99% of crypto are not viable for more than a cycle or two.
Celsius, Voyager and so on offered insane yield, too good to be true. They achieved that through lending. Why would people want to “borrow” BTC?
If BTC is that good, why would people lend out BTC in exchange for lesser collaterals?
Do these companies have the ability to collect bad loans?
The end story is they all over leveraged.
BTC started to counter fractional reserved scheme of fiat, exchanges are now running the same model.
Totally agree, last year's bull market seemed to indicate that BTC's correction would be as insane as its rise, something not expected by those who peaked under leveraged schemes.
Unfortunately many people got carried away by ambition and instead of keeping their BTC they let themselves be convinced in moving their money towards "decentralized" financial mechanisms that guaranteed you lots of profits expressed in tokens of dubious performance, the truth is I don't know what they were thinking, but today they must be selling the "Lambo" to buy a cheaper (and less photogenic on Instagram) utility car.
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