Peerplays Peerplays Reaction Videos, 12 Jul 2022

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From YouTube: Centralized trading is CRAZY!

Description

Jonathan reacts to @Brian Jung talking about the downfall of Voyager and the craziness of trading in a centralized world.

Original video: https://youtu.be/1f7sfpkuI_o
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#crypto #cryptocurrency #bitcoin #celsius #ponzischeme #brianjung #bitcoinnews #investing #stockmarket #peerplays #reaction #reactionvideo #views #viral

A

You put millions into this and you get 250 000 back if it's insured how's that a good deal.

B

You haven't be just a crypto whale watching these videos, you have a couple million dollars in funds. This is why you never want to put all your eggs in one basket, because the fdic insurance, which came.

A

After the bank, changing words could.

B

Still be beneficial to anyone, who's able to get 250 000 back in the state of a giant bear market or recession, maybe like the one that we're in now.

A

You put millions into this and you get 250 000 back. If it's insured how's that a good deal, I don't get it at all. Why are you saying that's some kind of benefit?

A

It's not a benefit at all, uh and even so clearly the wording stated that, in the event that something happened, it's like saying that, like like the bank, they used was insured but they weren't insured. So it's almost like saying you know I eat at mcdonald's. Therefore, I'm sponsored by mcdonald's. uh I don't get it, uh but again I don't get brian's inference about this whole fdic, insured stuff. Why? That's that's a better deal. What are you saying? Brian? I don't get it. uh You know I put in millions and I got.

A

I got a chance at 250, 000. yeah, I'm not excited.

B

In the off chance that a bank was advertising the false rates, I can definitely see a big lawsuit coming up forward, and hopefully the fdic, which is supposed to insurance, still help out the people realize. Okay, look even though this bank messed up it shouldn't be at the liability of us not reading a few lines within an email that which this company? Yes, we do need to talk about sales.

A

Yeah, so fdic, of course, is going. Oh, it's that's not on us because they messed up and uh being fdic assured. I mean just like any insurance company. What do you think they do? They make sure that they don't have to pay out that insurance money, because at the end of the day, they're supposed to make money from that money that they're they're supposed to pay out and they do anything to be able to avoid paying it out. That's the way insurance works.

A

Why does that even matter and again, all old, smelly, financial garbage like we're talking about he talked about lawsuits. He talked about ftic. He talks about the banks like this is all the stuff that we're supposed to be getting away from. This is all the stuff that is supposed to be gone. This is the this is the old system. This is the stuff from the past.

A

Why? Why is this even matter? This has nothing to do with why crypto was created, and yet here we are playing with the same garbage. I don't get it. Whoever played with voyager you got what you deserved, like you should just stick to your banks is the message, because it's all centralized all of this is centralized voyager. The banks, like it's all, centralized so as soon as you start playing in that you are no longer getting the benefits of crypto, so you shouldn't get the gains either. No remorse. Sorry.

B

I missed all of this. We do need to talk about celsius because there's a potential dump incoming and you want to prepare for what's next now. Yesterday morning, celsius finally finished paying off their loan to the maker d.

A

Here we go, and this is where celsius started a few.

B

Hours later, users on crypto noticed that celsius moved the reclaimed collateral of 440 million dollars over to the ftx exchange. Celsius now holds 531 million.

A

Okay, so hold it right there, so celsius has managed to be able to pay off their maker loan in order to be able to unlock the bitcoin that they put in as collateral awesome. So all of that took place in smart contracts, which allowed them to instantly be able to get back 25 000 of rap btc, which is great that's the way it should work good on celsius for actually using crypto protocols and not banks and fdic insured accounts.

A

It's just ridiculous. I know they use that stuff too, though, but in this case now we're talking crypto and here's the consequences of it, we're seeing now that it could potentially be dumped on the market. A free market and nobody's gonna be able to stop it and that's the way. It should be that's the way it should be and everybody's afraid. Oh my gosh they're gonna dump it it should happen.

A

This is exactly what it needs to happen, because in a free market, people should be free to be able to liquidate if they want to, and if the market has the liquidity to be able to eat it up then it'll eat it up. Maybe it'll go down a little bit sure, but then it'll recover. That's the way. Free markets work. It's not like the stock market. That is super super regulated to the point where it's manipulated. You know if you tr, so I I used to be.

A

I used to be ceo of a publicly traded company at one time, and the fact is is that I was a founder and the fact is is that we had to deal with so much garbage with the regulators and there were so many rules that I understand the idea is that you're?

A

The idea is that you're we're protecting people, but the truth is is that if there was going to be like some kind of major loss like if the markets suddenly went down, then they'll stop trading they'll stop all the trading they'll start like because they have the button to be able to press and then let's halt, all all the all the exchanges and if it somehow starts to go up suddenly, oh stop it right there.

A

What like what so you guys get to decide when the price is going to go up or down, and then just stop everybody from being able to trade, and this is the way things are now and it's crazy. I just I don't get it. Why would you like? I don't get why people feel like they have to protect. That kind of. I know why, because the people who are in power want to be able to have that push button so that they can control it. The the regulators and what not I mean, those guys.

A

I understand you got a job to do regulators and I'm not I'm not harping on you personally.

A

But the fact is is that the system is so done, it's so corrupt, and we see it all the time that we just can't trust it anymore, and the fact is is that these are companies that are usually there's people who put their money into these funds, and then these funds work on these exchanges, and these exchanges for stock markets and stock markets then are being controlled in a way that people who put their entire investments their entire life savings into it.

A

They just they have no prayer they're going to get wrecked on, like on the whims of these large corporations, trying to make money off of them. That's not fair.