His stablecoin, USD1, is his primary instrument for laundering. It now constitutes roughly 1/3 of his entire net worth. Attached article gives a great breakdown.
I wish someone could help me understand why GenZ predominantly doesn't get this after they keep getting burned by get rich quick schemes. How did we raise a generation of rubes?
In the US, laws were only for the affluent, male, white class anyways. Richard Rothstein wrote a great book about it called "Color of Law: A Forgotten History of How Our Government Segregated America"
It's probably difficult to find out (but someone here could probably analyze the blockchain), but it would be interesting to know the mean and median stake of the investors who got wiped out.
If the mean is large, it's mostly an off-the-books bribery scheme. If the average stake is small, it's mostly a pump-and-dump con of regular people.
But it was probably just a gambling scheme with just one big bet, where as ever, the house always wins.
Yeah as a technical matter $4.3bn wiped out is kind of wrong. If I issue a billion iffy coins, sell one for a dollar and then it goes to zero that's more one dollar wiped than the theoretical billion.
I'd say this is $600m transferred from investors to insiders.
An interesting question is how much of that $600m was degen gamblers and how much was bribes.
Welcome to the Corrupt State situation. This is how developing, poor and struggling nations function. I hope it will not last long because the US citizens don't deserve it (although the same is said for every other nation)
If it makes anyone feel better even after he and his family have stolen as much as they can possible steal, a fortune more than capable of supporting generational wealth, they'll have already squandered nearly all of it and be back on TV trying to turn the family name into fifteen dollars for autographed socks manufactured in a country they despise or a donation from voters they also despise.
23 comments
[ 2.9 ms ] story [ 44.3 ms ] threadhttps://archive.is/4ieKD
I always thought of it as an alternative to lottery tickets or slot machines.
https://en.wikipedia.org/wiki/The_Color_of_Law
It's just that the middle class is no longer going to be the "In" group.
If the mean is large, it's mostly an off-the-books bribery scheme. If the average stake is small, it's mostly a pump-and-dump con of regular people.
But it was probably just a gambling scheme with just one big bet, where as ever, the house always wins.
I don't know, it seems like this is exactly crypto.
I'd say this is $600m transferred from investors to insiders.
An interesting question is how much of that $600m was degen gamblers and how much was bribes.