The Implosion of Celsius Network - Halted Withdrawals
ฝัง
- เผยแพร่เมื่อ 13 มิ.ย. 2022
- Get Surfshark VPN at surfshark.deals/echelon - Enter promo code ECHELON for 83% off + 3 months & Antivirus for FREE!
Celsius Network is imploding. Halting all withdrawals, they have exacerbated fears of insolvency, while pushing the formation of a "bank run" even further than it had already gone.
The company now holds tenuous, exposed positions that leave their users in panic, with very little to reassure them as the crypto market craters across the board. It remains to be seen how it will all end... but this "non bank" entity... sure looks to be having a liquidity crises and a Bank run.
DIRTY BUBBLE MEDIA
Twitter: / mikeburgersburg
Substack: dirtybubblemedia.substack.com
CRYPTO ANALYST SANJI HIMURA: / sanjihimura
ODYSEE INVITE: odysee.com/$/invite/@UpperEch...
PATREON: / ueg
LOCALS: upperechelon.locals.com/post/...
upperechelon.locals.com/support
Axial GT's Channel: / axialgamingtech Thank You. Subscribe to him please!
⦁ MERCH: teespring.com/stores/upper-ec...
⦁ UPPER ECHELON WEBSITE: upperechelon.gg
⦁ UPPER ECHELON CUSTOM MERCH STORE: agentink.gg/collections/ue
⦁ DISCORD SERVER: / discord
⦁ Giraffe Video: • Giraffe running in her...
⦁ Video Transitions: William Eklof
⦁ Outtro Song: • Hot Heat - Topher Mohr... MY
LINK REPOSITORY (more might be added upon request)
celsius.network/terms-of-use
etherscan.io/address/0x231bed...
etherscan.io/address/0xF1f02C...
etherscan.io/address/0x15eaF5...
pulsexlead.com/statistics
gitlab.com/pulsechaincom
richardheart.com/
pulsex.com/sacrifice/
etherscan.io/address/0x231bed...
etherscan.io/address/0x231bed...
www.businessinsider.com/heres...
makerdao.world/en/learn/gover...
oasis.app/25977#Overview
blog.celsius.network/a-memo-t...
BUSINESS EMAIL: upperechelongamers@yahoo.com
#celtoken #celsiusnetwork #celsius - เกม
Get Surfshark VPN at surfshark.deals/echelon - Enter promo code ECHELON for 83% off + 3 months & Antivirus for FREE!
Just signed up, cheers for the great vids :)
Yeah no thanks after they dropped Andy Ngo for no reason
Lol, you dont know how to do chain analysis. pulsechaindotcom.eth is a scam address targeting pulsechain, what is a project in development.
And yes, Celsius sucks.
"You've made your last withdraw kid. I'm sorry you got twisted up in this scene. From where you're at this must seem like an 18 carat run of bad luck. This truth is, .....the game was rigged from the start." Bang!
In March of 2020, the United States Federal Reserve reduced reserve requirements to zero percent... I'm surprised no one is talking about this as it should be major news. It has the high potential to become a financial catastrophe.
When Celsius said "Unbank Yourself", they meant that you should unload your money into their pockets so you have nothing left.
I wish i could get people to unbank themselves with me like they did.....LMAO
my wasted life......more like my sidestepped lawsuit lolz
"Unbank" = "bankrupt"
Former employees gonna keep using this when they're robbing people at gunpoint
Well, that worked like a charm.
"You will own nothing and we will be happy" - Celsius, probably
I kept a "What If I'm Wrong?" crypto portfolio and about half of it was on Celsius before I decided I was right and rid myself of these assets. That was a week ago, and these events are an incredible follow-up to my come-to-Jesus moment.
Crypto is legit, but just use the big five - Bitcoin, Ethereum (Dogecoin, Monero, Litecoin). (In order of trust) Forget about the rest.
@@ashraile you know how doge coin and shiba inu got this big? They both started with small TH-cam channel hacks to do pump and dump scams. I don't know actual people behind them were behind those scams, but what I do know is they used to hack small channels around 20k-50k subs and start constantly streaming news like interviews of Elon Musk and other big names on repeat. What's in the interview was totally irrelevant, but the they'll slap logos and names of doge and shib in headlines and stream titles. Every 1 or 2 month this thing happened. Streams start on hacked channels, they'll run for 2-3 days, those coins will get pumped 4x or 5x and next week it'll go back to where it was. It was obvious pump and dump over and over again. At least there is information available about doge founders and they seem legit by crypto community standards, but in case of shib nobody knows who's behind it.
@@ashraile can't even go into big 10 nowadays
@@ashraile I found that I disagree. None of them do anything their promoters insist that they do.
@@TooLateForIeago1 Bitcoin is 10x more valuable than an ounce of gold and is a decentralized currency as advertised. In way did it fail to meet your expectations?
Crypto is here to stay, just be careful which coins you invest in.
The Crypto market really feels like the powerball right now. Except instead of a ticket costing two bucks you're risking financial ruin and some shady company dragging their salty sack over your face.
Anyone who lost their life savings on crypto had it coming, I and many like minded people warned them and all they said was "nuh uh this time it's different". I showed them point by point how it's a bubble like beanie babies and you wouldn't believe how hard they defended their irresponsible decisions.
Hell yeah, that is why I stressed to any of my friends to do what I did with crypto - only invest an amount you are comfortable with losing.
Id argue that there are people gambling 1000% and there are people investing in the future buildooors. All the enrons are getting burnt and the googles are being built. Thats all(:
entire thing feels like multiple pyramid schemes all collapsing under the weight of running out of rubes with spare cash to lose in it
@@Mitchell358 I don't understand what any of what you said means, genuinely need a translation here.
Man, when you get better financial advice from a _gaming_ channel than from "experts..."
Bro, you and the other "critics" have saved me so much money. Pulled all my funds after your first vid, saved my life. Thank you!
I never invested in the first place. No money. But I'm glad you didn't throw ur cash in the big money fire in the sky.
Happy for ya!
good job all of us make some bad decisions noticing it and fixing it is what makes you different , glad that you fixed it before it crashed . I told some friends and they told me to fuck off that I just "don't get it" (that sounds like a fucking cult) and now they are asking if I can lend them money to pay this month bills...I don't mean to not have crypto I have my own wallet but people need to fucking understand that you need to use your money wisely cause if you don't someone else will get your money and use it
Some friends... I'd make them suffer for being douchenozzles by not lending them any money till they jump some hoops for your entertainment. Or just make them wsit till last minute.
I dont get how or why ppl are wasting so much of their money on these things. Like their life savings, on an unproven new technology with 0 insurance or safety net.
It must be just pure greed.
I was invested and even did some mining for a while. I saw it as easy cash since all money is technically fake anyway. Then it just seemed like after NFTs happened the entire crypto space turned into absolute shit. Yeah, I know it was always used for shady crap but now it just seems like scam after scam destabilizing the whole market. Hell, even Elon Musk was actively manipulating crypto.
I was able to pull out all my money 28 days before this all went down because of you. Thank you so much!
Congrats!
Yea but putting your money there means you are still probably a scam away from losing it all
@@LongLivesteph you must be fun at parties lol
@@LongLivesteph How is that any different than stocks exactly? Didn't Robinhood halt payments too, and hasn't the stock market demonstrated that enough in the last 2 years? Go watch China Hustle, banks have been buying into frauds for a very long time so there's a good chance if you have 401K or a retirement fund, then they probably invested in these frauds.
@@ChiefKene He's not wrong. Truth hurts doesn't it.
23:00 PulseX is the Pulsechain Exchange. Its like Uniswap or 1inch but for the pulsechain. The Sacrifice is the ICO phase where people can get coins before it hits the open markets. The term Sacrifice is just legalese so it doesn't become a US Security.
And to avoid what might, under some jurisdictions, be considered a taxable event.
Is it money laundering? Because it sounds a lot like money laundering.
@@therealcrisis8439 Well, i mean if it looks like gravy, smells like gravy, and tastes like gravy, it's probably gravy...
@@therealcrisis8439 - its an exchange. you trade one coin for another.
@@therealcrisis8439 do you think giving money to corrupted governments is a good idea ?
I have a special dislike for scammers, because years ago my grandmother got scammed, when money order scams were at their peak.
Because I watch content creators like UEG and Kit Boga, I was able to stop a lady from falling further into a gift card scam, when working at a prior job. You are doing God's work here, UEG. You should be immensely proud that your reporting has helped people duck this catastrophe.
Keep up the great work, brother.
Kitboga, Jim Brown and Atomic Shrimp do some damn good work.
Same here, i managed to stop easily 150+ people over the last 7 years from being scammed with the info these guys put out.
@Charlie Chaplin Twitter had it coming with their double standard policies, so I don't care about their suffering.
15:32 this whole representation is so good, both in illustrating the problem and in entertainment - "But YOU, being the fatass that you are..." that part really got me
Yea
XD
Amen. xD 👍
LOL FYI , 22:57 PulseX is a Decentralized Exchange (DEX) that will be the main DEX on the upcoming new L1 blockchain Pulsechain. Pulsechain is a fork of Ethereum and PulseX is a fork of Uniswap V2. The concept of "sacrificing" your crypto was invented by Richard Heart and was used to have people give crypto with no expectations of the work of others and maybe those people would get tokens airdropped in the future at an "ICO" rate. So people could invest without the project being labeled a security. If someone sent crypto to the sacrifice address they MAY get PulseX tokens in the future once Pulsechain and PulseX launch.
This is CRAZY. Mashinsky is crap.
Oh, and side note: it's a little embarrassing for you that you don't know what PulseChain and PulseX is. Yikes... time to learn more about the space you make videos on.
he doesn't want to self lobotomize
@@toomanyaccounts lol. What?
And slowly people learn why banking regulations exist
Defi has been fine before companies like wall street came along with Cefi. So it's more comparable to a bad traditional bank then it is defi. True defi can't be regulated as it's decentralized by nature. What mainstream folks confuse is wall street shilled projects and companies with real defi. The problem with regulation is it's always the same bad actors regulating themselves and putting their people into political office to write regulations favorable to themselves. That is why real defi was born. The benefit of a good crash is it will wash away a lot of the garbage.
I literally tried to warn all my friends about this. Crypto isn't special and regulations exist for a reason.
PulsX is a deflationary uniswap fork used for the Pulse Chain network (New layer 1 that’s a complete copy of the eth system state.) “Sacrifice” is just a term used in lieu of “ICO” or “pre-sale” that the founder chose use to minimize tax implications when the coins are launched/airdropped.
It's crazy that the video creator doesn't know this on his own. PulseChain, whether one believes in its future or not, is absolutely enormous. Also, the address shown is not the sac address, so I don't even know what Mashinsky is going for there.
when launch tho
@@BPoweredLove This tells you how much money we'll make...
Can't wait for the launch of pulsechain and pulsex
Lets wait for CEL to die first people before pulse launches
I'm kind of shocked a man of your influence and circle that you haven't heard of Pulsex and Pulsechain yet.
he isn't into the crypto cult. that honestly sounds like it is based in some third world country without an extradition treaty for financial crimes
@@toomanyaccounts actually sounds like a schmuck. None of those transactions from the address to PulseX had any send value. It's a nothing burger of spam.
@@davidjamesoneyour the typical victim of a scam
@@toomanyaccounts *you're
This boy that runs this channel is a 🤡
That Celsius was able to be a bank, but without any of the actual rules and limitations that were implemented to get out of the Great Depression is baffling. Black Tuesday, the day the US stock market tanked, saw people flocking from Wall Street to their banks, seeking money. The banks didn't have it... because at that time, every bank was INVESTING in the stock market with their clients money.
Celsius might be worse. Not having money is one thing, taking everything and running is fucking horrible. Fuck Celsius.
As someone who invests in crypto I am constantly amazed at the ammount of scams, rug pulls, pyramids and ponzi schemes I have avoided by just not being obcessed with the stuff and just investing a little extra money on the side.
Speak English much?
We managed to create a system where verything is out in the open and it is relatively easy for people with the relevant knowledge to be able to hunt down scams, and yet people still fall for this shit.
@@dedederp2693 The sentence is long, but it's not broken.
@@dedederp2693 (sarcastic confused face bleeds into genuinely concerned expression)
@@dedederp2693 yeah, they clearly do. Despite some spelling mistakes, the sentence is perfectly comprehensible
I think the thing that is insane about this is how people fall for it. They think of themselves as a community and not a customer of a service. It's a problem that runs rampant around all blockchain tech. Whether it be the NFT bros, bitcoin bros, or doge dudes. Many go from the mindset of, "I am here to make money!" to "I am part of a movement" which inevitably plays out in this manner.
I fell down this mode of thinking to a degree during 2017... I was 18 and made some incredible returns. The crash in 2018 humbled me.
Wouldn’t mind a video about this from UEG lol
Monero is the best crypto
It's a stupid hive mentality. "If we are all a community, no one will betray us!"
Then surprise Pikachu face when the company betrays them all.
Exactly. You're not even a customer. You're a counterparty.
Next time you get a frivolous C&D letter, might want to remind the sender that in the event of an actual defamation lawsuit, truth is an absolute defense. A defendant in such a case would be entitled to broad civil discovery (including sworn deposition testimony of employees, internal documents, etc.) to establish that its statements are in fact true. This is why 99.9% of these C&D letters are all toothless bark with no bite
Such a mature take. Thanks for all your coverage.
I told you so is good in theory, rarely good in practice.
Those are spam transactions, Celsius didn't sac for PulseX...
can you explain for a noob ?
@@memecoinmafia2732 Anyone can send you anything over ethereum (in this example a text message with links) if they know your address. These pulsechain spammers do that to every high valued wallet address out there (they scan the blockchain for them). You can't really prevent it, only ignore it. It doesn't mean or do anything other than promoting their token. Including that in the video was pointless and leading. If I remember correctly, the guy behind it used to be a big professional email spammer/scammer. The likes on the pulse related comments are also pretty sus....
@@mikeherald3572 in the video he said they where send transactions not receive transactions ....
@@memecoinmafia2732 They are clearly labeled on the screen with green IN as incoming, send are orange OUT as outgoing. Also look at the FROM and TO he is showing on the video, clearly shows FROM pulse at 22:55
You are very uninformed on the PulseX
Reminder that Celcius is a centralized entity, therefore not really in line with "decentralized" and "be your own bank." It's quite possible to do smart contract collateralized lending, however not yet common at all. Celcius was using user funds to get crazy yields to further entice users to join their ever growing pyramid money pile.
Great content on the subject by the way!
It is but super risky to maintain because you need to keep putting up collateral and most people were using Celsius to earn interest not take out loans.
So the problem was when people wanted to withdraw Celsius’s didn’t have enough reserves because they lent most of it without proper mitigations so that’s a massive problem, and it’s also not like a traditional where you can take an emergency loan from the fed to payout people it’s crypto so they basically screwed
@@ahmedo7875 yup, this seems pretty catastrophic. I think in the end it will be fine for most Celsius users. However, nearly everyone will permanently lose trust in the "project"
Very likely Celsius will be bailed out by some super wealthy character or crypto institution so they can continue to make money on users putting funds in to continue to generate yield blah blah yeah... I think the circus will continue
What do you mean "decentralized"?
Every flipping Eth exchange is completely and utterly trackable and thus, centralized via the permanent ledger. There's nothing anonymous or decentralized about it
@@Swat_Dennis permissionless, as in no central authority that can prevent a smart contract from operating. Solana or celcius, are centralized since they're at the control panel and can "shut down" their operations, their decisions are not based on decentralized consensus
Being trackable doesn't mean it isn't decentralized. Bitcoin has decentralized consensus, yet is traceable. Monero has decentralized consensus, yet isn't traceable. Banks internal ledgers are a centralized consensus, yet aren't traceable. Traceability has nothing to do with centralization or decentralization.
amazing how many don't comprehend why banks give such low interest. the banks have expenses, they have to cover loans that default, the bank needs funds to loan. this means most of the interest is used up enabling the bank to continue its business and grow.
Off topic: the stock footage used for "digital background" shows what looks to be a binary data, but contains number 2 and 9. Only 0 and 1 is allowed in binary data. This means whoever made the video clip did not check the random number generator settings, and made it generate a number between -1 (which underflows to 9) and 2, both inclusive, instead of between -1 exclusive and 2 exclusive.
It contained 0, 1, 2 and 9...
Maybe it's a quantum computer. they do go up to 13
Yeah, I noticed the weird distribution of digits too, but that makes sense as a possibility.
Or, the background is a new decentralized tech designed to untech yourself from traditionnal programming and give you more processing power than the trad prog that's ripping you off with rules, languages and regulations designed to keep you off of tradprog that's only benefiting the 1%!!!! But you just don't get it!!!! You just can't get it because you're just a paid fudder !
Maybe it's the matrix...
If you look at Companies House, the register of British businesses, Celsius' directors are all resident in the United States, and Celsius' headquarters a shared office space called The Harley Building, a shared office space in the West End of London. The only vaguely British link resigned last year, and seems to actually not be a real entity or business.
It explains why this hasn't been a story over here, they were registered here, presumably because our laws are a bit laxer in that regard, yet did all their business with the American market, judging by their valuations all being dollar, not sterling.
See CryptoBros? You now know why banks and EVERY financial service is regulated? This is why.
And this ladies and gentlemen is why we say not your keys, not your crypto.
So good to read about peeps having pulled out their money before the collapse. And no, I don't blame them for the collapse. Celsius did this to themselves
You don't understand PulseX. It will be the decentralised exchange on Pulse Chain. This sacrifice might be one of the best thing they ever did. If they don't lose their keys...
Change FUD to Fraudulent, Unstable, and Devalued!
PulseChain is a fork of ETH thats coming out real soon and PulseX is the Uniswap equivalant DEX that will be on Pulsechain. Created by RichardHeart. Thank you for making this video and bringing his sacifice to the Hexican communities attention.
Who’s sacrifice?
now there's a guy I would trust /s
Ah yes, PulseChain. Definitely the next scam line for crypto bros to lose money on. At least money isn't in their hands anymore because they are not responsible with their work.
Looks like the Celsius lawyers are going a little too busy to sue Upper Echelon Gamers right now.
I’d be surprised if the lawyers have to do anything actually. The idiots who didn’t read terms of services signed away their rights.
@@darko-man8549 That's true. How comes only now people are finding out that line in the ToS. That single line right there is all they needed to know to not give their money to these people.
Reminds me of some other crypto scam where the fine print said something like "if we fuck up and can't pay people back in ETH we will pay back in 'BS crypto' minted by us, with a value per token decided by us", of course in more legally appropriate terms. Essencially, to pay back you allowed them to pay you in a fake currency with a value decided by them. It's like I told you to give me a $100 loan, but if I lose all my money I'm allowed to pay you in $100 monopoly dollar bills.
"I don't know, they're a fucking bank" was a unintentionally hilarious line
You don’t know about the Decentralized Exchange is PulseX!!!! Can’t take you seriously boy!
Interesting enough, Mark-to-Market (MTM) is exactly the method that ENRON used to cook their books back in the early 2000s. The ultimate result was the collapse of ENRON as well as one of the largest accounting firms in the country, Arthur Andersen.
Arthur Andersen was the victim of a malicious prosecution by the government. If not for their conviction (which was later overturned by the courts) they would still be around.
Celsius, you are an alternative to a *brick-and-mortar* bank. You are not an alternative to banks writ large. You do banking activity, and are subject to the same causes and effects a brick-and-mortar bank is subject to.
I would love for there to be an alternative to FDIC insurance because that doesn't have the healthiest history. But for that to happen Celsius, you need to acknowledge who you are and what the relevant history is.
Those who do not know their history Celsius... I would say "Those who do not learn from history," but we did already. It was called branch banking and ledger-operation schemes. So Celsius managed to anti-learn from history.
Insurance costs money. Some people are willing to bet on not needing insurance so they can pocket the money otherwise spent on insurance. That's why in a lot of cases having proper insurance is a requirement if not a law ;-)
@@mitchell6679 The ledger system was insurance of a different sort. (The FDIC itself can be accurately described as a solution to a problem government made worse by getting involved in the first place.) Instead of what amounts to a government bailout, there was an understanding among banks that runs are a given in banking. You will eventually have a situation where there are more people at a bank withdrawing money over depositing it. The catch is that these runs do not all happen to all banks at the same time in the same degrees. So, a group of banks can essentially all insure each other with loans on a need-to-access basis. They managed to pull this off efficiently in the 1920's, and the Great Depression happened precisely because access to this was arbitrarily stopped. (Benjamin Strong, who all but made this system with a multi-step process for addressing a banking run, died in an accident and the New York bankers decided to freeze out some Jewish banks in an otherwise routine banking run because 1929 and antisemitism and forgot everything after step 2.) The reason the FDIC exists is quite literally because FDR was a classical fascist looking to make yet another power grab, but I digress...
The simple fact is, insurance for a bank doesn't need to be paid for with money. The novelty of the ledger system was that, barring a complete currency collapse not even the FDIC could stop, it allowed a bank to pay in time what it otherwise could not pay in raw funds, with the added benefit of allowing banks to pay for a loan with further debt. If Bank A had a run and got a loan from Bank B, they could put up a loan payment Bank C owed to Bank A as collateral, and thus banks operating completely off their ledgers was hardly unheard of back in the day. The law requiring insurance is honestly a farce more than anything, the very entity that would need it the most is a government and no such law applies to them, but if I'm going to begrudgingly accept that insurance be mandatory, then it also must be accepted that payments that aren't in dollars and cents must also be accepted. I know first hand running a business that insurance can easily be a gigantic boondoggle that is more harm than good.
@@harleymitchelly5542 And given that the FDIC changed their rules in the past 36 months, now everyone with a bank that goes 'Tango Uniform' will get crumbs after the creditors... However, it will at least be something compared to what just may happen if Celcius manages to continue their demise.
@@SelecaoOfMidas In fairness to... someone, I feel that should be said but I'm not sure to whom, Celsius going under like this does not surprise me one bit because they weren't even doing the ledger system. That was an unmitigated fuckup. I'm just angrier at the fact they fucked up in such a preventable fashion and the fallout will affect innocent people given the foundation of crypto really is no different than modern currency and competition is good.
Put another way, Celsius has gotten me, a classical economist type of the Austrian persuasion, to pay FDR respects. You need to fuck up real hard to get me to praise the closest thing to a satanic figure to the Austrians.
Insurance only works until everyone needs it at the same time.
The man with 100 nails will go farther than the man with 1,000 cryptocoins. - Sun Tzu
Wow! Crypto has been around longer than I thought! 😱
I feel like this isn't accurate to the era that the Art of Was was written but I also think that Sun Tsu would say something like this about Bitcoins.
CELSIUS sacked to pulsechain 😆
Richard should set aside the PLS coins for celsius and distribute them to all the rekt cel holders
Spoken about banks, I put some money aside many years ago on an Icelandic savings account. Far from everything I owned, just a bit so I could get a little bit more interest.
A few months later that crashed there, but since it was part of the european bank group there was indeed an insurance and I did get all of it back.
True if I had put too much on it I would have lost out on some of it. See the insurance only goes up to a certain amount of money, after that it is all part of the bankruptcy proceedings.
But I was luckily way under that limit and again, few months later, "here is your money!" At most I had less money in my savings account for a few months.
"They do everything a bank does but without the security banking..."
I am certain there are doing a lot of illegal things going on here. Walmart has been trying to create their own bank for decades. Had Walmart been able to circumvent all the regulations by doing this, I am certain they would have done it a long time ago.
You saved me from hundreds Thousands in of loss. I was on Celsius for their very attractive interest rates on bitcoin and eth. But when I saw one of your first videos on the them I GTFO ASAP! Thanks brotha! any suggestion on cold storage? I'm currently on Blockfi.
Trezor T :)
🤦♂️ blockfi is in same shyte.
If you want trustless yield, look into HEX.
Not your keys, not your crypto.
Ledger, or an old phone you can use as an hw wallet.
Real money. There's a real chance crypto will be legislated out of existence.
Looking back at the debate between Celsius Network CEO Alex Mashinsky and Peter Schiff 6 months ago is pretty entertaining in hindsight. Alex was saying "I'm not taking any risks" back then when questioned about the dividend his "bank" provided, and he wasn't very convincing.
Having your entire life savings dependent on a network or a singular asset is extremely foolish. I'm bullish on crypto long term, but leveraging your whole life's value onto the blockchain is putting all of your eggs in one very volatile basket - use your head, people!
Yeah maybe in school learning about financial responsibility may be a good idea !
@@tylerm2676 100% agree. It's truly a predatory system we live in - credit card companies and consumerist profiteering ensures that it's profitable to keep the average person ignorant about money.
I finally got the meaning of the giraffe snippet at the end...
Loool. You'll regret just shrugging pulseX off🤣🤣🤣
PulseX is just a fork of uniswap/pancake swap that will be the premier DEX on PulseChain when it launches. It's not a scheme or scam lol. Why they sent CEL there I don't know unless they believe in the project.
I'm glad at least some people listened to you. It's so common to tune out what people don't want to hear, even when it's for their own good.
I don't understand why people don't store their crypto on their own wallet away from a entity like this..
Money you store at a bank, crypto you store on your own..
Is it legal for this company just to stop withdrawals like this out of the blue? Is there any legal recourse?
Yh that’s the biggest issue. Surely it should be illegal for them to take possession of your securities right even if they’re going bankrupt ?
Crypto is so unregulated I wouldn't be shocked if it was legal, but it definitely shouldn't be.
@@suprise2311
Stealing money/crypto or asset seems illegal to me..
It reminds what happened to bankers back in the day when they couldn't meet their obligations.. maybe these costumer's should get their money back forcefully by seezing their assets..
Play like the maffia be treated like the maffia, ask Al Capone how he delt with people who didn't keep their end of a deal.. en.m.wikipedia.org/wiki/Saint_Valentine%27s_Day_Massacre
I don't endorse violence ECT ECT..
Anything is possible with smart-contracts, including lots of bullshit.
you can't do anything cuz you accepted ToS when you register.
Good on you buddy for helping to highlight these issues and save real people from the greedy, insufferable, shysters in this space all over the place
It's never fun being right when people are being hurt.
it is when the entire foundation of their prospective returns is on the basis of peddling their pyrite downstream. All involved deserve worse.
@@d0tline468 not when innocent people are the ones getting hurt. I want to see this company collapse, I don't want to see amateur investors lose their money.
@@LoliO. Yh I hope Celsius survives not because I like Celsius but because I hope the people who put their money into this actually make their money back. I also don’t understand how Celsius was allowed fixed return deposits of 9%. They’re revenue model is literally like lunas but not totally bad because their stablecoins were backed by actually dollars and the income was like 12% and they’re paying out 9%, where they’re were trying to fund the entire system on loans but the issue is the loans revenue weren’t even big enough to cover the cost. Why not have a variable rate that takes into account the loan revenue that way it’s not a Ponzi and also say if it decreases to say 4% instead of 9% returns that’s still really really good compared to a normal bank .
woah woah woah, cool it antivaxer ;p
@@slomnim what
Cannot stop laughing at how absolutely done you are with their bullshit throughout this entire thing lol
I’m pretty sure the lawsuit was a desperate attempt to get money from you to keep their ‘business’ alive.
I love your commentary. Thanks for the video.
I love the way you break this down. Perfection. If you cover this more, I will be happy to support.
You have such a flair for storytelling! Makes these topics so interesting and easy to digest! Thanks!
From that wording, it sounds like PulseX is an open borders initiative. Think an NGO that puts migrants on dinghies in the English Channel. Could be all hot air, of course.
This is what Full Tilt Poker tried to pull back in the day, and the government shut down the online poker industry in the US almost completely as a result.
but i played poke her with my GF last night....oh....wait you said Poker.....never mind lolz
@@darthXreven do both
PulseX is part of the Hex Fork that founder Richard Heart has been working on. Holders of Hex have been encouraged to “sacrifice,” or “sac” in order to receive PulseX tokens, when Pulse Chain (The Hex POW Variant) launches. PulseChain has been mired in delays for a while now. UEG, Look more into this because it just got a lot bigger.
Edit Correction: Pulse Chain is the proof-of-stake (POS) variant, not (POW)
Edit 2: I brought this up to the r/Hex Subreddit, and those 25 addresses on Etherscan are spam addresses with messages intended spread the word about PulseX. (Ie Spam emails, but with crypto.) Hate to say it, but I’m afraid we need to put the popcorn away on that detail.
I smell popcorn.
@@x_voxelle_x
Much popcorn....
Pulsechain and PulseX have nothing to do with Hex. Pulsechain is an Eth fork. Richard Heart is creating a new layer 1 smart contract platform with much cheaper gas fees and better speed and PulseX will be the DEX on Pulsechain
@@bentstickremedy183 oh gawd, here we go. Found a Hexican. Shill your bags elsewhere. Ain’t nobody tryna get rekt on this and PulseChain ain’t ever coming out. Y’all just buying Richard ill-fitting Gucci suits while crying about how 85% of your net worth just got wiped out.
That was a nice summary of this desaster.
The money is gone. This has no happy ending
im behind UE in support of a great job he is doing on the platform to boost awareness of these situations. and I learn a little more every vid about how UNsecure money really is when you commit it online
you don't own your keys, you don't own your crypto.
Excellent and VERY thorough video analysis
Did you reverse Uno them?
“Cease and desist!”
“No, you.”
“Well… okay… we will…”
Tip my hat to you sir, and your team. You called this one and genuinely saved some people. That’s real help and real news in my book. Well done!
Unless you're a central bank not concerned with upholding a gold standard you'll have a hard time backstopping a bankrun and its crypto-equivalent.
Top quality investigative journalism all-round. Really love your work, UE.
Fantastic work man!
This is the part where the CEO dies of Irritable bowel syndrome in a foreign country and we find out about it a month later.
Or a really bad case of hemorrhoids.
Takethemoneyandrunitis.
Thank you so much for your thorough coverage! I was able to withdraw the vast majority of my deposits a week before they froze withdrawals, right after I saw your response to their "cease and desist" notice.
So glad I came across your channel, the content is so damn interesting
Gone from talking about gaming to exposing coruption. You have become strong with the force. If you only knew the power of.....nah wait. Keep doing what you're doing.
If you want dividends invest in stocks. Crypto is too volatile and the liquidity pool on even the big ones is small enough for a big player to control the market. It's just a risky investment tool. It's not a currency yet.
which stocks tho? that's the real question, and I ask that for Future Me as well as other people who might want to know
Apparently gold and silver are all around very stable investments, but I couldn't tell. The stock market is an elusive hydra to me
@@sparking023 oil is doing good until after the war and waste management is almost always profitable. Population always going up and people never stop pooping. Ever.
@@DragonMaster360 think about the now and what people need. Like for instance houses are expensive so more people are renting so invest in rental stock. People not buying homes spend extra money on furniture so invest in a good furniture company.
@@idanthyrsus6887 yeah I suppose land never devalues, so having a place you can rent would be a stable income source
Thanks!
“Let’s use our ears to listen”…. Fuck man I love you so much XD
That "FUD" term is some cult behavior.
Pulsechain and PulseX amazing
tbh just having normal bank account could be considered working with enemies by fake lawyers lol
16:10 thanks echelon, I appreciate it
Great job man, you deserve to feel proud of yourself. Keep it up.
16:13 I feel personally attacked...lmao. Howd you know?
Pulsechain is a new chain that is going to be released and the sacrifice phase is kind of an ICO thing.
PulseX is the uniswap of pulsechain.
This just means they invested in pulsechain "ico"
I see this makes sense I knew about hex but never looking into pulse
Bot spam here.
@@rubikmonat6589 ?
@@rubikmonat6589 the richie cult in the house fa sho
@@MrSanafana wow you're real, my apologies, it looks like bot spam where you get a telegram number in the name in the replies.
Amazing work. Keep it up. My money is on this eventually results in a rug pull of some kind.
Almost every time you say "I'll stop rambling" I get a little sad: I love your rambling, please, keep going! Always fascinating.
Yes been waiting
11:30 - Mark to market... I'm getting Enron vibes.
I'm literally eating M&M Peanuts while I watch this video... I solved the problem!! 😂😂
Keep up the good work man.
"Their motto is; unbank yourself..... cringe."
Lol i literally thought the same thing first time someone showed me Celsius
Over and over people believe the hype but no due diligence. It's like the term is unknown to these people.
Yhh fixed 9% rates no matter the loan revenue Celsius was getting is a joke. So simple and that’s just make the returns on your deposits a variable rate and base it on loan revenue. Even at half the rate you’d get 4.5% still way better than most banks
Great video. Even as someone who has been in this space years, I do fear this was a blind spot on my part. I overestimated my sense of caution and underestimated the risk as a result. Live and learn.
Getting an E-Toro ad at the end of this video was both funny and chilling.
Great work from UEG and the others involved in breaking this!
It's literally my biggest fear with crypto playing out in real life...
Take care and stay safe!
UE! Where y'all keeping that time machine at?!? Excellent and accurate reporting
Never heard of it
The way you deliver jokes and "comments" on a side note are so great. You are the master :D
You’re quite informative but it really escapes me how you couldn’t figure out what PulseX is.
he doesn't want to bash his head into the wall a hundred times
@@toomanyaccounts seems like he’s done that a lot. Not only could he not understand the simplicity of what PulseX is, he also doesn’t know how to read blockchain data - Celsius never sent tokens to the sacrifice address. What an idiot.
Who in his right mind will want to sue a giraffe?
@Upper Echelon Gamers I think its fairly simple in other way of thinking. Whenever crypto-winter is starting to hit (and that's point in time is possible to calculate, was off by week) its best to have well done and properly decentralized coin / network, preferably sth mainstream like BTC/ETH and such, and hold it on OWN WALLET. on own private keys, not on any place where its possible to hold the access. Becouse crypto-winter is time when this kind of shi.. is gonna to happen, regardless if its one or another company. Things are different in crypto-winter and you need to be aware of that and ready for that.
Clicked like on the intro graphic, no qq all gg !
Im still amazed anyone would have left their money in Celsius after what happened with terra, luna and many others.