Bitcoin MinerĪll these miners, along with all the bitcoin bulls, have firmly believed that bitcoin will always appreciate in value. Here’s the year-to-date return of all five bitcoin mining stocks we’ve covered over the years and warned investors to avoid like the plague ( company names link to relevant research). As we warned, bitcoin miners have fared worse in every single case. Since the beginning of this year, bitcoin has fallen about 52%. Even the flagship embodiment of Web 3.0, bitcoin, hasn’t gone unscathed. The entire incestuous house of cards has been fracturing as it rightly should. This was in response to a panic flight by clients. One of the largest crypto lenders in the world, Celsius Network, filed for bankruptcy weeks ago when their clients suddenly lost their “diamond hands.”īefore it halted all withdrawals last month, Celsius had accumulated more than $20 billion in assets by giving depositors interest rates as high as 18 percent. Other crypto firms like CoinFlex and Babel Finance have blocked withdrawals because of a lack of liquidity causing the crypto equivalent of a bank run. (If that’s true and they’re opening new client accounts, it’s pretty much the definition of a Ponzi scheme.) Singapore-based Three Arrows Capital, a leveraged crypto trading firm with $200 million of exposure to Luna, revealed that it was nearly insolvent after loaning a bunch of money from the firms that – you guessed it – were just bailed out by Mr. In a recent Forbes piece, he talks about how some crypto exchanges are secretly insolvent. Crypto billionaire Sam Bankman-Fried has been bailing out some players like BlockFi ( had $1.8 billion in loans with no collateral) and Voyager ( a bankrupt crypto lender). The world’s largest crypto exchanges with millions of customer accounts have been on the receiving end of insolvency rumors. News on TheStreet is that a co-founder might be on the hook for taking an $80 million payday while all the lemmings on Twitter wrote suicide notes because they were stupid enough to put their life savings in an investment product offering 19% interest for no apparent reason. dollar along with Luna, a $40 billion crypto asset associated with it, both collapsed. Remember when we warned about one of the world’s most popular stablecoins, Tether? While we’ve been waiting for Tether’s house of cards to come crumbling down, another stablecoin imploded. TerraUSD, a $16 billion stablecoin supposedly built to maintain parity with the U.S. Web 3.0 DAOs ended up being collections of people who spend half their time “influencing” and the other half of their time being interviewed by “influencers.”
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Opensource has been operating as a DAO for decades, and some of the most impressive software platforms out there have been developed by opensource communities. Ah yes, the decentralized autonomous organization ( DAO), an idea straight out of a Karl Marx manifesto. The Crypto Crash of 2022Įven TechCrunch warns us to Get Ready For a Lot of Dead DAOs. Whenever a CEO uses the acronym FUD ( fear, uncertainty, doubt), he’s not a leader, he’s just a one-eyed man leading the blind through his rendition of the Web 3.0 cult which – just like in high school – has its own lingo you need to use to show affiliation. It’s almost like a bunch of high school kids decided to go play capitalism and their classmates invested their parent’s life savings in all the “business models” that were concocted over a bowl of chronic.
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