"At night I dream of a golden child with the same face as me. Separated by the vastness of space I miss my Monchichi. I take solace knowing we see the same stars twinkling high above. Without question, the most dangerous drug in the world...is love."
2023 Has been full of surprises. The relief rally finally showed up and BTC is pumping up like a new tire. If the momentum continues 30K is on the way. As I said in a previous blog, I don't think the bear market is completely over. If the weekly 50 ema moves back above the 100 ema I call that the silver cross (like the golden cross), then I'll become a believer that the next bull run has begun. In the mean time futures trading the swings has been a wild experience. Talking about riding turbulent waves.
The recent developments in the Celsius case have revealed enough information on insider corruption that it's hard to believe Alex Mashinsky won't go to jail. I never wish incarceration on anyone but some people really ask for it. I won't bore u with all the litigious details. The most criminal evidence presented during the court hearing was, that Celsius encouraged new members to deposit funds. Then, they would take those funds and use them to pay for other members withdrawals. Alex knew they didn't have the money and continued to take yours.
The situation is just as bad as it looks when reading it. What was just described is straight up theft! Even when u take in consideration FTX's role in the case, the operators of Celsius are still guilty. I don't rule out collusion between the two companies. There was a lot of backdoor dealings and greed that resulted in our funds being confiscated. The money is currently being gobbled up by lawyers while we creditors wait for the crumbs. The way things look there are two outcomes. The first, is that a big company buys Celsius and possibly repays creditors between thirty and fifty percent of their assets back. This is based on the value of the assets at the time of bankruptcy. The second, which is least appealing is that no suitable bid is presented and the case goes into Chapter 7 which is liquidation. In that case very similar to what is already occurring the lawyers get paid and the creditors receive nothing. Case over.
When comparing the two option neither is very appealing. Still. Getting something back is better than nothing. According to the hearing dates we will know the verdict sometime in the next six months. If Alex does go to jail he won't be alone. He can hangout with his old buddy SBF and trade investing tips. Not long after my last post SBF was arrested for his role in the downfall of FTX exchange. When the police showed up at his door I bet SBF was more nervous than a long tail cat in a room full of rocking chairs. You know he never expected to go to jail. Getting guys like them out of crypto is the right move for the industry. Now that so many big players are gone from the space a vacuum has been created. It will be interesting to see who steps in to fill it.
One of my favorite places to create is ending next month. Bored.ai the place where I discovered digital painting and learned to appreciate the craft. They're closing the discord server March 15th. After spending the last year evolving with the system upgrades and running a community club...its a sad feeling for the journey to end. The upper management stopped providing funds for the discord but let the NFT project continue. Since the announcement several community members have put in bids to buy the server. It's a nice ideal but I'm not getting my hopes up. Digital painting is a great way to expand your vocabulary while exercising the imagination at the same time. Since learning "prompt engineering" (which is using descriptive words to generate an image.) I've found there are a lot of new AI digital painting companies. Lucky for me a fellow club leader opened his own server call the the Alien Tech Club where I practice using many of them.
To be honest I haven't had a lot of time for painting, digitally or on canvas. Aside from doing some home renovations, and navigating difficult tax situations. I've been writing music and preparing for my show next month. I'm performing at the seventh edition of the RAHH (Raw Amsterdam Hip-Hop) event. It's the same crew, same place, dope beats and chill vibes. If you're in the area come through and party with us. 2023 has been keeping me busy and I'm enjoying the momentum. Hopefully things continue moving in a positive direction.
"In this world there are dark creatures, shadow dwellers, predators that hunt in the night. There's no protection from these nocturnal beasts...so always try to stay in the light."
Halloween is the theme. The time when nightmares consume dreams...and u get a whole lot of candy. With a pseudo holiday looming on the horizon the city is filling with travelers. There are already parties with people adorned in masks and furry costumes. During this period when days are shorter and the nights colder it's good to catch up on world news because things are getting interesting. Around the globe there is fear of economic collapse, devaluation of almost every currency against the dollar and many other fearful headlines. That's only half the news. The juicy stories about innovations in science, technology, and renewable energy get pushed to page two. Lets talk about those stories and the new developments with the Celsius case. Alex Mashinsky was serving nice guy Kool-Aid and we were all drinking it. Similar to cult leader Jim Jones of the Jonestown massacre, Celsius caused many people to commit suicide. We'll unpack that news later.
First, Sinogene Biotechnology, a company out of Beijing successfully cloned the first wild Artic wolf. The Artic wolf Maya, died sixteen years ago. The new Maya is a clone created by a process called ¨Somatic Cell Nuclear Transfer¨. A Beagle was used as the surrogate host that allowed Maya to be born. Beagles are genetic ancestors of the artic wolf. Maya is the first of her kind. But she's not the first clone created using this technology. The first successful clone was Dolly the sheep in 1996. Cloning technology in movies like Jurassic Park show how dinosaurs and other extinct animals could be revived by collecting enough of their DNA, then hybridizing it with a modern ancestor. Science is now at the threshold of being able to achieve that same goal. Imagine in ten years u could go to a zoo and see a miniature Stegosaurus right along side the lions, tigers, and bears.
In the field of astronomy and interstellar exploration, researchers have gained new data on 3 exoplanets in the Trappist 1 solar system that are in the habitable zone. The habitable zone is where a planet potentially fills the conditions to support life on earth. It has to be close enough to its sun to have land mass, oceans and oxygen. Yet far enough away that it doesn't cook us. Trappist 1 system is located in constellation Aquarius 40 light years away. This star system was first observed in 2017 by the Hubble, Kepler and other telescopes. There are a total of seven exoplanets in this red dwarf star system. Trappist 1e, 1f, and 1g are all in the habitable zone. It's 1e that has researchers excited. In 2022 the JWST (James Webb Space Telescope) observed Trappist 1e for several hours. Once all the data is deciphered astronomer's will know whether or not the exoplanet has an earth like environment. Since this is an older star system life forms there could be millions of year more advanced than earth. While we are looking at them through our big lens. They could have a bigger one looking back at us.
In the field of alternative energy a Dutch company named Flower Turbines has created a tulip shaped wind turbine. These turbines are on a vertical axis and designed to collect wind from any direction. When flower turbines are grouped together they drive wind into one another which results in a fifty percent increase in energy output. The turbines unique design helps them function at very low wind speeds, only generate sound from the wind, and makes them safe for birds. This technological advancement in renewable energy comes in a range of sizes and colors which makes them idea for a household or off the grid backpacker. The creators tried to combine beauty, art and functionality. Just one full sized turbine can reduce the energy costs of a household by one third. This could be helpful for people in low income environments with less access to electricity.
As the Celsius bankruptcy battle unravels in court the story has more twist and turns than a spy novel. There are many facts that were revealed by the courts that the owners lied about. One of the most shocking developments in the case was the doxing of all users of the Celsius platform. Doxing is the release of company information to the public. That means all the creditors who were part of Celsius when they went bankrupt had their account information released to the public. As surprising and damaging to privacy as that was, some aspects were not a bad thing. The reason why is, once the information was made public we (the creditors) found out that at least twenty percent of the people ranting about Celsius on social media don't have money on the app. Some don't even hold Cel token. There are people who just like drama and are involved to spread dissent in the community. I left five figures in the Celsius app and I invested another five figures through bnktothefuture buying equity in Celsius company. That means I have skin in the game and the right to speak on the situation. If u don't have crypto on the Cel app, or in Celsius custody, u are not part of the conversation. Therefore u need to sit down, watch the news, have an ice cream, and shut the f**k-up! Nobody is interested in your opinion.
Here are the facts that were released to the public. While Alex was telling everyone to trust Celsius things were going to be fine. Him and his top Celsius buddies removed their funds before withdrawals were halted. The company was insolvent long before withdrawals were halted due to over leveraged trading using creditor funds. In laymen terms Celsius was gambling with the creditors money while telling us the funds were in a savings account. The hole that Celsius created is in the billions. Now it makes sense that Alex would try to leave the country as the news reported. The Celsius community is strong and has almost a cult type following. No one (including me) wanted to believe all the negative rumors. Alex had the nice guy routine perfected and a lot of really smart people fell for it.
Now that Celsius is in Chapter 11 bankruptcy there is going to be a bidding process. Depending on how that process goes private companies could confiscate the assets and creditors get nothing. There is a group of individuals involved in the case trying to make sure that outcome doesn't happen. One of the people at the forefront of the fight is co-founder ofbnktothefuture, Simon Dixon. I've always had respect for Simon for what he's accomplished in the crypto space. That's one of the reasons I've been a member of bnktothefuture for so long and why I invested into Celsius through his platform. At first I was critical of Simons intentions because he was saying a lot of things that, at the time couldn't be corroborated. Also there were rumors that he was a vulture and wanted to buy the company assets for pennies on the dollar. No one knew what to believe. Fast forward three months and the truth is revealed. Everything Simon said would happen with the company did. He was right. Also, Simon is a creditor like the rest of us with funds trapped on the Celsius platform. He has compiled a seven part video series discussing his proposal for a Celsius recovery. His plan is gaining traction from the community but it will be some time before we find out if it can be implemented. Understand that I am in no way indorsing or opposing his plan. I'm only sharing public information that u may not be aware of. Check out the first part of his video series below.
Right now an examiner is investigating the Celsius case. It's possible that criminal charges will be brought against the Celsius board members, but that remains to be seen. There's a possibility that we will receive a portion of our funds returned in the future. It's also possible that Simon Dixons plan could be chosen by the examiners. All these events are possible, but there's only one thing that's a fact. No matter how much capital u lost on Celsius, it's not worth your life. People say Celsius caused more suicides than Jonestown and Terra Luna combined. Don't throw your life away because of money. You can earn money back...but u only get one life to live. Savor it. Also remember life can be like the bitcoin price. It will fall down on hard times but if u have perseverance and patience it always reaches new heights. (deep thoughts from a shallow mind)
May u be blessed with health, wealth, and prosperity.
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