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May 15 • 8 tweets • 3 min read
Hey @celsiusnetwork users, DM me with proof that you've withdrawn 1 BTC or more from Celsius to self-custody, and I'll personally give you one year of membership in @SwanBitcoin Private Client Services ($3000 value).

#Bitcoin #Celsians
"Cory thanks for your tweets and warnings. I am working to turn off hodl mode on Celsius, close my btc loans, and withdraw to cold storage.
Thank you"
🤣🤣
"Cory I never trusted Celsius with BTC however I did put some USDC with them in the fall to earn interest as basically a high yield savings vehicle via USDC. I think I had it there for maybe 3 months before I just got really spooked after the arrests of the C suite executives"
OVER 40 DMs already. Will get to everyone tomorrow or Monday.

You're going to have a great conversation about Bitcoin next week with one of our experts.

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More from @coryklippsten

Cory Klippsten Profile picture
May 15
How Celsius rehypothecation practices can make your crypto go POOF! Another excerpt from WantFi

"Say a hedge fund wants to lever up their 10,000 ETH position, currently priced at say $3,000 per ETH.
They borrow the max $15 million and buy 5,000 more ETH and keep it on the platform. Celsius is earning say 10% on the $15,000,000.
They could just stop there and hold custody on the ETH for the 10% interest but instead they decide to rehypothecate the collateral and deposit it on AAVE and earn 4% on the whole 15,000 ETH. The hedge fund is no wiser about where their collateral is at.
Read 14 tweets
Cory Klippsten Profile picture
May 15
"Celsius is Currently Operating as a Technical Ponzi Scheme"
Excerpt from article by WantFi

"Unfortunately, the revenues are not currently sustaining the business.
When I first started looking into the company, I was very intrigued by the following statement because I have looked at the financials for hundreds of companies:
"Celsius returns up to 80% of what we earn (and that’s before we deduct any expenses)"
(source: blog.celsius.network/what-we-do-how…)

That sentence belies the fact that they are paying out 80% of revenues, not earnings.
Read 11 tweets
Cory Klippsten Profile picture
May 13
TD₿: Bitcoiners: The Future Capital Allocators of the World (a presentation) by American Hodl
TL;DR After hyperbitcoinization, Bitcoiners will have the capital to invest in businesses and people that will help shape a prosperous future for the world. 1/7
Hey Bitcoiners,

Many of us have this feeling around Bitcoin that it is inevitable.

I believe this feeling has two origins:

1.) We know that the current debt-fueled fiat system is unsustainable. 2/7
2.) We know that Bitcoin is unstoppable code, and there will only be 21 million.

So, as a thought experiment, if hyperbitcoinization is all but assured, that means in the future the bitcoiners of today will be some of the most wealthy individuals on the planet. 3/7
Read 7 tweets
Cory Klippsten Profile picture
May 12
TD₿: What Bitcoin Did in 2018 by @MartyBent with @PeterMcCormack

TL;DR Bitcoiners are born in fire as they continue to learn and accumulate through bear markets. 1/7
Hey Bitcoiners,

The comparisons to Bitcoin’s 2018 bear market are becoming more evident every day. 2/7
In the winter of 2018, we had a Federal Reserve raising interest rates, deteriorating financial conditions, the stock and bond markets were rolling over, and Bitcoin was already down >60% on the year. 3/7
Read 7 tweets
Cory Klippsten Profile picture
May 9
IT'S JUST A LOAN GUYS NOTHING TO SEE HERE 🤡
#DontKwon
🤣
Read 5 tweets
Cory Klippsten Profile picture
May 8
It's almost like the market is discovering UST is a ponzi scheme...
👀 get in bed w thieves, watch them dump your sh*tcoin at the worst possible time 🤣
Read 4 tweets

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