SCAMS-SHILLS-FTX-SOLANA-MAX MAHER-BITBOY-SBF-SAM
BANKMAN-FRIED-ALAMEDA-NUGENESIS-FAKE BITCOIN-COUNTERFEIT BITCOIN
The Bitboy debacle has turned the Cryto communities’
attention on role of Crypto shill influences.
The thesis that will be posited in a series of articles looking at
crypto influences, is that the damage they do is more than scamming their
audience. The “Bitboy Con” is the model
of behaviour that is the most benign.
There is nothing particularly unique about doing in crypto, the same
shilling that occurs with Ponzi schemes or traditional investment scams.
What is particular about crypto that is far more sinister,
is when these influencer-shills are being used, albeit unwittingly, by larger
players to affect a misdirection. That
is, where they take up all the noise and available attention span, so that the
real systemic threats of the crypto space are ignored. The most alarming of which is the
monopolization of the entire market who have used counterfeit cryto made on
centralized exchanges used to manipulate the market. Where few players are both centralized
exchanges and market makers they can, and have, destroyed the market to enrich
themselves. Huge losses have been
suffered in this current crash by this manipulation where few have
excelled. But this is not just a
by-product of capitalism, left unregulated, but outright fraud. Counterfeit Bitcoin, for example, on
exchanges is used to dump and crash the market, involving no use of real assets
or any risk at all.
Only few have been brave enough to mention SBF (Sam
Bankman-Fried) and his associates, in using counterfeit crypto to crash the
market and enrich himself. Instead,
Influencers suddenly sponsored by FTX, talk about how SBF is the white knight
saving the crypto space. If one
wants to see sycophantic homage to
the point of being a bulimic technique, is Max Maher’s propaganda.
In this series, we posit theories and expect feedback, with
a view to coming to the community’s consensus at the end.
Evidence will be hard to produce to any conclusive
level. Crypto is opaque. Multiple anonymous wallets by market makers,
or wallets owned by shills to enrich themselves is made public. Fortunately, however there are rumours that
some explosive litigation is coming up where the evidence is indisputable. NuGenesis is bringing proceedings against
SBF’s Alameda where these matters are to be made public in multiple
jurisdictions. NuGenesis refuses to
comment so far, on instructions from its litigation funders.
Let’s start by posting this question: How much of the deception are we, the public,
to blame?
What is our personal responsibility? Skilful traders, such as CRYPTOFACE, displays
his trades on his Youtube channel. There
is much we will be saying about CRYPTOFACE, but he often laments that when he
produces videos that don’t promote hopium, the views drop dramatically. If he shorts Bitcoin, god forbid, he is
condemned in the comments. This
observation is universal. Viewers want
click-bait that promises delusions about crypto prices.
For many, crypto is more than their only hope for wealth and
financial independence. It is almost a
fanatical cult-like belief. Bad news
won’t be tolerated. It is considered
heresy. As we will see in this series,
how else do you explain the cult of Solana that lives, and will only live for
the next few years at least, in the fantasy-world of testnet? Anything can work in testnet. But Solana can’t even work there. Stay tuned and we will find out together as
we tour the spin from the crypto influencers in this series.