Thursday, June 13, 2024
International big time scams
"Only paranoid survive"
"Ordinary artist copy, masters steal"
1. Archegos
Bill Hwang. Total loss: Hwang: $20 billion. Banks $10 billion
Losing $20 billion in two days. Hard to build easy to lose
2. Bernie Madoff
Bernie Madoff - $65 billion Ponzi scheme
3. Adani
$120 million loss. Who is right Andani or Hinderburg
4. Olympus
Olympus - Japan's biggest corporate fraud
5. Greensill + Adani + Credit Suiss
Why crypto is a scam?
"Only the paranoid survive"
The early theme for this was Ponzi scheme. It satisfies the need to get rich scheme. It thrives because there are so many wanting to get rich fast. It creates wealth for the old user, who gets the income from new user. What happens if the world runs out of sucker?
The number of bitcoin is pegged at 21M vs unlimited printing of money for central bank
1. Uses the chain block system
2. This is supposed to be a digital currency managed by private person
3. A currency value has to be stable, but crypto value is anything but stable
4. Its value does not rise. It is a betting game. Income comes from the other person
who owned the currency before
5. The whole thing goes on for as long as there is a sucker
6. Get in early, and you will reap benefits
7. The more people buy it, the less it becomes a currency, the more its value fluctuates
8. Mining bitcoin consumes more energy than one country. One transaction consumes the same power as a household
It is a Ponzi scheme clothed in a digital clothing
Rentangay
Only the paranoid survive
This is a combination of scam, and robbery. It is as the name suggest, renting vehicle, and carnapping the rented vehicle. Recently, someone was caught and an officer of PNP was involved.
How to avoid: avoid the business. It is too risky
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