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Five days ago: “Celsius continues to process withdrawals without delay.” https://blog.celsius.network/damn-the-torpedoes-full-speed-ahead-4123847832af https://

Five days ago: “Celsius continues to process withdrawals without delay.” https://blog.celsius.network/damn-the-torpedoes-full-speed-ahead-4123847832af https://blog.celsius.network/damn-the-torpedoes-full-speed-a...

erung88 4y ago
In retrospect, that blog post seems to be a good hint the withdrawals will be paused soon.
tenpies 4y ago
Crypto is so disruptive it just re-invented the bank run. For reference, if you ever see a bank say this, it's probably a good idea to get to an ATM post-haste and withdrawal as much as you possible can.
- jakelazaroff 4y ago
  You probably still don’t have to worry: cash in a bank is insured up to $250k per ownership category by the FDIC. Even your (traditional) investments are protected against by the SIPC in case your broker goes out of business. If your crypto exchange goes away, you, of course, just lose everything.
  - kasey_junk 4y ago
    If your bank is having liquidity issues then it’s long past time to get your needed money out. FDIC insurance paybacks can take months or more to happen. But! The FDIC is not just insurance. It’s also a framework for risk management including liquidity risk. Banks have pretty detailed playbooks on how to manage liquidity risk that are routinely audited. It is therefore pretty rare for any US bank to have such issues and when they do it’s because they were cooking the books.
    - kasey_junk 4y ago
      [Later] https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/ https://www.fdic.gov/resources/resolutions/bank-failures/fai... Reading through those I couldn’t actually find any banks that had evidence of liquidity issues. And the longest I saw for the fdic to get depositors access to their funds was the weekend. Most of them don’t even tap FDIC insurance they just hand the depositors over to a different bank.
  - adrr 4y ago
    You actually own the assets at your broker. Only case is if they are lending it for short positions though most brokers let you opt out of that. Also most brokers store money in the sweep account on brokered deposit accounts that are FDIC insured. There’s lots of protections being regulated.
- matheusmoreira 4y ago
  Crypto reinvented the entire banking system, they're just called exchanges now. It's sad that the projects that were meant to put an end to all that ended up making the same mistakes.
  - danrocks 4y ago
    Put an end to "all that" what, exactly?

erung88 4y ago

In retrospect, that blog post seems to be a good hint the withdrawals will be paused soon.

tenpies 4y ago

Crypto is so disruptive it just re-invented the bank run. For reference, if you ever see a bank say this, it's probably a good idea to get to an ATM post-haste and withdrawal as much as you possible can.

jakelazaroff 4y ago
You probably still don’t have to worry: cash in a bank is insured up to $250k per ownership category by the FDIC. Even your (traditional) investments are protected against by the SIPC in case your broker goes out of business. If your crypto exchange goes away, you, of course, just lose everything.
- kasey_junk 4y ago
  If your bank is having liquidity issues then it’s long past time to get your needed money out. FDIC insurance paybacks can take months or more to happen. But! The FDIC is not just insurance. It’s also a framework for risk management including liquidity risk. Banks have pretty detailed playbooks on how to manage liquidity risk that are routinely audited. It is therefore pretty rare for any US bank to have such issues and when they do it’s because they were cooking the books.
  - kasey_junk 4y ago
    [Later] https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/ https://www.fdic.gov/resources/resolutions/bank-failures/fai... Reading through those I couldn’t actually find any banks that had evidence of liquidity issues. And the longest I saw for the fdic to get depositors access to their funds was the weekend. Most of them don’t even tap FDIC insurance they just hand the depositors over to a different bank.
- adrr 4y ago
  You actually own the assets at your broker. Only case is if they are lending it for short positions though most brokers let you opt out of that. Also most brokers store money in the sweep account on brokered deposit accounts that are FDIC insured. There’s lots of protections being regulated.
matheusmoreira 4y ago
Crypto reinvented the entire banking system, they're just called exchanges now. It's sad that the projects that were meant to put an end to all that ended up making the same mistakes.
- danrocks 4y ago
  Put an end to "all that" what, exactly?