TD₿: Bitcoiners are Not Toxic — They Have Integrity by Tomer Strolight
TL;DR Scammers will always lie to you and pretend to be your best friend, while Bitcoiners will show you tough love and tell you the painful truth.
Hey Bitcoiners,
Since early May, I’ve been loudly warning investors about the risks involved with holding bitcoin with Celsius. (Read thread here.)
Late last night, Celsius finally threw in the towel and released this memo from their official Twitter handle that read…
All trading and withdrawals at Celsius have now been unilaterally halted indefinitely. This is even more concerning for individuals who still have bitcoin with Celsius when you consider this clause found in the small print of their terms and conditions.
Unfortunately, this scenario is exactly what I was trying to warn people about. Celsius was always a shady company led by founders with questionable histories. They were misleading people into becoming unsecured lenders to what was essentially a risky, unprofessional hedge fund.
When you had your bitcoin parked on Celsius, your savings were being used by Celsius to make risky bets for their business. Now it appears Celsius’s luck has dried up, and insolvency looks to be on the horizon.
Only weeks ago, Celsius CEO Alex Mashinsky was attacking Bitcoiners, and myself personally, for encouraging people to withdraw their bitcoin from Celsius. Now that option is sadly no longer available to those who ignored our alarm bells.
I was labeled as “toxic” and a “fear-monger” by people as I tried to warn them about Celsius, but it is not toxicity that drives me. I simply do not want to see people lose their life savings to more scams and shitcoins. If I helped only one Bitcoiner protect their sats from this debacle, then all the flack I got from calling it out when I did was well worth it.
Tomer Strolight wrote this piece that explains the virtues of Bitcoin “toxicity” and why it should be seen as a feature and not a bug (05/18/2021).
As a CEO and leader in the Bitcoin industry, I consider it a part of my job to educate the public on the very real risks of these companies and shitcoins, and, as a result, I will continue to do just that.
It is not because I am toxic; it is because I care.
Tick tock next block,
Cory Klippsten
PS - We are launching a new show! Hard Money with Natalie Brunell, check out a preview here.
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Quote of the Day
“Bitcoiners protect new investors from scams in this space better than regulators tbh.” - Hailey Lennon, Partner at Anderson Kill
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Our amazing Cory, thank you for all your work!
Thanks Cory