Thread by @BambroughKevin

⁦@RealMattDamon⁩ #crypto #peak #picker #paidoff

Remember, some coins have a serious energy expense to create, the advertising costs money, staff at exchanges and infrastructure, all real world bills paid for with $$$

Where did the money come from? The inflows from suckers that promoters drew into the ecosystem.

It’s 100% a complete fucking ponzi and most will never get a penny back from their digital wallet providers. They will go bust and be sued info oblivion. Cause most engaged in swaps for tethers and on-boarded customers, giving them stabled coins created with their debt swaps.

Then they took your money blew some on advertising, bought some cars, boats, planes, homes and blew the rest partying like rock stars.

As soon as the cash stops flowing in they can’t pay there fucking bills. No more advertising money. No more celeb whore endorsements, no more bullshit ecosystem. The entire thing goes poof

Cause the fact is the coins are endless in names and numbers and all a complete joke. No regulation, no protection, no insurance, just a ponzi game. That sadly fooled so many. Russia mafia promoted much of this crap from the early days and my bet is they are cashing out…

With their bank accounts being seized, and yachts, jets and homes… I expect many are scrambling to get every dollar or euro they can get, out of the ecosystem and into a ‘friendly’ bank where they can park it.

One by one the digital wallet providers will be informing their customers… sorry, you can’t off ramp Tethers for traditional fiat and get out of the system. Who cares if they tell customers that tethers are worth $1.00 if you can’t get an actual dollar for a tether usdt

When billions in redemptions hit these exchanges and wallet providers they are fucked.. cause they don’t have hardly any cash. It’s all bullshit. Most of the money that was on-boarded by suckers has been off-ramped via the back door to pay the ecosystems huge bills.

Remember. There is no real business here other than sucker in new money to pay for the expense of the ecosystem.

The insiders are on one side of the ledger and are purely in the business of taking customer money. That’s the essence of the business.

1. Create crap coins as cheaply as possible

2. Spend money on adverting to sucker people to buy the crap coins

3. Spend money on infrastructure and advertising to sucker people into trading the crap coins and charge a commission

The ecosystem is entirely a parasite

It only wastes energy and peoples time. Expenses gone forever that have been paid for with the funds on-boarded by suckers. Despite all the bullshit jargon I’ve explained the reality of the system. It’s easy to understand and it’s a fucking Ponzi scam run by one of two types.

Crooked or suckers

Just look at this list of crap… It would be funny if it weren’t so sad that so many have book scammed by this shit

The list of shit coins is never ending. But the actual dollars that are in the ecosystem and available for those that want to off-ramp is going to end. If your sitting with a bunch of money in a digital wallet holding some stable coin that the exchanges claim is worth a $1…

I strongly suggest you off ramp out and get the $1 while you can. Cause soon you’ll be getting a message saying you can’t. And there is no insurance for these wallets like bank accounts. Your fucked fyi

No one is gonna bail you out. The exchanges / digital wallet providers will be teaching their customers about their plan to ‘socialize losses’ meaning everyone will get penny’s (if that) on the dollar when this is over. But trust me. Some corrupt whales in the know will be fine

Huge amounts of money safely pulled out and hidden away in a numbered account in a dirty bank in a corrupt nation. That’s how this end. They win. You lose.

And so ends my public service announcement for this evening. Good night and I hope I’ve helped some people save some money as this crypto crap implodes.

Fortune favours those that get paid in cash and avoid becoming a creditor to unscrupulous people.