People who fell for the bitcoin bullshit are getting a taste of reality.

[Binkie The Clown]

If something sounds to good to be true..... Well, you know the rest. (Or you should know the rest.)

https://www.yahoo.com/finance/news/crypto-investors-scramble-173004105.html

'I trusted them with my savings:' Crypto investors scramble after accounts frozen

Months ago, Sydney, Australia-based Hamish Tipene took out two loans with Celsius Network. Buying a new home above his pre-approval rate, he staunchly supported the crypto lender’s motto “Unbank Yourself” and used his crypto holdings as collateral instead of selling it for cash.

But when the value of crypto started plummeting a week ago, the collateral Tipene put up for the loan rapidly dwindled and he received a margin call. He needed to add more collateral.

Before he could, Celsius froze Tipene's account, making it impossible to meet the margin call in time. The company liquidated 0.59 of one bitcoin, a value of $11,800 by today's rate. He now faces another margin call that would wipe out another $13,000 in bitcoin, but with his account still frozen he’s up against the same dilemma.

More at link...

[TygrBright]

1. They can do that, yanno. They aren't regulated. Tough, right? n/t

[getagrip_already]

3. We don't need no stinking badges......

The markets will regulate themselves. Greed is good.

(Sarcasm)

[bucolic_frolic]

2. Gee, why doesn't he pay in Non-Fungible Tokens?

Oh.

Asset bubbles enabled by the Fed. Few are aware of market history, but the 1920s saw similar bubbles in Florida real estate as they carved up empty land. Prices rose and rose, there were fakes deeds here and there, it all crashed, and it was all fueled by loose monetary policy from the Fed in the 1920s.

[TwilightZone]

4. "trusted"

I think I see the problem here.

[hedda_foil]

5. Tulipmania redux.

https://m.