{"id":2210,"date":"2020-10-04T22:18:00","date_gmt":"2020-10-04T19:18:00","guid":{"rendered":"https:\/\/esatoshi.club\/?p=2210"},"modified":"2020-12-14T00:15:50","modified_gmt":"2020-12-13T22:15:50","slug":"celsius-network-x-satoshiclub-ama-from-04-october","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2020\/10\/04\/celsius-network-x-satoshiclub-ama-from-04-october\/","title":{"rendered":"Celsius Network x SatoshiClub AMA from 04 October"},"content":{"rendered":"\n
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Celcius Network motto is “Earn, borrow, & pay on the blockchain”. It\u2019s promises to solve many of the issues of introducing crypto into the banking sector. <\/p>\n\n\n\n

The total reward pool was 1000$ and has been splitted in 3 parts.<\/p>\n\n\n\n

In this AMA Recap we will try to summarise the most interesting points for you.<\/p>\n\n\n\n

Part 1 \u2014 introduction and questions from the Telegram & Bitcointalkcommunity<\/strong><\/h2>\n\n\n\n

Luis Merino | Satoshi Club: <\/strong>Hello dear community! Welcome to another AMA session with Satoshi Club. Today our guests are from Celsius Network. @HODL_ON, welcome ☺️Hello Zach, how are you today? \ud83d\ude42<\/p>\n\n\n\n

Zach Hello<\/strong> there!Doing well! Thank you so much for making this happen!<\/p>\n\n\n\n

Gold Rocket | Satoshi Club <\/strong>Hi there Zach. Thanks again for joining. To be begin with, please tell us a few words about yourselves and how did you get to be involved in Celsius Network.<\/p>\n\n\n\n

Serg | Satoshi Club <\/strong>Welcome to Satoshi Club \ud83d\ude42<\/p>\n\n\n\n

Zach <\/strong>Sure. My name is Zach, I live in washington state in the US and I started with Celsius as a regular user in late 2018. I started using Celsius as a way to earn passive income on my crypto<\/p>\n\n\n\n

Luis Merino | Satoshi <\/strong>Club What’s your role inside Celsius?<\/p>\n\n\n\n

Zach <\/strong>My title is Afilliate manager, but I work directly with community engagement, video content, the Friday AMAs, and other small projects. I love talking with people and am hoping to go to conferences again soon<\/p>\n\n\n\n

Gold Rocket | Satoshi Club <\/strong>What is Celsius Network? How do you understand the essence of the project?<\/p>\n\n\n\n

Zach <\/strong>Celsius is a platform that holds users assets and pays them very high yield.<\/p>\n\n\n\n

We act like how banks should! BTC and many other cryptos have huge demand for borrowing, trading, and other institutional activities. Celsius deployes your coins, collects interest, and pays 80% of the total reveues collected back to the users in the form of weekly in kind or in CEL payment.<\/p>\n\n\n\n

Meaning: every week our users get BTC on their BTC, ETH on their ETH, and USDC on their USDC. We ALWAYS act in the best interest of our members<\/p>\n\n\n\n

Gold Rocket | Satoshi Club <\/strong>Your motto “Earn, borrow, & pay on the blockchain” promises to solve many of the issues of introducing crypto into the banking sector. Do your users need to pass KYC?<\/p>\n\n\n\n

Zach <\/strong>Yes, We are fully compliant with a rules and veryify every user. The goal is to make the money work for you, so you dont have to spend a lifetime working for the money<\/p>\n\n\n\n

Q1 from bitcointalk user Saitamana<\/em><\/strong><\/p>\n\n\n\n

Borrowing is one of the offerings of Celcius Network and it charges only 1%. Also, one thing that takes my attention is “Borrow Cash While Keeping Your Assets”. How did you manage to charge super low interest rates? When will the collateral be stored?<\/em><\/p>\n\n\n\n

Zach<\/strong> Great question! So we only do collateralized loans, meaning you must give us 2-4X the amount of collateral in crypto to borrow cash or stablecoins.<\/p>\n\n\n\n

We take that collateral and lend it out for additional yield, which lowers the rates for our borrowers and increased the income of our savers <\/p>\n\n\n\n

for the 1% loans, you give us $4k as collateral for every $1K you borrow, allowing us to use that $4k to create income<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong> And more attractive than a bank 😉<\/p>\n\n\n\n

Zach<\/strong> Much more! Our borrow rates are from 1-9% and our saving rates are from. 3-22%! Well, indeed. Crypto is always more attractive<\/p>\n\n\n\n

Luis Merino | Satoshi Club<\/strong> 22%! That’s a lot<\/p>\n\n\n\n

Zach<\/strong> We automatically stake coins, and if you earn in CEL we pay a bonus on top of normal staking rewards<\/p>\n\n\n\n

Q2 from bitcointalk user george.bend<\/strong> @george_benderos on Telegram<\/strong><\/em><\/p>\n\n\n\n

It seems that a staggering 80% of your revenue is given back to the community! In what forms do you give it back? Is 20% enough for your team to be fully operational?<\/em><\/p>\n\n\n\n

Zach <\/strong>So this is a very common model used on Wall St (80\/20 split) This coming monday, we are paying $1.1M to our users a massivee amount!!!!! and the same if not more will be paid next week! This gave the company an income of about $275k\/week which is enough to operate the company sustainible and grow!<\/p>\n\n\n\n

Luis Merino | Satoshi Club <\/strong>How big your team is?<\/p>\n\n\n\n

Luis Merino | Satoshi Club <\/strong>1.1M what a huge amount!! 👀<\/p>\n\n\n\n

Zach <\/strong>we have about 55 eployees and another 60 part time contractors<\/p>\n\n\n\n

Zach <\/strong>We encouage everyone here to get their piece of that income!<\/p>\n\n\n\n

Luis Merino | Satoshi Club <\/strong>What a big team!!<\/p>\n\n\n\n

Luis Merino | Satoshi Club <\/strong>How many devs, community managers…?<\/p>\n\n\n\n

Zach <\/strong>about half of our team is Devs. We have a very diverse staff all around the world. We want users to have lifelong income from their crypto holdings. Thats the main goal.<\/p>\n\n\n\n

Luis Merino| Satoshi Club <\/strong>Where is your team and project mostly based?<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong> Do you have an office somewhere? Or do you work online?<\/p>\n\n\n\n

Zach <\/strong>We have several offices, but do not go there anymore. New York, Britian, amd Isreal<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong> Is it related to covid? Or did you start earlier?<\/p>\n\n\n\n

Zach <\/strong>yes, thats when we all started working from home. we also have some remote people like myself that have always worked from home. Very flexable, we encourage your users to look at our open positions, we are hiring!<\/p>\n\n\n\n

https:\/\/celsius.network\/careers<\/a><\/p>\n\n\n\n

Jobs@celsius.network<\/p>\n\n\n\n

Luis Merino | Satoshi Club <\/strong>You have your own office 😆<\/p>\n\n\n\n

Zach <\/strong>Haha my commute is about 5 steps<\/p>\n\n\n\n

Q3 from Telegram user @bitcoinistic<\/em><\/strong><\/p>\n\n\n\n

Please explain CEL Reward rate (APY) and In-kind Reward rate (APY). For USDT for example. 15.89% 11.55% are the rates. How are they given? Also, please explain who is borrowing money with such a big rate. Are there enough clients?<\/em><\/p>\n\n\n\n

Zach<\/strong> Another great question. Celsius has a naitive token called CEL that is the liquidity pool of our company. We encouage user to earn in CEL and pay them up to 35% more for doing so, we call this CEL on others. You can also earn BTC on BTC, which comes with the base listed rate and is called in kind<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong> By the way I am interested in one question. Your platform is based on Ethereum. \u041dow do you solve the problem of high fees on the eth?<\/p>\n\n\n\n

Zach<\/strong> you can choose to earn in kind, or in CEL individually for each of the 25+ assets we support. We pay all of the users transaction fees, we never charge fees. when fees got high, some transactions were delayed, but all went through<\/p>\n\n\n\n

Q4 from Telegram Username @rioliandaro<\/em><\/strong><\/p>\n\n\n\n

What are the main differences between the business model used by traditional banks and the business model you created at Celsius?<\/em><\/p>\n\n\n\n

Zach<\/strong> They charge their users as much as possible, make as much as they can with customer funds, and pay themselves and shareholders 99% of all value collected. We do the oppisite by only acting in the benefit of the user, charge 0 fees, and pay 80% of everything that is made to the coin holders, not the bosses or shareholders. The bank is taking money from you, and Celsius is putting money in your wallet each week. THATS the big difference<\/p>\n\n\n\n

Luis Merino| Satoshi Club <\/strong>Your business model is much better (don’t tell them though…) 🤣<\/p>\n\n\n\n

Zach <\/strong>haha The banks earn the same rates we do, they just pay it to themselves instead of the users. why is a savings account less than 1% but a credit card charges 24%? banks keep what in the middle<\/p>\n\n\n\n

Gold Rocket | Satoshi Club <\/strong>Do you personally use Celsius network? 😉 which of the services are most convenient for you personally 😃<\/p>\n\n\n\n

Zach <\/strong>Absolutely haha, do you mind if I share my total earnings?<\/p>\n\n\n\n

Luis Merino | Satoshi Club <\/strong>Share them!! 👀<\/p>\n\n\n\n

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Luis Merino | Satoshi<\/strong> ClubWhat!!!! Oh my god. 🤣That’s a lot<\/p>\n\n\n\n

Zach <\/strong>We had one massive user that has eared much much more 😄 Ill share his too<\/p>\n\n\n\n

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Zach <\/strong>This was a CEL token whale, and since CEL earns 5% CEL on CEL, the recent appreciation has done amazing for him<\/p>\n\n\n\n

Gold Rocket | Satoshi Club <\/strong>Weekly??<\/p>\n\n\n\n

Zach <\/strong>no this is a total number<\/p>\n\n\n\n

Luis Merino| Satoshi Club<\/strong> And how much did he “invest”?<\/p>\n\n\n\n

Zach <\/strong>I am making about $500 a week right now<\/p>\n\n\n\n

Zach <\/strong>im not sure<\/p>\n\n\n\n

Luis Merino| Satoshi Club<\/strong> Investing how much?<\/p>\n\n\n\n

Zach <\/strong>all of this is completely passive, and as crypto becomes more valuble, so does my income<\/p>\n\n\n\n

Zach <\/strong>about 15K in inital buys<\/p>\n\n\n\n

Luis Merino |Satoshi Club <\/strong>Great APY then 😆<\/p>\n\n\n\n

Zach <\/strong>That now pays me 26K per year…. and growing…. forever😁<\/p>\n\n\n\n

Zach <\/strong>CEL token has massivly appreciated so this has been amazing<\/p>\n\n\n\n

Luis Merino| Satoshi Club<\/strong> I’ll definitely use your platform<\/p>\n\n\n\n

Q5 from Telegram Username @julioceazar<\/em><\/strong><\/p>\n\n\n\n

Celcius Network is one of the leading platform when it comes to Lending\/Borrowing. If I decided to take a loan, How fast will be the whole process and what are the requirements and collateral needed?<\/em><\/p>\n\n\n\n

Zach <\/strong>Fantastic. Loans are extremely easy, and if taken in stablecoins, can be completed in a few hours. When you hold coins in celsius you earn interest, but those same coins can be locked (no longer earn) and used as collateral for a loan at any time. All we do is lock the requred collateral from your account, and then send you the stablecoins or fiat that you need. its a very simple a easy proccess. all payments are done in the app, and you get a 30% reduction in interest cost if you pay your monthly loan interest in CEL<\/p>\n\n\n\n

Luis Merino| Satoshi Club <\/strong>Where can I buy CEL?<\/p>\n\n\n\n

Zach <\/strong>Haha we have been carefull to only list on regulated exchages. its only availible on Liquid exchange, and then uniswap, Totle, and other DEXs. I have quite a bit myself and plan to hold long term. CEL now pays all of my bills 😌 It earns 5% anually A note id like to add. We earn all of our income and its not paid by investors so our rates are always fluctuating. this allows us to remain sustainable long term. we only can pay what we earn. no investors subsidizing the rates<\/p>\n\n\n\n

Gold Rocket | Satoshi Club <\/strong>Do you have a mobile app?<\/p>\n\n\n\n

Zach <\/strong>Yes, we are 100% on mobile right now, but moving to desktop as well next year. Join Celsius Network using my referral code Zachary742d when signing up and earn $20 in BTC with your first transfer of $200 or more! #UnbankYourself <\/p>\n\n\n\n

https:\/\/celsiusnetwork.app.link\/Zachary742d<\/a><\/p>\n\n\n\n

We offer all new users $20 for making a $200 deposit of any coin and hold it for 30 days<\/p>\n\n\n\n

Luis Merino | Satoshi Club <\/strong>Referral link 😉🤣<\/p>\n\n\n\n

Zach <\/strong>im the AFFILIATE manager haha! its part of my job 😄<\/p>\n\n\n\n

Luis Merino | Satoshi Club <\/strong>Any approximate date for desktop arrival?<\/p>\n\n\n\n

Zach <\/strong>Q2 2021<\/p>\n\n\n\n

Luis Merino | Satoshi Club <\/strong>Got it! Looking forward to its launch<\/p>\n\n\n\n

Gold Rocket | Satoshi <\/strong>BTWClub Satoshi has a 32+ k community. great deal<\/p>\n\n\n\n

Zach <\/strong>I hope they all signup and start earning on their coins today!<\/p>\n\n\n\n

Q6 from Telegram Username @KeymerS<\/em><\/strong><\/p>\n\n\n\n

months ago there were many rumors that Celsius Network would close with the large amount of capital invested, generating insecurity in users, but can Celsius really easily shut down overnight? Or are there certain smart contracts that guarantee the security of the capital of the users? (hypothetically speaking)<\/em><\/p>\n\n\n\n

Zach <\/strong>The rumors were complete lies, we had been hosting an investment round for months and raised 22.5M in an equity offering during that time. IF Celsius were to shutdown for any reason, all coins would be returned to the users. We are also huge on transparency and share just about everything, take a look at our community page in the app<\/p>\n\n\n\n

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Zach <\/strong>All of this info is availible to every user<\/p>\n\n\n\n

Luis Merino| Satoshi Club <\/strong>Oh my god! Huge numbers 😳<\/p>\n\n\n\n

Gold Rocket | Satoshi Club <\/strong>We wish you success. Sometimes you need to talk about such things. Zach We are a profitable company thats growing fast, we arent going anywhere haha<\/p>\n\n\n\n

Luis Merino| Satoshi Club <\/strong>Not going to the moon? 👀🚀<\/p>\n\n\n\n

Zach <\/strong>haha well if you look at $CEL…. its going there now<\/p>\n\n\n\n

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Part 2 \u2014 live questions from the Telegram community<\/strong><\/h2>\n\n\n\n

Q1 from Telegram user<\/em> @solankinishu<\/strong><\/p>\n\n\n\n

Will CEL token see any benefit from partnerships with companies like LINE and Bitwala?<\/em><\/p>\n\n\n\n

Zach <\/strong>Yes! They will be giving us assets to manage, all of that powers the flywheel and increases the value of CEL<\/p>\n\n\n\n

Q2 from Telegram user<\/em> @yzmoney<\/em><\/strong><\/p>\n\n\n\n

celcius, being one of the more establish lending platform. How does celcius pivot itself against the current hype of Defi ? what is the advantage of Celcius against other competitors?<\/em><\/p>\n\n\n\n

Zach <\/strong>Absolutely, we have about 7% of the total assets deployed in DeFi to earn those amazing returns. Thats why we are now paying 11.55% on stablecoins and 7.05% on ETH, where else do you see such high rates?<\/p>\n\n\n\n

Q3 from Telegram user @yyo654 \/ Jack<\/strong><\/em><\/p>\n\n\n\n

What is the most ambitious goal of the project? I would appreciate it if you could share with us any upcoming updates? What should the community look for?<\/em><\/p>\n\n\n\n

Zach <\/strong>The main goal of the company is to bring passive income to 1B people around the world, allowing them to be financially free<\/p>\n\n\n\n

Q4 rom Telegram user<\/em> @Ravi2139 \/ bullen<\/em><\/strong><\/p>\n\n\n\n

HOW you can pay 100% times which a bank pays for most of people they Will consider this ponzi schemes only? Can you tell us how whole ecosystem of Celsius work??<\/em><\/p>\n\n\n\n

Zach <\/strong>The banks earn 16-21% of their total assets. The REAL question you have to ask, is why is the bank making money from YOUR money and paying you next to 0?<\/p>\n\n\n\n

Q5 from Telegram user@Sangkaima \/ \u0e56\u06e3\u06dcS\u03b1\u03b7\u0260 – Crypto Trader<\/strong><\/em><\/p>\n\n\n\n

How do you plan to promote about your project in different countries? where English is not spoken very well. Do you have a local community so they can understand your project? @HODL_ON<\/em><\/p>\n\n\n\n

Zach <\/strong>We have an ambassador program that invites anyone in the world to share what we do, create content in any language, and bring income to your friends and family<\/p>\n\n\n\n

Q6 from Telegram user @BboyForteVZLA YMBB<\/strong><\/em><\/p>\n\n\n\n

Why should we choose CELSIUS NETWORK? What benefits does this bring that other similar platforms do not have? What are the advantages that lie ahead that differentiate your project from your competitors?<\/em><\/p>\n\n\n\n

Zach <\/strong>We always act in the best interest of the user, unlike your bank that acts in the best interest of the management and shareholders<\/p>\n\n\n\n

Q7 from Telegram user @BboyForteVZLA<\/strong><\/em><\/p>\n\n\n\n

Why did you choose ERC-20? There are more networks in which they have a network rate much lower than this one, such as BEP-2, TRC-20 etc … What benefits does the ERC-20 network have that the others do not?<\/em><\/p>\n\n\n\n

Zach <\/strong>ERC 20 was a great standard that allowed us to fit the market, be flexable, and operate securley<\/p>\n\n\n\n

Q8 from Telegram user<\/em> @BboyForteVZLA<\/strong><\/p>\n\n\n\n

One of the most important things that users see before depositing their funds to a wallet to send payments to people, friends etc … is security. What is special about your CELPAY security? How safe is it to send payments to other people without fear of being hacked?<\/em><\/p>\n\n\n\n

Zach <\/strong>Security is Celsius’s #1 and #2 priorities, we understand thats the most important and we put a ton of resources in protecting user assets. CelPay is all done within our protected system from user to user and soes not bring any increased risk to make payments<\/p>\n\n\n\n

Q9 from Telegram user<\/em> @lv_nlv \/ L Valerievna<\/strong><\/p>\n\n\n\n

Do you in the future plan to allow us to get a loan based on our total wallet assets instead of a single coin assets?<\/em><\/p>\n\n\n\n

Zach <\/strong>Yes! Multi collateral loans should be availible Q1 next year, allowing you to borrow against the sum of all your assets held in the wallet<\/p>\n\n\n\n

Q10 from Telegram user<\/em> Jack 🚀\/ @regard94<\/strong><\/p>\n\n\n\n

How can we verify and track the assets that Celsius Network is holding?<\/em><\/p>\n\n\n\n

Zach <\/strong>You can veryfy ALL of our holdings on chain and links to our wallets are on our website celsius.network. Thank you so much for having me! this was great!<\/p>\n\n\n\n

Part 3 \u2013 Quiz Results<\/strong><\/h2>\n\n\n\n

In the final part we tested your knowledge in terms of Celsius Network. They\u2019ve prepared 4 questions for this part. The total reward pool for quiz was 600$.<\/p>\n\n\n\n

For more information and future AMAs, join our Social Media channels:
<\/strong>English Telegram group: https:\/\/t.me\/Satoshi_club<\/a>
Russian Telegram group: https:\/\/t.me\/satoshi_club_ru<\/a><\/p>\n\n\n\n

\nSpanish\nTelegram group:https:\/\/t.me\/satoshi_club_spanish<\/a>
\nTelegram\nChannel: https:\/\/t.me\/satoshi_club_channel<\/a>
\nTwitter: https:\/\/twitter.com\/realsatoshiclub<\/a>
\nWebsite: https:\/\/esatoshi.club\/<\/a><\/p>\n\n\n\n

Our partners: Celsius<\/a> Network: <\/p>\n\n\n\n

https:\/\/celsius.network\/careers\/<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Celcius Network motto is “Earn, borrow, & pay on the blockchain”. It\u2019s promises to solve many of the issues of introducing crypto into the banking sector. The total reward pool was 1000$ and has been splitted in 3 parts. In this AMA Recap we will try to summarise the most interesting points for you. Part […]<\/p>\n","protected":false},"author":34,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"_links":{"self":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/2210"}],"collection":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/comments?post=2210"}],"version-history":[{"count":18,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/2210\/revisions"}],"predecessor-version":[{"id":4037,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/2210\/revisions\/4037"}],"wp:attachment":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media?parent=2210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/categories?post=2210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/tags?post=2210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}