Happy Wednesday everyone
I signed up for Celsius lending platform about 1 month ago, just before the they paused withdrawals, lucky me :')
I signed up for two main reasons, the first one being that I had to see how it works and if it would be worth moving a portion of my assets to this platform to diversify a little from Nexo trading platform. Well that backfired :')
And the other reason was that since I'm going to be using the app at least for some time I might as well pick up the $50 BTC sign up bonus. The requirement was to deposit $400 or more worth of assets and maintain the value above $400 for 30 days. Then the $50 bonus would become available to me.
Well that went sideways, I deposited $450 dollars worth of XRP and XLM mostly because of the fast transaction time and cheap fees, besides I was hodling them anyway. A few days later I received an email about paused withdrawals, to which I didn't even react, thinking that I need to hold the assets for 30 days anyway and by that time the withdrawals will be un-paused. Yea right :') After a few days when I decided to dig deeper into situation I realized the problem is much more severe than I initially thought. To make matters worse my Celsius portfolio dropped below $400 making me no longer eligible for the sign-up bonus. At least I had enough sense not to deposit any more funds onto the platform.
I was hoping for the best (still am) but I prepared for the worst witch is the loss of all my holdings on Celsius. I know it isn't a significant amount for a lot of people since some have millions trapped on the platform, but I don't make a lot of money with my regular income and wages where I live are a lot smaller than in USA or UK and on top of that inflation is making things worse. Besides the fact that I paid more for the XRP/XLM than they are worth now, I can't invest the same amount of money that is potentially lost, making me miss out on the potential gains since I am very bullish on Ripple and Stellar, I am sure they will go up in value and I believe they will have many future use cases.
Right now I am doing all I can to increase my earnings and decrease my spending to come out on top at the end of this bear market and economic crisis, with possible recession on the horizon. But there is only so much one can save with 2 small kids. I am still remaining hopeful that things will work out in the end and we all get our money back.
So a few days ago I received the $50 Bitcoin sign up bonus on Celsius, I don't know why since I was no longer eligible for it, but it gave me a lot of hope. I know it is still locked up like the rest of my assets but think of it as a good sign that all will be well in the end.
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None of what you read here is financial advice, just sharing my own opinions that's all. If you seek financial advice please contact a professional to help you out.