#MichaelLewis said “if there hadn’t been a run, #FTX would still be there, making money.” That’s not how #crypto exchanges are supposed to work. Unlike banks that only have so many assets on hand, people should be able to withdraw assets from exchanges at any time. In some respects he’s right in that FTX wouldn’t have collapsed if people didn’t try to withdraw, but that’s only bc the #ponzi scheme wouldn’t have been discovered. What happened cannot be compared to a bank run.
Noodling around online 'backup' services and Google data 'takeout's, I am struck by how much like a #Ponzi scheme they are. You put stuff in, and, so long as you only ask for a little back, everything looks fine.
Ask for it ALL back? Woohoo! Now you're in for a whole mess of pain.
I presume the operators of the scheme use the data to roll about naked in? (That part needs work. I am struggling with the imagery a bit.)
> Sesame said it targets the uninsured and those with high deductibles who need to pay cash. It doesn't accept #healthInsurance to help keep prices low.
Wait.. I thought we already paid for health insurance, it also makes the cost more expensive!?
https://www.nbcnews.com/business/sec-charges-cash-flow-king-podcaster-11-million-ponzi-scheme-rcna117253. Ponzi schemes seem to still be a thing. In this case it amounted to selling the same property to multiple "investors ". And then to file for personal bankruptcy when the shit hits is the ultimate dick move. The promise of being an owner plays into the dream of being a successful capitalist. The exploited can become the exploiters. It's all one big scheme. #Ponzi
#CryptoFail firm #FTX #Bankruptcy proceedings include filing #lawsuit vs #Stanford faculty member family of #incarcerated financial whiz kid #SBF for enriching themselves at trough of his #criminal #Creepto enterprise . #Lawsuit seeks to recover million$ for #victims from #parents who personally benefitted from son's particularly potent #Ponzi #Fraud
I came across #byobu while updating #siduction, although it originates from an #ubuntu server project apparently. I'm quite liking it as a wrapper for tmux. Also like how typing "open url' works differently in pts to tty.
At the time I was reading on article about #crypto #scam #ponzi on a financial site with a paywall, wondering how the terminal web browser would respond to that. It totally failed :( Completely ignored the paywall so I got to read about stupidity in green monospaced font :)
I'm really enjoying the #CoffeeZilla #YouTube channel. The #noir #cyberpunk #Bladerunner esthetic, his dedication to his investigations, sense of humor, and particularly the insight into this new #crypto based #ponzi world, where systems have become #unregulated and #democratized to the point that complete bloody morons and charlatans build enormous sandcastles that get blown down with a single "rug".
#Crypto #Cryptocurrencies #Ponzi #FTX #Scams: "The government’s motion confirms that the three other former FTX execs who’ve struck plea deals — Alameda Research CEO Caroline Ellison, FTX CTO Gary Wang, and FTX head of engineering Nishad Singh — will testify against SBF at trial. This isn’t exactly a surprise, but we now have an explicit confirmation from the prosecutors on it. They also include quotes from a recording of an Alameda Research all-hands meeting days prior to the FTX groups’ bankruptcy, which they wish to present at the trial. After an employee asks Caroline Ellison, “Who made the decision on using customer deposits [to cover Alameda Research’s shortfalls]?”, Ellison replies: “Um… Sam, I guess.“ They also want to produce some of Ellison’s copious notes on a criminal fuckin’ conspiracy, which include a list helpfully labeled “Things Sam is Freaking Out About”. The motion also mentions why fellow exec Ryan Salame won’t be testifying: his lawyers have informed the prosecution that, if subpoenaed, he’ll invoke the Fifth. They do, however, have access to his private messages from him to “a trusted family member”, where he explains that SBF was using him as a straw donor to Republicans in furtherance of his general goal to “weed out anti crypto dems for pro crypto dems and anti crypto repubs for pro crypto repubs”. Other evidence and arguments the prosecutors are seeking to exclude: that customers and investors didn’t do enough due diligence on FTX, that the type of activity at FTX is happening elsewhere in the crypto industry, that regulators failed to oversee the industry, and that SBF expressed after the collapse that he wanted to compensate affected customers."
SPECIAL REPORT: Stephen Harper Declares War On The Big Banks With A Secret Investment That Has Experts In Awe
I'm in awe that even CNN can get caught up in the latest #Ponzi scheme. if it was legitimate they wouldn't limit it to 37 people.
The #crypto in-plain-sight Kansas city shuffle.
It's an out-in-the-open (OITO) scam where the people you sell it to know it's an OITO scam, but these people expect to sell it themselves OITO to others, and those others plan to.......
Everyone relies on the recursive loop, but even infinite loops eventually fail.
OIW, it's not a #Ponzi scam, until the very last step, but it's OITO so even then there's deniability.
"I thought it would work, and so did everybody else."
🚨 "#Placements financiers en ligne, nouveaux terrains de chasse des #influenceurs ?".
↪ Rappel d'un #reportage diffusé par @franceinfo (le 27/09/2022) sur une pratique douteuse et dangereuse de personnes (#influvoleurs) sur différents réseaux sociaux.
©️Vidéo : "L'Oeil du 20 heures" (France Télévisions) :
#Crypto #Cryptocurrencies #Bitcoin #Ponzi #Scam: "“This is the decentralized future of money,” the actor and cryptocurrency skeptic Ben McKenzie said the other day. “This is freedom. Don’t you feel free?” He was standing in front of a battered LibertyX A.T.M., by Fulton Hot Dog King, in Brooklyn. “Buy Bitcoin on every block,” the machine’s screen read. McKenzie believes that most of the crypto industry operates like a pyramid scheme. “Regular people put the real money in, and they provide the liquidity for all these other people to engage in shenanigans—fraud, money laundering, sanctions evasion, tax evasion, avoiding capital controls,” he said. He recalled overhearing, during school pickup, a mom in “head-to-toe Lululemon” urging another mom to invest in a digital coin that she was pushing. “Peak absurdity,” he said."
Eliyahu Weinstein was convicted twice of defrauding investors of $230 million, but in 2021 Trump freed him from jail early after 8 years of a 24 year sentence.
He has only paid less than $1.7mil of $230 million in restitution owed to his victims.
Eli Weinstein is now charged in a new $35mil Ponzi scheme.
And it turns out that in 2003 he had business ties with Lev Parnas, who years later worked with Giuliani.
$7.8B lost in crypto ponzi and pyramid schemes in 2022: Report - Illicit activities related to crypto increased across the sector ... - https://cointelegraph.com/news/billions-lost-in-crypto-ponzi-schemes-in-2022 #cryptocurrencies #ponzi #scams
The positive forces of record #immigration, soaring construction costs and limited stock on market continue have created #FOMO (fear of missing out) and continue to push house prices higher, despite the #RBA ’s aggressive tightening efforts.
Because the pledge of $500k unsecured by two hourly-employed family members to bond an accused Ponzi schemer bank fraudster is IMO very suspicious.
#Santos is credibly accused of several #fraud #crimes besides the ones charged including bank fraud and a #Ponzi scheme. Everything about this says they need to look at the source of the family wealth that can post $500,000 unsecured bond. He's charged with multiple money laundering charges. DC US Attorney needs to do a Nebbia hearing for source of bond security to make sure bond security isn't from assets that could be subject to forfeiture allegations.
Exposing a $500,000,000 Scam Gets Dangerous - Coffeezilla
This is part 2 of Coffeezilla's expose of what he claims is a $500 million ponzi scheme (other investigaters seem to think it's closer to $100 million). This part explains more of what people thought was going on and what was actually going on with the trading platform that is accused of the scam. Then, the ringleader of the scam threatens Coffeezilla.
Because OF COURSE The Hives have YET ANOTHER BANGER of a song and a killer new video for their upcoming album.
COUNTDOWN TO SHUTDOWN
🔥 💣 💥
A Guide to Identifying and Avoiding Top Crypto Scams - The surge in popularity of Bitcoin and other cryptocurrencies has a dark underbell... - https://readwrite.com/a-guide-to-identifying-and-avoiding-top-crypto-scams/ #blockchainandcryptocurrency #cryptoexchangesolutions #dataandsecurity #cryptoexchange #cryptojacking #pump-and-dump #cryptomining #cryptowallet #cloudmining #blockchain #readwrite #security #airdrops #phishing #finance #crypto #ponzi #hack
A quarter of Australia’s #property investments held by 1% of taxpayers, data reveals. Taxation office figures also show a clear majority of those investors are over the age of 50 #rentalcrisis #ponzi #taxtherich
When an asset management company commingles company's money with that of clients it manages,that is fraud
One of the advantages this fraud provides is that money from the bulk accounts supports private withdrawals or funds company's operating expenses.
Nothing happens except when losses are massive and it's exposed as a #Ponzi scheme
Spaniards who invested in one of latest crypto disasters already reported about it,app crashed and funds in crypto scam could not be moved.
My goodness. The SFO have laid charges against the operators of a $4m ponzi scheme being operated out of Christchurch.
Pyramidspelet Kambua och åtalet mot dess grundare
I mars väckte åklagare vid Ekobrottsmyndigheten i Malmö åtal mot grundaren och företrädaren för företaget Kambua. Brottsmisstankarna gällde grovt bedrägeri mot 134 målsägande.
#Brott #Ekonomi #Kalmar #Bedrägeri #Kambua #Ponzi-bedrägeri #Pyramidspel #Spelbolag
Contrary to what many think, not all crypto projects are set up as a #ponzi scheme. Fortunately, there are websites that rate the trust value and transparency of these projects.
@malwaretech IMHO cryptocurrencies are just Ponzi schemes.
There are no 'underlying assets' of any kind... it is just hype, the pumping of greedy people who attract more greedy (and misinformed) people to pump.
They will eventually stop.
They are energy after it has been used... tonnes of electricity used to crunch numbers, after the numbers have been crunched.
It is like selling the rights to the beer I have just drunk... would anyone buy that?
The definitive documentary on Blockchain is dropping on 1/1/23 - Subscribe here to be notified and watch this award-winning film that exposes the truth about Blockchain and what's underneath the entire crypto industry: https://youtube.com/AmericanScreamVideo?sub_confirmation=1