Bitcoin is over $22,000 for the first time since June of last year, a signal that every rational person will take as “confusing” considering the gluttony of terrible news dogging the industry. Celsius, a crypto “lender” that collapsed as a result of the 3 Arrows Capital contagion (
This part... "Mashinsky told Bloomberg Businessweek that Celsius is able to pay such high yields because it passes along most of its earnings to its users. He said it’s the traditional financial system that’s ripping people off by taking their deposits, using them to make money, and then claiming it can only pay tiny interest rates."
Reminded me very much of this bit from WaPo's juicy story based on Jeff German's reporting of "the Mormon Ponzi scheme.": Here's the guy explaining to a potential investor why they can pay such great returns:
“I wasn’t greedy when I did that. I mean, we pay a high percentage. So my thought process was, ‘It’s not my money. I’m going to make my money on each deal. Then why wouldn’t I pay out a high percentage?’ So that’s the way we set it up.”
Bean would never have forgotten to sell. He would have swallowed or thrown his GBTC out the window of a moving train.
> as a result of the 3 Arrows Capital contagion
point of order - they were knocked out by Terra-Luna directly!
I would absolutely watch a movie about Mr. Bean crashing the entire crypto market. It would definitely be more fun than that "Trip to Cannes" flick
This part... "Mashinsky told Bloomberg Businessweek that Celsius is able to pay such high yields because it passes along most of its earnings to its users. He said it’s the traditional financial system that’s ripping people off by taking their deposits, using them to make money, and then claiming it can only pay tiny interest rates."
Reminded me very much of this bit from WaPo's juicy story based on Jeff German's reporting of "the Mormon Ponzi scheme.": Here's the guy explaining to a potential investor why they can pay such great returns:
“I wasn’t greedy when I did that. I mean, we pay a high percentage. So my thought process was, ‘It’s not my money. I’m going to make my money on each deal. Then why wouldn’t I pay out a high percentage?’ So that’s the way we set it up.”
https://www.washingtonpost.com/dc-md-va/2023/02/01/mormon-ponzi-scheme-vegas-fbi/