ICTChris Posted December 3, 2022 Share Posted December 3, 2022 What 1 Quote Link to comment Share on other sites More sharing options...
The Moonster Posted December 3, 2022 Share Posted December 3, 2022 On 01/12/2022 at 20:58, DiegoDiego said: It wasn't a Ponzi scheme though. You've seen/heard the interview where he literally describes a ponzi scheme when discussing his own product, yes? 1 Quote Link to comment Share on other sites More sharing options...
KD1711 Posted December 3, 2022 Share Posted December 3, 2022 On 01/12/2022 at 20:58, DiegoDiego said: On 01/12/2022 at 19:42, Miguel Sanchez said: You know how get a swat team booting your door down if your taxes are 50p out? Here's a guy who ran the biggest ponzi scheme in history being interviewed on morning television: oops! It wasn't a Ponzi scheme though. He was leveraging against the FTX token (which he created) then using the loans to lend to another company, looks pretty ponzi to me. 1 Quote Link to comment Share on other sites More sharing options...
SweeperDee Posted December 3, 2022 Share Posted December 3, 2022 This one clearly wasn't a Ponzi scheme though. Not every fraud is a Ponzi scheme you know. Vast majority of crypto projects are ponzi’s tbf. 0 Quote Link to comment Share on other sites More sharing options...
Thistle_do_nicely Posted December 3, 2022 Share Posted December 3, 2022 2 Quote Link to comment Share on other sites More sharing options...
HeWhoWalksBehindTheRows Posted December 3, 2022 Share Posted December 3, 2022 Just now, Thistle_do_nicely said: Jez looks about 20 there. Must have been eating a nice big slice of money pie 0 Quote Link to comment Share on other sites More sharing options...
superbigal Posted December 4, 2022 Share Posted December 4, 2022 Should I invest in Paradox ? 0 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted December 4, 2022 Share Posted December 4, 2022 I thought a Ponzi scheme was where you hype some worthless or over priced thing, and start spreading a family tree of buyers/salespeople who start selling it to their friends and contacts for a percentage that you have to pass up a certain share to the level above, so the further up the tree you are the more you steal. Crypto scams are just persuading people to buy magic beans imo, without the need for a network. 0 Quote Link to comment Share on other sites More sharing options...
DiegoDiego Posted December 4, 2022 Share Posted December 4, 2022 I thought a Ponzi scheme was where you hype some worthless or over priced thing, and start spreading a family tree of buyers/salespeople who start selling it to their friends and contacts for a percentage that you have to pass up a certain share to the level above, so the further up the tree you are the more you steal. Crypto scams are just persuading people to buy magic beans imo, without the need for a network.What you're describing is a pyramid scheme. Ponzi is when you get people to invest and you pay them a fake rate of return by using the money of new investors. This fake rate of return attracts more investors. Further investors are always required to continue the false rate of return. It falls apart when either you no longer get new investors or when investors ask for their money back. 2 Quote Link to comment Share on other sites More sharing options...
ICTChris Posted December 4, 2022 Share Posted December 4, 2022 33 minutes ago, welshbairn said: I thought a Ponzi scheme was where you hype some worthless or over priced thing, and start spreading a family tree of buyers/salespeople who start selling it to their friends and contacts for a percentage that you have to pass up a certain share to the level above, so the further up the tree you are the more you steal. Crypto scams are just persuading people to buy magic beans imo, without the need for a network. A scheme where you hype up a worthless stock or asset to boost the price and then sell it at a high is a pump-and-dump. I think that’s what the Wolf of Wall Street guy was convicted of doing - I’ve not seen the movie so don’t know for sure. A Ponzi scheme is a scheme where you use funds from new investors to pay “dividends” to existing investors. From the details, what FTX have done is more good old fashioned fraud - they told consumers that their money was invested in the exchange but it was actually being shifted to a different company and used for purposes that consumers hadn’t consented to. 2 Quote Link to comment Share on other sites More sharing options...
DiegoDiego Posted December 4, 2022 Share Posted December 4, 2022 From the details, what FTX have done is more good old fashioned fraud - they told consumers that their money was invested in the exchange but it was actually being shifted to a different company and used for purposes that consumers hadn’t consented to.It was all going well until they got big headed and spunked hundreds of millions on things like stadium naming rights. Then when the value of the coins they had plummeted and institutions started calling in their loans they had two options: 1) default and declare bankruptcy or 2) use customers funds to pay back the loans and try to ride it out. They chose #2. I read a good analysis which said the most astonishing thing about the whole affair was how they hadn't made much more money via the Alameda/FTX relationship. 0 Quote Link to comment Share on other sites More sharing options...
Granny Danger Posted December 4, 2022 Share Posted December 4, 2022 1 hour ago, welshbairn said: I thought a Ponzi scheme was where you hype some worthless or over priced thing, and start spreading a family tree of buyers/salespeople who start selling it to their friends and contacts for a percentage that you have to pass up a certain share to the level above, so the further up the tree you are the more you steal. Crypto scams are just persuading people to buy magic beans imo, without the need for a network. F*ck sake man. Make sure you’ve got your facts right before you start your own. It could end in a right mess otherwise. 0 Quote Link to comment Share on other sites More sharing options...
Busta Nut Posted December 5, 2022 Share Posted December 5, 2022 Are people still claiming to be raking in a fortune on this stuff? 0 Quote Link to comment Share on other sites More sharing options...
iron mike python Posted December 5, 2022 Share Posted December 5, 2022 10 hours ago, Busta Nut said: Are people still claiming to be raking in a fortune on this stuff? You will still see adverts with people posing in front of Lambos, saying you can rake in a fortune. But these are obvious shills/scammers promoting some pointless asset. From experience 'people' have made life changing money from certain digital assets, but if someone says that they have made a fortune over the last year and a half in crypto then I would struggle to believe them. 1 Quote Link to comment Share on other sites More sharing options...
DiegoDiego Posted December 5, 2022 Share Posted December 5, 2022 You will still see adverts with people posing in front of LambosAny time I see someone in a flash car these days my first thought is "you've rented that in an attempt to impress folk you sad b*****d". 0 Quote Link to comment Share on other sites More sharing options...
topcat(The most tip top) Posted December 5, 2022 Share Posted December 5, 2022 24 minutes ago, DiegoDiego said: Any time I see someone in a flash car these days my first thought is "you've rented that in an attempt to impress folk you sad b*****d". https://www.scotsman.com/news/i-gave-missing-luxury-cars-museum-says-ex-hearts-star-christian-nade-1716078 1 Quote Link to comment Share on other sites More sharing options...
DiegoDiego Posted December 5, 2022 Share Posted December 5, 2022 https://www.scotsman.com/news/i-gave-missing-luxury-cars-museum-says-ex-hearts-star-christian-nade-1716078 "Mr Nad". 0 Quote Link to comment Share on other sites More sharing options...
Zetterlund Posted December 5, 2022 Share Posted December 5, 2022 1 Quote Link to comment Share on other sites More sharing options...
beefybake Posted December 5, 2022 Share Posted December 5, 2022 10 hours ago, topcat(The most tip top) said: https://www.scotsman.com/news/i-gave-missing-luxury-cars-museum-says-ex-hearts-star-christian-nade-1716078 Totally, er, gobsmacked if Stranraer could have been paying Christian the kind of money that would cover the PCP payments... 0 Quote Link to comment Share on other sites More sharing options...
Theroadlesstravelled Posted December 5, 2022 Share Posted December 5, 2022 (edited) I see a few Crypto billionaire have died in the last month or so. One bro Tweeted that intelligence agencies were going to murder him and he was found dead a few hours later. Edited December 5, 2022 by Theroadlesstravelled 0 Quote Link to comment Share on other sites More sharing options...
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