Celsius Collapsing: Causes, Concern, and Catastrophe (Feat. Dirty Bubble Media) - Episode 79

Best media discovery of the last year. Happening upon you two last summer/fall has enhanced my life. As I’ve commented in the past, you provide clarity in a complex new world that too few are willing to focus. Thank you, thank you!

Crypto Critics' Corner is necessary viewing for every major crypto calamity. I wouldn't understand half of what was going on if not for you guys and your guests. Thank you!

Whenever I check YouTube for news on crypto collapses, I get a tonne of weird channels that try to decry the individual crypto bad actors, while glorifying the overall crypto project. Podcasts like yours are a breath of fresh air. Keep documenting the decline!

Non-crypto norman here, your guy’s vids are easy to understand and I appreciate the candor of the DD you’ve put together.

Bennett's face when Cas said "I don't like to make any of these podcasts personal" 😂

Isn't the answer to "where are they getting their returns?" pretty much always "fraud"?

Brilliant, prescient and devastating. I wish I had discovered Dirty Bubble Media a month ago.

My favorite podcast on the internet in 2022.

I’ve been waiting all day to hear your takes

This podcast has quickly become a must-listen. Recommending this podcast to people in my life already invested in crypto has been interesting to watch. The sudden unconscious mental gymnastics and maneuvering makes me feel like I understand the (lack of) response climate change, given that most powerful people are invested in burning more fossil fuels in one way or another.

after all these years it is so demented to see the pileup of ponzi like and unregulated, opaque derivatives all over the cryptocurrency world. just so different than even a few years ago. great explanations cheers

Thank you for making us remember to always be skeptic, I didn't know it went that deep, I saw some AMA's and said: "Meh I guess it's true, if you say so". Man, was I wrong! Didn't invest because I never give my keys, but even talked about them as something that seemed safe.

you guys saved me 300-500bucks before i invested in march

This is one of my favorite episodes, this guy is great!

Mark Burgersburg is awesome, thank you

Celsius is not necessarily a ponzi scheme, but rather, it appears to be just a poorly managed bank. They have invested 70% of their deposits into effectively somewhat illiquid zero-coupon bonds that have an extension risk. The other 30% is invested in high-yielding DeFi protocols, but they can't earn enough yield on them to pay their own high interest on 100% of their deposits. So in order to pay interest to their clients they need to take the money from other depositors, or else sell some of the stETH, which could depress the price. This would work unless the switch to Ethereum 2 is delayed too long, the interest they promise to pay out is too high, they lose money on the investments in the DeFi protocols, or there are too many withdrawals by their depositors, i.e., a bank run.

So glad to see your channel grow! I’ve been listening since last year and the work you guys are doing is amazing!

I totally agree, for me one of the best you tube discoveries this year. Thanks guys. Keep up the good work. I love the vids, like this one, where you connect the dots between different people and protocols. You're like two detectives and i love it. It's educational and exiting at the same time 🙌

You guys are awesome! Thanks for sharing your research. Many other protocols to follow.

Great vid as always. Crypto scams crashing so quick it's important to get these vids out asap for the 'I told you so' effect. Get a lido vid out before they blow up!