[Blood, Passion and Rage]
NFT minted on #ETH Block 11598506 - during the morning of #January6th 2021, at the outset of the US #CapitolRiot.
"A Day to Remember.
A Block to Memorialize."
1/1 piece listed for a limited time: https://t.co/y1rorpaZDZ
#NeverForgetJanuary6th
@otisa502@SimonDixonTwitt@CelsiusNetwork Ok, I’m not familiar with the technicalities.
Conceptually, Otis, do you agree that the depositors/users were scammed/defrauded by Alex and co. (notwithstanding that there were other parties who might have triggered/aggravated the crisis)?
Appreciate your views.
Here is my current thinking on Ionic and the Celsius creditors.
We think there is value in Ionic’s infrastructure. We think with the right leadership, there is a business model that serves crypto mining, AI and green in a way to create real enterprise value for the business. Core Scientific has demonstrated this path, and it is something that could and should be replicated at Ionic. We need this path to value to generate liquidity and ultimately return for creditors.
We are going to propose to the board a new CEO and board representation, and a quick process to evaluate what Ionic has now and how to best execute on a plan to create value. Within 90 days of the start of this process, we will raise sufficient capital to provide liquidity to those who want out. For the remaining shareholders, we will list the Ionic stock on the Figure Markets ATS in advance of a form 10. We will pursue market makers for liquidity and allow stockholders to borrow against and/or use stock as collateral on the exchange.
In consideration for the value being created by listing the first public equity native to blockchain, Figure Markets will contribute crypto and equity to Ionic, for distribution to shareholders.
As we will have stockholders onboarded to Figure Markets, we are in best position to take over distributions and to the extent possible, will pursue this with the court.
We’ll share more info on this proposal shortly. If Ionic chooses to not pursue this path, we will work towards calling a shareholder special meeting, which will require 25% of the outstanding shareholders.
This was not a bailout. During the GFC, the gov’t injected taxpayer money in the form of preferred stock into banks. Bondholders were protected and shareholders were diluted to varying degrees. Taxpayer money was put at great risk. Many people who screwed up suffered minimal to no consequences. Those were bailouts.
Here, shareholders and bond holders have been wiped out. The @FDICgov insurance fund capitalized by premiums paid by banks will absorb any losses. The fund will recoup any losses by assessing more premiums on the banks.
Had the @FDICgov@USTreasury and @federalreserve not intervened today, we would have had a 1930s bank run continuing first thing Monday causing enormous economic damage and hardship to millions.
More banks will likely fail despite the intervention, but we now have a clear roadmap for how the gov’t will manage them.
Bank boards and managements have received a massive wake up call. Being a director or CEO of a bank that fails is no fun: years of litigation, regulatory investigations, personal liability, potential civil and criminal charges, and enormous reputational damage.
Our gov’t did the right thing. This was not a bailout in any form. The people who screwed up will bear the consequences. The investors who didn’t adequately oversee their banks will be zeroed out and the bondholders will suffer a similar fate.
Importantly, our gov’t has sent a message that depositors can trust the banking system. Without this confidence, we are left with three or possibly four too-big-to-fail banks where the taxpayer is explicitly on the hook, and our national system of community and regional banks is toast.
Our government did the right thing for the country. We are very fortunate it did so.
HOW TO RELIABLY STOP HICCUPS:
Hiccups = phrenic nerve-to-diaphragm
spasm. To de-spasm that circuit, inhale maximally (via your nose) 3 times with no exhales in between. Then hold your breath for 15-30 seconds & then slowly exhale (via your mouth). Done.
NOT Legal Advice. Disclosure. I WILL be filing a #Celsius claim form with an overview of my complaint attached by Jan 3 2023 “CELSIUS CLAIMS - Should EVERYONE File A Claim For Fraud & Misrepresentation” https://t.co/sUfHj6JowQ via @aaronbennett Let’s discuss @DavidJAdler1991
Introducing https://t.co/Kd3QZN6THs 🚀
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If you are in support of insider clawbacks, Like / RT this thread 🧵👇 and tag @CelsiusUcc
This action alone may bring back over $50M+ to creditors (more than GK8 bid), and allow us to fire insiders from Celsius's re-org plans, greatly building trust among creditors to re-org.
If you want to help #Celsius creditors @novogratz do us a favour. Add to your GK8 asset purchase agreement that you will only pay in #Bitcoin & that the funds can only be used to fill creditors hole. This will help us recover & cost you nothing. Check your email. 🙏👀