If you had crypto deposited with Celsius, you no longer technically own it since you no longer control it. Celsius just halted all withdrawals, which is something banks do when they are on the verge of collapse. Now the only real question is how far this systemic purge of the crypto bubble will go: Is Tether about to crater? What about Microstrategies, the largest holder of Bitcoin? CEO Michael Saylor is now publicly trying to assure everyone that Microstrategies won't collapse. Usually this is the kind of thing CEOs say when they are approaching collapse.
Bitcoin itself has fallen from a high of around $69,000 to a little over $20,400 yesterday, representing a loss of just over 70%. "Bitcoin drops as much as 17%, falling below $23,000 as $200 billion wiped off crypto market over the weekend," reported CNBC.com which also covered the Celsius fiasco:
The crypto market has also been on edge since mid-May when the so-called algorithmic stablecoin terraUSD, or UST, and its sister cryptocurrency luna collapsed.
Now, the market is concerned about a crypto lending company called Celsius which said on Monday that it’s pausing all withdrawals, swap and transfers between accounts “due to extreme market conditions.”
Celsius, which claims to have 1.7 million customers, advertises to its users that they can get a yield of 18% through the platform.
Of course, an 18% return sounds really great until your investment principle vanishes overnight in a crypto freeze. Suddenly, you come to realize how high returns often come with high risk.
And remember, there is no FDIC that's going to bail out crypto losses. If your crypto gets wiped out, no one is coming to save you. (Then again, when the fiat currency dollar collapses, no one is going to save you there either...)
Crypto is getting slaughtered because, of course, it was never "digital gold" as was promised by many of its promoters. As I have stated literally hundreds of times in podcasts, interview and articles, crypto isn't digital gold and crypto is not a store of value.
If you think that crypto has "intrinsic" value, then you don't understand crypto.
If you think crypto has no counterparty risk, you don't understand crypto.
Gold and silver have actual intrinsic value and they carry no counterparty risk whatsoever. You do not need any online exchange to keep its promises in order for your physical gold and silver to exist.
Crypto has key advantages over gold and fiat currency, however: Crypto is great for rapid transactions, and it moves across national borders seamlessly, almost instantly. Privacy coins in particular and extremely useful for protecting identities and money spending patterns from the prying eyes of Big Brother. If you have to flee a war zone, for example, it is far easier to do so with a crypto wallet on a thumb drive than a (heavy) suitcase full of silver coins.
That's why I've consistently urged people to learn how to use Bitcoin, crypto wallets and privacy coins like Monero (XMR), which I consider to be the all-around best crypto coin in existence. (Zcash isn't always private, so Monero is vastly superior in my opinion.)
But anyone speculating on crypto and hoping to get rich without effort was always pursuing a Ponzi promise that could never pan out. And it looks like the Ponzi days of crypto are coming to a fascinating, disastrous end.
The reason for this is obvious: You can't create real wealth by programming computers to burn electricity to solve complex mathematical problems that are presented as obstacles merely to "demonstrate work." This does not grow food, create steel, provide labor, mine minerals, transport gas or perform any other useful real-world function. It merely burns electricity and allows a few people for a temporary period of time to pretend like they are billionaires because they have shared ledger spreadsheets containing larger and larger numbers. (This is called a public ledger.)
Crypto has phenomenal real-world applications, but the industry has long been dominated by ridiculous get-rich-quick schemers and wildly unrealistic expectations that were characterized by people like John McAfee and several other still-living crypto promoters who can only be characterized as hucksters who would use social media to run pump-and-dump schemes around arcane crypto tokens that were fabricated solely for the purpose of fleecing money from others.
Personally, I'm waiting and hoping for crypto to stabilize and exit the realm of speculation, hype and Ponzi-like promoters. Only after crypto stabilizes can it be more widely adopted and recognized as a real competitor to fiat currency transactions. Even then, the very structure of Bitcoin is so energy intensive that Bitcoin itself will never be acceptable as a common transactional currency simply due to its massive blockchain storage size and its unconscionable ecological footprint in terms of energy usage.
In other words, I think the future is strong for the fundamental concept of cryptocurrency -- and I hope the privacy coins like Monero succeed -- but in the short term we're going to see a raging fire burning across the speculators and hucksters who were especially attracted to crypto due to the near-complete suspension of fiscal sanity among those promoting it. Fairy tale land often results in a hard landing when the reckoning arrives. (Or should I call it the crypto wreckoning?)
Perhaps this cascading collapse will bring some good people back to their senses and we can finally start to see crypto shine as a practical transactional system rather than a treacherous Ponzi scheme that was always going to fail sooner or later.
The smart people, in my opinion, are buying physical gold and silver. Our platform Brighteon.com has an official gold and silver sponsor that offers extremely competitive pricing and reliable, insured delivery, by the way: BrighteonMetals.com gets you to the Treasure Island Coins and Precious Metals company if you want to check them out.
It's also good to own physical stuff that can't vanish in a digital collapse such as ammunition, firearms, tractors, vehicles, homes, land, water wells (especially for farm irrigation), food supplies, medical supplies and the like.
Listen to my full Situation Update podcast today for more details on the crypto carnage and the vaccine-induced clots that are showing up in the bodies of those who "suddenly died."
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