These frauds are all being implemented by people with training in traditional finance who used their 'skills' in an unregulated market. In this case, crypto has been the target - not the cause. Fraud cannot exist on the bitcoin blockchain itself because it has solved the double-spend problem. These frauds can only exist in centralized entities, of which bitcoin is not. I hear the blame for these frauds being constantly placed on 'crypto', which is true in part for centralized tokens, as their centralization lends itself to fraud. The decentralized, proof of work, bitcoin blockchain was designed specifically to prevent fraud. This is the primary reason bitcoin maxis try to distance themselves from the other tokens. If you want to look for who to blame in these frauds, look at the universities that teach the financial 'tools' that enable fraudsters to perform these scams, look at the regulators who have chosen not to enforce regulations against financial frauds in this space, and of course, look at basic human nature, which in this case, represents itself as greed, lack of ethics, and lack of integrity. People without a financial background do not understand their tricks and tools, of the fraudsters. This makes them a target for these fraudsters. I know. Ten years ago, I started to study the financial system so I could learn why it nearly collapsed in 2008. I had no idea how much fraud existed in that system, which was before the crypto industry even started. I came away completely disgusted after what I learned. Had the Fed not bailed out all the 2008 banking fraudsters, all our major banks would have been in the same situation these centralized, over-levered crypto firms are today. I see bitcoin as a means to escape this circle of perpetual fraud we call a financial system. In large part, the 'financial system' is a game where people try to win over their 'competitors'. It has little to do anymore with supporting the actual economy that trades tangible goods and services. When I was young, the financial system was ~4% of the economy and the economy worked just fine. Now it is over 20% and the economy has been stressed over-and-over by its excesses and manipulation. While a bitcoin-based economy will never stop all human financial fraud, it would serve to temper it. More importantly, it would force governments to raise taxes in order to fund wars, which would make the world a safer place. And then there is that bitcoin is, as Christine Legard stated, 'an escape hatch' from the existing system, and especially from CBDCs. But that is a total other story.
Depends on which property you're referring to. There could be several adults in many rooms. The problem is that there are just so, so many rooms. Even the property owner doesn't know how many rooms there are. The internal labeling of the rooms is quite poor, from what I understand. So you can see why there's a room counting problem. On account of labels and math and rooms.
They are all Bitcoin Maxis, who tried to warn everyone all the way, got laughed at... They are not even laughing now, just welcoming new people onboard the monetary Noah's Ark...
I had been out of the industry for more than 40 years and my return was due to helping out a friend who got caught by the shipcoin bubble, but in a relatively positive way. I had to learn in record time what this was all about. One of my main pillars of starting to get a grip was (and is) your work. First you schooled me properly, and now your articles confirm my incipient levels of understanding. I am grateful to have been lucky enough to find you in the first place, and just wanted to let you know that you have probably saved or that you are partially responsible for saving a huge amount of people from losing their jobs. Thank you. If you ever come to Spain, find me, let me know. I and many others owe you one, a big one. Kindest regards. M.
Great article ! I think the fundamental failure is that all the crypto players drank the coolaide and believe tokens are money, and clearly they are not. Throughout your article you reference back to dollars-and you must. This is something that was never imagined in the crypto world. When that reference number started to reduce, crypto dabbler’s started to panic and wanted their dollars (not tokens) back. The ponzi was revealed.
The evolution of tweets mentioned is astounding:
11/8: Everything is awesome!
11/9: The tiny bit of exposure we have is equivalent to loose change found in the couch
11/10: Huh, that was the biggest couch we've ever seen!
11/16: Genesis cannot come out and play now.
...because the couch is nuclear lava
The crypto ecosystem makes me feel so dirty right now. Are there any adults in the room?
These frauds are all being implemented by people with training in traditional finance who used their 'skills' in an unregulated market. In this case, crypto has been the target - not the cause. Fraud cannot exist on the bitcoin blockchain itself because it has solved the double-spend problem. These frauds can only exist in centralized entities, of which bitcoin is not. I hear the blame for these frauds being constantly placed on 'crypto', which is true in part for centralized tokens, as their centralization lends itself to fraud. The decentralized, proof of work, bitcoin blockchain was designed specifically to prevent fraud. This is the primary reason bitcoin maxis try to distance themselves from the other tokens. If you want to look for who to blame in these frauds, look at the universities that teach the financial 'tools' that enable fraudsters to perform these scams, look at the regulators who have chosen not to enforce regulations against financial frauds in this space, and of course, look at basic human nature, which in this case, represents itself as greed, lack of ethics, and lack of integrity. People without a financial background do not understand their tricks and tools, of the fraudsters. This makes them a target for these fraudsters. I know. Ten years ago, I started to study the financial system so I could learn why it nearly collapsed in 2008. I had no idea how much fraud existed in that system, which was before the crypto industry even started. I came away completely disgusted after what I learned. Had the Fed not bailed out all the 2008 banking fraudsters, all our major banks would have been in the same situation these centralized, over-levered crypto firms are today. I see bitcoin as a means to escape this circle of perpetual fraud we call a financial system. In large part, the 'financial system' is a game where people try to win over their 'competitors'. It has little to do anymore with supporting the actual economy that trades tangible goods and services. When I was young, the financial system was ~4% of the economy and the economy worked just fine. Now it is over 20% and the economy has been stressed over-and-over by its excesses and manipulation. While a bitcoin-based economy will never stop all human financial fraud, it would serve to temper it. More importantly, it would force governments to raise taxes in order to fund wars, which would make the world a safer place. And then there is that bitcoin is, as Christine Legard stated, 'an escape hatch' from the existing system, and especially from CBDCs. But that is a total other story.
Depends on which property you're referring to. There could be several adults in many rooms. The problem is that there are just so, so many rooms. Even the property owner doesn't know how many rooms there are. The internal labeling of the rooms is quite poor, from what I understand. So you can see why there's a room counting problem. On account of labels and math and rooms.
They are all Bitcoin Maxis, who tried to warn everyone all the way, got laughed at... They are not even laughing now, just welcoming new people onboard the monetary Noah's Ark...
I had been out of the industry for more than 40 years and my return was due to helping out a friend who got caught by the shipcoin bubble, but in a relatively positive way. I had to learn in record time what this was all about. One of my main pillars of starting to get a grip was (and is) your work. First you schooled me properly, and now your articles confirm my incipient levels of understanding. I am grateful to have been lucky enough to find you in the first place, and just wanted to let you know that you have probably saved or that you are partially responsible for saving a huge amount of people from losing their jobs. Thank you. If you ever come to Spain, find me, let me know. I and many others owe you one, a big one. Kindest regards. M.
Great article ! I think the fundamental failure is that all the crypto players drank the coolaide and believe tokens are money, and clearly they are not. Throughout your article you reference back to dollars-and you must. This is something that was never imagined in the crypto world. When that reference number started to reduce, crypto dabbler’s started to panic and wanted their dollars (not tokens) back. The ponzi was revealed.
Great work Mike!
I wonder what the $350M credit facility is secured with.
My guess would be Greyscale? I don't know what else has value...
Oh boy.....
Do we know which wallets collects the fees from the Bitcoin and Ethereum trusts? And if those collected tokens have been sold?