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#crypto

45 posts38 participants6 posts today

A core part of every Crypto scam is the story. Quite often it is an elaborate one. It all started with the Bitcoin story, but others, such as DOGE, have their own stories. Quite often people will defend these stories as being true. All the other Crypto currencies and NFTs are a scam, but not this one. Some will just point at high valuations as indicators that it is not a scam, but rather it is just indicators of rather successful scams.

Whatever the story is, the results are the same. The damage done is not small. The idea that Crypto now uses more energy than many countries, when we should be conserving energy, is crazy.

We all have a choice when it comes to Crypto. I decided years ago not to get involved. If I had gotten involved, I would have made a bundle, but I would have been part of the problem and I did not want to do that.

Lets stay away from any products and services that include Crypto. Lets not support this "industry" in any way.

Actually, I'd argue that the mind-bogglingly wasteful allocation of billions and billions of dollars in capital to #crypto and bogus #AI startups is a much bigger headwind for the US economy.

VCs are a terribly inefficient way of funding the growth and innovation our economy needs right now.

Folks like Roelof don't actually care about the economy, they just want their short-term bets to pay off and that won't happen if the government is able to protect consumers and workers from their grift.

a pot of bitcoins bought with massive amounts of leveraged debt is now the 40th largest company in the #Nasdaq by market cap.

in other news #Dogecoin is "worth" more than Ford Motor Company.

i suspect future generations will look back and think "there were signs..."

coindesk.com/markets/2024/12/1

The chairman of #InteractiveBrokers (#IBKR) says in this interview on #Bloomberg ca. 10:00 that margins on bitcoin trading accounts are becoming increasingly large and unstable and he's "sort of scared of cryptos". Specifically he's concerned that a sudden 30% move in the price of bitcoin would bankrupt an incredible number of people, including a bunch of financial firms which could cause a ripple effect and take out some clearing houses.

Bear in mind that IBKR is on many metrics the largest electronic trading platform in the United States. You can trade stocks, bonds, options, etc. (and bitcoin). In other words this guy has seen the data and he found it Very Concerning.

bloomberg.com/news/videos/2024

Bloomberg · Thomas Peterffy Talks Trump, M&A, CryptocurrenciesInteractive Brokers Chair Thomas Peterffy discusses his expectations for a second Donald Trump administration, his firm’s growth prospects, and why he is “sort of scared of cryptos.” He speaks with Sonali Basak from a Goldman Sachs Group Inc. conference. (Source: Bloomberg)

tfw one group of scammers gets all their money stolen by another group of scammers who work for #NorthKorea.

(Radiant is an ultra-scammy #defi platform on the #Binance #blockchain that I strongly suspect is operated by the same people running all kinds of frauds, which people I in turn strongly suspect work for #Binance)

therecord.media/radiant-capita

therecord.mediaNorth Korean hackers behind $50 million crypto heist of Radiant CapitalResearchers attributed the attack on the cryptocurrency platform to a group housed within North Korea’s Reconnaissance General Bureau (RGB).

Yesterday, the FTC put out a statement warning about an increase in online job scams. In all of 2023, they received 5k reports of these scams while in just the first half of 2024 they received 20k. These scams have you repeat a simple task in order to earn a commission. Eventually, the scammers will say you need to make a deposit in order to continue your work. You may get paid a small amount at first, but after depositing a larger amount the scammers will keep it for themselves. ftc.gov/news-events/data-visua

If you want to see an example, we recently wrote about one of these scams, in this case we had the task of submitting hotel reviews infosec.exchange/@InfobloxThre

#threatintel #dns #cybersecurity #scam #pigbutchering #InfobloxThreatIntel #Infoblox #cybercrime #infosec #crypto

Federal Trade Commission · Paying to get paid: gamified job scams drive record lossesA job you truly enjoy is a good thing, but if the work feels more like an online game than an actual job, you can bet it’s a scam.