So their Manifesto is awful and these people are awful BUT employees are called Krakenites. That is a plus in my book!
Menzo
3526
Some people watch Wolf of Wall Street and see a cautionary tale. Others see something to aspire to.
The verbiage is the Vice article’s deck is really all I needed to read:
Kraken CEO Jesse Powell said workers were upset by things like “pronouns, [and] whether someone can identify as a different race and be allowed to use the N-word.”
Everywhere you turn at the moment in the crypto space, something is going down that is connected to Celcius. It’s like they are trying to call in all their debts and a big ripple is propagating out from them.
Timex
3530
I feel like there ain’t that much uncertainty about what’s going to happen here.
Lantz
3532
If you are a bank offering interest on deposits, you have to then loan that money out in a way that has a greater return on investment to both cover the interest you are paying out and expenses.
So offering 2% on a CD while loaning out mortgages at 4% or whatever.
These crypto psuedo-banks like Celsius were offering 8-19% interest on deposits. So hypothetically if they were acting in good faith like a real bank then they have to turn around and loan that out in a way where they are making more than that. There’s arguably no way to actually do that and definitely no low risk way to do it. So absolute best case scenario is that they loaned all the money out to high risk crypto hedge funds that are all blowing up right now and will not pay back the loans.
Any return of 8% or more is a giant sign that says PONZI SCHEME.
You really should read the NYT piece lol.
In April, a Kraken employee posted a video internally on a different Slack group that set off the latest fracas. The video featured two women who said they preferred $100 in cash over a Bitcoin, which at the time cost more than $40,000. “But this is how female brain works,” the employee commented.
Mr. Powell chimed in. He said the debate over women’s mental abilities was unsettled. “Most American ladies have been brainwashed in modern times,” he added on Slack, in an exchange viewed by The Times.
and
Mr. Powell reopened discussion on Slack the next day to ask why people couldn’t choose their race or ethnicity. He later said the conversation was about who could use the N-word, which he noted wasn’t a slur when used affectionately.
rei
3535
This was a distraction to get ahead of the NYT piece.
Turns out crypto isn’t all bad.
Yes.
Finally some really good news.
Wouldn’t put too much stock in it - he could have made bank by getting out early, and now preserving his position as “just like any one of you” so he can prime the next pump and dump.
Menzo
3541
Also keep in mind that Jake and Logan Paul’s definition of “poor” may differ from…well, pretty much anyone with an actual brain.
https://www.bloomberg.com/news/articles/2022-06-16/musk-tesla-spacex-are-sued-for-alleged-dogecoin-pyramid-scheme
Elon Musk, SpaceX and Tesla Inc. were sued for $258 billion over claims they are part of a racketeering scheme to back the cryptocurrency Dogecoin.
Keith Johnson, “an American citizen who was defrauded out of money by defendants’ Dogecoin Crypto Pyramid Scheme,” sued Musk and his companies, claiming they constitute an illegal racketeering enterprise to inflate Dogecoin’s price.
Musk didn’t immediately respond to emails seeking comment on the suit. Representatives of SpaceX and Tesla, and Tesla’s legal counsel, also didn’t respond right away.
JoshL
3544
You tease, that’s in Euro.
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