Crypto CEO Accidentally Describes Ponzi Scheme--UPDATE--Bankman-Fried arrested in the Bahamas on money laundering and fraud charges.
- Thread starter ogc163
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ogc163
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What's funny is that's not any old crypto CEO: dude is the CEO of FTX which is a top 30 coin and at one point the market cap was $10 billion. That's somebody many crypto bros would regard as one of the few' "geniuses" in the field.
Like I said in the other thread:
Full read:
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Like I said in the other thread:
Full read:
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I've tried explaining this in the TLR crypto threads. They just say, "If you aren't invested in crypto you're just a hater" followed by "HODL!"
ogc163
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Sbp
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The host himself says at 1:08 that not all yield farming is a ponzi scheme though. Sam is a crook still.
ogc163
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Lmao looks like Celsius is up next on that summer jam screen
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Piff Perkins
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I have some bitcoin and certainly think that in the long term, the idea of digital currency makes sense and will be used. But there's no question a very large percentage of the market share right now is grift and con shyt. When I say market share I'm talking about the general discussion of crypto - the marketing, the conversations on social media, the statements by major figures including Elon Musk, etc.
In the 1980s during the Wall Street craze, countless sales firms across the nation found ways to purchase census data on hundreds of thousands of Americans. By targeting (white) men in certain income brackets, they were able to push stocks and create billions of dollars. Obviously some stocks were great investments, but many were blatant trash and a lot of people lost money. I feel like we're seeing something similar happen now on a broader scale with far worse products. At least buying a stock in a reputable company offers benefits based on the performance of the company. Here, there is no real value or benefit in a lot of these products and it's instead based on pumping the value with noise. People taking about it on twitter. Maybe Elon Musk talks about it. And sooner or later it gains value only to inevitably implode. Again and again.
In the 1980s during the Wall Street craze, countless sales firms across the nation found ways to purchase census data on hundreds of thousands of Americans. By targeting (white) men in certain income brackets, they were able to push stocks and create billions of dollars. Obviously some stocks were great investments, but many were blatant trash and a lot of people lost money. I feel like we're seeing something similar happen now on a broader scale with far worse products. At least buying a stock in a reputable company offers benefits based on the performance of the company. Here, there is no real value or benefit in a lot of these products and it's instead based on pumping the value with noise. People taking about it on twitter. Maybe Elon Musk talks about it. And sooner or later it gains value only to inevitably implode. Again and again.
its not an accident. he's describing what it literally is.
Crypto really makes me feel old and out of touch. I keep reading it's the future, but I personally can't think of a situation where I'd need to use crypto over a Visa. Maybe I need to do some more research.
It's all hype.
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First she documented the alt-right. Now she’s coming for crypto. — The Washington Post
Molly White, a 28-year-old software engineer who edits Wikipedia pages in her spare time, has become an unlikely thorn in the side of the burgeoning cryptocurrency movement. As the tech and finance world largely embrace crypto tech, she's helping lead a band of skeptics pushing the other direction.
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