View Full Version : Go Woke Go Broke Mega Fail
May not be on the radar for some, but this is the mother of all examples of the OP, and this kid had various Dem politicians, various woke Hollywood types, silicon vally types, suckered and or in his pockets, and is the Bernie Madoff of crypto. He plaid them all like a pro and it's not even clear how much yet, in the 50 billion range. He was the darling of the liberal media, investors who wanted to feel morally superior, etc. This is a developing story, but it's going to expose the whole house of cards. I don't fully understand the full scam, but neither does anyone else, so I don't feel too bad.
https://www.youtube.com/watch?v=UaxEK-lDVys
Anyone losing money on those magic beans deserves it.
Averageman
11-18-22, 08:40
Anyone losing money on those magic beans deserves it.
Except they are likely looking for a way that your tax dollars will "Bail Out" this idiot.
He gives money to democrats (I know they'll say it's bipartisan) the democrats take the Senate. He gets in trouble, they bail him out by printing more money and everyone's going to be happy.
When you're promised "Pie in the Sky" returns look around the room, who's the sucker? Because if you can't see him, it's you, you big dummy.
SomeOtherGuy
11-18-22, 08:41
It's a huge scandal, for sure. If you look at the players and their relationships to HRC/DNC, I'm not sure any meaningful enforcement will get done.
Also, splitting hairs, still unclear if this is a Ponzi scheme or a much simpler fraud and theft. ENRON analogies might be better. It looks like some well-connected people got away (so far) with something more like a low level confidence scam / Nigerian Prince scam than with anything as sophisticated as Madoff. The liquidator-trustee-CEO's affidavit linked below indicates some mind-blowing amateur hour antics.
https://www.zerohedge.com/political/worse-enron-new-ftx-ceo-slams-unprecedented-failure-corporate-controls
Anyone losing money on those magic beans deserves it.
A scam is a scam. Stocks, real state, gold, etc, etc. Where there's less regulation and oversight, there's more opportunities for scams. Lots of scams and bad investments in crypto. We should support crypto for no other reason than gubments hate it because they can't control it/you, and it's a space where fools also parted with their $. It's the gold rush of our time, good and bad.
Zero oversight or financial accountability.
Intentional lack of recordkeeping.
They did stuff like pushing big $$$ transfers of funds from FTX depositors to his financial hedge fund entity Almeida. Which then loaned himself $1B, and his VP $500M.
This is the irrational exuberance that almost free money during the low interest rate days enabled venture capital to fund and support companies like this.
People made a huge mistake treating these crypto exchanges like they are banks. They are not, They have none of the protection or oversight.
If you're going to dabble in crypto you need to keep stuff offline. I personally don't even trust cold wallets much.
Zero oversight or financial accountability.
Intentional lack of recordkeeping.
They did stuff like pushing big $$$ transfers of funds from FTX depositors to his financial hedge fund entity Almeida. Which then loaned himself $1B, and his VP $500M.
This is the irrational exuberance that almost free money during the low interest rate days enabled venture capital to fund and support companies like this.
People made a huge mistake treating these crypto exchanges like they are banks. They are not, They have none of the protection or oversight.
If you're going to dabble in crypto you need to keep stuff offline. I personally don't even trust cold wallets much.
It's amazing how that's no where to be found if you pay off enough people and throw enough $ around. Greed, quick easy $, political pay offs, etc, never go out of style. Add to that now making woke progressive types feel that $ is focused on their favorite SJW causes, you have a perfect storm of "go woke go broke" event.
SomeOtherGuy
11-18-22, 09:58
We should support crypto for no other reason than gubments hate it because they can't control it/you, and it's a space where fools also parted with their $. It's the gold rush of our time, good and bad.
This part, 110%. The current system is bad enough, and "central bank digital currencies" (CBDCs) promise to be 1000 times worse. Crypto is, in some ways, a terrific alternative. The independence of gold coins with the utility of electronic transfers.
But...
People made a huge mistake treating these crypto exchanges like they are banks. They are not, They have none of the protection or oversight.
If you're going to dabble in crypto you need to keep stuff offline. I personally don't even trust cold wallets much.
And this is the major reason I don't use crypto personally. It is too much Wild West, and I just don't have time to understand all the nuances to avoid the scams and traps.
Mostly posting just to keep people's awareness of CBDCs and the dystopian nightmare they would immediately bring.
This part, 110%. The current system is bad enough, and "central bank digital currencies" (CBDCs) promise to be 1000 times worse. Crypto is, in some ways, a terrific alternative. The independence of gold coins with the utility of electronic transfers.
But...
And this is the major reason I don't use crypto personally. It is too much Wild West, and I just don't have time to understand all the nuances to avoid the scams and traps.
Mostly posting just to keep people's awareness of CBDCs and the dystopian nightmare they would immediately bring.
Me either, and I'm just starting to "get" the basics of it I feel. I did what I do for most topics not my lane, find what I feel are people I can trust, people who have been at it a long time, people who can advise and recommend additional sources, and take their advice.
I know some people who have done very well with crypto, and asked for their recs on a handful of buys they recommended for a nube to get started, and put some fun $ into them, and view them a long hold.
For example, Hedera is very interesting, and if those guys can't make it work, no one can. Hence, I have been cost averaging purchasing with them and a few others. If they go up over time, win for me. If not, I always follow the golden rule in such things: NEVER invest more than you're not willing/able to lose.
Summary of what happened:
https://www.youtube.com/watch?v=AbgRB3arCpY
Averageman
11-18-22, 11:18
Me either, and I'm just starting to "get" the basics of it I feel. I did what I do for most topics not my lane, find what I feel are people I can trust, people who have been at it a long time, people who can advise and recommend additional sources, and take their advice.
I know people who are good investors, my Dad taught himself how to do it and he kept himself up to speed. He likely spent a good hour and a half a day either reading the investment guys in the WSJ or various trade papers. He had good days and some remarkablly bad days.
I looked at all of that and just hired someone to handle my investments, I don't need the heartburn and acid reflux that goes along with investing for myself.
I invested for about ten years made enough to pay off my house and truck and set myself up to an easy carefree retirement. That's all I wanted, that these guys made a big profit doesn't bother me, they're much more talented and educated in those area's than I am.
Edit to add to all of the above;
Part of the reason peope fall for this stuff is greed, another big part is education. I wish we had basic Finance and Home Economics taught in schools today.
I know people who are good investors, my Dad taught himself how to do it and he kept himself up to speed. He likely spent a good hour and a half a day either reading the investment guys in the WSJ or various trade papers. He had good days and some remarkablly bad days.
I looked at all of that and just hired someone to handle my investments, I don't need the heartburn and acid reflux that goes along with investing for myself.
I invested for about ten years made enough to pay off my house and truck and set myself up to an easy carefree retirement. That's all I wanted, that these guys made a big profit doesn't bother me, they're much more talented and educated in those area's than I am.
Edit to add to all of the above;
Part of the reason peope fall for this stuff is greed, another big part is education. I wish we had basic Finance and Home Economics taught in schools today.
I did the same it's a full time job to really be up on, and stay up on, investing. I also take an amount of $ and make some of my own investments based on my own research and or speaking with SME on the topic I trust. So far, done well with it. When everyone said Tesla was going to go under, I purchased at well under $200 per share, and sold at almost $1,200 per share. It took profit from that and put it in chip manufactures like AMD as my SME recommended who knows the tech and the companies way above most, and while volatile (as expected being a tech stock) it's been a good investment that may be a great investment in the near future.
I also know crypto is here to stay, and like all new tech is having its big swings and teething pains. I bet most forgot what happened during the crazy internet investment boom where people and companies invested huge $ on all sorts of stupid ideas anyone with a brain could see would fail. I even consulted for one at the time, and they ignore my advice and spend hundred of millions before going under. The only one I was wrong about was Amazon, but only partially wrong as I knew their original model to sell books would fail, but they changed course and sold everything and became a monster.
Back then, after the huge crash, everyone was sure making $ from the 'net was a pipe dream, scam, yada yada. Sound familiar?
As always, those who got in early and had a good idea and weathered the storms did very well, later you got in, lower the risks and lower the rewards.
SomeOtherGuy
11-18-22, 20:52
FTX collapse involved more ridiculous abuses than you can probably imagine. Here's a short list:
https://twitter.com/gurgavin/status/1593292792582635520
Short excerpt (more at link):
1) FTX LENT SAM BANKMAN OVER $1 BILLION DOLLARS FOR PERSONAL USE
2) FTX USED CUSTOMER FUNDS TO BUY HOUSES FOR EMPLOYEES
3) FTX DIDNT HAVE A LIST OF EMPLOYESS AND WHAT ALL THEY DID
4) FTX DID NOT KEEP ANY BOOKS OR RECORDS OF ITS DIGITAL ASSETS
5) ALAMEDA RESEARCH WAS EXEMPTED FROM AUTO LIQUIDATION ON FTX
6) FTX BUILT A SOFTWARE TO HIDE THE MISUSE OF CUSTOMER FUNDS
7) FTX HAD $400 MILLION IN UNAUTHORIZED TRANSFERS THE DAY THEY FILED FOR BANKRUPTCY
8) FTX HAD BILLIONS IN INVESTMENTS OTHER THAN CRYPTO BUT THERE ARE NO BOOKS OR RECORDS OF ANY OF IT.
9) SAM BANKMAN MADE ALL BUSINESS DECISIONS ON APPS THAT AUTO DELETED EVERYTHING AFTER SOME TIME
I’m hearing rumblings that the GOP got more FTX chump money than originally disclosed. Specifically, that McCarthy used a bunch of it to defeat conservatives in this election cycle. We’ve already heard that most of the GOP members who got direct money from them were never Trumpers who voted to impeach. It wouldn’t shock me one bit to see the GOPe turning to stolen dark money as a way to maintain their choke hold on the party. The Red Wave turned Pink Splash, may very well have been engineered by McCarthy himself.
More to come I’m sure. :(
https://nationalfile.com/mccarthy-used-ftx-cash-to-defeat-conservatives-in-2022/
Savage!
https://www.youtube.com/watch?v=sb7okS2Wqq0
Less mega but equally woke - the tech sector is laying off lots of folks in SanFran https://www.msn.com/en-us/money/companies/layoff-tracker-mass-layoffs-by-tech-companies-big-and-small-hit-the-bay-area/ar-AA13WuEo
Andy
Biggest possible fall out of this is money laundering that went to Dem politicians involving Ukraine. It's so big it means it will likely not be investigated beyond the usual people willing to investigate it. This will be a "too big to fail" problem and goes right to Brandon and co. Good intel:
https://www.youtube.com/watch?v=C0_pV7KfvmE
FTX collapse involved more ridiculous abuses than you can probably imagine. Here's a short list:
https://twitter.com/gurgavin/status/1593292792582635520
Short excerpt (more at link):He's broke, probably doesn't have a security detail....why don't we organize a snatch and grab and do a hostile interrogation?
Sent from my SM-A326U using Tapatalk
SomeOtherGuy
11-19-22, 20:01
He's broke, probably doesn't have a security detail....why don't we organize a snatch and grab and do a hostile interrogation?
Who is this "we" kemosabe? :)
I have no skin in the game for the FTX collapse, I just find it fascinating for the scale and brazenness of financial crime committed.
If someone else wants to have an awkward conversation with the FTX criminal masterminds, go have fun.
Averageman
11-20-22, 09:15
I just find it fascinating for the scale and brazenness of financial crime committed.
I have friends that gave their kids credit cards, not debit cards mind you, real credit cards Mommy and Daddy paid for.
This reminds me of that.
Averageman
11-20-22, 16:46
https://www.youtube.com/watch?v=hKSzOeJeeOY
And it just gets crazier.....how did this continue this long?
Michael Saylor is a very interesting guy. He's big on Bitcoin, feels all the other crypto coins are just noise, a waste, and or scams. He's for more regulation. He's been saying this for a long time. His company MicroStrategy is on the stock exchange (https://finance.yahoo.com/quote/MSTR), and quite successful and heavily invested in BC. He's been an outlier in crypto for a long time, not liked by many in the crypto space, but he's been right consistently:
https://www.youtube.com/watch?v=8QjIjnJiAkU
Averageman
11-22-22, 14:48
https://www.youtube.com/watch?v=kZTo4QwW-U8
This is crazy, I believe this guy is saying that there was crazy amounts of money involved. Control of this mess was via the CIA. They laundered Billions in this mess.
Did they keep it afloat long enough to fund this election and then kick the legs out from underneath it?
Is the CIA and FBI still on "Our" side?
This part, 110%. The current system is bad enough, and "central bank digital currencies" (CBDCs) promise to be 1000 times worse. Crypto is, in some ways, a terrific alternative. The independence of gold coins with the utility of electronic transfers.
But...
And this is the major reason I don't use crypto personally. It is too much Wild West, and I just don't have time to understand all the nuances to avoid the scams and traps.
Mostly posting just to keep people's awareness of CBDCs and the dystopian nightmare they would immediately bring.
I'm just now learning enough about a scam I've studiously avoided since the advent of Bitcoin, but it appears you've hit the nail on the head. FTX is bad, but "Tether" is much, much worse. Not only is it supposed to be "one for one" stabilized by the mighty US Dollar (it's not), its apparently more traded than Bitcoin and Ethereum? It's also apparently the currency/money laundering venue of choice for pedophiles, drug cartels, designated FTO's, shadow governments and three letter agencies that do business with all of them. Their principals and partners include the aforementioned SB-F, Caroline Ellison, a disgraced child-star turned pedophile fraudster and even more unsavory people, which seem to be the only types the "intelligence" agencies seem to trust?
I'm not even going to try to quote this article, it goes down too many dark holes to do it justice. Just settle in with a large beverage of choice and be prepared to marvel at how they were able to do in the open, what the Dark Web on TOR couldn't do in the shadows. :moil:
https://www.revolver.news/2022/11/sam-bankman-fried-ftx-on-steroids-is-cryptocurrency-tether-joe-biden-crypto-bcci/
SomeOtherGuy
11-22-22, 17:03
I'm just now learning enough about a scam I've studiously avoided since the advent of Bitcoin, but it appears you've hit the nail on the head. FTX is bad, but "Tether" is much, much worse.
I didn't know about Tether, but it sounds bad. However, it is not a CBDC. Here's a good overview of CBDC:
https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.asp
One key feature of a CBDC is that you only own whatever the central bank agrees that you own, and at any time they can cancel that ownership for any reason whatsoever. Cash is central bank created but thereafter circulates freely. Bitcoin is totally outside the normal monetary system. CBDC takes the existing monetary system and eliminates cash, privacy, and independence. Think of company scrip in a mining town where the company is clever and hates you fiercely. That's CBDC.
I didn't know about Tether, but it sounds bad. However, it is not a CBDC. Here's a good overview of CBDC:
https://www.investopedia.com/terms/c/central-bank-digital-currency-cbdc.aspThink of company scrip in a mining town where the company is clever and hates you fiercely. That's CBDC.
This is what's terrifying about CBDC!
My grandfather worked to change the "company town" structure of his large business employer and was instrumental in getting the homes sold to the workers. We cannot go back to that model especially with the .gov being the holder of all things
As evidence emerges it seems the woke scammer didn't have everyone fooled, and those who tried to raise the alarm were suppressed/attacked per usual. I suspect many more knew something was not right about him and his company, but he had so many people in his pocket, they didn't want to get cancelled for talking:
https://www.youtube.com/watch?v=xqG7hM4bGDk
LOL, the celebs used like a $2 prostitute, part of a class action suit to make it look like they were victims vs enablers:
https://www.youtube.com/watch?v=Wy_F48mQECU
As evidence emerges it seems the woke scammer didn't have everyone fooled, and those who tried to raise the alarm were suppressed/attacked per usual. I suspect many more knew something was not right about him and his company, but he had so many people in his pocket, they didn't want to get cancelled for talking:
https://www.youtube.com/watch?v=xqG7hM4bGDk
Protecting the deep state is invariably a bipartisan effort. None of them were willing to kill the goose laying such large crypto eggs. Eggs they could use all over the globe, including in their personal political coffers. :rolleyes:
Averageman
11-27-22, 17:35
Jim Cramer was eating FTX up with a spoon. His praises are legendary.
Jim Cramer was eating FTX up with a spoon. His praises are legendary.
Jim Cramer is an asshole, and always has been.
Averageman
11-28-22, 07:24
Pretty much
Averageman
11-28-22, 13:35
And, I am sure in a completely different and unrelated event...
https://www.msn.com/en-us/lifestyle/family/crypto-founder-tiantian-kullander-unexpectedly-dead-at-30/ar-AA14EL50?ocid=msedgdhp&pc=U531&cvid=dfd0cfe64d964ec3a42440e33194f936
You know if I was a bad guy, I would go in there and smack someone around and milk them dry in 72 hours and be gone.
And, I am sure in a completely different and unrelated event...
https://www.msn.com/en-us/lifestyle/family/crypto-founder-tiantian-kullander-unexpectedly-dead-at-30/ar-AA14EL50?ocid=msedgdhp&pc=U531&cvid=dfd0cfe64d964ec3a42440e33194f936
You know if I was a bad guy, I would go in there and smack someone around and milk them dry in 72 hours and be gone.
https://tse2.mm.bing.net/th?id=OIP.rM7GFb8jHBiTeX1IdWZnpgHaE6&pid=Api&P=0
Savage expose on how manipulated woke types were virtue signaling and got burned other good info:
https://www.youtube.com/watch?v=FCWeINtAUgQ
Of all the people to comment on that...It's simple, SBF is throwing the GF under the bus. No doubt his (highly) connected parents and attorneys advised him to do it.
https://www.youtube.com/watch?v=7QEbjRKbrjY
Entitled sack sent back to jail and bail revoked:
https://www.youtube.com/watch?v=qVH42E7bpso
Mega woke scammer bad day:
https://www.youtube.com/watch?v=Yq8jtGh_ees
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