There were a few stressed out people in cryptoland this week. Some were panicking while others were peaceful and calm. While Celsius staff were working on bringing the web version of their phone app online they ran into some DNS issues with their domain provider. It was interesting to observe the online reactions as people discovered they couldn’t log into their accounts. As someone who has been in this space since 2017 I was worried 0%.
I knew that the front end where the users access Celsius is separate to the back end where they either keep our coins safe or lend them out to other institutions. I also don’t have my entire life savings with them. This isn’t because I don’t trust them it’s because I value access of funds over any rewards offered.
If you only have one bank account what happens if that bank goes down for a day or a week? This is why it can be a benefit to have accounts with more than one bank. What happens if you are shopping and the electronic payment systems aren’t working do you have cash? Redundancy can be a life saver. While Celsius works on their redundancy issues what can you do to improve yours?
I cannot offer you financial advice but hopefully this article will get you thinking about what percentage of your cryoto portfolio you have stored in cold storage (offline), how much do you leave on an exchange for ready access, over how many exchanges in case one of them is down for maintenance when you want access to your funds, and what percentage do you lend out to a reputable company offering you rewards with no lockups that you can withdraw from at any time as long as they aren’t doing maintenance.
It was clear from some of the messages I read this week that some were using Celsius for their daily living money or trading account funds. Though I would personally trust them with these funds I don’t trust technology and thus I keep enough to survive for a time period that suits my needs in cash. What that time period is that allows you to sleep at night only you can decide. I also as I’ve suggested earlier keep some of my savings in crypto stored in various ways that suits my needs, again I won’t tell you my percentages of what is stored where because my situation is different to yours.
The other factor that was clearly weighing on some peoples minds was the developing Cred story. If you aren’t aware of all the details of that story this is a great article on what we know so far. In short a lot of people it appears have lost a lot of money. Having lost a lot of money myself before it pains me to see this still happening. Cred had some known names behind it and supporting it but it appears some bad decisions were made either through negligence or corruption. Just because I believe and trust Alex and his team don’t send them your crypto based on my faith. Research Alex and his team for yourself. Do your own research and come to your own conclusions.
The crypto space is full of start ups. A lot of startups in all industries fail. With these risks can come rewards as the Cel token is up 3826.0% YTD. This week they are paying out $1,940,000 Million USD in crypto. As you can see from this chart they have been making more profit each week as they continue to return about 80% of their revenue back to the community.
If you assess the risk is worth the reward and haven’t already signed up use my code 172371333f when signing up https://celsiusnetwork.app.link/172371333f and once you’ve deposited $200USD which is about $300AUD of any of their supported cryptocurrencies you will receive $20USD of Bitcoin unlocked after 30 days. Your funds aren’t locked for the 30 days but you won’t get the bonus if you withdraw before then. After the 30 days you can do what you want with your original deposit, and the bonus bitcoin and the rewards you earned on your deposit each week.
If you are already signed up as a thank you for the communities support this week they are offering $25 USD of Bitcoin for any on chain deposits (not via celpay) of $200USD or more of any of their supported cryptocurrencies. Go to Profile in the app menu, tap Enter Promo Code, then type in DNS before making your deposit.
If you are reading this from the UK 0% loans are now available. If you are reading this from Australia 0% loans are coming soon. How soon sorry I can’t say. Invest wisely. If you missed todays AMA here it is.