Celsius Ponzi Scheme?
Borrowing Money to Pay Redemptions!
“Over the last 30 days, #Celsius borrowed at least $76.7 million $USDC and $18.3 million $USDT to pay withdrawals. This is 29% of total sent out from known #Celsius hot wallets ($327 million). Why is Celsius borrowing to pay customers back?“
Celsius Chart
Celsius Chart courtesy of CoinMarketCap, annotations by Mish
Celsius Network
Let’s check in on the Celsius Network and its business model.
Snips from Celsius website
Rewards Received for Pledging Celsius
Losses Mount
Friendly Advice
A Date With $0.00
There were several people pimping HEX and Bitcoin as the sure fire solution.
The only comment above that made any sense was the warning about Honeybees (whatever the heck that is). But if it looks anything like LUNA or CEL it’s likely to have a date with $0.00.
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Hoot of the Day
The Hoot of the Day goes to the idea “remember we are still early in Bitcoin adoption.”
Bitcoin went from under $0.01 to over $69,000 but don’t worry, “It’s early”.
A Word About Hope
More Friendly Advice
Pipkeeper: With Bitcoin and only Bitcoin there is hope at the end of the tunnel … rebuild and start stacking … one day at a time …. No shitcoin … hope you learned the costly hard lesson !!! Cheer up !!!
Stimpyz: That hope is a train coming at you full speed.
Not Early For Bitcoin
The crypto best advice of the day award goes to those promoting nothing.
“That hope is a train coming at you full speed.”
It is not early for Bitcoin. It is early for blockchain adoption. The difference is enormous.
This post originated at MishTalk.Com.
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