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1. Embed this notice
   Molly White (molly0xfff@hachyderm.io)'s status on Wednesday, 04-Dec-2024 07:28:10 JST Molly White

   Celsius CEO Alex Mashinsky has entered a guilty plea in his criminal fraud trial, which was scheduled to begin in about two months. His Celsius cryptocurrency platform collapsed in July 2022 after it couldn't meet customer withdrawal demands. Its failure was particularly devastating because it had actively marketed itself to customers as safer than banks, regularly telling customers that "banks are not your friends".

   #Celsius #crypto #cryptocurrency

   • Embed this notice
     Molly White (molly0xfff@hachyderm.io)'s status on Wednesday, 04-Dec-2024 07:28:11 JST Molly White

     in reply to

     Many people believed that because Celsius was based in the US, it was carefully regulated and therefore safe. Letters written to the judge in the bankruptcy case revealed the extent of the devastation to people around the world, some of whom had their entire life savings or retirement money on the platform. I published some excerpts (https://blog.mollywhite.net/celsius-letters/) back in July 2022.

     #Celsius #crypto #cryptocurrency

   • Embed this notice
     penryu (penryu@hachyderm.io)'s status on Wednesday, 04-Dec-2024 07:46:42 JST penryu

     in reply to

     @molly0xfff ugh. It doesn't matter where it's based if it isn't regulated.

     Robert Link repeated this.
   • Embed this notice
     penryu (penryu@hachyderm.io)'s status on Wednesday, 04-Dec-2024 08:38:46 JST penryu

     in reply to

     @molly0xfff What I thought this post was referring to, in order:

     1. The temperature scale — dismissed when it was "based in the US."
     2. The energy drink — dismissed whenI reached the word "platform."

   • Embed this notice
     Ben Royce 🇺🇦 (benroyce@mastodon.social)'s status on Wednesday, 04-Dec-2024 08:41:29 JST Ben Royce 🇺🇦

     in reply to

     • penryu

     @penryu @molly0xfff

     well, yeah, but you understand what #crypto is

     #cryptobros are not exactly the smartest

     they are used to pump up the financial positions of whales, then they lose their life savings because they bought into a ponzi scheme/ casino

     they are beyond help. they exist to be robbed, and they don't even understand how

   • Embed this notice
     Robert Link (phaedral@mastodon.social)'s status on Wednesday, 04-Dec-2024 08:43:43 JST Robert Link

     in reply to

     • penryu
     • Ben Royce 🇺🇦

     @benroyce @penryu @molly0xfff Casinos? Casinos are honest. Your odds of getting Jacks or better is reliable. Crypto is like the casino with willful blindness as the the odds, like the stock market with willful blindness as to the products or services being supported. A pig in a poke is a safer purchase than crypto.

   • Embed this notice
     Ben Royce 🇺🇦 (benroyce@mastodon.social)'s status on Wednesday, 04-Dec-2024 08:47:35 JST Ben Royce 🇺🇦

     in reply to

     • penryu
     • Robert Link

     @phaedral @penryu @molly0xfff

     the worst part:

     the sales pitch of #crypto, as embodied in the irony that molly refers to above, is that #banks are unsafe, that the #FDIC is against you, that leaving the #goldstandard was wrong and crypto should be the standard, etc

     and who buys this crap?

     morons

     the 2008 panic was *caused* by relaxing regulations

     con men noticed fools who don't understand that think *less* regulations is the answer

     then the fools lose everything

     do you think they learn?

     Robert Link repeated this.
   • Embed this notice
     Mastodon Migration (mastodonmigration@mastodon.online)'s status on Wednesday, 04-Dec-2024 09:03:20 JST Mastodon Migration

     in reply to

     • penryu
     • Robert Link
     • Ben Royce 🇺🇦

     @benroyce @phaedral @penryu @molly0xfff

     Crypto is for morons.

     The thing is that everyone knows this. The morons know this because they're morons, and the grifters know this because the morons are their marks. Everyone else knows this because they are not morons.