3min chapter

Crypto Critics' Corner cover image

Celsius Network: a Pyramid of Ponzis

Crypto Critics' Corner

CHAPTER

Celiax Network - What Is It, and Why Is It in Trouble?

Celsius promised to pay their customers a yield if they deposited their crypto currencies in their right nominally, as a crypto currency lending platform. But there wasn't enough interest in borrowing crypto currencies in order to pay the rates that celsius wanted to pay to attract more customers. Celsius brought on this random guy who had done a little bit in crypto currency before to effectively take their customer posits and deposit them into these yield firms. Field farming strategies are not a value creation or value o cruel mechanism, right? It's dilution of the token supply. It's ponsenomics. There we an oand go.

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