So your government pension plan just lost a pile of money speculating in crypto? Too bad. Taking losses for the sake of the collective is a feature, not a bug, of centrally planned systems.
As of June 30, the Caisse had net assets of $392 billion, with the $28.2-billion decrease due to investment losses of $33.6 billion offset by $5.4 billion in net deposits. The losses included a full write off of the fund’s US$150 million investment in crypto lender Celsius Network LLC, which is now in Chapter 11 bankruptcy proceedings in the United States.
Crypto is and has always been for complete and utter morons.
Simply for the fact, no electric ” juice ” no bucks.
It’s all out there floating in the ” ether ” , if I can’t hold it and touch it, it doesn’t exist to me.
Complete and utter FRAUDSTERS, you meant to say….
“The Crypto Geniuses Who Vaporized a Trillion Dollars.
Everyone trusted the two guys at Three Arrows Capital. They knew what they were doing — right?”
https://nymag.com/intelligencer/article/three-arrows-capital-kyle-davies-su-zhu-crash.html
“Over the same period, the Ontario Teachers’ Pension Plan Board reported a positive return of 1.2 per cent on Monday.”
Pity.
With penciled in “private” asset values…
further down in same link.
“Data provided by Health Canada show that more than 425 million grams of unpackaged dried cannabis were destroyed between January and December 2021. That’s 26 per cent of the total dried cannabis produced.”
Interesting article ,highlighting what most of us already knew.
Everything government touches turns to crap.
Healthcare and law enforcement being the past,Cannabis the present and Dental Care the future.
I asked two Bit Coin enthusiasts “What is the difference between Bit Coin and BreX?”
a few years ago,as they were “investing” half of each pay check into bitcoin at that time..
Their response was “What is BreX?”.
Another oldtimer across the lunch room came back with “30 years”.
Watching all the legal dope artists going broke is pure comedy,”told you so” is so pointless.
The dope market would be healthier if Government had declared another “War on Drugs” except then their special friends would have had to find different grants to mine.
“The Crypto Geniuses Who Vaporized a Trillion Dollars”
https://nymag.com/intelligencer/article/three-arrows-capital-kyle-davies-su-zhu-crash.html
Maybe they’ll have better luck at the roulette table.
$150 million seems to be a small loss, when you look at what the CPP did with a 2.5 billion investment in agricultural land that they sold for around $500 million a few quarters later….
Maybe they should try GameStop and BedBath&Beyond…
And who authorised this “investment” of our money. Any accountability or was a bonus paid out.
I like digital money, as long as the gov’t isn’t playing in it, it will have value and not end up like most printed currencies have. So it’s unlike the +50 times the gov’t has declared that this time it’s different…
“This time is different, eight centuries of economic folly” by Reinhart and Rogoff. It’s at Amazon of course…
I like it in the same manner as I like digital music (cryptos), as well as analog music (fiat currency), or live music (silver and gold). They’re all real.
Especially like that Bitcoin is limited to 21 million coins. Unlike that gov’t issued fiat bullshit.
*If a private company lost $33 billion dollars over this time period, how many would be fired? Not “let go” … I said Fired. With possible jail for the malfeasance.
But these are gov’t people. Their rules are different.
This is actually indicative of a much bigger problem. The economy has been a zombie economy dependent on stimulus for so long that real growth is a thing of the past. So there is nothing left for anybody to invest in. How much longer before the pension fund is empty.