Originally aired on July 13, 2023

Cryptocurrency investing and news.

Nick Black provides his commentary on the latest developments with Celsius Network and its former CEO Alex Mashinsky. He discusses how Mashinsky and Celsius made false claims about earning high interest rates through their services and engaged in risky lending practices, which led to the company’s bankruptcy. Nick criticizes Mashinsky and other key figures like Sam Bankman-Fried of FTX for being “scammy douchebags” who took advantage of investors.

The video then covers recent AI and tech news, including Shopify unveiling an AI assistant called Sidekick, Elon Musk launching a new AI company called X AI, Google’s new AI-powered note taking app, and advancements in voice cloning. This segues into market analysis, with Black predicting crypto markets will turn around in the next 200 days once recession tails off, and criticizing the poor performance and arrogance of the Algorand team.

A significant portion focuses on the legal troubles of Celsius and Mashinsky, including Celsius suing Alameda Research and FTX, while the SEC charged Mashinsky and Celsius with fraud. Black expresses satisfaction at Mashinsky’s reported arrest and emphasizes these executives need to face consequences for stealing people’s money. The video concludes with Black advising on taking profits, using an example of a gains harvesting strategy for percentage exits. He stresses the need to take money off the table and not just watch currency values fluctuate.

What shady practices led to the downfall of Celsius Network and CEO Alex Mashinsky?

• False claims of earning high interest rates through risky lending
• Mashinsky displayed arrogance and took advantage of investors
• Engaged in unsafe lending practices that led company into bankruptcy

What recent AI developments were discussed in the video?

• Shopify unveiled AI assistant Sidekick to optimize e-commerce
• Elon Musk started AI company X AI to “understand the universe”
• Google released AI note-taking app focused on personalization
• Updates on progress in AI voice cloning technology

How badly did the video portray Algorand’s prospects and team?

• Criticized market cap as “dog shit” and team as arrogant
• Suggested it will underperform without major shakeup
• Proposed it become sidechain of Cardano to survive

What legal consequences face Mashinsky and Celsius Network?

• SEC charged them with 4 counts of fraud after bankruptcy
• Mashinsky reportedly arrested amid allegations of misconduct
• Video host expresses satisfaction at long-awaited comeuppance
• Emphasizes executives who steal deserve harsh punishments

What exit strategy does the video recommend for taking crypto profits?

• Sell 20% when investment reaches 10x returns
• Sell 10% each time investment doubles from there
• Ensures ROI and avoids running out of tokens
• Stresses need to realize gains, not just watch value fluctuate