Though I am keen on stepping away from Medium and cryptocurrency in general for awhile, I can’t help but come back for the current scam — and yeah, I’m calling it a scam — that’s taken cryptocurrency advocates by storm: Bitclout.
The details of Bitclout have unraveled over the past week and the waters are quite muddied.
Here’s how it began:
By early March, a few well known individuals were already speaking of how Bitclout would transform the future of “productizing people.”
I’ve now spent over three years monitoring the cryptocurrency space, largely focusing on Tether and Bitfinex. This has been — as much as coiners like to pretend every nocoiner is salty and upset — a truly incredible and rewarding experience.
Some cool stuff I’ve learned about since being here:
I’ve previously written about how I wanted to delve into other areas of fraud outside the scope of cryptocurrency…
The past 50 years have seen an unprecedented level of stability and cooperation in the world — despite the 24 -hour news cycle suggesting otherwise. Violence is down, wars are down, the middle class (worldwide) has grown, child mortality rates are down, and literacy is up. But today we sit, like frogs in a warming pot knowing it’s too late, having a societal realization: while the West has been lulled into complacency, domestic partisanship, and repeated unwinnable wars, China has become a united juggernaut.
There are, of course, a hundred different points at which one can, with hindsight, perceive the…
Hopping on this train late because there’s very little to be added to the ongoing commentary surrounding NFTs or “non-fungible tokens.” Dropping my two cents without fanfare or finger-pointing.
NFTs are, to put it as simply as possible, “art on the blockchain.” Again, trying not to muddy the waters here, basically people mint a single or limited edition amount of some digitized work-of-art (this is totally subjective) and then put it on-sale. That’s pretty much it.
There’s a lot to be said for this, from both the supporters and the skeptics, but I fall resolutely in neither camp. Why not…
Awhile back, when BitMEX was first indicted by authorities, I wrote about how, despite the perceived weaknesses of the US empire, the US is still an empire. Jurisdiction is a mirage, I said.
To everyone’s delight, including my own, after this, Arthur Hayes, CEO of BitMEX, took off. Few, besides the insiders at BitMEX, friends, and family, knew what had happened to him or where he’d gone. Was he cooperating with authorities in some capacity? Was he going to make a mad-dash for the rest of his life? Was the plan to move to a non-extradition country, or… ?
While certain truths may be evident, that doesn’t mean everyone agrees. Of course, in our collective reality this feels like a first, but history proves otherwise:
And yet (forgive the clichés), history doesn’t repeat, it rhymes.
It’s easy to state that all market bears are built from the same genetic makeup, but that’s too simple.
It’s hard for a skeptic to feel compelled to write a story that pushes the narrative that “Fraud is freedom,” without coming across as intensely sarcastic. But here’s a genuine argument.
To understand deregulation, you have to understand regulation, and to understand regulation you have to understand government. Government can be explained, on the simplest of terms, as a body making decisions for the public good. Now, as is clear throughout history, this can either lead to brilliant leaps in human creativity and industry, or an extreme slow down in per capita output and humanitarian crises.
Regulation can strangle industries…
There’s generally one event that comes to mind when people think of individuals attempting to corner a commodities market: the famous Hunt Brothers and the unraveling of Silver Thursday.
But starting only a short while after that, a young man named Yasuo Hamanaka would attempt to accomplish a similar feat, and, over the course of seven years, he would similarly fail.
Let’s talk about Mr. Copper.
If you follow the cryptocurrency space you’re more than likely familiar with Justin Sun and his antics. But here’s a simple introduction to the ““crypto billionaire.””
Justin Sun, or Sun Yuchen (his real name), on face value, is a Chinese cryptocurrency entrepreneur who’s obsessed with his self-image and has gone from a no one in 2016 to a one-man powerhouse today.
Justin attended Peking University and then, according to him, got a masters degree in history from the University of Pennsylvania. After this he went to Jack Ma’s school for business. Again, on the surface, all the attributes and scholarly…
Fraud. Fraud everywhere.