@newmoneyreview Well this is the next thing to look at....who actually paid for and were issued CEL tokens at 30c ....ftx and bitfinex I'm guessing between the three and their perifeey they would control literally the whole market...it trade a like a non bouncing dead cat.
@newmoneyreview CEL tokens issued 30cents went 10x by Q3-2020...Dec 2020 the last month of the financial period the price went vertical closing year out at $5.45. adding $2B to Celsius balance sheet....ironically rather than be penalised for issuing far more than market demand
@newmoneyreview they instead gorged their own balance sheet by holding in treasury. How anemic would this balance sheet be if the treasury shares were booked at cost (zero) or issue price (30cents).
@newmoneyreview Yeah ok ...maybe it was important then but the price is half and they have $20B now ....right? Well kinda....Certainly they have 100% beneficial right to anything and everything in a celsius account....they make that very clear.
@newmoneyreview To attract the capital you have to entice with a better than others return....to make an outsized return you have to take more risk...doesn't take much to go from savvy and fearless to deluded and desperate
@newmoneyreview I pulled this numbers to illustrate how important to Celsius that holding/controlling CEL token on their own balance sheet is. Virtually the entire CEL token market is OWNED by Celsius as all user assets held in a celsius account are deemed beneficially owned by Celsius.
@newmoneyreview But isn't the community benefiting by Celsians by buying tokens from the market with 10% of profits and burning those tokens? Well if that really was their intention they would have burned the 117m extras that they couldn't sell for peanuts.
@newmoneyreview The sole purpose of using a percentage of the profits to buy CEL tokens in the market is to help support the market price....remember they control almost all of the tokens they are buying from the slither of a market they don't control.
@newmoneyreview How much do they control....100% of the top table and no doubt they have a good idea who holds some of the balance...Doesn't look like much a market does it.......Pretty easy to see how they can offer a 25% premium to entice punters to take their returns in CEL
@newmoneyreview But hey excluding the CEL they still have 17.5B right?
@newmoneyreview Well kinda....just as their customers are looking for the highest return and willingly (mostly unknowingly) hand the keys over....Celsius too is willing to lose control of those same assets with promise of a high return....in some cases.
@newmoneyreview they are actually willing to pay for the privilege of losing control of their most valuable assets.
@newmoneyreview Yeah I'm talking about the couple of billion of actual bitcoin on Tether's balance sheet that Celsius lent (aka gave control to) because they were so desperate for #tether let that sink in and go back and read the thread again.

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More from @intel_jakal

29 Nov
#celsius flywheel of bullshit. Image
we have no external shareholders.....other than those external shareholders we have..ffs #flywheelofbullshit Image
What they say: we share our profits with the community
What they do: We retain 100% of communities assets and profits until you close your account. Image
Read 4 tweets
29 Nov
So the second you transfer any digital asset into a #celsius account beneficial ownership changes. Its no longer your asset. Image
This means your ability to manage risk becomes binary - either the assets are with Celsius or not with Celsius.
So what? As long as they pay out best in market returns why would you care? 1) Risk vs return. Bitcoin or bottletops, Buffett or Saylor- it doesn't matter who or what you can't disconnect risk from return.
Read 7 tweets
28 Nov
Today I wasted too much time trying to reconcile some fairly basic numbers for #celsius which was a bit frustrating and I was scratching around trying to work out where I'd gone wrong.
So I'll throw it out to twitter ..... Someone tell which one of these numbers on celcius.network/cel-token-expl… page is actually correct?
Ok its a bit of a trick question....As literally all of them are incorrect in one form or another.
Read 7 tweets
25 Oct
just got around going through #celsiusnetwork financials for Dec 2020 accounts. (see my previous posts re:$150m secured debt). I probably won't finish off the analysis until end of the week (pulling all the data into sheets is a pain). here's something to make you go 🤔
For clarity even though its a UK company all figures are in US'000.....which means the assets shown are US$4.709B and 'net assets' are US$1.44B.....I'll admit. once I realized the numbers were billions not millions....I was kinda impressed...
...I should say cautiously impressed....how did they go from $290M net assets to $1.5B in 10 months?
Read 18 tweets
11 Oct
I've been asked a couple of times how I was able to aggregate the daily #tether transparency pages so I thought I'd share the data.
Shared googlesheet >>> bit.ly/3iQ3W5U #OSINT
While you could scrape the html table direct from the transparency page its only provides the last 24hours.
Wayback machine captures the page multiple times per month. Use the IMPORTHTML function (USDT is "table 3")
Tether gold is "Table 6". As XAUT is reported in 'oz' and note $ and only issued on Eth. The empty columns have been removed and converted to US$m using daily #gold price from gold.org
Read 5 tweets
12 Jun
@CasPiancey @BennettTomlin @ThinkPolOfficer One of the niftiest SNA I did on #quadriga's #paytrn was scraping #michaelxbt google+ links. I would have been able to pull even more degrees of connections if I had thought of it earlier.
Link analysis >>
@CasPiancey @BennettTomlin @ThinkPolOfficer As the week I was pulling the data was literally the same week that google began to shut down the service. Over time the profile images also disappeared as I had just used the image lines direct from the google+ account
@CasPiancey @BennettTomlin @ThinkPolOfficer I remember there was quite a bit of interaction with #lifeboat's #ericklien. It was also obvious that he was pretty tight with that muppet #francispoiliut who nominated #patryn as a director for the #bitcoinfoundation.
Read 12 tweets

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