Lol, I love these bits:
> The cryptocurrency space has long hoped to emulate the business model of Uber: ignore the regulations until you can grow too big to regulate, a technique called “regulatory escape velocity.” With Uber, the primary tool was simply violating taxi regulations among thousands of independent municipalities and daring the local regulators to do something. With cryptocurrency, the common excuse is to just “write code” that ignores centuries of financial regulation and then let it loose upon the world.
This is really one of those scams where it really pays to know the "shape" because then you will recognize this everywhere.
There's scamming people and there's scamming people with a scheme from The Sting. https://www.bbc.com/news/world-asia-india-62123966
I like the part where they lost 200 million dollars. Not "the crash wiped out 200 million dollars of value." They literally lost 200 million dollars like it was a box of staples they left on the counter at office depot.
If you need something funny to read, the guy that the ponzi scheme "celsius" hired to run their crypto hedge fund without anything in writing is suing them for not paying him. It reads like when me and my buddies went to taco bell after high school and one of us ate the wrong taco and accused taco bell of getting the order wrong. https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=RvF30Mz2IZW63s1mjjau2Q==&TSPD_101_R0=08533cd43fab2000f04e48e427f1ffe56640043010d292781c95bf68088807ceca4b58837fd1d9e408436bd55f143000acd2edbaaf3c3b7efbbd3c131c94600e0397dc037fda005f569ad1441ba9a44d1a95c3d4c7b293e1b412702dc121f7ca
There's responsible disclosure and then there's baller disclosure
Wrote my congressional reps about this today. No reason. https://www.nytimes.com/2012/02/19/magazine/shopping-habits.html
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