#Crypto #Cryptocurrencies #OnlineScams #PonziSchemes: "Everybody knew that cryptocurrency was bullshit from day one, but people were desperate and wanted some way to accrue wealth in a world where doing so otherwise felt impossible. The 2021 crypto bull run created the conditions under which regular people believed tech had allowed them to get in “on the ground floor,” only for it to be taken away in a graphic, ugly fashion, destroying anyone that invested any time after February 2022. The revelation of the FTX fraud made it abundantly obvious that there was never going to be another bull run.

All of this happened as cryptocurrency attached itself to the specious metaverse hype cycle, where a drunken tech industry attempted to shove complete nonsense down consumers’ throats, believing that regular people were stupid and would buy anything.

The tech industry hitched its ride to two losing concepts, and one of them turned out to be an unimaginably huge scam that would destroy billions of dollars of retail investors’ capital along with several banks.

Silicon Valley has now become synonymous with poorly-allocated capital enriching ghouls rather than creating any kind of value to society, and I’m confident that cryptocurrency is to blame."

https://wheresyoured.at/p/cryptogeddon

#USA #Crypto #Cryptocurrencies #PonziSchemes: "With wide-ranging noncompliance, frankly, it’s not surprising that we’ve seen many problems in these markets. We’ve seen this story before. It’s reminiscent of what we had in the 1920s before the federal securities laws were put in place. Hucksters. Fraudsters. Scam artists. Ponzi schemes. The public left in line at the bankruptcy court.

Earlier this week, we alleged that certain Binance entities misled investors about the platform’s risk controls and its corrupted trading volumes while actively concealing who was operating the platforms, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and crypto were custodied."

https://www.sec.gov/news/speech/gensler-remarks-piper-sandler-060823

Gary Gensler: Crypto market is like 1920s stock market, full of 'fraudsters' - Gensler argued that securities laws helped prevent stock market s... - https://cointelegraph.com/news/gary-gensler-crypto-market-is-like-1920s-stock-market-full-of-fraudsters #securitieslaws #ponzischemes #garygensler #lawsuits #frauds #scams #sec

@jpm @davidgerard To me, the AI boom sounds like the next stage of the enclosure of the digital commons, which explains the enthusiasm for it from the same #venturecapitaldestroyers who already partially ruined the internet with the web 2.0 crap which bloats and warps it today.

Web 3.0 was discredited so early because of the links with #crypto and #ponzischemes but this AI bollocks allows you to enclose the commons and then pretend you produced the output yourself.

#3AC crypto founders flee as multiple crypto #Ponzischemes collapse

https://www.naturalnews.com/2022-07-13-3ac-crypto-founders-flee-ponzi-schemes-collapse.html

#cryptocurrency #scam