Time and time again we revisit the same old story.
A zealot pushes an idea, they have no fucking clue what theyre doing, the party runs for a while, everything collapses, people lose billions, enter new zealot.
Terra, a few weeks ago, Celsius today. There is this unfathomable need by some part of the crypto community to worship archaic legacy systems that translate poorly to crypto.
They place the recreation of the idea above the true value behind each project by which they remove any sense of longevity.
Youve got nothing now, why worry about what might happen before you even "made it"?
Lend/Lease platforms cant work with insanely volatile assets and high yields unless you want to allow for people to lose insane amounts of money at times and treat it as normal publicly or you put in safeguards that diminish "ape" potential. Because that is what it requires. There is no such thing as "always up". Everyone likes a free market until their balance starts going down.
Celsius acted as a bank using extremely volatile assets while providing high APY. Their CEO wearing "banks are the enemy" shirts while his platform was doing the most basic of banking functions. I mean, do people even realize why banks can exist? Financial systems dont exist in a bubble untethered from macroeconomic and political realities.
Thats why you can have banks with 0% reserves on deposits and why that doesnt work in crypto.
There is no savior for you here.
What happens when the unelected in power dont have to answer to anyone?
Centralized institutions endanger the whole system. Binance, we all know what they did when it comes to Hive, but with Terra for example, they propped up a failed platform, an absolute failure of an idea for quick gains. People lots billions. On LUNA 2 they lost billions again. The power they have over markets is insane. Can someone honestly tell me that Binance, Coinbase, Kraken and Bitfinex dont wield equal power over crypto as governments do over legacy systems?
What are we even talking about here then? The most powerful entities in crypto are the most centralized ones.
How do you showcase the power of decentralization when centralization using the moniker of the previous achieves so much control?
Coinbase, if it ever goes bankrupt, the customer assets are considered their assets. If they go under, they will use your funds as if they are theirs.
I actually knew about Celsius and looked into it a few years ago. Once I saw what was going on and who was running that shit, I knew to stay away. Behold today, I run into it again as the top crypto failure of the week.
Fun Fact: 😂 Celsius had a pornstar run a 300 million USD Bitcoin fund from their treasury and they collapsed? Oh crikey. Who would have known that would happen.
Selling sex is the laziest, least ingenuitive or imaginative way of making money. Getting paid for sex today is like being a stone age person but with an Iphone and a cock instead of a rock and a cock in your hands.
You dont want that person to run your business. You want the person making money on the back end to run it. lol.
The funny aside, Id say it was a simp situation. Nothing against the profession, its just that the hiring process showcases some serious problems. Problems that should raise some serious red flags for anyone that decides to invest.
If basic economic factors didnt raise a red flag for you when you invested in Celsius, them putting 300 million under control of a girl that used to sell her body for money because she had no other skills, should have.
At the end of the day, billions are lost, markets are down, Bitcoin coming close to 20k and Im thinking of being lazy and unimaginative myself.
Ive been working out lately, lifting weights, maybe I get someone to simp. Who knows, I might get to run a million dollar fund on Celsius 2.0 one day.
😉 TC
Prometheues brought fire to the village.
Village people put burning sticks up in their asses and now are surprised it hurts.
That's one way to get burned.
Don't google it to find a funny image. Just saying..
Whoops, now my eyes are burning too.
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That's two ways to get burned.
Lol
Lol, you get what you duly deserve.
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That is a very good description of the situation.
Sometimes I want to say people deserve what they get. But.....
I mean, this is clearly written. I dono what else
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They even tell you... 😂
N u t z, I need to dig deeper into this.
Funny written btw. cheers !BEER
Yes,it is and down to earth.
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It'll be funny when the kill it and launch Celsius 2.0 with an airdrop lol
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I'm not sure your argument about a Former Porn Star running a fund holds up. Just because someone made bad decisions in the past doesn't mean they can't in the future improve their lives and strive for better careers. With the way you frame her, she has no right to try to improve her life. What should she do? Just keep doing porn or just work at McDonalds?
The blog in general was good but the last part was unnecessary in my opinion.
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Why ruin the fun part? 😉
I mean sure, but you should watch the actual porn video. The intro is really funny considering the context.
You dont think giving a porn star with 0 prior experience 300 mil to control is a red flag?
I don't know who she is or have any idea about her crypto experience or education. Are you aware for a fact that she has zero experience or just assuming? I do agree that companies should put qualified people into positions they are suited for.
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I think its safe to assume she had no experience. At 20 she was doing porn, at 24 controlling 300 mil in Bitcoin. She was fired last year i think.
But it doesnt really matter. Its just a funny fact I put in for the punchline in the end of the post.
Great post, until 'a girl that used to sell her body for money because she had no other skills'...
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I thought the porn star thing was for the memes lol :)))
It is. But its also true. Lol They gave a pornstar with 0 prior experience 300 million to control as the heqd of institutional lending. At the time their CFO was under investigation for fraud.
pro simp move right there:))
I hate the fact that there have been more negative news surrounding cryptocurrency while the bear market played its roll. The negativity is more than I imagined.
Just as You stated, weeks back it was lUna now Celsius. All of these collapse would definitely push nations away from adopting the Crypto!
However, I understand that the Blockchain technology is just getting and its bound to have bugs and might go not as planned. But all these negativity is just too much for a short period of time.
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It only reveals how much you need to DYOR about cryptocurrency, it's not a get rich scheme or ponzi scheme. It's better you get understanding.
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A lot of revelations you made here, I've been seeing post about Celsius for the past couple days. I guess this is first post I'm reading. It's so sad that we don't like doing research of where our money is about going into.
Be in the right place and remain comfortable while building.
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The truth never gets revealed until these platforms that claims to be decentralized are tested by market crash.
I got some BAT on Celsius which I earned from Brave, it is a move I regret making because I couldn't move the damn BAT due to gas fess though not much I could have put it to better use on HE tokens
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Not your keys, not your coins but people don't listen. People think they're "safe" when their investments are on exchange. I even heard one say that the exchange will give a "warning" if there's any problem.
Many people think that because exchanges refund after those tiny hacks they experience that they're somehow protected. They don't understand the concept of fractional reserve banking and how exchanges are basically banks in disguise.
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A fun critic with snark! lol, let us know when that job offer comes in from Celsius 2.
lol.
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Oh, please let no one try all this second part. Celsius 2.0 if it exist shows that the lessons hasn't been learnt.
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but she is hot
That is a good point.
Anyone else notice any time Hive's value drops, it's never Hive's fault... ?
I always notice that. lol
Hard to miss.
who is HIVE?
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Nobody.
so it's nobody's fault :)
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I blame nobody.
Lol no one in particular but our fault in general.
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Nobody here made a boo-boo, sending ripples through the market, eventually reaching our shores. Maybe Hive should go out there and tell everyone to chill out. "Quit being idiots. We're trying to Hive over here..."
The crypto world out there does need a chill out lol, kind of funny how we tend to stay calm on here when it's all bloody out there.
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Wasn't always calm. What's left are the strong.
On a second thought that's true, the diehard, the tough sticks around.
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Did you see that the Quebec Pension Fund was heavily invested in Celsius? The. Quebec. Pension. Fund. How did that happen? I am also a bit concerned with why all these different cryptos and crypto platforms are so intimately connected to one another so that if one fails they all fall.
Yikes. Thats really bad.
Talk about DeFi and liquidity pools with different pairings in billions
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not only that but centralized exchanges have been front-running the market.
seems like with every scam project failing, Hive is looking stronger and stronger!