When I was a child, we had a friend in our neighborhood who was quite lazy and sluggish. His father made up the following phrase about him:
Why run when you can walk?
Why walk when you can stand?
Why stand when you can sit?
Why sit when you can lay down?
Today, I add another one:
Why work hard when you can scam?
This phrase applies to the entire digital currency space, as we see more and more bad news emerge about how different perceived “leaders” were simply engaging in centuries old tactics to extort money from their eager followers.
When someone promises to build a new innovative business which takes more effort? Fundraise via a token or NFT sale or actually build out the business? Anyone in this space knows the answer.
People repeatedly fall for the same scam. In the tokenization markets, most are aware of the scam but are assertive in “getting in early” so they can participate for just enough time to make a quick profit. However, unlike in business, no corresponding value created comes with that profit. The participants are engaged in a zero-sum trade where the early bird makes a profit and the late arrivers make a loss.
Ironically, the ones doing the honest investing who are looking to support a business long-term and potentially earn a reasonable return ultimately are the ones who are hurt the most. As the greater markets return to the previous status quo (7%-10% annually), instead of the “free tendies” era, such scams will be easier to spot. The previous normal returns amid a looming global recession, rampant inflation, and rising interest rates.
As such, the desperation to scam becomes more obvious. Unfortunately, a greater digital currency market crash was necessary to shine the light on the blatant ICO and NFT schemes. Teams constantly launching new tokens or NFT sales instead of delivering on previously promised projects are a clear sign. Not every project running constant sales are necessarily trying to scam, which makes the behavior by the guilty parties even more insidious. Honest projects who are just incompetent get wrapped up with the actual perpetrators which again hurt the moral ones.
Jealousy is the worst sin in my opinion and greed is a close second. The greedy not only satisfy their addiction by simply obtaining more but will also “rob Peter to pay Paul” to fund necessities like a bungalow or yacht. To keep the grift going, the greedy will emit the aura of great leadership, trust and intelligence with some motivational words baked in, all while stabbing their followers in the back.
This tweet was sent the day after 3ac's final pledge of 2 million gbtc shares (to equities first) for a cash loan
None of this was psyops
Y'all got played thinking you were being manipulated by sauron playing 3d chess
It was tic tac toe all alonghttps://t.co/gUNCqtGOvE
— Data Finnovation (@DataFinnovation) July 24, 2022
These individuals are typically charismatic enough to earn the trust necessary to justify normies to send them funds which makes it more unbelievable when they inevitably exit.
If this seems like a “thought leader” or CEO near you, run away as fast as you can. Accept the loss, write it off on your taxes and move on or end up on the Coinfessions Twitter feed.
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