Icarus lost his wings, but let's try this new wax
So stoked to get a write up from you, that isn’t a tweet. Thanks, bigly! This post really helps me understand more.
Thank you for your hard work!
It's called fraud. What you described is no different than fractional reserve banking. All this crypto is 100% being used to steal from morons. No one gets money for free. For someone to profit someone else has to lose. It's a game of musical chairs and the psychopaths who created the game try to sucker in enough morons so they can fleece them. This is how it works and no amount of jargon and complexity will ever change the basic zero sum equation. The more complex it sounds the more of a scheme it is... but it seems to be the same scheme recycled over and over and over. I guess there ultimately is only one way to fleece people and that is called theft.
The scheme is, and always will be, to pump up something, drag in morons by using hype, disinformation, and complexity, bots, shills, whatever it takes. Keep the game going so it looks really good... then do the rug pull.
I'm invested in GME and this is precisely what it looks like. The difference is that if it is a rug pull I know exactly who was involved in it. I trust RC because if GME tanks then he was 100% behind. The entire reason I got in to GME was because it feels like RC is trying to actually fight back against all this bullshit by capturing these financial terrorists that have taken over everything and are destroying humanity. I figure that if GME is a pump and dump then it's all over anyways so this seems to be one last shot to stop the psychopaths from destroying humanity. Only time will tell how it works out. What I do know is that the US government and regulators are A-OK with all the fraud and schemes.
good read, I wonder if other protocols like Frax and Deus could be susceptible to this somewhere down the line...