271–280 of 411 posts
Earlier quoted context omitted.
IANAL, but anything between fraud and gross negligence I guess.
Fraud is very obvious. Which part of it is simply “gross negligence”?
Earlier quoted context omitted.
Indirection seems to be very valuable with scams. The 2008 housing crash had a lot of layers: 1. Loan Application (Borrower Lying about income) 2. Mortgage Originator ( Not validating loan application ) 3. Mortgage Back Security Creators ( Obfuscate what is in the security ) 4. Ratings Agencies ( Not being honest that step 3 happened ) 5. Sellers of MBS ( Not being honest that steps 1-4 exist ) I don't know enough ab…
I'd swap 1) and 2). The people writing the mortgages were telling the borrowers to lie, and that the lies wouldn't be checked. It wasn't some oversight.
Earlier quoted context omitted.
its months and months worth of tweets, and that's all they talked about during this year. first a cryptic puzzle as a recruiting tool for analysts: https://twitter.com/Galois_Capital/status/148693793605468979... followed by months of warnings like this: https://twitter.com/Galois_Capital/status/151217543903232819... and threads pushing the systemic risk angle: https://twitter.com/Galois_Capital/status/150461116699529…
That chain in the first tweet should be enough to frighten anyone.
https://i.imgur.com/qz4EeQS.jpg - This is (was?) their ads "15% interest. No surprises."
And the YC board looked at this and funded it. That's unbelievable, isn't it?
https://techcrunch.com/2014/08/13/backpack-connects-you-with...
https://techcrunch.com/2016/01/28/shypmate-pays-travelers-to...
Earlier quoted context omitted.
Probably not much else to invest on right at this moment, at least not at this level ("small" start-ups wanting to "change the world"). I was honestly believing that the web3 bullsh.t were just some young people who didn't know any better or some scam-artists (or both), I didn't actually think for a second that a "serious" VC like YC would put money into something like that. Looks like I was wrong.
Huh, my take all along was that web3 terminology was specifically designed to “pretty up” blockchain related things to make it palatable to VCs, by implying that it was going to be the next internet and you need to get on now.
Another negative story about a YC company which has risen to the front page of HN and then seems to be getting a lot of pressure to get ranked down. It has more points and is fresher then a handful of other stories on the frontpage but ranks lower and is falling quickly. And when mentioned in the past, the reason often is the invisible anti-flamewar or similar features. What is it this time? Elon needs to buy HN and…
> anti-flamewar This is a story about a company 1) in the crypto space, that 2) lost all of it's users money, and 3) used misleading disclaimers (and potentially trying to change them after the fact) It has already devolved in multiple threads to discussion about what is-and-is-not technically a ponzi scheme (vs other forms of scams/fraud). This whole thing is a recipe for a giant flame war.
https://i.imgur.com/qz4EeQS.jpg - This is (was?) their ads "15% interest. No surprises."
Earlier quoted context omitted.
IANAL, but anything between fraud and gross negligence I guess.
Fraud is very obvious. Which part of it is simply “gross negligence”?
Terra and the Anchor protocol should have appeared fraudulent to any expert from the very start.
Earlier quoted context omitted.
So how is the 20% interest created? Excuse my ignorance on crypto. I don’t understand how UST can drop 90% when I assume it required some sort payment of some other currency/coins to get mint them. I heard it was tens billions of UST was minted. So what happened to these coins? Were they used to pay out the interest?
> So how is the 20% interest created? I'd treat the offer of earning 20% interest on a risk-free investment with the same scepticism I'd treat the offer of buying a perpetual motion machine. You can have abnormally high interest, or your capital can be risk-free. I simply don't believe it's possible to have both, at least not over the long term.
Earlier quoted context omitted.
Hopefully they didn't park the investors' money in Anchor Protocol!
Tbh they very well may have. Didn’t think same kind of shit happen in the BTC crazy circa 2017?