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Posted June 17, 2022 07:42 · last edited June 17, 2022 16:12

paulm
Ryan
Could be it's the same as a run on the banks I'd imagine, they have a lot of their crypto in storage and don't have enough crypto live to meet demand.

Or, it's another Mt Gox situation where they physically don't have enough assets to back the crypto they hold.

I'd say you are spot on here. When a market crashes, you find out which banks/exchanges have been responsible with their investments and holdings, and which haven't. 
This falling market has exposed Celsius first, who for years were giving away absurdly high rates of return, and others are likely to follow. 
Not hearing much noise about Nexo or Crypto.com, but Binance halted trading for an hour yesterday, so some scare there. 
If any of you hold anything on exchanges, I would be getting out to your own storage asap.*
*not financial advice. 
The Celsius situation is interesting...Lots of "chatter' that there was/is a concerted effort by some of the "crypto mafia" (some well known funds/exchanges/individuals) to take them out as "payback". 
Why? Allegedly during the $UST/Luna crash some entities (including Celsius) were discussing how to save #UST/Luna but Celsius front ran the other entities to exit first, so the others have now incurred $several hundered million+ in losses/potential insolvency. Who knows but has some plausability however I also think its very possible their been  "irresponsible behaviour" by celsius & others in their risk management. We'll see in due course but for customers thats always the very real risk of "not your keys....."   Believe Celsius have been regularly adding liquidity to their loan positions & understand their BTC liquidation price is now about $14k. I dont think the fall-out from the Terra collapse, Celsius situation, 3AC insolvency? is over & the contagion effect among other exchanges etc is very high risk event.

One of the beauty of the blockchain is transparancy & knowing/seeing what other entities are doing. This can also provide targets & levels for others to aim for to liquidate etc. Another plus is that unlike in traditional markets there is no-one who is going to come & bail someone out with taxpayers money or printing more currency etc. Harsh but thats how it is. 

For me the global macro environment is far more scary as to what is coming down the line (anyone checked on Japan lately) & what it will mean to the average joe than any BTC/Crypto volatility (which I expect some considerably more volatility & potential downside)

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Unknown editor edited June 17, 2022 16:12
paulm
Ryan
Could be it's the same as a run on the banks I'd imagine, they have a lot of their crypto in storage and don't have enough crypto live to meet demand.

Or, it's another Mt Gox situation where they physically don't have enough assets to back the crypto they hold.

I'd say you are spot on here. When a market crashes, you find out which banks/exchanges have been responsible with their investments and holdings, and which haven't. 
This falling market has exposed Celsius first, who for years were giving away absurdly high rates of return, and others are likely to follow. 
Not hearing much noise about Nexo or Crypto.com, but Binance halted trading for an hour yesterday, so some scare there. 
If any of you hold anything on exchanges, I would be getting out to your own storage asap.*
*not financial advice. 
The Celsius situation is interesting...Lots of "chatter' that there was/is a concerted effort by some of the "crypto mafia" (some well known funds/exchanges/individuals) to take them out as "payback". 
Why? Allegedly during the $UST/Luna crash some entities (including Celsius) were discussing how to save #UST/Luna but Celsius front ran the other entities to exit first, so the others have now incurred $several hundered million+ in losses/potential insolvency. Who knows but has some plausability imho. Believe Celsius have been regularly adding liquidity to their loan positions & understand their BTC liquidation price is now about $14k. I dont think the fall-out from the Terra collapse, Celsius situation, 3AC insolvency? is over & the contagion effect among other exchanges etc is very high risk event.

One of the beauty of the blockchain is transparancy & knowing/seeing what other entities are doing. This can also provide targets & levels for others to aim for to liquidate etc. Another plus is that unlike in traditional markets there is no-one who is going to come & bail someone out with taxpayers money or printing more currency etc. Harsh but thats how it is. 

For me the global macro environment is far more scary as to what is coming down the line (anyone checked on Japan lately) & what it will mean to the average joe than any BTC/Crypto volatility (which I expect some considerably more volatility & potential downside)

Unknown editor edited June 17, 2022 10:17
paulm
Ryan
Could be it's the same as a run on the banks I'd imagine, they have a lot of their crypto in storage and don't have enough crypto live to meet demand.

Or, it's another Mt Gox situation where they physically don't have enough assets to back the crypto they hold.

I'd say you are spot on here. When a market crashes, you find out which banks/exchanges have been responsible with their investments and holdings, and which haven't. 
This falling market has exposed Celsius first, who for years were giving away absurdly high rates of return, and others are likely to follow. 
Not hearing much noise about Nexo or Crypto.com, but Binance halted trading for an hour yesterday, so some scare there. 
If any of you hold anything on exchanges, I would be getting out to your own storage asap.*
*not financial advice. 
The Celsius situation is interesting...Lots of "chatter' that there was/is a concerted effort by some of the "crypto mafia" (some well known funds/exchanges/individuals) to take them out as "payback". 
Why? Allegedly during the Terra/Luna crash some entities (including Celsius) were discussing how to save Terra/Luna but Celsius front ran the other entities to exit first, so the others have now incurred $several hundered million+ in losses/potential insolvency. Who knows but has some plausability imho. Believe Celsius have been regularly adding liquidity to their loan positions & understand their BTC liquidation price is now about $14k. I dont think the fall-out from the Terra collapse, Celsius situation, 3AC insolvency? is over & the contagion effect among other exchanges etc is very high risk event.

One of the beauty of the blockchain is transparancy & knowing/seeing what other entities are doing. This can also provide targets & levels for others to aim for to liquidate etc. Another plus is that unlike in traditional markets there is no-one who is going to come & bail someone out with taxpayers money or printing more currency etc. Harsh but thats how it is. 

For me the global macro environment is far more scary as to what is coming down the line (anyone checked on Japan lately) & what it will mean to the average joe than any BTC/Crypto volatility (which I expect some considerably more volatility & potential downside)

Unknown editor edited June 17, 2022 07:46
paulm
Ryan
Could be it's the same as a run on the banks I'd imagine, they have a lot of their crypto in storage and don't have enough crypto live to meet demand.

Or, it's another Mt Gox situation where they physically don't have enough assets to back the crypto they hold.

I'd say you are spot on here. When a market crashes, you find out which banks/exchanges have been responsible with their investments and holdings, and which haven't. 
This falling market has exposed Celsius first, who for years were giving away absurdly high rates of return, and others are likely to follow. 
Not hearing much noise about Nexo or Crypto.com, but Binance halted trading for an hour yesterday, so some scare there. 
If any of you hold anything on exchanges, I would be getting out to your own storage asap.*
*not financial advice. 
The Celsius situation is interesting...Lots of "chatter' that there was/is a concerted effort by some of the "crypto mafia" (some well known funds/exchanges/individuals) to take them out as "payback". 
Why? Allegedly during the Terra/Luna crash some entities (including Celsius) were discussing how to save Terra/Luna but Celsius front ran the other entities to exit first, so the others have now incurred $several hundered million+ in losses/potential insolvency. Who knows but has some plausability imho. Believe Celsius have been regularly adding liquidity to their loan positions & understand their BTC liquidation price is now about $14k. I dont think the fall-out from the Terra collapse, Celsius situation, 3AC insolvency? is over & the contagion effect among other exchanges etc is very high risk event.

One of the beauty of the blockchain is transparancy & knowing/seeing what other entities are doing. This can also provide targets & levels for others to aim for to liquidate etc. Another plus is that unlike in traditional markets there is no-one who is going to come & bail someone out with taxpayers money or printing more currency etc. Harsh but fair. 

For me the global macro environment is far more scary as to what is coming down the line (anyone checked on Japan lately) & what it will mean to the average joe than any BTC/Crypto volatility (which I expect some considerably more volatility & potential downside)

Unknown editor edited June 17, 2022 07:43
paulm
Ryan
Could be it's the same as a run on the banks I'd imagine, they have a lot of their crypto in storage and don't have enough crypto live to meet demand.

Or, it's another Mt Gox situation where they physically don't have enough assets to back the crypto they hold.

I'd say you are spot on here. When a market crashes, you find out which banks/exchanges have been responsible with their investments and holdings, and which haven't. 
This falling market has exposed Celsius first, who for years were giving away absurdly high rates of return, and others are likely to follow. 
Not hearing much noise about Nexo or Crypto.com, but Binance halted trading for an hour yesterday, so some scare there. 
If any of you hold anything on exchanges, I would be getting out to your own storage asap.*
*not financial advice. 
The Celsius situation is interesting...Lots of "chatter' that there was/is a concerted effort by some of the "crypto mafia" (some well known funds/exchanges/individuals" to take them out as "payback". 
Why? Allegedly during the Terra/Luna crash some entities (including Celsius) were discussing how to save Terra/Luna but Celsius front ran the other entities to exit first, so the others have now incurred $several hundered million+ in losses/potential insolvency. Who knows but has some plausability imho. Believe Celsius have been regularly adding liquidity to their loan positions & understand their BTC liquidation price is now about $14k. I dont think the fall-out from the Terra collapse, Celsius situation, 3AC insolvency? is over & the contagion effect among other exchanges etc is very high risk event.

One of the beauty of the blockchain is transparancy & knowing/seeing what other entities are doing. This can also provide targets & levels for others to aim for to liquidate etc. Another plus is that unlike in traditional markets there is no-one who is going to come & bail someone out with taxpayers money or printing more currency etc. Harsh but fair. 

For me the global macro environment is far more scary as to what is coming down the line (anyone checked on Japan lately) & what it will mean to the average joe than any BTC/Crypto volatility (which I expect some considerably more volatility & potential downside)