The problem with cryptocurrency in a nutshell

@"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.

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 index 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.

https://www.marketwatch.com/story/i-just-wake-up-and-cry-voyager-and-celsius-bankruptcies-have-destroyed-some-crypto-investors-confidence-in-centralized-platforms-11657803496?siteid=yhoof2

I hope claykenny is ok...

@"StickyBun" said: https://www.marketwatch.com/story/i-just-wake-up-and-cry-voyager-and-celsius-bankruptcies-have-destroyed-some-crypto-investors-confidence-in-centralized-platforms-11657803496?siteid=yhoof2

I hope claykenny is ok...

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. 

@"minny65" said:

@"StickyBun" said: https://www.marketwatch.com/story/i-just-wake-up-and-cry-voyager-and-celsius-bankruptcies-have-destroyed-some-crypto-investors-confidence-in-centralized-platforms-11657803496?siteid=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. 

@"JimmyinSD" said:

@"minny65" said:

@"StickyBun" said: https://www.marketwatch.com/story/i-just-wake-up-and-cry-voyager-and-celsius-bankruptcies-have-destroyed-some-crypto-investors-confidence-in-centralized-platforms-11657803496?siteid=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.

@"StickyBun" said:

@"JimmyinSD" said:

@"minny65" said:

@"StickyBun" said: https://www.marketwatch.com/story/i-just-wake-up-and-cry-voyager-and-celsius-bankruptcies-have-destroyed-some-crypto-investors-confidence-in-centralized-platforms-11657803496?siteid=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? 

@"JimmyinSD" said:

@"StickyBun" said:

@"JimmyinSD" said:

@"minny65" said:

@"StickyBun" said: https://www.marketwatch.com/story/i-just-wake-up-and-cry-voyager-and-celsius-bankruptcies-have-destroyed-some-crypto-investors-confidence-in-centralized-platforms-11657803496?siteid=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.

@"comet52" said:

@"JimmyinSD" said:

@"StickyBun" said:

@"JimmyinSD" said:

@"minny65" said:

@"StickyBun" said: https://www.marketwatch.com/story/i-just-wake-up-and-cry-voyager-and-celsius-bankruptcies-have-destroyed-some-crypto-investors-confidence-in-centralized-platforms-11657803496?siteid=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 

@"JimmyinSD" said:

@"StickyBun" said:

@"JimmyinSD" said:

@"minny65" said:

@"StickyBun" said: https://www.marketwatch.com/story/i-just-wake-up-and-cry-voyager-and-celsius-bankruptcies-have-destroyed-some-crypto-investors-confidence-in-centralized-platforms-11657803496?siteid=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.

Pantone just announced their “Color of the Year” for 2023. Congrats, Elon! pic.twitter.com/IHyBOeHPvH

— Gabe Sanchez (@iamgabesanchez) July 18, 2022

https://www.yahoo.com/finance/news/funds-disappear-imploding-crypto-exchange-213514063.html

The shit never ends on this Ponzi scheme. 

@"AGRforever" said:

@"JimmyinSD" said: Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

Its because most crypto people are as smug about their BS currencies as vegans are about their food choices.  They're all convinced that the entire world is going to collapse and they've all found this crazy life hack that will save their bacon. 

@"JR44" said:

@"AGRforever" said:

@"JimmyinSD" said: Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

Its because most crypto people are as smug about their BS currencies as vegans are about their food choices.  They're all convinced that the entire world is going to collapse and they've all found this crazy life hack that will save their bacon. 

As a vegan I do not appreciate this comment and find it completely prejudicial and inappropriate.  I am vegan for personal reasons.  I do not openly promote it and I keep it myself.  I do not need someone to through it my face or make me feel like an oddball for what I choose to eat or be compared to the crypto crowd. They are not related.  I am not going to make assumptions about you because you eat meat and I am not going to lecture you about it and I would appreciate the same level or respect and understanding.  

@"minny65" said:

@"JR44" said:

@"AGRforever" said:

@"JimmyinSD" said: Why are crypto people so defensive when asked simple questions?  I was just curious how losing a billion in one year for crypto compares to the average annual lost through bank robberies for real currency.  

Are crypto banks insured by anybody up to a certain amount so if they are robbed the depositors are covered?

Its because most crypto people are as smug about their BS currencies as vegans are about their food choices.  They're all convinced that the entire world is going to collapse and they've all found this crazy life hack that will save their bacon. 

As a vegan I do not appreciate this comment and find it completely prejudicial and inappropriate.  I am vegan for personal reasons.  I do not openly promote it and I keep it myself.  I do not need someone to through it my face or make me feel like an oddball for what I choose to eat or be compared to the crypto crowd. They are not related.  I am not going to make assumptions about you because you eat meat and I am not going to lecture you about it and I would appreciate the same level or respect and understanding.  

Agree, as someone who eats a lot of bacon I am offended that you want to correlate crypto "investors" to saving their bacon.  Bacon is meant to be eaten and I am offended by anyone who claims to save it.  

What a shit show.

https://www.yahoo.com/finance/news/bad-news-thousands-crypto-investors-000549637.html

Duh.

https://www.yahoo.com/finance/news/nouriel-roubini-crypto-scam-144628068.html

@"StickyBun" said: Duh.

https://www.yahoo.com/finance/news/nouriel-roubini-crypto-scam-144628068.html

@"Riphawkins" said:

@"StickyBun" said: Duh.

https://www.yahoo.com/finance/news/nouriel-roubini-crypto-scam-144628068.html

I can’t tell you how many guys I work with who called me dumb for not getting in on Crypto. They were all making big plans for early retirement.

Wonder how he really feels?

https://www.yahoo.com/finance/news/charlie-munger-im-not-proud-of-my-country-for-allowing-crypto-sh-t-202109158.html