All my apes are gone

  • happybadger [he/him]
    ·
    2 years ago

    https://nitter.net/coryklippsten/status/1545190394207817728#m

    Cory Klippsten @coryklippsten Jul 7 "Celsius began to offer double-digit interest rates to lure new depositors, whose funds were used to repay earlier depositors. Thus, while Celsius continued to market itself as a transparent and well capitalized business, IN REALITY, IT HAD BECOME A PONZI SCHEME." 1/49

    "Prior to Plaintiff coming on board, Defendants had no unified, organized, or overarching investment strategy other than lending out the consumer deposits they received." 7/49

    "Instead, they were desperately seeking a potential investment that could earn them more than they owed to their depositors. Otherwise, they would have to use additional deposits to pay the interest owed on prior deposits, a classic “Ponzi scheme.” 8/49

    lol, lmao, heehaw like a donkey

    • InevitableSwing [none/use name]
      ·
      2 years ago

      HAD BECOME A PONZI SCHEME

      Somebody described NFTs as a Ponzi scheme and a pump and dump. I think crypto will eventually exactly the same thing as the currencies start to crash. The smart money will squeeze as much actual real money out of the brand new suckers before they also go bankrupt.

      Fortune favors the smart money.

      1/49

      Haha. I can't wait for the reinvention of blogs.