Though 2022 has ended, its continuum of chaos soldiers on. We’ve begun the year with crypto exchange founder and billionaire Cameron Winklevoss penning an open letter to Digital Currency Group’s Barry Silbert, demanding to know what happened to the $900 million of Gemini Earn customers’ money that they now can’t withdraw.
Watching Silbert and Winklevoss do the Spiderman pointing meme on Twitter is hilarious. Almost funny enough to forget how many people they completely screwed.
This is obviously the rubber meeting the road - crypto was always unregulated which left room for the 3 card Monty schemes which are now being exposed. Showing my age, I remember a time when companies couldn’t lie without facing repercussions but now they lie with impunity. In this case, the consumer finance protection bureau (CFPC) should hold the executives of these crypto firms personally liable.
Love the raw language. When are we going to see cypto scammers being prosecuted for fraud? And charged Carbon tax for all the greenhouse gases being produced? I’m afraid the answer to both those questions is Never
If there's a God, Zuckerberg will swoop in, rescue the Winklevii and add a provision into the deal that they have to work as Metaverse beta-testers for the next five years (in office). It's sitting right there, Z. The classic double-jank.
Talk about counter-party failure! Thanks for the insight that crypto is a ponzi scheme of ponzi schemes. It would be interesting to know how much of the losses are "real" (i.e. dollar valuation) versus "virtual" (i.e. crypto valuation) and how much of the vanished crypto was exchanged out of the "ecosystem" for tangible assets.
I appreciate the work it takes to translate the crypto technobabble. I think my brain throws a breaker when it detects a complexity trap. If something is so complex you don't understand it, admit it and get help. Crypto is the reincarnation of the David X. Li Gaussian Copula Function which was supposed to estimate CDO risk and led to the 2008 meltdown. These savants get an advanced degree and then create a new impenetrable mechanism which is hailed by the congnoscenti of financial grif and its off to the races.
I just have this cynical image of House Republicans sneaking a bailout for Gemini and Genesis' owners into the next debt ceiling increase or omnibus spending bill.
People keep saying that we need “smart updated regulations for crypto,” but we already have those.
It’s in the Securities and Exchange Act of 1934. Crypto is clearly an unregistered security being unlawfully sold to unsophisticated individual investors. The law should be applied, with appropriate massive fines, clawbacks, penalties and other appropriate charges under federal fraud statutes.
"I Lost 900 Million Dollars, But It's Not My Fault!"
"At what point does one stop reorganizing chairs before the iceberg hits?" The existential question of cryptocurrency, clearly stated. Thank you.
And thank-you, too, for ending with a call for empathy for the very normal, real people being fucked by this shit machine.
Watching Silbert and Winklevoss do the Spiderman pointing meme on Twitter is hilarious. Almost funny enough to forget how many people they completely screwed.
This is obviously the rubber meeting the road - crypto was always unregulated which left room for the 3 card Monty schemes which are now being exposed. Showing my age, I remember a time when companies couldn’t lie without facing repercussions but now they lie with impunity. In this case, the consumer finance protection bureau (CFPC) should hold the executives of these crypto firms personally liable.
Love the raw language. When are we going to see cypto scammers being prosecuted for fraud? And charged Carbon tax for all the greenhouse gases being produced? I’m afraid the answer to both those questions is Never
If there's a God, Zuckerberg will swoop in, rescue the Winklevii and add a provision into the deal that they have to work as Metaverse beta-testers for the next five years (in office). It's sitting right there, Z. The classic double-jank.
we hate him almost as much as the Serpent Supreme for betraying us yes my wet brother taking all our normal people money down the river
when there are no sympathetic main characters
Talk about counter-party failure! Thanks for the insight that crypto is a ponzi scheme of ponzi schemes. It would be interesting to know how much of the losses are "real" (i.e. dollar valuation) versus "virtual" (i.e. crypto valuation) and how much of the vanished crypto was exchanged out of the "ecosystem" for tangible assets.
I appreciate the work it takes to translate the crypto technobabble. I think my brain throws a breaker when it detects a complexity trap. If something is so complex you don't understand it, admit it and get help. Crypto is the reincarnation of the David X. Li Gaussian Copula Function which was supposed to estimate CDO risk and led to the 2008 meltdown. These savants get an advanced degree and then create a new impenetrable mechanism which is hailed by the congnoscenti of financial grif and its off to the races.
I just have this cynical image of House Republicans sneaking a bailout for Gemini and Genesis' owners into the next debt ceiling increase or omnibus spending bill.
People keep saying that we need “smart updated regulations for crypto,” but we already have those.
It’s in the Securities and Exchange Act of 1934. Crypto is clearly an unregistered security being unlawfully sold to unsophisticated individual investors. The law should be applied, with appropriate massive fines, clawbacks, penalties and other appropriate charges under federal fraud statutes.
This is so on point. The bloody Winklevoss twins have been shilling crypto for ever and they are as bad as anyone.