3 ms·

Question: Who owns the deposited assets? Don't the original owners have dibs? Or can Goldman just pull the rug and say "ours now". That would seem crazy.

vageli 4y ago
> Question: Who owns the deposited assets? Don't the original owners have dibs? Or can Goldman just pull the rug and say "ours now". That would seem crazy. Their terms have this language: > Eligible Digital Assets held in a Custody Wallet are subject to the other provisions of these Terms, unless where expressly stated otherwise. Celsius retains the right to set-off any Eligible Digital Assets in a Custody Wallet against any obligations you may have to us. > You understand and acknowledge that the legal treatment of Digital Assets remains unsettled and may vary depending on the jurisdiction in which you reside. In the event that you, Celsius or any Third Party Custodian becomes subject to an insolvency proceeding, it is unclear how your Digital Assets would be treated and what rights you would have to such Digital Assets. > Celsius does not make any representation as to the likely treatment of Digital Assets in your Celsius Account, including those in a Custody Wallet, in the event that you, Celsius or any Third Party Custodian becomes subject to an insolvency proceeding whether in the U.S. or in any other jurisdiction. You explicitly understand and acknowledge that the treatment of Digital Assets in the event of such an insolvency proceeding is unsettled, not guaranteed, and may result in a number of outcomes that are impossible to predict reliably, including but not limited to you being treated as an unsecured creditor and/or the total loss of any and all Digital Assets reflected in your Celsius Account, including those in a Custody Wallet. https://celsius.network/terms-of-use https://celsius.network/terms-of-use
fisherjeff 4y ago
I’d think they’re more interested in buying some loans from Celsius (at a discount), not their deposits. Celsius would obviously lose money on those but gain some much-needed liquidity
insaneirish 4y ago
> Question: Who owns the deposited assets? Don't the original owners have dibs? If you give your money to something that looks like a bank, walks like a bank, but is not actually a bank, don't expect them to be held to the same legal standards as a bank.
- adrr 4y ago
  Difference is the banks are insured. Banks can make bad investments with deposits and do go bankrupt. 2012 had lots of banks going bust when they invested in mortgage backed securities which is ironic because they were the ones originating these bad loans and they had to know they were garbage.

vageli 4y ago

> Question: Who owns the deposited assets? Don't the original owners have dibs? Or can Goldman just pull the rug and say "ours now". That would seem crazy. Their terms have this language: > Eligible Digital Assets held in a Custody Wallet are subject to the other provisions of these Terms, unless where expressly stated otherwise. Celsius retains the right to set-off any Eligible Digital Assets in a Custody Wallet against any obligations you may have to us. > You understand and acknowledge that the legal treatment of Digital Assets remains unsettled and may vary depending on the jurisdiction in which you reside. In the event that you, Celsius or any Third Party Custodian becomes subject to an insolvency proceeding, it is unclear how your Digital Assets would be treated and what rights you would have to such Digital Assets. > Celsius does not make any representation as to the likely treatment of Digital Assets in your Celsius Account, including those in a Custody Wallet, in the event that you, Celsius or any Third Party Custodian becomes subject to an insolvency proceeding whether in the U.S. or in any other jurisdiction. You explicitly understand and acknowledge that the treatment of Digital Assets in the event of such an insolvency proceeding is unsettled, not guaranteed, and may result in a number of outcomes that are impossible to predict reliably, including but not limited to you being treated as an unsecured creditor and/or the total loss of any and all Digital Assets reflected in your Celsius Account, including those in a Custody Wallet. https://celsius.network/terms-of-use https://celsius.network/terms-of-use

fisherjeff 4y ago

I’d think they’re more interested in buying some loans from Celsius (at a discount), not their deposits. Celsius would obviously lose money on those but gain some much-needed liquidity

insaneirish 4y ago

> Question: Who owns the deposited assets? Don't the original owners have dibs? If you give your money to something that looks like a bank, walks like a bank, but is not actually a bank, don't expect them to be held to the same legal standards as a bank.

adrr 4y ago
Difference is the banks are insured. Banks can make bad investments with deposits and do go bankrupt. 2012 had lots of banks going bust when they invested in mortgage backed securities which is ironic because they were the ones originating these bad loans and they had to know they were garbage.