5 ms·

Iirc Celsius was margin called over the weekend and nothing about that was covered here… wow. https://www.google.com/amp/s/wccftech.com/the-much-battered-bitco

by maytc 4y ago

Iirc Celsius was margin called over the weekend and nothing about that was covered here… wow. https://www.google.com/amp/s/wccftech.com/the-much-battered-bitcoin-bounces-as-crypto-whales-fail-to-trigger-a-margin-call-for-celsius-held-wbtc/amp/ https://www.google.com/amp/s/wccftech.com/the-much-battered-...

schemescape 4y ago
Did I miss something in that article? It says they deposited more collateral to avoid a margin call, and supposedly they won’t be called until BTC hits $13k.
- marcell 4y ago
  You can view their BTC collateralized vault here: https://oasis.app/owner/0x87a67e7dc32fdc79853d780c6f516312b4a503b5 https://oasis.app/owner/0x87a67e7dc32fdc79853d780c6f516312b4... Their liquidation price is currently $13,604 USD/BTC. The liquidation is controlled by a protocol and not subject to human intervention.
- adrr 4y ago
  Where did the collateral come from?
bitxbitxbitcoin 4y ago
That article says they weren’t and the new number for where that would happen has been lowered.
BLKNSLVR 4y ago
There's a theory 'out there' that there's a coordinated effort to damage Celsius due to Celsius' pulling out of a deal, with a group of other crypto enterprises, to work towards saving Terra/Luna during the early stages of the de-pegging (which resulted in the much publicised death spiral of loss of ~$100B of investment). Celsius pulled out of this deal to 'protect their community'. In fairness this action did protect both themselves and their community from any large losses due to the Terra/Luna incident, but it appears that other members of the group of crypto enterprises that did sustain larger losses are (understandably?) significantly salty at Celsius for pulling out of said deal. True or not, a healthy business can sustain a coordinated attack, and if Celsius doesn't survive then it just means they got their risk analysis wrong for such an edge case. Standard business decision fine-line walking between risk and reward falling off the wrong side. Maybe Celsius were the first one's to realise that attempting to save Terra/Luna was a fool's errand in the first place, or maybe Terra/Luna could have been saved if Celsius hadn't have pulled out. Given what's come out about Do Kwan since, I'd be guessing the former.
- alphabettsy 4y ago
  This sounds like a typical WSB/Crypto conspiracy. Is this from Reddit?
  - BLKNSLVR 4y ago
    There's a fine (sometimes invisible) line separating crypto news and reddit posts.
- Jasper_ 4y ago
  They're dead. Pausing during a market when people want to withdraw before they lose everything means a bank run as soon as the withdrawals reopen. They know this, and they know that we know this, and conspiracies like this are from people unwilling to accept the obvious truth: They announced their death when they paused withdrawals, and the jig is up.
  - BLKNSLVR 4y ago
    Not really disputing that, just mentioning that it may well have been a well coordinated targeted attack. If they're dead, then it was a successful attack, and notice should be taken by all industry players as to whose accurately swinging baseball bats at their perceived enemies / competitors. Mergers and acquisitions by bankruptcy proceedings and the consolidation of power by the already powerful. Somewhat ironic if that's the case, playing out in the cryptocurrency arena.
    - happyopossum 4y ago
      > just mentioning that it may well have been a well coordinated targeted attack What kind of “attack” are you imagery that made them insolvent (or close enough to it)? They’re not uniquely impacted by any particular crypto crashes, so it’s hard to see how something could have been engineered to take them out.
      - BLKNSLVR 4y ago

by maytc 4y ago

schemescape 4y ago

Did I miss something in that article? It says they deposited more collateral to avoid a margin call, and supposedly they won’t be called until BTC hits $13k.

marcell 4y ago
You can view their BTC collateralized vault here: https://oasis.app/owner/0x87a67e7dc32fdc79853d780c6f516312b4a503b5 https://oasis.app/owner/0x87a67e7dc32fdc79853d780c6f516312b4... Their liquidation price is currently $13,604 USD/BTC. The liquidation is controlled by a protocol and not subject to human intervention.
adrr 4y ago
Where did the collateral come from?

bitxbitxbitcoin 4y ago

That article says they weren’t and the new number for where that would happen has been lowered.

BLKNSLVR 4y ago

There's a theory 'out there' that there's a coordinated effort to damage Celsius due to Celsius' pulling out of a deal, with a group of other crypto enterprises, to work towards saving Terra/Luna during the early stages of the de-pegging (which resulted in the much publicised death spiral of loss of ~$100B of investment). Celsius pulled out of this deal to 'protect their community'. In fairness this action did protect both themselves and their community from any large losses due to the Terra/Luna incident, but it appears that other members of the group of crypto enterprises that did sustain larger losses are (understandably?) significantly salty at Celsius for pulling out of said deal. True or not, a healthy business can sustain a coordinated attack, and if Celsius doesn't survive then it just means they got their risk analysis wrong for such an edge case. Standard business decision fine-line walking between risk and reward falling off the wrong side. Maybe Celsius were the first one's to realise that attempting to save Terra/Luna was a fool's errand in the first place, or maybe Terra/Luna could have been saved if Celsius hadn't have pulled out. Given what's come out about Do Kwan since, I'd be guessing the former.

alphabettsy 4y ago
This sounds like a typical WSB/Crypto conspiracy. Is this from Reddit?
- BLKNSLVR 4y ago
  There's a fine (sometimes invisible) line separating crypto news and reddit posts.
Jasper_ 4y ago
They're dead. Pausing during a market when people want to withdraw before they lose everything means a bank run as soon as the withdrawals reopen. They know this, and they know that we know this, and conspiracies like this are from people unwilling to accept the obvious truth: They announced their death when they paused withdrawals, and the jig is up.
- BLKNSLVR 4y ago
  Not really disputing that, just mentioning that it may well have been a well coordinated targeted attack. If they're dead, then it was a successful attack, and notice should be taken by all industry players as to whose accurately swinging baseball bats at their perceived enemies / competitors. Mergers and acquisitions by bankruptcy proceedings and the consolidation of power by the already powerful. Somewhat ironic if that's the case, playing out in the cryptocurrency arena.
  - happyopossum 4y ago
    > just mentioning that it may well have been a well coordinated targeted attack What kind of “attack” are you imagery that made them insolvent (or close enough to it)? They’re not uniquely impacted by any particular crypto crashes, so it’s hard to see how something could have been engineered to take them out.
    - BLKNSLVR 4y ago