Crypto hits the laws of physics (and the laws itself)
willlongano.substack.com
The laws of physics still apply Another week, another crypto group blew up. The firm Celsius has been promising ‘safe’ interest rates of 18%. A bank run has commenced, much of their customer deposits appear locked in illiquid situations indefinitely, and they have halted withdrawals. Their solvency is unclear as of now. This is the second major ‘high-interest rate’ crypto scheme to spectacularly implode in a month. Many people have lost their life savings, and Canadian pensions appear hurt as well. Celsius has a US entity, so there will certainly be regulations and crackdowns stemming from this debacle.
Crypto hits the laws of physics (and the laws itself)
Crypto hits the laws of physics (and the laws…
Crypto hits the laws of physics (and the laws itself)
The laws of physics still apply Another week, another crypto group blew up. The firm Celsius has been promising ‘safe’ interest rates of 18%. A bank run has commenced, much of their customer deposits appear locked in illiquid situations indefinitely, and they have halted withdrawals. Their solvency is unclear as of now. This is the second major ‘high-interest rate’ crypto scheme to spectacularly implode in a month. Many people have lost their life savings, and Canadian pensions appear hurt as well. Celsius has a US entity, so there will certainly be regulations and crackdowns stemming from this debacle.