January 11, 2023 Hello, Insiders. The main way to make money with crypto has been to own some and see its value go up. But there’s an entire side industry around people buying crypto — and then lending it for guaranteed returns. And why were startups like FTX and Gemini so willing to give customers big returns? Two main reasons.    First, it’s just like how a bank gives you interest on cash: The companies borrowing crypto thought the market was going to keep going up and they’d be able to keep paying. Secondly, paying out such high interest attracted a ton of new customers. That made investors willing to give those startups huge valuations — making founders rich.   People say the crypto market is a house of cards, but to me, it’s more like a champagne pyramid built on a house of cards built on sand. It’s … precarious. Now, with that, let’s get started.   — Nicholas Carlson

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