BuildingAndLoanVille
From the lede of a post at CNBC:
Which is bad enough, in and of itself.
But then, later in the piece, after you get through the 'analysis' about how this all just reflects macro-economic trends, comes the following:
In other words, the crypto bank with the temperature name (because it's 'hot'?) is actually a ponzi on a ponzi.
What could possibly go wrong?
From the lede of a post at CNBC:
Bitcoin tumbled below $23,000 on Monday (June 13th), hitting its lowest level since December 2020, as investors dump crypto amid a broader sell-off in risk assets.
Meanwhile, a crypto lending company called Celsius has paused withdrawals for its customers, sparking fears of contagion into the broader market...
Which is bad enough, in and of itself.
But then, later in the piece, after you get through the 'analysis' about how this all just reflects macro-economic trends, comes the following:
...Celsius, which claims to have 1.7 million customers, advertises to its users that they can get a yield of 18% through the platform. Users deposit their crypto with Celsius. That crypto is then loaned out to institutions and other investors. Users then get yield as a result of the revenue Celsius earns...
In other words, the crypto bank with the temperature name (because it's 'hot'?) is actually a ponzi on a ponzi.
What could possibly go wrong?
.
2 comments:
It will all be fine if you can just hold on long enough...
thanks for the laugh Ed. I'm sure that will be the line as things go south.
One of the siblings used to say they would not purchase a water front home. She didn't have that much disposable income.
My line was I wouldn't put money in the stock market beccause I didn't have disposable income. (I was much younger when the Vancouver Stock Market was such a fun place and learning about all the antics which went on--sometimes Jack Wasserman wrote about them)
When cyrpto came along it looked like water front homes financed by the Vancouver Stock Exchange of the 1960s/70s.
Ponzi on a Ponzi. some one will make out like a bandit and the rest will be bankrupt.
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