How much was in the rug?
YouTube channel “TechLead” creator has created a crypto and pulled the rug
61–70 of 158 posts
Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug
#62As I said 3 days ago, when he announced it "If you were to sell 0.001 token for $1.00, you'd then have a Billion Dollar Valuation. ;-) This reminds me of a stock market simulation in my Econ 102 class. With a fellow student, we picked a few stocks, and sold them to each other for a very low price, and then bought all of them up as the other students watched the trends. We repeated this for 1/2 of the stocks in the si…
I have a question:
> we picked a few stocks, and sold them to each other for a very low price, and then bought all of them up as the other students watched the trends. We repeated this for 1/2 of the stocks in the simulation.
I can see how you could use this strategy to exchange a fairly low amount of money for these stocks. But that would mean you have less money than you started with, and more stock.
> We then sold each other 1 share of those stocks for $99.99 (the maximum price in the simulation), and ended up with almost all the money.
And then this trade causes you to have the same amount of money and the same amount of stock. How did you get the money back? Did you actually end up with almost all of the money, or did you end up with almost all of the market capitalization?
It shouldn't be possible to make any sales of a stock at the maximum price, because the only thing that can happen to you, if you buy a stock at the maximum price, is that the price of your stock goes down.
Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug
#63Earlier quoted context omitted.
The question is are cryptocurrencies securities? There have been ICOs which definitely have been represented as securities and have been regulated/quashed/fined. But when not used as a representation of ownership of currencies or assets... what is a cryptocurrency and does it fit into existing law about securities fraud? Another way to ask the question: should the SEC regulate pump and dump schemes with collectables?…
> The question is are cryptocurrencies securities? The tax guidance in Canada says yes, they are. I don’t think they’re being advertised like collectibles. They’re advertised like investments. This is the first time I’ve actually heard them compared to collectibles. My personal experience makes me believe there’s not much liquidity. Also, as a class of currency the crypto scene is printing money faster than anything…
There is a difference between an investment and a security.
A security is very specifically an instrument which represents the value of something else.
And tax guidance isn't the same as general classification of something (there are lots of really weird tax rules. For example: the US supreme court decided that a tomato was a vegetable, not a fruit for tax purposes while it is without any question actually a fruit.
Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug
#64As I said 3 days ago, when he announced it "If you were to sell 0.001 token for $1.00, you'd then have a Billion Dollar Valuation. ;-) This reminds me of a stock market simulation in my Econ 102 class. With a fellow student, we picked a few stocks, and sold them to each other for a very low price, and then bought all of them up as the other students watched the trends. We repeated this for 1/2 of the stocks in the si…
I have a question: > we picked a few stocks, and sold them to each other for a very low price, and then bought all of them up as the other students watched the trends. We repeated this for 1/2 of the stocks in the simulation. I can see how you could use this strategy to exchange a fairly low amount of money for these stocks. But that would mean you have less money than you started with, and more stock. > We then sold…
The goal of the class was maximum stock portfolio value (as set by market valuation).
Everyone in the class started with a random set of stocks, and a set amount of funds. We looked at our portfolios and decided which to pump, and which to dump... then reversed when it was time to max out our portfolio values.
When everyone is focused on the small picture, it is really easy to play the macro game.
Note: You could put any price on a sell order, but someone had to match it in order to buy, so two people could quickly set the price of anything with a 1 share transaction.
It's been almost 40 years, but I think we maxed out things with few hours work across a semester.
Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug
#65Earlier quoted context omitted.
> The question is are cryptocurrencies securities? The tax guidance in Canada says yes, they are. I don’t think they’re being advertised like collectibles. They’re advertised like investments. This is the first time I’ve actually heard them compared to collectibles. My personal experience makes me believe there’s not much liquidity. Also, as a class of currency the crypto scene is printing money faster than anything…
There is a difference between an investment and a security. A security is very specifically an instrument which represents the value of something else. And tax guidance isn't the same as general classification of something (there are lots of really weird tax rules. For example: the US supreme court decided that a tomato was a vegetable, not a fruit for tax purposes while it is without any question actually a fruit.
I guess I don’t know enough about the technical differences. Doesn’t the SEC regulate both?
Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug
#66Highly recommend CoffeeZilla (Youtube): https://www.youtube.com/channel/UCFQMnBA3CS502aghlcr0_aw He has a very good video recently on a scam being run by influencers and provides some pretty damning evidence: https://www.youtube.com/watch?v=Kv6ne6VQCZI
If you are familiar with the term 'Drama channels', they are a very toxic genre where the group finds a target and gives their opinion about the alleged offences.
All good and well except they started to create the drama and their fans would dogpile on people or as twitter would describe 'Targeted harassment campaigns'.
CoffeeZilla is a drama channel often with dubious opinion driven videos. There a few other drama channels in the professional world but I won't give them spotlight.
Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug
#67In 2021 I find it hard to see anyone losing money on crypto as a victim.
Buying it is pure speculation. Bitcoin pivoted from exchanging value to storing it due to high cost and friction on transactions. And it will pivot again after it fails to store the value next time it crashes.
Crypto is speculative and SEC are to some degree allowing people to gamble a bit - until something seriously blows up and gives them a reason to step in.
TechLead’s coin is a play on DOGE, the original meme coin. Whoever got hurt it this must have ignored loud warnings from all sides.
Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug
#68I want to assess this situation by facts and not by sentiments for or against TechLead. Could someone please help me understand some facts:
- The reddit post only provides an etherscan link to the transaction in which he adds liquidity. Where did he remove liquidity?
- Permanent removal of liquidity clearly breaks the promise of 1MM for at least 1 USDC. But a temporary removal does not, correct?
- As long as more people want to buy MM, a temporary removal of liquidity leads to a shortage of MM thereby driving price quicker.
- I flat out don't understand the "selling without selling" part.
It appears to me so far neither "MM will go to the moon" nor "1MM for 1USDC is guaranteed" appear to be false statements. Let's not call him a fraudster just yet.
Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug
#69Not familiar with his crypto hustle, but I watched some Martin Kleppman talks on YouTube, and Tech Lead commercials started devouring my YouTube. The algorithm mistook me for not knowing how to code? Not sure. Apparently this tech lead guy created programming videos to teach you how to get hired at big tech companies. It turned out the partner guy in the videos wasn’t even a developer but had maybe interned somewhere…
> I looked tech lead up on YouTube as I read the Reddit post and typed up this post. I can’t tell if this guy is trying to be a parody/using dry humor or if he’s a narcissist sociopath.
He's clearly comedic, the question is whether he's also an unhealthy person. I lost interest in him when it looked like he was destroying his own life while simultaneously making a show out of it. I do hope it truly is just a show, because otherwise it's sad that he basically lost his family while being absorbed into an absurd YT personality.
Re: YouTube channel “TechLead” creator has created a crypto and pulled the rug
#70I always thought he was a troll/sarcastic, but it looks like not?