Friday, July 1, 2022

The BitCON Implosion

Oh... my... gosh...  did all the Crypto creators simply watch Sneakers (1992) and conclude that instead of the Utopian vision of destroying the financial system and making all peoples equal they would use "THE ITEM" to make themselves the New Economic Aristocracy?

"You know it doesn't work?"

"That's really not important, is it?"

BitCON, the largest of the crypto scams, is currently hovering under $20,000 per Chuck E. Cheese token.  To those deeply invested in the scam this represents an 800% increase!  If you invested in 2014 well you might have hit a jackpot.  Of course if you did not invest prior to 2017, well then you lost real money to this ponzi scheme.

And anyone who did make a little money, probably reinvested thinking they would ride another Peak-and-Valley wave forever upwards...

And at anytime, as this chart from Yahoo! Finance shows, there are roughly 10,000 cryptocurrencies in circulation!  Besides the volatility of the platform, the sheer number of pop-up crypto crap shows how deeply unserious this all is; while also being incredibly serious.  

Crypto Firm Voyager (I admit to having never heard of this company) suspended all trading, deposits, and withdrawals...  Like Hotel California, when you buy crypto you can check in at any time but you can never leave...

Bitcoin (and others) is a fantastic vehicle for stealing actual money from desperate, or unsavvy "investors".

Wyoming Senator Cynthia Lummis, who owns $100-$300 thousand in Bitcoin wants to get pensions and other real money moved into the crypto investment scam to solidify and advance her position.  Sadly, Wall Street Senator Kirsten Gillibrand joined Lummis in the goal of crafting a bill to let crypto steal real money.

Additionally,  the Commodities Futures Trading Commission on Thursday charged Mirror Trading International and the firm's owner, Cornelius Steynberg, with fraud, claiming the company operated as a fraudulent multi-level marketing scheme that scammed billions from investors.

What we are seeing now is the next stage of the con wherein the scammers need new influxes of cash to remain solvent while continuing to post "real" gains.  All the original money from the super early adopters and the giddy initial gamblers can't keep propping up the inflated "value" of the Ponzi scheme.

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