#cryptocrash underway as the ecosystem has barely any real cash in it. The billions that has been sent to digital wallet providers have been extracted and spent on advertising to get more suckers. I’m constantly inundated with crypto related adds.
My belief is that major exchanges have engaged in tether swaps to give them a source of cheap capital. They swap commercial paper with Tether (borrow $1bln at a time from Tether in exchange for giving Tether an IOU for $1bln) then buy $1bln worth of Tether with the phoney loan.
They then have a cheap source of capital as they have been transferring tethers to client accounts and taking their cash onto their own balance sheets.
That money has gone out the the ecosystem and been spent on advertising to sucker more people in.
That money has gone out the the ecosystem and been spent on advertising to sucker more people in.
Some of the major exchanges claim to be audited but in reality they are only audited on there money laundering account control process. I’m having trouble finding major exchanges that report audited balance sheets. The industry doesn’t want to reveal what they’ve been up to
Soon we will learn the truth about the Tether Comercial paper story. Many speculate that it’s garbage Chinese company paper. But, it makes way more sense for it to be commercial paper from digital wallet providers and crypto exchanges.
Regulation will be forced on to these entities and the ponzi exposed. It’s way worse then nearly anyone understands. The ecosystem will be experience an giant bank run and implode. Poof goes your wallet. Oh…and fuck Matt Damon you shouldn’t endorse what you don’t understand
Crypto exchanges / digital wallet providers with unaudited balance sheets will likely prove to be unable to provide people an off ramp out of the crypto ecosystem.
They take your cash and spend it themselves.
They take your cash and spend it themselves.
Also, crypto speculators/investors are retail plebs that are completely incapable of doing due diligence on exchanges. The crypto world is full of criminals with a history of fraud and ponzi. It’s both comical and tragic. I hate seeing unsuspecting people robbed, but greed kills
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