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(CNBC)   The grift never stops because the stoopid is seemingly endless   (cnbc.com) divider line
    More: Fail, Finance, Bankruptcy, Cryptocurrency exchange CoinFlex, CEO Mark Lamb, temporary liquidity issues, high-integrity person of significant means, new token, crypto markets  
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1357 clicks; posted to Business » on 28 Jun 2022 at 9:00 AM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



20 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-06-28 9:21:52 AM  
Digital beanie babies.

Old line of 'collectibles' boring?  Create new line of collectibles.

What's the blockchain equivalent of this?

snopes.comView Full Size
 
2022-06-28 9:24:50 AM  
Recovery Value USD

What, was Give Us Money You Farking Morons already taken?
 
2022-06-28 9:47:22 AM  
Buried lede:
"one client failed to repay a massive debt."

Even Ponzi schemes can continue when the first bill isn't paid or the first investor decides to take their profits and move on. Something that can not survive one client defaulting is a house of cards.
 
2022-06-28 9:54:58 AM  

FrancoFile: Digital beanie babies.

Old line of 'collectibles' boring?  Create new line of collectibles.

What's the blockchain equivalent of this?

[snopes.com image 850x807]


Who gets the NFTs in the settlement.
 
2022-06-28 9:55:00 AM  
At this rate, there will be a new Crypto coin issued every 16 hours.
 
2022-06-28 9:58:25 AM  
He added that the company has "alternative mechanisms" if it can't raise money from issuing rvUSD, but did not elaborate on what those would be.

What we're gonna do is issue another coin with a dumber name
 
2022-06-28 10:01:45 AM  

MadHatter500: FrancoFile: Digital beanie babies.

Old line of 'collectibles' boring?  Create new line of collectibles.

What's the blockchain equivalent of this?

[snopes.com image 850x807]

Who gets the NFTs in the settlement.


The loser.
 
2022-06-28 10:09:29 AM  

hubiestubert: At this rate, there will be a new Crypto coin issued every 16 hours.


On average, 100 coins are created each day.
 
2022-06-28 10:11:41 AM  
Everyone thinks "I just need to be in on the ground floor and I'll get out before anything bad happens" and then they're still staring at their screen when the bad happens and now they're broke.
 
2022-06-28 10:13:29 AM  

Rapmaster2000: hubiestubert: At this rate, there will be a new Crypto coin issued every 16 hours.

On average, 100 coins are created each day.


Is that a real stat?
 
2022-06-28 10:17:12 AM  

HotWingConspiracy: Rapmaster2000: hubiestubert: At this rate, there will be a new Crypto coin issued every 16 hours.

On average, 100 coins are created each day.

Is that a real stat?


It was good enough for NYT:  https://www.nytimes.com/2021/08/05/business/hype-coins-cryptocurrency.html#:~:text=About%20100%20are%20created%20each,more%20than%20just%20investor%20bros.
 
2022-06-28 10:34:17 AM  

Rapmaster2000: HotWingConspiracy: Rapmaster2000: hubiestubert: At this rate, there will be a new Crypto coin issued every 16 hours.

On average, 100 coins are created each day.

Is that a real stat?

It was good enough for NYT:  https://www.nytimes.com/2021/08/05/business/hype-coins-cryptocurrency.html#:~:text=About%20100%20are%20created%20each,more%20than%20just%20investor%20bros.


That's depressing.
 
2022-06-28 10:37:51 AM  
Trying not to fool myself into seeing a nonexistent pattern in the noise, but it's hard for me to look at BTC & Ethereum over the past 3 months and not see maintenance/manipulation.

It looks like it was held at $40K for a month in April, $30K through May, and $20K through June. If there's something going on there I'd expect another big drop again soon. It's so stepwise it just looks non-random. I wouldn't touch this thing ever.

Fark user imageView Full Size
 
2022-06-28 10:43:53 AM  
"Cryptocurrency exchange CoinFlex on Tuesday issued a new token to raise funds in a bid to restart withdrawals for its customers, after one client failed to repay a massive debt. CoinFlex said it would issue $47 million worth of a digital coin, offering 20% interest, which it's calling Recovery Value USD, or rvUSD."

Isn't taking money from new investors to pay the old investors literally the definition of a Ponzi scheme?

Why the fark didn't they just call the new coil PonziCoin?
 
2022-06-28 10:58:19 AM  

GregInIndy: Trying not to fool myself into seeing a nonexistent pattern in the noise, but it's hard for me to look at BTC & Ethereum over the past 3 months and not see maintenance/manipulation.

It looks like it was held at $40K for a month in April, $30K through May, and $20K through June. If there's something going on there I'd expect another big drop again soon. It's so stepwise it just looks non-random. I wouldn't touch this thing ever.

[Fark user image image 425x195]


You need to look at in logarithmic!  Only ever look at in log...like Indiana Jones did
 
2022-06-28 11:38:58 AM  
oh wow look, apparently when you are a system of centralized authority control over your currency, you can just print a new currency to pay for the loss of value in the old currency.

who knew that we could have not had the great depression if we'd a just printed a bunch of new currency with a different name for it.
 
2022-06-28 12:20:16 PM  

hubiestubert: At this rate, there will be a new Crypto coin issued every 16 hours.


That is what it feels like, every day I hear the name of a new one I have never heard of before is up and running or crashing and they still find idiots to invest in these things. I have an ex that probably is because she never found a MLM she would not join.
 
2022-06-28 12:37:50 PM  

wozzeck: Why the fark didn't they just call the new coin PonziCoin?


Because that symbol is taken.

Fark user imageView Full Size
 
2022-06-28 12:57:38 PM  
FTFA: CoinFlex said it would issue $47 million worth of a digital coin, offering 20% interest

Even Bernie Madoff would be embarrassed to promise returns like that.
 
2022-06-29 4:45:00 AM  

wozzeck: "Cryptocurrency exchange CoinFlex on Tuesday issued a new token to raise funds in a bid to restart withdrawals for its customers, after one client failed to repay a massive debt. CoinFlex said it would issue $47 million worth of a digital coin, offering 20% interest, which it's calling Recovery Value USD, or rvUSD."

Isn't taking money from new investors to pay the old investors literally the definition of a Ponzi scheme?

Why the fark didn't they just call the new coil PonziCoin?


Full Tilt Poker was shut down for less than this.

I mean at least it had an actual product.
 
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