CountryMatters posted:

legit question is there still a market for scientific calculators? like they cost as much as a mobile phone and have vastly less computing ability right?

Darth TNT posted:

I like how the Celcius reddit is currently in the bargaining stage. "What if they just mine the hole?" or "What if they sell all their rigs" or "what if the directors take pay cuts and we get our money first?"

Marklar posted:

It's filled with hope. Somehow those tweets filled them with hope instead of the obvious.

notwithoutmyanus posted:

The copium with bankrupt crypto companies is beyond anything I can describe. It's literally people whose mindset is never anything other than "it must go up". It's equivalent to betting on black in roulette 100% of the time and expecting to get ahead despite the probability then being below 50%, and when they win saying "see it goes up" and when they lose doubling up or going silent.

quote:

Celsius, the crypto trading platform that halted all withdrawals a month ago and filed for bankruptcy yesterday, has a $1.2 billion sized hole in its balance sheet, according to a bankruptcy filing and new report from the Financial Times. What does that mean for users? You’re probably not getting all your money back, if you see some at all.

Celsius lists $5.5 billion of liabilities in its bankruptcy filing, $4.7 billion of which is owed to Celsius users. The problem is that Celsius lists just $4.3 billion of assets, many of it illiquid, and that’s even assuming those have been calculated properly. A large part of Celsius’s holdings is in its own crypto token, also known as Celsius, which has taken a nosedive in the past year. And roughly $1 billion of assets are tied up in the company’s bitcoin mining center.

Celsius was notorious for offering absurdly high interest rates on crypto—as high as 18% in some cases—but it has to make increasingly risky bets to pay those off. Where did all the money go? Celsius explains in the filing that the company made bad gambles.

“Some of Celsius’ crypto is tied up in long term and illiquid crypto deployment activities; some of Celsius’ crypto assets have been loaned to third parties; and some of Celsius’ crypto assets have been pledged in support of borrowings or sold to generate cash used to acquire Bitcoin mining equipment and the GK8 storage business,” the filing reads.

“Because of the variety of asset deployment strategies the Company engaged in, including the terms and length of time those strategies ‘lock’ the assets, and due to the drop in value of digital assets, Celsius was unable to both meet user withdrawals and provide additional collateral to support its obligations,” the filing continues.

The bankruptcy filing notes that users who signed up for Celsius all agreed to terms of service that allowed Celsius to just stop withdrawals at any time. And it’s honestly a bit shocking to see it all laid out in the bankruptcy paperwork in such stark terms:

The terms of use that form the basis of the contract between Celsius and its users explicitly state that in exchange for the opportunity to earn rewards on assets, users transfer “all right and title” of their crypto assets to Celsius including “ownership rights” and the right to “pledge, re-pledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer or use” any amount of such crypto, whether “separately or together with other property”, “for any period of time,” and “without retaining in Celsius’ possession and/or control a like amount of [crypto] or any other monies or assets, and to use or invest such [crypto] in Celsius’ full discretion.” A version of this statement has been in every version of Celsius’ “Terms of Use” since 2018. And since 2019, the Company has been clear that it might “experience cyber-attacks, extreme market conditions, or other operational or technical difficulties which could result in immediate halt of transactions either temporarily or permanently.”

Did you catch all that? You weren’t buying crypto and having Celsius hold it for you. You were transferring “right and title” of your crypto to the company.

One thing you won’t see in the bankruptcy filings is how much Celsius executives cashed out of their own crypto token over the past few years. Celsius co-founder and CEO Alex Mashinsky sold about $44 million worth of Celsius crypto since the company was founded, according to a recent report by the Financial Times.

Where does all of that leave users? Nobody knows for sure. But they’re in a long line of creditors, all hoping to salvage something from the Celsius mess. Oddly enough, Celsius says it wants to reorganize and bounce back as a company after all of this is done. But it’s tough to imagine anyone wanting to invest their money in a place that just made so many billions of dollars disappear.

Durzel posted:

I thought I'd check the Celsius (CEL) token today because the company behind it has gone bankrupt, and naturally a coin that has no other function except within that ecosystem must surely be in the toilet, right? It's up 28% today.

Who in the hell buys CEL knowing that the company behind it is wrecked? Is it some sort desperate "if we can pump this maybe Celsius will survive and I'll get access to my funds again" sunk cost fallacy?

quote:

Did you catch all that? You weren’t buying crypto and having Celsius hold it for you. You were transferring “right and title” of your crypto to the company.

Seth Pecksniff posted:

lmao

Celsius Owes $4.7 Billion to Users But Doesn't Have Money to Pay Them

https://gizmodo.com/celsius-bankrupt-billion-money-crypto-bitcoin-price-cel-1849181797

LifeSunDeath posted:

kevin never been funny, the rock is 10x funnier and he's not even really that funny.

Seth Pecksniff posted:

lmao

Celsius Owes $4.7 Billion to Users But Doesn't Have Money to Pay Them

https://gizmodo.com/celsius-bankrupt-billion-money-crypto-bitcoin-price-cel-1849181797

Ghost Leviathan posted:

Hasn't Tether also got literal billions of dollars worth of money owed that it obviously doesn't have?

I do wonder how many times of this it'd take to kill crypto the way NFTs are down to the bagholders and johnny come latelies.

Darth TNT posted:

Those people aren't getting even

Seth Pecksniff posted:

lmao

Celsius Owes $4.7 Billion to Users But Doesn't Have Money to Pay Them

https://gizmodo.com/celsius-bankrupt-billion-money-crypto-bitcoin-price-cel-1849181797

quote:

Oddly enough, Celsius says it wants to reorganize and bounce back as a company after all of this is done. But it’s tough to imagine anyone wanting to invest their money in a place that just made so many billions of dollars disappear.

Darth TNT posted:

Those people aren't getting even

Crime on a Dime posted:

LifeSunDeath posted:

Fun fact, it was a grift the whole time with the seed concept of stealing.

HappyHippo posted:

For an actually interesting idea regarding elections, there's a concept called "Homomorphic encryption," where you can do calculations on data that's encrypted. If it works, you'd be able to verify that your vote was tallied without it ever being revealed who you voted for:
https://www.newyorker.com/news/the-future-of-democracy/can-our-ballots-be-both-secret-and-secure

Of course this has nothing to do with blockchain.

Party Ape posted:

gently caress's sake people. Pen and paper. Have scrutineers from each party in the room during the count. Use watermarked numbered ballot paper that are assigned to a voting site and a process to account for spoiled ballots, use the two man rule to move votes around and secure numbered tags to seal boxes when they're unaccompanied. If you want a recount, just count the ballots again because you keep the hard copies in storage for a year or two after the election.

Votes don't go missing because the ballots are numbered and votes don't get changed because no one is ever alone with them.

The only technology you might consider is an electronic voting roll so you can mark off people as they vote rather than reconciling all the rolls after the election. Even this is optional, you could just mark their hand with ink to prevent revoting if you want to go super low tech. (Although duplicate voting is insanely rare despite what angsty right wingers might claim.)

Democracy isn't hard. Pen and paper is completely transparent to everyone but as soon as you add any technology it becomes completely opaque and therefore untrustworthy to a large chunk of the population.

DAD LOST MY IPOD posted:

voting being opaque and untrustworthy is a feature not a bug for an ideological movement seeking to build popular support for terminating democracy

Lord Stimperor posted:

Confession: I would have liked nfts for use cases like media and software licenses.

You buy a music album or a movie (old fashioned, I know), it's recorded in your wallet. You can then always access or re-download it without searching all your email accounts for the receipt, or across five different platforms where you might have bought it. Or you could gift or sell your copy.

Naturally that's exactly why no business would want to use that service - imagine people being able to sell their software or music like they used to thirty years ago. Industries would poo poo their pants.

istewart posted:

My friend bought a Bitcoin miner that doesn't even mine Bitcoin.

https://ipollo.com/products/ipollo-g1-mini

I guess electricity is cheap enough where he is that he thought dipping his toe in with an entry-level model might somehow pencil out? But he finally gets the thing and realizes that it's programmed to mine something called "grin coin," which is another shitcoin trying to do anonymous transactions somehow. And the website also doesn't show that it's got one of those godawful pixel-art "crypto punks" plastered across the top of it. I wonder if the person who owns that particular JPEG URL is making royalties off it like promised.

istewart posted:

My friend bought a Bitcoin miner that doesn't even mine Bitcoin.

https://ipollo.com/products/ipollo-g1-mini

I guess electricity is cheap enough where he is that he thought dipping his toe in with an entry-level model might somehow pencil out? But he finally gets the thing and realizes that it's programmed to mine something called "grin coin,"

LordArgh posted:

so he couldn't even be bothered to read the specifications of the thing before spending $299?

Party Ape posted:

Granted, but people keep going "ok it's bad but it will be better if we add yet another opaque complex system over the top".

istewart posted:

My friend bought a Bitcoin miner that doesn't even mine Bitcoin.

https://ipollo.com/products/ipollo-g1-mini

istewart posted:

My friend bought a Bitcoin miner that doesn't even mine Bitcoin.

https://ipollo.com/products/ipollo-g1-mini

Dr. Video Games 0031 posted:

I hate to say it, but I think your friend might be a massive loving idiot.

shame on an IGA posted:

graphing calculators are dead

shame on an IGA posted:

graphing calculators are dead, scientific calculators are still useful for the great interface. The casio fx-115 is like $12 and perfect in every way.