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Duplicate of another approved link: 12736348


(Quartz)   It's not illegal to lose money from the start of your business, but it probably *is* illegal to be losing money while at the same time promising a 17% return on investment. Why yes, crypto is involved, how did you guess?   (qz.com) divider line
23
    More: Obvious, Fraud, Ponzi scheme, Customer, Law, Doubt, Market liquidity, Bitcoin, Marketing  
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420 clicks;  Favorite

23 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
Intrepid00 [TotalFark]
2023-01-31 5:40:19 PM  
Damn, is it another day that ends in y already?
 
Fark_Guy_Rob
2023-01-31 5:53:03 PM  
I mean... I get why fraud is illegal...but at some point it's hard to feel bad for the marks. A goodscam, I get it. It's easy to see how people could be sucked into a scam.

But how does anyone hear 'Guaranteed 17% Annual ROI' and think it's a good idea to invest?
 
proteus_b
2023-01-31 5:55:22 PM  
OK, so there is plenty of room now to found ethicalcrypto companies which totes won't make off with your investment.
 
Muta
2023-01-31 5:57:25 PM  
FTA: "Mashinsky, who founded Celsius in 2017, spent years slamming critics of his business for spreading "FUD" - crypto-speak meaning 'fear, uncertainty, and doubt.'"

FUD is a pretty common term outside of the Crypto world.  It is often used to deflect valid questions.  It is similar to accusing someone of shorting a stock when you question their finances
 
scanman61
2023-01-31 6:53:29 PM  

Fark_Guy_Rob: I mean... I get why fraud is illegal...but at some point it's hard to feel bad for the marks. A goodscam, I get it. It's easy to see how people could be sucked into a scam.

But how does anyone hear 'Guaranteed 17% Annual ROI' and think it's a good idea to invest?


Remember, we're talking about crypto "investors'
 
natazha [BareFark]
2023-01-31 7:03:15 PM  

scanman61: Fark_Guy_Rob: I mean... I get why fraud is illegal...but at some point it's hard to feel bad for the marks. A goodscam, I get it. It's easy to see how people could be sucked into a scam.

But how does anyone hear 'Guaranteed 17% Annual ROI' and think it's a good idea to invest?

Remember, we're talking about crypto "investors'


Folks who want the best and think they are smart enough to recognize it.

TLDR: greed
 
keldaria
2023-01-31 7:23:31 PM  

Fark_Guy_Rob: But how does anyone hear 'Guaranteed 17% Annual ROI' and think it's a good idea to invest?


It's the same people who see Bitcoin increase in value from $350 to $60,000 in a little over 5 years and think "yeah, that's sustainable, Bitcoin to $1,000,000 by next year". These are suckers built and primed for scammers.
 
Thank You Black Jesus! [BareFark]
2023-01-31 7:39:46 PM  
wow, second time today even.  must be serious.
 
ChibiDebuHage
2023-01-31 7:57:21 PM  
What??? Celcius was scamming people too??? At this point it would be much easier, much shorter, to list anything related to deregulated crypto that HASN'T been revealed to be a crooked sca.

B-b-b-but we were all assured that "Fortune Favors the Brave"!! Apparently Matt Damon forgot a few words at the end of that sentence: "Fortune Favors the Brave... Conmen Who are Out To Scam You, Since Most of Them Will See No Prison Time For Brazenly Stealing From You!"

Deregulated crypto is by now such a publicly facing slow motion train-wreck clown-shoes pant-on-fire shiatshow, that it is only a matter of time before the crypto bros out there try to rebrand it by simply giving it a new name. I'd put money on it.
 
Olympic Trolling Judge
2023-01-31 8:00:39 PM  
"Insolvent since Inception"?  They've been bankrupt since 2010?  Man, that's rough.
 
Ketchuponsteak
2023-01-31 8:14:17 PM  
Well submitter, its great that ponzi schemes doesn't exist outside of crypto, so you're safe with that knowledge.
 
Olympic Trolling Judge
2023-01-31 8:19:51 PM  

Ketchuponsteak: Well submitter, its great that ponzi schemes doesn't exist outside of crypto, so you're safe with that knowledge.


Conversely, crypto doesn't exist outside of Ponzi schemes.
 
ZMugg [TotalFark]
2023-01-31 8:23:56 PM  

Ketchuponsteak: Well submitter, its great that ponzi schemes doesn't exist outside of crypto, so you're safe with that knowledge.


What about Fonzie Schemes?
64.media.tumblr.comView Full Size
 
Intrepid00 [TotalFark]
2023-01-31 8:29:50 PM  

Fark_Guy_Rob: I mean... I get why fraud is illegal...but at some point it's hard to feel bad for the marks. A goodscam, I get it. It's easy to see how people could be sucked into a scam.

But how does anyone hear 'Guaranteed 17% Annual ROI' and think it's a good idea to invest?


You think that's bad, people are buying homes in hopes that it goes up another 40%.
 
Cubansaltyballs
2023-01-31 8:45:35 PM  
No way. 🙄
 
Ketchuponsteak
2023-01-31 8:56:07 PM  

Olympic Trolling Judge: Ketchuponsteak: Well submitter, its great that ponzi schemes doesn't exist outside of crypto, so you're safe with that knowledge.

Conversely, crypto doesn't exist outside of Ponzi schemes.


Well, the ones that don't fail as spectacular Ponzi schemes don't make the same kind of headlines.

If someone who wanted to invest in a crypto currency chose a place that actually gave them the crypto, there'd be no avenue for any Ponzi scheme. Such as the place I bought mine from.

Sadly I used my BTC for drugs instead of investment. Ah well.
 
Ketchuponsteak
2023-01-31 8:58:55 PM  

Intrepid00: Fark_Guy_Rob: I mean... I get why fraud is illegal...but at some point it's hard to feel bad for the marks. A goodscam, I get it. It's easy to see how people could be sucked into a scam.

But how does anyone hear 'Guaranteed 17% Annual ROI' and think it's a good idea to invest?

You think that's bad, people are buying homes in hopes that it goes up another 40%.


Those aren't an expectation of annual ROI, and is also a rational investment in that you know that housing will be scarce over time, as there's a limit to how many people you can fit in one place, vs. something less tangiable that can get more zeroes to its number, without it really meaning anything.
 
Ketchuponsteak
2023-01-31 8:59:53 PM  

scanman61: Fark_Guy_Rob: I mean... I get why fraud is illegal...but at some point it's hard to feel bad for the marks. A goodscam, I get it. It's easy to see how people could be sucked into a scam.

But how does anyone hear 'Guaranteed 17% Annual ROI' and think it's a good idea to invest?

Remember, we're talking about crypto "investors'


People who invested in crypto back with Rapmaster2000 started mocking them, are filthy rich now.
 
Ketchuponsteak
2023-01-31 9:08:08 PM  

Fark_Guy_Rob: I mean... I get why fraud is illegal...but at some point it's hard to feel bad for the marks. A goodscam, I get it. It's easy to see how people could be sucked into a scam.

But how does anyone hear 'Guaranteed 17% Annual ROI' and think it's a good idea to invest?


I wouldn't mind "17% annual ROI" as such, if it was phrased as "based on historical performance". The claim of it being "Guaranteed" is the scare word.

I been looking at something like Quanloop, which do offer some investments like that. But they use terms such as "High Risk", which sounds, well, real.
 
ArkPanda [TotalFark]
2023-01-31 9:10:00 PM  
ChibiDebuHage:

Deregulated crypto is by now such a publicly facing slow motion train-wreck clown-shoes pant-on-fire shiatshow, that it is only a matter of time before the crypto bros out there try to rebrand it by simply giving it a new name. I'd put money on it.

I think that was NFTs.
 
Red Shirt Blues
2023-01-31 9:11:41 PM  
bahrnoproducts.comView Full Size
 
Chajeungna
2023-01-31 9:50:23 PM  
Check in weekly to ensure your freud is completely schaden.

https://web3isgoinggreat.com/
 
thornhill
2023-01-31 10:48:39 PM  

Fark_Guy_Rob: I mean... I get why fraud is illegal...but at some point it's hard to feel bad for the marks. A goodscam, I get it. It's easy to see how people could be sucked into a scam.

But how does anyone hear 'Guaranteed 17% Annual ROI' and think it's a good idea to invest?


You know the quote about "the bigger the lie, the more people will believe it"?

That applies to investing -- the greater the returns you promise, the more people you will hoodwink. Look at all of the people who keep buying up worthless stocks because someone on Redit promises that if enough people buy and hold, the share price will surge 1,000 percent. You gotta wonder how many people bought AMC when it was in the 40s and 50s, convinced that it would only go up, and then held when it dropped back into the 40s, 30s, 20s...
 
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