Celsius Network Crash, Other Crypto Exchanges Are Next. Act Now!
So i personally feel with every single one of you who cannot access your crypto due to the instability of their company, its so ironic that their motto is unbank yourself, because theyre literally behaving worse than a bank right now. I know that many of you are hopeful that were going to get our crypto back, but i dont believe that more time is going to help celsius recover for them to pause, all withdrawals, swaps and transfers. They must be in really bad shape. So i think that its best that we all just accept the likelihood that were never getting this cryptocurrency back and adapt and overcome like i said i do have money on celsius and i have two active loans with celsius right now that are both about to be Margin called if this downward trend continues. Ive heard from other investors that you can call celsius and actually make a payment towards your loan, but in no way shape or form. Do i plan on putting more money into celsius im just going to let the margin calls happen, get liquidated if thats what it comes to and accept the loss? As i wrote here and on twitter, i did move crypto from other exchanges into cold storage. For now i still have accounts open with blockvi hotelnot herruval, voyager coinbase and crypto.com, but i moved my crypto into wallace, where i control the keys to my crypto. There was always risk to storing crypto on these centralized finance exchanges, but now the risk is just too high.
Every single one of these companies is going to be tested right now, as customers race to withdraw their funds and though i believe that many of them will prove to be doing proper risk management and get through im going to watch from the sidelines to find out. For sure, one good thing about this market crash and customers scrambling to remove their crypto from centralized finance exchanges is that were going to see which companies have really been managing users cryptocurrency responsibly and which ones are over leveraged. This is the ultimate test to find out if a centralized finance company is reliable or not so, will i put more crypto back into these companies in the future ill? Keep you updated to those of you who had everything stored on celsius. I feel for you. Yes, there was encouragement to get the bulk of your crypto into a wallet where you control the keys to your coins and plenty of encouragement to spread your crypto and as many different platforms as possible to mitigate some of the risk i can see from reading on Twitter, that many of celsiuss users are at risk of losing everything which is its completely devastating. I think the best way to cope with the loss of our funds and celsius, especially if you had everything invested there, is to first take responsibility. We knew that there was risk, we knew that they were just gambling our assets so that we can earn yield.
So the first thing that we need to do is to take responsibility and then take the power that you get from taking responsibility for losing your crypto on celsius and find the silver lining and the opportunity to come back stronger. The silver lining is that crypto is tanking and there is so much opportunity out there to just scoop up crypto thats on discount. As for ethereum, i stand by what i said just a few weeks ago. Not even the leadership team within ethereum is confident heading into this merge theres, so much risk trying to convert from proof of work to proof of stake that it just doesnt seem worth it right now. Now, with the liquidation crisis across the industry, i think theres even more risk to ethereum many of the platforms, staked, ethereum and lido to earn staked ethereum. The problem st eth is supposed to be worth one ethereum, but it hasnt been for some time now on celsius and all the other platforms. People are wanting to withdraw their ethereum, but behind the scenes it has been converted to st e thats worth even less than ethereum right now. This is a domino effect as more and more st is sold. Its value drops further and further so celsius, and all these platforms are getting caught, having to get rid of their staked aetherium at a discounted price and are losing money rapidly. Everyone who needs to liquidate st eth right now is in serious danger.
Yes, there is quite the arbitrage opportunity if youre following all of this closely, you could possibly make some money buying discounted st eth right now, but again, what happens if the merge doesnt go smoothly, im personally, not getting involved, theres, just so much uncertainty and risk id. Rather, just self custody, my bitcoin and a few other cryptocurrencies that im confident in and ride out the next few months, not getting involved with ethereum now lets talk about self custody. If you dont understand the true meaning behind not your keys, not your coins and, if youre still unfamiliar with self custody, now is the time to learn. It blows my mind how many people still have no idea how to self custody? There are even some other crypto youtubers out there who arent self custody theyre, making crypto youtube videos, and then they share that they have 100 of their funds on these centralized finance companies its bananas. This is literally why cryptocurrency was created so that we can have total control over our assets anyways. I have a full video out about this, its titled for the love of crypto, store it safely and ill link it on the top of your screen now and at the end of this video, i really recommend watching that video and taking time to understand what you Need to do if you have all of your crypto on these lending platforms and exchanges, and you still wont have any sort of wallet where you have the keys.
I recommend first starting with coinbase wallet, its probably the easiest to use so just go on to either the app store or the google play store and youre gon na see two options for coinbase. One is the exchange that youre probably familiar with, and then there will be another separate option for a coinbase wallet download that wallet and then its going to give you a 12 word seed phrase. You need to protect this at all costs, write it down on pen and paper. Dont put it on the internet, protect those words, because anyone who has those words has access to your cryptocurrency thats, the most important rule about self custody, so youve downloaded the wallet you have. Those words secure then get your crypto off of these exchanges and platforms. This get it into a wallet where you hold the keys to your crypto. On a final note, i just want to say that, if youre a subscriber to this channel, i hope that you understand the separation between cryptocurrency and the companies that hold on to cryptocurrency. What is happening right now with cryptocurrency markets crashing accounts being frozen is entirely because of the companies that hold onto crypto. Unfortunately, many people still dont understand why bitcoin was created. Many people are going to hear on the news that people lost all of their crypto theyre, going to see that the markets are crashing and further their belief. That crypto is just some high risk, speculative worthless creation for people who have bought into crypto, but still dont understand what exactly it is theres going to be fear, but for those of us who can see that bitcoin is the most significant financial innovation in our lifetime.
There is opportunity, bitcoin is on discount right now. This is the opportunity to build life, changing wealth, ill leave you all with that and ill see you all.