Celsius Payback Is A B!tch

Like I mentioned before in previous articles, I made mistakes.
And I made quite a few.
And sending the BCH I made using Noiscash & Readcash to Celsius was one of the biggest mistakes.

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C Day

On June 12 2022 Crypto Lender Celsius gave us the see Iconical words:

"Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,"

Now as I said I make mistakes, but this was a bigger one and probably my biggest single mistake so far in Dollars.

I was holding close to 2 BCH and a bit of BTC I got as a bonus.
BCH at the time was worth $150 and BTC $28K so both were more or less worth half of what they are worth today.

From memory, I noted my loss at $325. Now that is nothing compared to the bigger losers we've seen crying on the thing previously known as Twitter.

Or this one;

And I had friends too that had just put a bit too much faith into Alex & co. Personally, I only sent the free crypto I got from creating content on these Bitcoincash promotion sites.

The savings I had were about six months of savings as I sold everything in Dec 2021 after I thought we topped. So yes losing $325 in a single day because you did not own your keys sucks but hey expensive lesson learned: Welcome To Crypro!

And Then This Happened

I became a lot more careful using any type of lending or staking stuff and during the next 6 months of the bear market, I made sure that most of my coins were not even on an exchange.

You learn best when it hurts and $325 hurts a baby so I learned my lesson and did not look back. And then in October - November 2023 there was the rumor that Celsius might start paying back their creditors.

Only if you had been fully compliant signing agreements and stuff over the last 18 months but hey why not if it could get some of my money back?

CoinBase

Then in January, I was told that because I am in Europe I would only get something if I had a Coinbase account with the same email as my Celsius account.

Now for some reason, I had one already but not KYC´ed it yet because if you have any other option you don´t want Coinbase. The interface sucks, the options are limited, and the fees are insane.

Still, I did the selfie thing and got verified and had a beautiful $0 balance on Coinbase. The email said that repayments would start early 2024 so as of Feb 1st I started checking daily.

I thought to get at least half of the current worth of my Celsius portfolio back, and secretly I hoped for more.
But I kept seeing that same 0 dollars for fourteen days.
Till last night:

And also some BTC:

A whopping $174 was airdropped in my Coinbase Account. While they owned me:

Amazing I got less than 30% back!

Looking A Gifted Horse In The Mouth

There is something about a horse and a mouth and not looking but this was slightly anti-climatic.

On the other hand, I expected everything to be lost and if I would sell it to myself like that. And then add when you lost it it was only $325 so you only lost $150 I was in a good mood again.

That Was Until

That good mood ended when I started thinking, if they pay back 30% to all creditors while all the crypto they hold today is worth twice as much???

They are left with 170% of what they had on the 12th of June 2022!
Now I always believed that filing for bankruptcy is a scam in most cases.
Of course, they have kept this thing going for almost two years paying millions to the lawyers and people (because lawyers are no people indeed) every month.

But I wonder, does that add up to that 170% increase in their balance sheet?

Bikini Bottom Line

In the end, nothing really matters.
I moved the money out of Coinbase asap and sent $25 of ATOM to Bitflex as I am joining in the Challenges on Crypto Banter so I need an active account using one of their links.

The rest I converted to BCH for the low fees and sent to my Bitvavo Exchange account.

I bought:
$25 IMX
$15 FXS
$20 TIA
$25 GMX

And the other $60 I will hold to buy the June Dip (More on that June Dip Soon).
For those that did the math yes I spend over $5 on fees mainly on Coinbase but hey I still got some money back. Making that expensive lesson just a little less expensive, and if I got my narratives right I only need them to do a 4X to get back that $580.

BTW more on narratives and which ones I picked and why in these posts:
What Am I buying (Pre- Halving) & More Important Why
What Narratives I Am Buying Pre Halving & Why

Keep an eye out for my next post, I am gonna do another prediction on where this market is going over the next 4-6 months. So if you are curious like me, and like predictions based on data, keep an eye out for my next post.

Oh and I got some other peeps getting money back, but it seems we get different amounts for a so far unknown reason.

But I am not the only one with 30%:

Some got a lot less:

But overall, it seems that the 30% I received is the medium, although I lack sufficient data points:

Thank goodness you made it till the end Pees, Love and I am out of here!

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[Source Pic](All pics by MYI & AI unless watermarked or mentioned)

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Posted Using InLeo Alpha