Thread by @intel_jakal

@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.

@newmoneyreview unroll @threadreaderapp