[HN Gopher] Celsius Acknowledges $1.2B Hole in Balance Sheet
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       Celsius Acknowledges $1.2B Hole in Balance Sheet
        
       Author : T-A
       Score  : 15 points
       Date   : 2022-07-14 21:41 UTC (1 hours ago)
        
 (HTM) web link (www.coindesk.com)
 (TXT) w3m dump (www.coindesk.com)
        
       | bluelightning2k wrote:
       | If I read it correctly it's more like a 1.8 bn hole.
       | 
       | They are counting 600m of their own token, which already had only
       | 170m or whatever of market cap, which presumably now is
       | absolutely worthless.
       | 
       | I don't mean worthless in a conceptual sense like all crypto, but
       | this specific brand of made up money is based on the trust of a
       | bankrupt lender. Nobody is buying that and counting it as 600m of
       | asset is absurd.
       | 
       | It's like writing yourself a bunch of IOUs and claiming it gives
       | you wealth.
        
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       (page generated 2022-07-14 23:01 UTC)