Back to the serious part of this, did anyone really ever believe those 8%+ returns or were people thinking that I'll get out before it implodes and takes everyone else money with it, but I'll get our on time?
Doesn't that sound like being the first client of a Ponzi scheme?
Be the first guy that gets that big APY before the company runs out of money since obviously, their whole business model is rotten to the core and nothing like what they are advertising?
I think that people seriously believed that all that return is simply coming from the profit those platforms make when they lend the money. Few of my friends that had money in Celsius answered me that when i asked how the hell are they making those returns. They really thought of those platforms as banks.
Same here, on paper everything was fine, you lend people money with higher interest than what you give to deposits, and you ask for a 150% -200% collateral for which you have enough liquidity in the markets to not have a problem if a dump happens.
But, turned out to be a completely different story and I stopped quite a while ago talking with my friends about crypto when they ask something about investments, I don't know a thing, I didn't hear a thing, I can't say a thing! I never gave advice, I don't plan on doing it!
Another one bites the dust.
Isn't this a bigger deal though? As far as I know Genesis is sort of "partnered" with a good number of significantly-sized crypto platforms.
Isn't this a bigger deal though? As far as I know Genesis is sort of "partnered" with a good number of significantly-sized crypto platforms.
Let's wait and see where it goes.
If it goes all the way up to the parent company Grayscale, then it's going to be a worse shitshow than FTX.
https://twitter.com/Grayscale/status/1592882143906111488
I did hear this kind of statement from quite a few bankrupt companies, but we might have reached the milestone where we finally have one saying the truth.
