[Roccus]

ICBW, but weren’t they protected by block-chain (something I never understood)

[BobL]

“ICBW, but weren’t they protected by block-chain (something I never understood)”

If they held on to their crypto, then they would be protected, but then no interest (just like holding gold). The problem is that they voluntarily handed it over to Celsius to ‘invest’, so no different than tossing their money into the stock market.

[wafflehouse]

the block chain indelibly records transactions, but thats not the issue here. The problem is that the users of this platform gave their crypto (however temporarily) to the platform, to draw interest or whatever.

if you dont hold it, you dont own it.

[sten]

if you want to trade between the various cryptos, which people do just like the markets, you put your crypto ‘on account’ with the broker... just like the markets. the broker is then able to buy/sell on your behalf.

if a judge decided a stock broker was bankrupt and all the stocks on account can be confiscated as assets of the company, thereby stealing them from the account owners, people would lose it... and that ruling would quickly be deemed unConstitutional

[cgbg]

“block-chain (something I never understood)”

Think of block chain as an accounting ledger.

Of course if the thieves run off with the ledger and the loot you are out of luck—in 1923 or 2023!