Satoshi Wept: How Crypto Replayed the 2008 Financial Crisis
— Wept, Strategy, System, Taking, Crisis, Replayed, Satoshi, Celsius, Yield, Steamroller — 1 min read
Celsius reportedly began depositing on LUNA’s Anchor system in December, where it would have collected something like 20% nominal yield. But Celsius just barely managed to pull out $500 million before that system completely melted down in May. That's nearly the dictionary definition of “picking up nickels in front of a steamroller” – taking immense, opaque risks for modestly above-average returns. And, in this case, doing it with other people's money, it was taking immense risks with others’ money – and doing it in this way with others else's money. In some cases, as with an estimated $50 million lost in the hack of BadgerDAO, it blew up in the Source