t is a joke to you?

Chabbawanga
June 14 01:08 pm JST

Just wait. We have seen market capitulations like this before, and we will again in the future. This is not the last you will hear about Bitcoin.

The real irony is that many of the haters continue to pay into the national pension. I won't ruin how that story ends.

nishikat
June 14 01:08 pm JST

Chabbawanga
June 14 01:09 pm JST

All in 100% margin, riding bitcoin to 100,000 within the year!

Maybe a bit early, but I like you thinking.

therougou
June 14 01:16 pm JST

But Tesla is down. I bought Tesla early then cashed out at peak. Keeping cash now. What happened with previous stock buy? Elon is immature

The whole market is down, so no big deal.

It's useless talking about an individual stock when almost all of them get dragged down by the market.

nandakandamanda
June 14 01:17 pm JST

Could it be Russian investors pulling out that caused a run?

Strangerland
June 14 01:27 pm JST

Somebody operating a business dealing in cryptocurrencies criticizing another person operating a business dealing in cryptocurrencies.

This better?

Much. CRYPTOCURRENCIES

Strangerland
June 14 01:56 pm JST

I'm certainly not buying any bitcoin. I've never looked at it as a valid investment strategy, too much volatility, I prefer more secure investments. But, if you were going to buy, now would be as good at time as any. It will eventually work its way back up, and this may be the last big dip left.

Matt Hartwell
June 14 02:24 pm JST

I dont know why the U.S doesnt just ban it and kill it off altogether. China has already done so and its a smart move. Money going into bitcoin is money that should be going into stocks, housing, business or other forms of productive investment. Hell, even straight up consumption would be better. Bitcoin is speculation on steroids. The share market is bad enough but at least it has its uses.

How is it in the national interest of any country to allow this speculation to exist within their borders?

Ban it and end it.

Strangerland
June 14 02:27 pm JST

I dont know why the U.S doesnt just ban it and kill it off altogether.

China has already done so and its a smart move.

You're kidding yourself if you think that Chinese people aren't still trading bitcoin. They just have to be more quiet about it now.

Reckless
June 14 02:41 pm JST

If I was running out of a war zone like Ukraine, I would definitely prefer a small device with my bitcoins rather than a wheelbarrow of rubles. There is room in this world for cryptocurrency.

Nemo
June 14 06:19 pm JST

Golly, it's almost as if a made up "currency" lacking the faith and credit of the Central Bank of a sovereign nation, without the ability to control the money supply, which cannot be used to purchase real goods and services on anything close to a normal level, and which is used mostly by criminals (money laundering, cyber terror, trafficing of all types, tax evasion) and speculators could be - just spit-balling here - COULD BE a scam.

Who'd have thought that? Oh yeah, Warren Buffet.....

Nemo
June 14 07:02 pm JST

I’m glad you’re amused. I’m laughing with my actual currency all the way to my actual bank.

nishikat
June 14 08:55 pm JST

biden collapsed crypto, the stock market and gold all at the same time.

that takes some “skill”.

The only person who can fix this is Trump?

Blacklabel
June 14 10:54 pm JST

Yes, that is correct. As previously shown.

ClippetyClop
June 14 11:21 pm JST

Hopefully GPU prices will come down a bit too.

Charles Smith
June 15 10:30 pm JST

Bitcoin worth remained in a bearish zone beneath the $25,000 assist zone. The worth spiked beneath the $21,000 degree and settled properly beneath the $23,000 degree.

A low was shaped close to $20,824 and the worth is now trying an upside correction. There was a transfer above the $22,000 resistance degree. Nonetheless, the worth remains to be properly beneath the $24,000 degree and the 100 hourly easy transferring common.

https://cryptospacey.com/bitcoin-shows-signs-of-recovery-23k-presents-resistance/

Strangerland
June 15 11:11 pm JST

This is meant to be because crypto currency needs to be backed by govt to ensure control.

Um, that's exactly what a cryptocurrency is NOT. The strength of a cryptocurrency is that it's not backed by a government, and can't be controlled.

It's like you're saying "water just needs to be air to ensure we can breath it". It's a pretty ridiculous comment.

Matt Hartwell
June 16 01:22 pm JST

Because it's impossible. It's decentralized - can't shut it down.

Lets start with that and see what happens.

Strangerland
June 16 01:28 pm JST

They can ban the transfer of cash into crypto exchanges from any American bank and ban the transfer of withdrawels from exchanges to any American bank.

Ahh, so make it into a nanny state.

kerry whiteland
June 21 07:46 am JST

government should control cryptocurrency, thats the only way to prevent crimes

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