Business/Markets/Stocks/Economics Random, Random

[ti-amie]

[ti-amie]

[ponchi101]

Eye opening.
The (supposed) backing of this crypto ponzi scheme was real money. Not other crypto, not any good. Real, tangible money. Because the FDIC does not pay you back in Bitcoin, it pays you in real mullah.
And they still invested in this scam.

[ti-amie]

[ti-amie]

[ponchi101]

The ponzi is over. Let's see who remains holding the sack of in the end.
Oh, right, the little people. I always forget.

[ti-amie]

Someone posted commentary from people who were scammed by the people behind Celsius. It's not an easy read. I'll try and find the thread. And you're right Ponchi, they're the little people.

[ti-amie]

[Suliso]

Investing in crypto (particularly other than bitcoin) was always a very high risk endeavor. Surely everybody understood that, right? Might have still made sense for many as a get rich quick gamble with a small part of savings.

[ponchi101]

Investing in crypto (particularly other than bitcoin) was always a very high risk endeavor. Surely everybody understood that, right? Might have still made sense for many as a get rich quick gamble with a small part of savings.

This year, I was filing my taxes in the USA. I was at H&R Block, and was finishing the process. I overheard one of their advisors talking to somebody on a phone, about Crypto. A solid investment, quick turnaround, etc. I talked to my tax expert and asked her about it. To my surprise, she said it was solid: you could get a 10% return in a matter of weeks. Finding out a bit more, I spoke to the other person, who said that the investment was simple: BT would fluctuate between 32K and 47K, so the trick was to buy low, and sell high.
I wonder what they are telling their clients now. I could not believe that these people could not see the financial fallacies in what they were saying. I may be looking for a new tax advisor next year.

No, I don't think that everybody understood the real risks of BT and all other crypto. They don't understand how real currencies have a value, or, unreal currencies (like the Venezuelan Bolivar) don't. They just saw Matt Damon and Tom Brady telling them they were going to get rich and fell for it. A quick profit is always hard to pass, more so if you don't have the financial training or smarts to see the scheme.

[ti-amie]

P1/2

[ponchi101]

Yes, the little people.
But from the picture in her profile, it seems that this was a young person, and therefore somebody with no knowledge of what a Ponzi scheme is because she never lived through one.
Wonder how many more Molly's there are.

[ti-amie]

p 2/2



Molly White @molly0xFFF
"... and that should anything go wrong they have more than enough money to make all depositors whole. He also started that he himself would personally compensate investors to make them whole if ever needed."

Molly White
@molly0xFFF
·
Jul 21
92: "I am very affected by Celsius Network freezing my account and filing bankruptcy due to lack of risk management and false promises. Even though my assets were not in six figures, that was the majority of my life savings and retirement fund."

[ti-amie]

They really don't and wouldn't care.

[ponchi101]

The next and only thing they will read will be their serving papers.