Is anybody aware of/ invested in Celsius Network? (CEL)

It’s a platform where you deposit your crypto and then allow the network to lend it out to people who are shorting your crypto.

Really, you should be ashamed if you lend your crypto out and allow someone to pay you to knock it down.

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I totally agree with you! The idea behind Celsius is bizarre

I think the CEO Alex Mashinsky is a brilliant guy…he “invented” the Voice over Internet Protocol.

but his project has the purpose to exploit crypto.

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It’s like a play: Dialogue below

Actor 1 (to Actor 2): Here’s your rent
Actor 2: Thanks!
Actor 1: (Kicks the Actor 2 in the head)
Actor 2: Oooof! I’ll feel better after you pay me my rent

Actor 1 (to Actor 2): Here’s your rent
(continues ad infinitum)

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My understanding is that you earn interest from the deposited crypto being loaned out to others via collateralized loans. Where did you get the info that borrowers are using the money/platform to short crypto?

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It feels like most custodial services are like picking up pennies in front of a freight train. When will these solutions get hacked, and how are they going to print BTC, spend investor fiat, or delay for years to repay their depositors.

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@powerofknowledge that’s pretty much the only thing institutions would be borrowing the crypto for…shorts…I think there is a lot more institutional shorting in this market than we are aware of.

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What about the smaller institutions in Africa and Southeast Asia? Also, what about the individual borrower? I don’t think the individual borrower is borrowing $5k - $10K just to short the crypto they are using as colateral to borrow with.

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I get what you’re saying there, I wish it was more of you have control of your keys and you are connecting a certain amount of value to our network so you get rewarded for keeping your value parked in one of your wallets that is connected with us. Maybe something like that will get implemented later on. Would love to make 3%-7% on my BTC to earn more BTC for it to just sit safely in cold storage. We don’t even get 1% for what is in a savings account, with negative interest coming to bank in your neighborhood soon.

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