How To Earn 10% APR On Your Dollars!

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Oh wow - is this legit?

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Very legit. I’ve been using the app for two weeks and it is amazing. No lock up periods, no penalties and really easy to use!

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Thanks - Saw your response on YEN too :slight_smile:

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My father is checking out the project currently at a family gathering, I see where this is going…

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The DeFi movement is real. Had Alex at our Meetup and he performed a great AMA with new comers. I’m a believer after using the application over two weeks now!

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This was my last payout. You can make a killing by depositing stablecoins!

Someone should reach out Alex at Celsius!

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Rather than have my BTC sit in my ledger and make no money, I can make money by depositing into Celcius wallet?

Can anyone give any reason not to do this???

Pros and cons?

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BlockFi = YES deposit there
Celsius = NO because they turn around and short your coin.

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Peter, don’t you think that blockfi also lends to institutional shorts?

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So you are saying go with BlockFi?

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Can you back your claims? Are you claiming that Celsius is using the funds to short the market or degenerate gamblers that are borrowing are shorting with money they shouldn’t be?

Celsius is by far better than any other DeFi solution out right now!

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I made an error there. Yes, BlockFi also shorts your crypto.

I prefer BlockFi because it has a more solid management structure. I formed that opinion several weeks ago when I was reviewing the credentials of several highly placed Celsius management personnel. AT THAT TIME their director of trading was a person who had spent most of her prior short career as a shoe designer and buyer. I was aghast! I think it was for good reason.

Today I went back to the management section and found that the trader/ shoe designer had been replaced by a capable substitute. Maybe I’ll change my opinion, maybe I won’t. But any firm that seems to think for 5 seconds that it is appropriate to list a former shoe designer/ buyer as a key financial manager should be closely watched at a minimum.

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Yes, they have indicated in the past that they lend your tokens out to be shorted. In signing up for an account you give Celsius the right to do what they want to with that token.

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Woah, I think you are misleading everyone, bro!

Celsius lends the tokens, but what the borrower does with the assets is beyond Celsius.

What you’re saying is, “If I lend you a gun, I expect you not to shoot anyone. If you happen to shoot someone, it is my fault…”

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Binici - You might know something that I don’t (let me know perhaps if you work on the street) but from my pretty informed background I’m don’t believe that I’m misleading anyone. If anyone else reading this conversation feels misled let me know here in the open.

Celsius (and BlockFi) primarily lend the tokens to institutions so that the institution can sell them ahead of an anticipated price drop. The institution also pays a fee to Celsius or BlockFi which is expressed in a percentage for borrowing the token. For Bitcoin the fee a few weeks ago was in the area of 12-15% (or more) depending on the broker. I think that it may have gone up if Celsius and others are paying near 10% to the owner. The Net Interest Margin at 2 - 5% is just too slim for a company to work on. [amendment] Actually the borrowing cost is currently somewhere around 17% per (https://datamish.com/d/000000004/btcusd?refresh=20s&orgId=1)

The institution will then attempt to buy the tokens back at a lower price and pocket any difference.

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I totally understand, but each companies intentions are to make money in order to provide the best interest payout for those loaning the cryptos.

The way you phrased your statement makes it seem as that is their evil master plan, which it really isn’t because both Celsius and BlockFi are just lending the assets to people and those people can do whatever the hell they want with their loaned money.

Remember though, if the price starts crashing both companies will do some sort of margin call because ultimately, the borrower is going to hinder the ecosystem if they don’t pay back.

Are there potential bad actors? Absolutely! Can’t be big brother and tell degenerates not to spend their borrowed money on gambling, trading and other things of that nature…

I haven’t played around with BlockFi, but I am sure it is a good way to make money also, I just find Celsius having more utility because of their CEL token working in the ecosystem!

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I’m certainly not an “evil master plan” kind of guy but I do have a strong belief that if you lend your assets for someone to short that you are only hurting yourself by allowing someone to act in a contrary manner to your belief that the asset will appreciate in value. Why allow that??

An example is I owned stock in a well-known company that was about to realize a huge gain (I mean HUGE) from an impending sale of assets. I could not determine why the price of the stock continued to FALL as the asset sale got closer. Unfortunately I found out that there was a huge short interest in the company and the continual selling pressure from the short action was the source of the decline. Since then I’ve been really opposed to short sellers and I think that the current BTC price increase has been hindered by people or whales who are long on BTC and don’t understand that it’s in their best interests to keep the amount of available (held by a custodian) BTC to a minimum

As to Celsius, again I say be careful. BlockFi has decent and experienced management while I don’t think I can say the same for Celsius.

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Beeeeeeetconneeeeeeect!

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