The problem with cryptocurrency in a nutshell

[Guest]

@StickyBun said:
Troubled cryptocurrency lender Celsius Network has filed for Chapter 11 bankruptcy protection, a month after it froze more than a million customer accounts. Before halting withdrawals, the New Jersey-based firm had accumulated more than $20 billion in assets by offering depositors interest rates as high as 18%. Celsius is the latest casualty of a crypto crash that has wiped out $2 trillion in value. Crypto broker Voyager Digital filed for bankruptcy last week and major crypto hedge fund Three Arrows Capital sank into liquidation late last month.

so if you are in the market for a crypto fixer upper to try and flip.... you're in luck!

[Guest]

@StickyBun said:
Troubled cryptocurrency lender Celsius Network has filed for Chapter 11 bankruptcy protection, a month after it froze more than a million customer accounts. Before halting withdrawals, the New Jersey-based firm had accumulated more than $20 billion in assets by offering depositors interest rates as high as 18%. Celsius is the latest casualty of a crypto crash that has wiped out $2 trillion in value. Crypto broker Voyager Digital filed for bankruptcy last week and major crypto hedge fund Three Arrows Capital sank into liquidation late last month.

Follow the money

Very few will benefit, and most will not.  Crypto = modern day Ponzi scheme

New Directors to Provide Additional Leadership and Expertise
David Barse is the Founder and Chief Executive Officer of XOUT Capital, an indetwitter.company, and DMB Holdings, a private family office. Mr. Barse was formerly the CEO of Third Avenue Management for 25 years, a pioneer in fundamental, bottom-up deep value and distressed investing.
Alan Carr is an investment professional with over 25 years of experience building businesses, leading complex restructurings, and protecting and creating value for stakeholders. Mr. Carr is a Founder and the Managing Member of Drivetrain, LLC, a professional fiduciary services firm.
Advisors
Kirkland & Ellis LLP is serving as legal counsel, Centerview Partners is serving as financial advisor, and Alvarez & Marsal is serving as restructuring advisor to Celsius.

[Guest]

https://www.marketwatch.com/story/i-just...eid=yhoof2

I hope claykenny is ok...

[Guest]

@StickyBun said:
https://www.marketwatch.com/story/i-just...eid=yhoof2

I hope claykenny is ok...

With the crash of cryptocurrencies, several companies, like Voyager and Celsius Network, that emerged during the go-go years to offer digital currency investors lightly regulated financial and banking services have collapsed. As bitcoin has traded 70% lower from its all-time high, and smaller coins have tumbled even more, crypto lender Celsius, which said it had more than 1.7 million customers, stopped all customer withdrawals in June and filed for bankruptcy protection on Wednesday.

Now, Celsius customers are faced with being unsecured creditors in federal bankruptcy court in New York. Digital asset exchange CoinFlex has also paused customer withdrawals. These failures have shaken investor confidence in many firms that underpin a nascent industry that has attracted huge capital inflows. 

[Guest]

@minny65 said:

@StickyBun said:
https://www.marketwatch.com/story/i-just...eid=yhoof2

I hope claykenny is ok...

With the crash of cryptocurrencies, several companies, like Voyager and Celsius Network, that emerged during the go-go years to offer digital currency investors lightly regulated financial and banking services have collapsed. As bitcoin has traded 70% lower from its all-time high, and smaller coins have tumbled even more, crypto lender Celsius, which said it had more than 1.7 million customers, stopped all customer withdrawals in June and filed for bankruptcy protection on Wednesday.

Now, Celsius customers are faced with being unsecured creditors in federal bankruptcy court in New York. Digital asset exchange CoinFlex has also paused customer withdrawals. These failures have shaken investor confidence in many firms that underpin a nascent industry that has attracted huge capital inflows. 

reading all these accounts of this just paints a mental picture of some slick fucker stepping onto his private helicopter that is taking him out to his private yacht outside of US territorial waters as he flips the bird to the camera to end the movie.

[Guest]

@JimmyinSD said:

@minny65 said:

@StickyBun said:
https://www.marketwatch.com/story/i-just...eid=yhoof2

I hope claykenny is ok...

With the crash of cryptocurrencies, several companies, like Voyager and Celsius Network, that emerged during the go-go years to offer digital currency investors lightly regulated financial and banking services have collapsed. As bitcoin has traded 70% lower from its all-time high, and smaller coins have tumbled even more, crypto lender Celsius, which said it had more than 1.7 million customers, stopped all customer withdrawals in June and filed for bankruptcy protection on Wednesday.

Now, Celsius customers are faced with being unsecured creditors in federal bankruptcy court in New York. Digital asset exchange CoinFlex has also paused customer withdrawals. These failures have shaken investor confidence in many firms that underpin a nascent industry that has attracted huge capital inflows. 

reading all these accounts of this just paints a mental picture of some slick fucker stepping onto his private helicopter that is taking him out to his private yacht outside of US territorial waters as he flips the bird to the camera to end the movie.

Oh yeah, some people have used this to become almost billionaires. For sure. But many others now are beyond fucked. The key was to get in and then get out like a year ago. Notice Elon Musk hasn't said shit about crypto lately? 

[Guest]

@StickyBun said:

@JimmyinSD said:

@minny65 said:

@StickyBun said:
https://www.marketwatch.com/story/i-just...eid=yhoof2

I hope claykenny is ok...

With the crash of cryptocurrencies, several companies, like Voyager and Celsius Network, that emerged during the go-go years to offer digital currency investors lightly regulated financial and banking services have collapsed. As bitcoin has traded 70% lower from its all-time high, and smaller coins have tumbled even more, crypto lender Celsius, which said it had more than 1.7 million customers, stopped all customer withdrawals in June and filed for bankruptcy protection on Wednesday.

Now, Celsius customers are faced with being unsecured creditors in federal bankruptcy court in New York. Digital asset exchange CoinFlex has also paused customer withdrawals. These failures have shaken investor confidence in many firms that underpin a nascent industry that has attracted huge capital inflows. 

reading all these accounts of this just paints a mental picture of some slick fucker stepping onto his private helicopter that is taking him out to his private yacht outside of US territorial waters as he flips the bird to the camera to end the movie.

Oh yeah, some people have used this to become almost billionaires. For sure. But many others now are beyond fucked. The key was to get in and then get out like a year ago. Notice Elon Musk hasn't said shit about crypto lately? 

I could be wrong, but I think I read somewhere last winter/spring that he sold a major part of his position in crypto.

[Guest]

@JimmyinSD said:

@StickyBun said:

@JimmyinSD said:

@minny65 said:

@StickyBun said:
https://www.marketwatch.com/story/i-just...eid=yhoof2

I hope claykenny is ok...

With the crash of cryptocurrencies, several companies, like Voyager and Celsius Network, that emerged during the go-go years to offer digital currency investors lightly regulated financial and banking services have collapsed. As bitcoin has traded 70% lower from its all-time high, and smaller coins have tumbled even more, crypto lender Celsius, which said it had more than 1.7 million customers, stopped all customer withdrawals in June and filed for bankruptcy protection on Wednesday.

Now, Celsius customers are faced with being unsecured creditors in federal bankruptcy court in New York. Digital asset exchange CoinFlex has also paused customer withdrawals. These failures have shaken investor confidence in many firms that underpin a nascent industry that has attracted huge capital inflows. 

reading all these accounts of this just paints a mental picture of some slick fucker stepping onto his private helicopter that is taking him out to his private yacht outside of US territorial waters as he flips the bird to the camera to end the movie.

Oh yeah, some people have used this to become almost billionaires. For sure. But many others now are beyond fucked. The key was to get in and then get out like a year ago. Notice Elon Musk hasn't said shit about crypto lately? 

I could be wrong, but I think I read somewhere last winter/spring that he sold a major part of his position in crypto.

The smart guys get out then the sheep get sheared.

As soon as interest rates started to get raised the free funny money spigot was suddenly dry....strange how that works 

[Guest]

@comet52 said:

@JimmyinSD said:

@StickyBun said:

@JimmyinSD said:

@minny65 said:

@StickyBun said:
https://www.marketwatch.com/story/i-just...eid=yhoof2

I hope claykenny is ok...

With the crash of cryptocurrencies, several companies, like Voyager and Celsius Network, that emerged during the go-go years to offer digital currency investors lightly regulated financial and banking services have collapsed. As bitcoin has traded 70% lower from its all-time high, and smaller coins have tumbled even more, crypto lender Celsius, which said it had more than 1.7 million customers, stopped all customer withdrawals in June and filed for bankruptcy protection on Wednesday.

Now, Celsius customers are faced with being unsecured creditors in federal bankruptcy court in New York. Digital asset exchange CoinFlex has also paused customer withdrawals. These failures have shaken investor confidence in many firms that underpin a nascent industry that has attracted huge capital inflows. 

reading all these accounts of this just paints a mental picture of some slick fucker stepping onto his private helicopter that is taking him out to his private yacht outside of US territorial waters as he flips the bird to the camera to end the movie.

Oh yeah, some people have used this to become almost billionaires. For sure. But many others now are beyond fucked. The key was to get in and then get out like a year ago. Notice Elon Musk hasn't said shit about crypto lately? 

I could be wrong, but I think I read somewhere last winter/spring that he sold a major part of his position in crypto.

The smart guys get out then the sheep get sheared.

As soon as interest rates started to get raised the free funny money spigot was suddenly dry....strange how that works 

Yep. See, the wealthy know how to get more wealthy. And one of those ways is to borrow money when the interest rates are low....and they make money on the borrowed money and never spend a penny of your own. Its basically free money when the interest rates are 3% to 4%....knowledgeable people know how to outpace that rate easily, but in situations that only present themselves to the rich. 

[Guest]

@JimmyinSD said:

@StickyBun said:

@JimmyinSD said:

@minny65 said:

@StickyBun said:
https://www.marketwatch.com/story/i-just...eid=yhoof2

I hope claykenny is ok...

With the crash of cryptocurrencies, several companies, like Voyager and Celsius Network, that emerged during the go-go years to offer digital currency investors lightly regulated financial and banking services have collapsed. As bitcoin has traded 70% lower from its all-time high, and smaller coins have tumbled even more, crypto lender Celsius, which said it had more than 1.7 million customers, stopped all customer withdrawals in June and filed for bankruptcy protection on Wednesday.

Now, Celsius customers are faced with being unsecured creditors in federal bankruptcy court in New York. Digital asset exchange CoinFlex has also paused customer withdrawals. These failures have shaken investor confidence in many firms that underpin a nascent industry that has attracted huge capital inflows. 

reading all these accounts of this just paints a mental picture of some slick fucker stepping onto his private helicopter that is taking him out to his private yacht outside of US territorial waters as he flips the bird to the camera to end the movie.

Oh yeah, some people have used this to become almost billionaires. For sure. But many others now are beyond fucked. The key was to get in and then get out like a year ago. Notice Elon Musk hasn't said shit about crypto lately? 

I could be wrong, but I think I read somewhere last winter/spring that he sold a major part of his position in crypto.

He's been working on his tan (you're welcome, ladies):