Jeremy EpsteinJan 1, 2023
Widdershins Smith 🐘🥏

Sick of people calling everything in crypto a Ponzi scheme. Some crypto projects are Pump-and-Dump schemes, while others are Pyramid schemes. Others are just middlemen skimming off the top. Others are just standard-issue fraud.

Stop glossing over the diversity in the industry.

Jan 1, 2023 at 7:58pmWeb
Show threadToxteth O'GradyJan 1, 2023
@juglugs 🤣 🤑
Show threadMike FraserJan 1, 2023
@juglugs All a libertarian fantasy.
Show threadRobinJan 1, 2023
@juglugs I mean
Show threadNiceMicroJan 2, 2023

@Chimaera @juglugs and let's not forget, that in the original Ponzi scheme by Charles Ponzi, many people who "won" on the scheme, ended up donating their gains to funds to help out those who lost everything.

In crypto, that won't be happening (as a lot of the money was literally burned for mining).

Show threadIncorrigible Maker for HARRISJan 1, 2023
@juglugs
Good call! I am guilty of lumping them all under the "Ponzi" label, but scams can be implemented in many guizes
😁
Show threadThe Polybius Kat 🏳️‍⚧️Jan 1, 2023
@juglugs
Block chain digital currency is a ponzi scheme run by the cia.
Show threadThreeCardMonteCarloMethodManJan 1, 2023
@juglugs Thank you for my first “lol that woke the napping dogs” moment of 2023.
Show threadSilverbackJan 1, 2023
@juglugs Call it what it is: Klepto.
Show threadJames Trickle uPJan 2, 2023
@mrfinsterious @juglugs Kleptocurrency for the win
Show threadjfrazierJan 1, 2023
@juglugs Hey now that's rough, once I figure out the conversion rate of Schrute Bucks to Stanley Nickels I'll be better informed.
Show threadACAB for Cutie Jan 1, 2023
@juglugs lest we forget money laundering!
Show threadDwntwnTJan 1, 2023
@juglugs crypto will be/is used to weaken a nations currency. Once weakened enough that nation will fall. No thank you, I'll have to pass.
Show threadDecentralize.TodayJan 2, 2023
@DwntwnT @juglugs no printing money all day long and during night with a second printer weaken a national currency
Show threadTheJenJan 1, 2023

@juglugs

LMAO

Show threadMarco Jan 1, 2023
@juglugs I already saw this some weeks ago. Always good to reinforce it, I'll always reblog it
Show threadHammancheezJan 1, 2023
@juglugs Diversity Equity and Inclusion (of fraud methods)
Show threadJohn RefiorJan 1, 2023

@juglugs
I'll say the same thing I wrote to @patdennis when he penned almost the same message on Twitter back in April:

Some of it's money laundering for organized crime.
Some of it's money laundering for Russian oligarchs.
Some of it's money laundering for North Korea.
There's a lot of diversity
https://apnews.com/article/cryptocurrency-technology-science-business-north-korea-d83c20b00b9abc973926dc93be0b6b35
--
#cryptocurrency #is #crime

Cryptocurrency expert gets 5 years in NKorea sanctions case

NEW YORK (AP) — A cryptocurrency expert was sentenced Tuesday to more than five years in federal prison for helping North Korea evade U.S. sanctions. Virgil Griffith, 39, pleaded guilty last year to conspiracy, admitting he presented at a cryptocurrency conference in Pyongyang in 2019 even after the U.S.

Associated Press
Show threadEl Jefe "" Jan 1, 2023
@juglugs indeed. thank you for speaking out
Show threadOsakiTsukikoJan 1, 2023

@juglugs I for one, really appreciate some of the crypto projects out there. Their doing an amazing job, making life so much easier for so many developers. Implementing something like an RSA encryption algorithm all by yourself would be painful. #crypto #encryption

(if it's not apparent, it's a joke, I'm not a fan of cryptocurrencies, I'm talking about encryption libraries, which are usually called crypto)

Show threadGeorge MerlJan 1, 2023
@juglugs
Diversity is truly what makes crypto strong
Show threadElizabethJan 1, 2023
@juglugs I’m so grateful for anything that makes me laugh these days. Today, therefore, I’m deeply grateful to you! May the new year bring you health, joy& love in abundance.
Show threadYellowDotJan 1, 2023
@juglugs Well — After hundreds of such comments in 2019 I bought. I assume it's again a good moment. Thank you sir for your unwitting financial advise :)
Show threadMichael RoitzschJan 1, 2023
@juglugs Attribution where it is due: https://twitter.com/patdennis/status/1518637225789042688
Pat Dennis on Twitter

“Sick of people calling everything in crypto a Ponzi scheme. Some crypto projects are pump and dump schemes, while others are pyramid schemes. Others are just standard issue fraud. Others are just middlemen skimming of the top. Stop glossing over the diversity in the industry.”

Twitter
Show threadDenis RobertJan 1, 2023
@juglugs sure, but crypto as a whole is a Ponzi, since the only value comes from recruiting more suckers to pay off the people at the top.
Show threadDr. Kevin P. TaylorJan 1, 2023
@juglugs Unfortunately, this is so close to the truth. The #crypto sleaze drowns out the interesting work being done.
Show threadAnthony SoraceJan 1, 2023
@juglugs @estheria And some mix and match!
Show threadAnthony SoraceJan 1, 2023
@juglugs @estheria That’s the real innovation right there.
Show threadMy name is Gloria ActuallyJan 1, 2023
@juglugs people get pyramid and Ponzi schemes confused all the time smh
Show threaddave's thought experimentJan 1, 2023

@juglugs

you are right man goldman sachs is so much more ethical than any bunch of anarchists who want to cut out bankers, lawyers and corporate executives

the stock market is not a ponzi scheme, nor has it grifter middlemen so true

Show threadIwillyeahJan 1, 2023
@dynaml @juglugs eh, I don't think he said any of that. But at least the stock market purports to trade stocks in companies that might be profitable and commodities that might go up in cost. Cryptocurrencies want you to exchange real money for them for simply existing. Though maybe existing should be in inverted commas.
Show threaddave's thought experimentJan 1, 2023

@Iwillyeah

@juglugs

what he said was there are no redeemable projects in crypto

thats false

wow what a charge this is! so much like twitter 🔥

Show threadIwillyeahJan 2, 2023
@dynaml @juglugs like twitter? Touché. I should have just ignored you and scrolled on. Toodle-pip!
Show threaddave's thought experimentJan 2, 2023

@Iwillyeah

@juglugs

yes would have been a better idea

this whole thread is in the twitter style of a bunch of bad faith assholes mixing it up 👊👊👊 for clout

Show threadJón GrétarJan 2, 2023
@dynaml @juglugs I’m a bit confused... you don’t think these kind of guys run the crypto as well? Just without any oversight or transparency.
Show threaddave's thought experimentJan 2, 2023

@JonGretar

@juglugs

'run the crypto' is not something anybody who is thoughtful & operating with a modicum of good faith can do much with. the only sensible reply is an insult, which is kind of what this thread is already about

Show threadJón GrétarJan 2, 2023
@dynaml @juglugs dude where do you think these funds are coming from? Mining is not free. Some average users for sure gained some money on the instability of bitcoin for example but the big bucks are the same people you mentioned first. Bitcoin is even more unequal in ownership than fiat but the cult seems to believe it’s the currency of the commoners.
Show threaddave's thought experimentJan 2, 2023

@JonGretar @juglugs

you have no fucking clue what it is even for, and no way im going to discuss it with you, since you have no intention of even attempting to comprehend something you don't already believe

this entire thread has crawled up some banker's asshole

Show threadStumbleDownTheSocialMediaPathJan 1, 2023
@juglugs Rug pull
Show threadDavidJan 1, 2023
@juglugs Ultimately, they are all bad.
Show threadPaul van den BergenJan 1, 2023
@juglugs truth
Show threadAngela Glansbury 🚽Jan 1, 2023
@juglugs
Thanks for this. I didn't actually realise there was a difference between a Ponzi scheme and a pyramid scheme so this joke helped me.
Show threadwardJan 1, 2023
@juglugs in 2022 there were almost 500 new coins a day and most were fraud. That's what's giving it the bad name. I'm not sure if regulation is needed, but it's a bit out of control. I honestly think only 3-5 projects are legit... But they are very legit.
Show threadarchieJan 1, 2023
@juglugs
Show threadJohn ShirleyJan 1, 2023
@juglugs that made me laugh out loud for almost a full thirty seconds.
Show threadPeter Kisner ≈Jan 1, 2023
@juglugs Yah. I wish people would stop gaslighting everyone about this.
/s
Show threadsmidbotJan 1, 2023
@juglugs wow way to leave out “rug pulling” where they don’t even get to the pump phase, they just walk away with the VC
Show threadDirk HohndelJan 1, 2023
@juglugs so rug pulls are standard-issue fraud? What about the release of crap jpegs as NFT? Same?
Just trying to make sure I got the nomenclature down...
Show threadShoqJan 1, 2023
@juglugs #genius
Show threadGoldfish 🐠Jan 1, 2023
@juglugs love it. Reminds me of folks I know that are super opposed to any government business regulation and then blame the government when corporations take advantage of them.
Show threadAviva GaryJan 1, 2023
@juglugs lol *slow claps* 👀 😆
Show threadJaneA Kelley (they/them)Jan 1, 2023
@juglugs what? You mean imaginary money isn't real?!?!?
https://giphy.com/clips/wizard-joelfox-joel-fox-ycc3V6JUDHMJIcHSYL
Woooaahhh - GIPHY Clips

GIPHY
Show threadPeachMcDJan 1, 2023
@juglugs
Well said! Happy New Year!
Show threadSkeptical EyeJan 1, 2023
@juglugs -
How about we just make everything Crypto illegal, and then we will no longer have to differentiate among a half dozen different kinds of crimes and unethical behaviors.
Show thread(((JaneinNJ)))Jan 1, 2023
@juglugs 🤣
Show threadZelmo ZiggyJan 1, 2023
@juglugs It’s not legal tender, though, is it?
Show threadEn3pY - Sebastian ZdrojewskiJan 1, 2023
@juglugs harsh but fair
Show threadUnixornJan 2, 2023

@juglugs

I've been lumping them together as #griftcoin or #kleptocoin, but you're right, there's a lot more diversity in the industry that ignoring.

Show threadLigma JohnsonJan 2, 2023
@juglugs fiat currency, on the other hand, that's solid stuff. 🤡