Bienvenidos mis ositos, tu siempre eres mis queridos! (Welcome back little bears you are always my dears!)
Theatricality and Deception, powerful agents to the uninitiated but we are initiated aren’t we Bruce?
2022 can’t end soon enough. A lot of crypto and tech investors have been mauled by this violent bear market. Though most of the carnage was the fault of scummy CeFi operators, their foolish actions have given the whole industry a black eye.
Do you know what the worst part is?
NONE OF THE SCAMMERS ARE BEHIND BARS (yet)!!!
Now I’m a fat stupid panda so at least I have that excuse for not spotting these dirtbags earlier.
But aren’t there supposed to be any accountants, financial analysts, and lawyers that review business deals ESPECIALLY if it involves crypto lending.
This is how I imagine CeFi business meeting to be:
I feel ashamed for underestimating how bad the contagion would be.
It’s scary how many people were suckered into these money pits. I’m somewhat fortunate to have dodged most of the downdraft BUT the collateral damage isn’t much better.
Even if you only stacked Bitcoin or Ethereum, in fiat terms you’re probably down a lot (at least for now).
It still feels like Bane has broken my portfolio’s back.
It looks like most of the profits from the last two years have evaporated (depending on your entry point of course).
Seems like most of the crypto profits from the last two years will wind up in the hands of bankruptcy lawyers. Sigh.
Meanwhile the bums that kicked off the contagion like Kwon, Davies & Su, Mashinsky suddenly pop out of the woodwork to start tweeting and giving interviews.
Is everyone trying to take advantage of the FTX theatrics?
SBF throws his ex-gal pal under the bus and claiming incompetence.
Are these guys seriously going for a sympathy tour?
Is this some sick joke?!?
2022 was so tiresome…
It’s a shame newer crypto investors keep getting distracted by drama.
The abuse of trust and misuse of customer funds by “trusted” CeFi sickens me.
What scares me is how convincing and slick these operations were. The smooth user interfaces and professional marketing fooled almost everyone with illusions of safety.
Even now there are some clowns trying to defend these scumbags! Some of them are even billionaires! What morons!
The good thing is that fraudsters will usually start failing at some point. When they do they’ll usually attack any dissent as FUD.
Even when they completely collapse they engage in Twitter theatrics, deception and outright lies on Youtube interviews.
Now that the shrouds of cheap credit and liquidity have fallen, the fugly lies and deception are laid bare for all to see.
I’m secretly hoping that there is some karmic force that gives these lowlives what they deserve.
Maybe someone like Bane can pay them a visit.
Thank goodness for hardware wallets!
Obviously none of this is formal financial or tax advice. You need to find qualified professionals in your jurisdiction.
Be sharp, stay hungry let’s get that money!
