The typical person/victim fooled by the Crypto shtcoins scam tends to be a libertarian lower-class to middle-class person (usually a male risk-taker Gen Z or millennial aged) who is mad at elites in power at the level of income and wealth inequality. (the key to the scam is to convince these victims to be sold on false narrative that with high inflation and Jerome Powell‘s endless printing money and “number go up” crypto graphs of past performance that everyone in society will be poor if they do not immediately buy and hoard crypto since adoption is coming and look at the lambo guy in Miami with overnight wealth etc) and since they feel and know they’ll have a tough time being able to get ahead in life making money in traditional ways (starting a business, working a job, making investments in regulated markets, inheriting money from family, etc) , they finds themselves way behind in life savings, consumer debt student loan debt etc and so they feel they need to join a get-rich-quick scheme and a cult to feel a part of and get hope in life. They think they are being rebels by sticking it to the man, etc., but the reality is they are the ones being fooled.
They spent much of 2021 telling everyone to HFSP (have fun staying poor)
The two biggest crypto bros in my running club were in their early 20s and fit this description to a t. One sold MLM CBD oil and the other was a salesman at a hot tub store. Nice guys, kind of arrogant at times, but neither were that bright. But both were convinced they knew something no one else knew and were going to be ludicrously rich by the end of 2021.
They still have their day jobs and don't talk about crypto anymore.
That is the beauty of crypto. Their sheep are made of bro culture idiots, young kids starting out in life and poor people who don't have the $ to invest in the market. They all wanted moonshot 10000% returns. A good thing is most of them didn't have much to lose but collectively there were so many idiots around the world to give to people like SBF. Just another form of wealth transfer from idiots to their controllers.
In the eyes of typical crypto bro who doesn’t understand investing/finances very well (but tells everyone else to HFSP), the main alternative to the very low US FDIC insured bank savings % rate is to stick any remaining fiat money into shtcoins and just hope for the best.
In the eyes of typical crypto bro who doesn’t understand investing/finances very well (but tells everyone else to HFSP), the main alternative to the very low US FDIC insured bank savings % rate is to stick any remaining fiat money into shtcoins and just hope for the best.
It’s as easy as downloading a quick smartphone app such as Public/SoFi/Robinhood and we’ll give you a free shtcoin as a bonus for signing up today
I know he was the second highest contributor to the Democratic Party, but certainly there are Democrats that have been financially crippled by this guy and should demand his arrest. No?
He contributed equally to Republicans and Democrats. He was not open about it previously, but since FTX fell he's been very open about it.
Sam Bunkman Fraud will roll on his Dem cronies if charged. They'll try to avoid it.
He’s just one of many peddling&shilling&con men in what is basically the gambling entertainment racket business (which is all crypto really is). The idea is to take advantage of the libertarian bro get-rich-quick seeking, doesn’t trust/understand banks&stocks, easily manipulated type & who doesn’t understand economics/money/tech/financial markets/investing very well. The crypto con men running the exchanges were smart to put their ads with professional sporting teams right there next to DraftKings/sports gambling/SoFi and other sh*t gambling pursuits and to get Kim Kardashian and Tom Brady involved.
What I don't understand is why victims of the crypto scam expect to get anything back/any justice if they:
1. Placed their hard-earned fiat into a gambling entertainment racket (i.e. cryptocurrency), & not a security regulated by the SEC or any regulatory body/agency with any investor protections whatsoever
2. the insiders and crooks and con men controlling all the exchanges (e.g. SBF and others) protect themselves by filing for bankruptcy and by in some cases labeling the crypto traders' stablecoin entertainment funny money as "unsecured creditors" and other labels and spending the scammed crypto bros’ hard earned fiat monies on vacation trips in Ibiza, $500 alcohol bottles, lambos, Miami nightclubs, yachts, strippers, private planes, Louis Vuitton jackets, Rolex watches and vacations
3. since crypto is really a gambling entertainment business and not a true securities investment, can't SBF et al. just argue that their "investors"(i.e. scam victims) who put their money in got all the value out of it from the dopamine rush from gambling during 2021 even though it all went poof to $0.00 usd at the end? Some fools just paid more for this dopamine rush than others.
Since crypto exchanges are open 24 hours 7 days/week around the world, it’s perfect for thrill seekers. The gamblers got a lot of value for their fiat out of the dopamine rush before it went poof to $0.00 usd fiat.
The people running crypto bucket shops including Sam Bankman Fried can live off their parents, maybe can just lawyer up and claim they are not responsible for any losses because they are in an unregulated gambling entertainment business (where the value was already provided to the customer like a roller coaster 🎢 ride in seeing their money go up and down before its ultimate and inevitable drop to $0 fiat usd) and not the securities investment business. So they argue the value was already provided to customers through gambling entertainment (dopamine rush) during the ups and downs on their 24hrs 7 days per week no sleep trading platform.
SBF is protected due to his bloodlines and the fact he was being run by the elites
SBF provided an entertainment service to crypto participants in exchange for your voluntary donation (i.e. an “initial investment”) and people went along for the entertainment ride to have fun with what it’s like to gamble so that SBF, his girlfriend and his buddies could take the money and blow it on fun things for themselves. (They chose to do this despite warnings from IRS and US government that the crypto industry is full of fraudsters and offers no investor protections). Thanks for playing. Try Vegas next time
you expect that to turn true just because you keep saying it?
What legal gambling enterprise doesn't have to use an explicit disclaimer saying it's only for entertainment? There is miles of red tape that would still sink the Bankfraud Man if he claimed that's all crypto is. Illegal gambling racket.
World governments and actual banks dabbling in crypto would find themselves in an awkward position indeed if they allowed the courts to agree that it's just gambling.
you expect that to turn true just because you keep saying it?
What legal gambling enterprise doesn't have to use an explicit disclaimer saying it's only for entertainment? There is miles of red tape that would still sink the Bankfraud Man if he claimed that's all crypto is. Illegal gambling racket.
World governments and actual banks dabbling in crypto would find themselves in an awkward position indeed if they allowed the courts to agree that it's just gambling.
I’m just guessing what SBF lawyer might do. The truth is the whole crypto space is an unregulated gambling enterprise racket poorly understood by lawmakers and politicians who have been duped into thinking it is future tech, want to give it a chance and do not want to “stifle innovation.” The truth is the only innovation is ripping off crypto bros from their fiat. This business space is totally corrupt. It fits the gambling entertainment category as it is right next to DraftKings and Sports Book on sports channel’s advertising and Tom Brady in the target market it’s trying to attract. As for the leftover fiat money, I don’t know where it’s going to come from because it’s gone.
World governments and actual banks dabbling in crypto would find themselves in an awkward position indeed if they allowed the courts to agree that it's just gambling.
banks are only offering crypto in response to client demand so they can collect fiat on transactions, holding and trading fees as an opportunity to expand client base. It’s not as though the banks believe in this pseudo asset class. What’s worrisome is pension funds with morons managing have crypto exposure though
SBF is protected due to his bloodlines and the fact he was being run by the elites
SBF provided an entertainment service to crypto participants in exchange for your voluntary donation (i.e. an “initial investment”) and people went along for the entertainment ride to have fun with what it’s like to gamble so that SBF, his girlfriend and his buddies could take the money and blow it on fun things for themselves. (They chose to do this despite warnings from IRS and US government that the crypto industry is full of fraudsters and offers no investor protections). Thanks for playing. Try Vegas next time
So many people making excuses for the Crime Family
Had crypto just tanked and people lost their volorile investments he would be fine. He committed fraud and ran a Ponzi scheme. Those are illegal no matter the investment vehicle.
I know he was the second highest contributor to the Democratic Party, but certainly there are Democrats that have been financially crippled by this guy and should demand his arrest. No?
I know he was the second highest contributor to the Democratic Party, but certainly there are Democrats that have been financially crippled by this guy and should demand his arrest. No?
Voluntary donations of fiat for fresh liquidity to the ponzi that is all of crypto. (Advertising to get that liquidity: MLB umpires sponsoring FTX exchange the entire 2022 MLB season. Feb 2022 major Super Bowl ad campaigns. FTX Arena in Miami)
I saw an expert critical of crypto call it a cancer and like “financial asbestos.” It seems difficult to extinguish with sources of fresh liquidity from any new suckers taken in by it
Because he's smart enough to stay in the Bahamas. At this stage there would be an arrest only if he confessed, but I bet the Justice Department is on the case. It's very doubtful that he will be a future donor, so why wouldn't he be arrested regardless of which party he donated to. And he and his co-founders donated pretty equally to both parties.
Also the bahamas government is pretty corrupt to begin with