Quote:
Originally Posted by HyperMOA
So reading what is going on here it’s a lie. If my PAX is backed by an ounce of gold along with every other PAX there would be no money to invest to pay the interest you are receiving. So they are lying about it’s gold backing.
Likely what is happening is they buy one ounce of gold and sell that same ounce to 10,000 PAX users. Now you paid spot price for 1/10000 of an ounce which is a very horrible place to hold gold.
Doing this however gives them the capital to make money and pay you your 7%. There is nothing wrong with this. That is how most investment works. There just isn’t the gold backing they are stating. If things went very wrong for them there is no reserve of gold to protect your initial investment. Outside that it works like anything else. Many of my investments would be gone if they were earning me 7% just FYI. But as a portion of your investment I see nothing wrong with it.
Now you state their business plan is to destroy the banks. So why are they earning 21% with your money and returning 7% to you? Doesn’t that sound like what the banks do? They aren’t trying to destroy banks for your betterment. They are trying to destroy the banks so they can take their piece of the pie plain and simple. Anything they say to the contrary is nonsense.
Once again I see no problem with them trying to displace the banking system just don’t feed me a BS Robin Hood story. It’s still good old fashioned greed that has them getting up each morning.
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Lol.....you crapping all over it with bothering to do any research?
PaxG does NOT pay any interest.
PAX Gold (PAXG) is an asset-backed token where one token represents one fine troy ounce of a London Good Delivery gold bar, stored in professional vault facilities. Anyone who owns PAXG has ownership rights to that gold under the custody of Paxos Trust Company. Since PAXG represents physical gold, its value is tied directly to the real-time market value of that physical gold.
PAXG gives customers the benefits of actual physical ownership of specific gold bars with the speed and mobility of a digital asset. Customers are able to have fractional ownership of physical bars. On the Paxos platform, customers can convert their tokens to allocated gold, unallocated gold, or fiat currency (and vice versa) quickly and efficiently, reducing their exposure to settlement risk. PAXG is also available for trading on Paxos’ itBit exchange. PAXG will also be available on other crypto-asset exchanges, wallets, lending platforms and elsewhere within the crypto ecosystem.
At any time, PAXG holders can lookup the serial number, value and physical characteristics of their vaulted gold just by entering their Ethereum wallet address on the PAXG lookup tool on Paxos.com/paxgold
https://www.paxos.com/paxgold/
You can download those tokens to your own physical wallet.
You could put any amount on that wallet.
Say you wanted to leave Canada.
You could simply take your thumb drive with you with 1 million ounces of gold on it and put it on your key chain.
Or you could transfer it to a Blockchain address....and access it anywhere in the world...by remembering your wallet address or use a seed recovery phrase.
And the Canadian Govt. Or the CRA cannot touch you...
Try leaving Canada with more than $10,000 in Physical Gold.
Try storing Gold at home....it can be stolen.
Not saying it's better than physical but it has advantages physical does not have..... especially IF you foresee a future Socialist Govt. That will be looking for citizens trying to exchange their Gold at a Bank for Cash/credits.
A govt that is increasing taxes every year and even inventing NEW taxes like the Carbon Tax.
The 5-7% interest is paid by Celcius.
This isn't smoke and mirrors or a Ponzi.
You deposit your PaxG tokens with Celsius. It is Celsius that lends out the capital and pays you 5% interest in PaxG. Or 7% interest in CEL token.
You can cash those rewards in every Monday. Or you can leave in, let your balance grow.
As far as Celsius taking 21% vs what traditional banks take?...traditional banks keep 99% of your savings deposit?
Traditional banks don't pay 5-21% interest on a savings account? They pay .5 %.
Celsius pays the maximum interest of all DeFi platforms.
Could a flash crash in Bitcoin cause DeFi to collapse....possibly?
But the collateral Celsius demands for low interest loans is quite substantial. If they borrow money on Bitcoin you have to 100,000 in Bitcoin to get a 1% loan for $20,000.
That way they protect the loan....in case Bitcoin drops suddenly.
They also have their own Treasury of Bitcoin they can use in case of emergency.
The advantage of the loan to the end user is you can borrow against your Bitcoin without selling it....
No bank operates without risk....but as Alex says they keep 99% of the profits and pay a certain percentage to shareholders but virtual nothing to depositers.
Never said Celsius wasn't in it for profit? No one runs a business for a loss?
Alex.M(,the CEO) has made his fortune allready. One of the ways he did that was he holds some of the original patents on V.O.I.P. Voice over internet protocol.
I still have 2 traditional bank accounts....but I also have a Celsius account.
As long as they keep printing money Bitcoin is going to continue to go up....It is digital Gold that Bullion Banks and Central Banks cannot manipulate like they control Gold and Silver prices.
The more people that adopt Bitcoin the less chance the Govt has to shut it down...it's the people's money....and it's the greatest threat to the MMT/Fiat debt based system.
Unless you prefer to be a Debt Slave where the Govt(which is basically taxpayers) borrow money from a Central Bank....that simply prints off paper, backed by nothing.....and our purchasing power loses 10% or more per year as inflation....the worst tax of all.