4 ms·
You’d think that this was the way to carry out a typical crypto scam yes. But then we have cases where the shell cracks like FTX and we can see inside and it tu
by isitmadeofglass 4y ago
You’d think that this was the way to carry out a typical crypto scam yes. But then we have cases where the shell cracks like FTX and we can see inside and it turns out the scams are completely devoid of any sophistication. FTT wasn’t a clever pump’n’dump scheme, it was just straight up not backed because user funds where working to cover Alamedas leveraged positions.
- ls15 4y ago> the scams are completely devoid of any sophistication Some scams, sure, but those really baffle me. If you are kind of smart and you know that you are scamming people and these people know who you are, while you are in a country that prosecutes scammers, I would think that at the very least, you'd want some plausible deniability in the form of "We tried our best, but our goals were too ambitious and unfortunately the market decided against us". I suspect that many other scams tried to construct this form of plausible deniability. The Bitconnect scam for example was pretty straight-forward, but these guys at least were smart enough to be anonymous when they forwent plausible deniability.