Celsius Update | Sorta...

Hello SPIers. FTX has been dominating the crypto and mainstream news for the past 2 weeks with its collapse and pending death. SPI was lucky to not be involved with it, I had considered buying some stocks with it for SPI but I never did. I think about a lot of stuff I never do. I'd say I do about 1-2% of the things I think of doing, haha.

Anyways, FTX is just one more cefi platform to fall this year. 2022 will mark the death of Celius, LUNA, FTX and mostly likely Blockfi and others connected to FTX.

SPI lost some funds with Celsius, I can't remember the exact amount, it's in one of the weekly reports but I think it was around $2400-2500 at the time. It's not really important for 2 reasons, 1st is the price of crypto is down so we know it would be worth less and 2nd, those funds are gone.

I get regular emails from Celius with updates about everything they are doing, I rarely check them cause I've been reading mtGox emails for almost 10 years so I'll start to read the Celsius ones in 5-8 years I guess. From the Subject text on the emails, I know they have a set date to start court proceedings in Jan 2023. I received an email the other day from them saying about a claims deadline and that got my attention. I opened it and saw we only need to make a claim if the balances of our claim are wrong.

Our balances on Celsius when it collapsed were...

These balances are correct so no further action is required from me.

I have told this before so some of you will know already but we were super lucky to not lose 1 BTC when Celsius collapsed. My good mate JK6276 is a well-informed guy and DM'd me a few weeks before the collapse and told me shit was about the hit the fan with Celsius. At the time I thought, yea yea, just some FUD. I'd been using Celsius to hold some of SPI's crypto for the best part of 3 years and I never had a problem with them. I dont know why but I took his advice and transferred 1 BTC over to our Nano Ledger. I've been around long enough to know that FUD can result in a run on the bank and i took his advice for some reason. I just had a feeling JK knew something because he'd never sent me a warning sorta DM before and we all know now he was right.

If he had never said to me about it, we'd have lost an additional 1 BTC and that would have been soul-crushing. We'd continue on and recover but losing a full BTC today @$17k is not that bad, it's when it hits $200k per coin in a few years it'll hurt. Hopefully, by that time, our yearly dividend pool is that amount :) We need 1 million HBD earning 20% if you wondering.

So we should all thank jk6276 for saving us 1 BTC

I don't expect us to ever get any of these funds back and if we do it will be cents on the dollar. I'd sell our Celius holdings today for $100 and be happy. As I said, mtGox was a long time ago and it's still being sorted out so I think Celsius will be the same and take years and years. They will milk any funds that were left over that could have been sent to investors and they'll be used for lawyers' and liquidation specialists' fees.

If we get any crumbs at the end of it all, we should count ourselves lucky. Even 10% would be nice. 0.5% of a BTC and 5% of an ETH could be worth a few bucks in 10 years from now.

To wrap up, our current status with Celsius is we have a claim on the listed crypto above. We'll probably never see anything from it but we might get a few crumbs a decade from now. This costs us about $2500 at the time which is still a decent amount of money, we could get 2 ETH for that today. At the time, this was under 1% so whatever, we're a crypto fund and have double digits swing days. Granted we dont lose crypto but you know what I mean. Its shit to lose funds but it was not a large amount in relation to the size of the fund.

Thanks for taking the time to stay to date with SPI. Have yourself a great day.