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| Your crypto purchase bought me another bottle of champagne for my asshole! |
Hey you! Yeah, you! Join the 21st century! Get out of the Stone Age! Money isn't rocks! Crypto comes from computers! Real Money is 1s & 0s. Give us that worthless fiat currency and we'll give you these digital tokens! Trust Us! Crypto isn't some Scam!
Of course, when you realize that Crypto Currency is a massive scam and that the creators of the scam made the money then you realize the goal isn't to create the Block Chain or create Non-Fiat Currency or Democratize Banking or The Digital Currency Utopia but to swindle hard-working but, financially immature or novice investors of their Real Money then you understand that a BitCON Artist actually made that $50,000 USD.
Every cryptocurrency is a scam to transfer money to thieves from hardworking people. Yes, some individuals may have successfully rolled the dice in the crypto market over the past 5 years and made a small fortune for themselves (doubtfully over $1,000,000) but, in the aggregate a lot of innocent, inexperienced, or foolish people invested money they could not afford to lose... and... lost it.
The FTX Sam Bankman-Fried scandal is merely the latest biggest of the crypto scams not the only one. Bankman-Fried took the real money he was swindling from people and used it to buy real assets, cases of $10,000-a-bottle champagne, multi-million dollar ocean-front Bahama properties, politicians... And then everyone involved in FTX was getting high and fucking each other as they swindled and screwed people out of their life-savings. And then $30,000,000,000 was gone. Straight up embezzlement.
In July, 2022 Three Arrows Capital collapsed in a spectacular flame out of, at the time, the biggest crypt scam as the two founders Su Zhu and Kyle Davies vanished leaving the $150,000,000 superyacht Much Wow, in dry dock in the Italian port of La Speiza. The fallout from Three Arrows Capital Ponzi scheme affected numerous other companies,
Crypto companies from New York to Singapore were the direct victims of Three Arrows. Voyager Digital, a publicly traded crypto exchange based in New York that once had a multibillion-dollar valuation, filed for Chapter 11 in July, reporting that Three Arrows owed it more than $650 million. Genesis Global Trading, headquartered on Park Avenue, had lent Three Arrows $2.3 billion. Blockchain.com, an early crypto company that provided digital wallets and evolved into a major exchange, faces $270 million in unpaid loans from 3AC and has laid off a quarter of its staff.
Among crypto’s smartest observers, there is a widely held view that Three Arrows is meaningfully responsible for the larger crypto crash of 2022, as market chaos and forced selling sent bitcoin and other digital assets plunging 70 percent or more, erasing more than a trillion dollars in value.
Fortunately, the owner of a Crypto Currency Company 100% on the Up-and-Up determined that Three Arrows was almost uniquely responsible for Crypto's Woes in July 2022,
Sam Bankman-Fried, who as CEO of FTX, a major crypto exchange that has bailed out some of the bankrupt lenders, has perhaps more visibility on the problems than anyone.
“I suspect they might be 80 percent of the total original contagion. They weren’t the only people who blew out, but they did it way bigger than anyone else did. And they had way more trust from the ecosystem prior to that.”
I wonder what ever happened to that guy Sam who said the above quote?
The long NYMag Intelligencer talks about how for a decade the Two Thieves at Three Arrows tried to break into the world of High Finance but were unable to and remained small time, until Crypto came along and they convinced almost everyone their schemes were genius. And then billions of dollars were gone and so were the two thieves of Three Arrows.
In June 2021, Kim Kardashian took her giant oiled ass to Instagram and told her millions of followers to invest in Ethereummax and the EMAX cryptocurrency. Kardashian and several other celebrities were paid icky fiat currency to hype Ethereummax. 6 months later EMAX had lost 97% of its' "value" and, once again real people lost real money they couldn't afford to lose. But, the Kardashian Klan monetized themselves again for icky fiat currency and after paying a small fine to the SEC for failing to disclose Kim was paid to tout the crypto went back to making more icky fiat currency. And now Kim can luxuriate on her ass implants a little easier because a Class Action lawsuit against her was thrown out,
In his ruling, Judge Michael Fitzgerald of the U.S. District Court for the Central District of California agreed that the lawsuit’s claims raised legitimate concerns about “celebrities’ ability to readily persuade millions of undiscerning followers to buy snake oil with unprecedented ease and reach.” However, he explained: While the law certainly places limits on those advertisers, it also expects investors to act reasonably before basing their bets on the zeitgeist of the moment.
Buyer beware indeed! The "Zeitgeist of the Moment" is a nice turn of phrase to describe the latest get-rich-quick and Ponzi schemes thieves have invented to separate regular people from their hard-earned real money.
Laws and Governments are really behind and really underserving their citizens. There are hundreds of laws on the books and thousands of police to catch the pickpocket but, woefully few resources and scant understanding available to police the lawlessness of the digital frontier. And so every so often a 20 something year old "Genius" over-leverages his phony position and uses social media to hype the latest don't-miss-out-on-this-can't-miss Crypto! well... a bunch of people suffer but, that "genius" got to live it up on Other People's Money! And that, living the life on Other People's Money, has always been the dream and goal of all Ayn Randian / Qelon Musk Capitalists in America!
"I believe they and the estimated 40 million other Americans who have invested in cryptocurrency have been sold a bill of goods. They have been lied to, in ways both big and small, by a once-seemingly mighty crypto industry whose entire existence in fact depends on misinformation, hype, and yes, fraud." - Ben McKenzie.
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