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: š 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.
š TC
