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re: Game Coin… Biggest BR scam ever?
Posted on 11/14/22 at 7:16 am to Eurocat
Posted on 11/14/22 at 7:16 am to Eurocat
quote:
How would selling something wipe out liquidity?
Not sure, but I do know a guy that was an "early invester" and was told the same thing after telling me he was now a multi-millionaire.
This post was edited on 11/14/22 at 7:18 am
1
Posted on 11/14/22 at 7:23 am to Eurocat
quote:
How would selling something wipe out liquidity?
I guess there wasn’t the money available to return 3 million to the dude.
I’m glad that I didn’t pay attention to this. I did buy $50 worth of dodge and sold it for like $35. That was a cheap lesson learned.
I made a decent chunk off of Luna, sold half for nice profit, then didn’t pay attention for about a month. When I looked again, my Luna was removed from my account in Coinbase. Gone. Overall, I lost money on Luna but not terrible much. Thank God I sold half when it was around $100.
Posted on 11/14/22 at 7:25 am to BregmansWheelbarrow
quote:
shite is hilarious. If you have millions of dollars and can’t collect it, you don’t have millions of dollars. Fools and their money.
This can happen with US Dollars too….(Run on a bank, Bernie Madoffs of the world, Enron etc…)
Posted on 11/14/22 at 7:28 am to LSUCOCK
Nothing parts faster than fools and their money.
Posted on 11/14/22 at 7:53 am to KLSU
Tell him to collect all his profits as they come in. A piece of paper saying fake figures does not equal profits.
Just roll it over- is the death grip, by your trader. People never learn. Wall Street, crypto- all ponzi schemes of some form or fashion
Just roll it over- is the death grip, by your trader. People never learn. Wall Street, crypto- all ponzi schemes of some form or fashion
This post was edited on 11/14/22 at 8:14 am
Posted on 11/14/22 at 8:53 am to Bubble Gum
I remember warning people that was a huge pump and dump scheme when Moscona and the other cronies were pushing it.
Posted on 11/14/22 at 8:53 am to Eurocat
quote:
How would selling something wipe out liquidity?
Crypto and stock are only worth what people are willing to pay for it. At least with stock, there are some assets behind it plus it is regulated (must report to regulators and stockholders). When companies sell stock, they are supposed to use the proceeds to expand the business (hire more people, buy equipment, etc.).
The point of crypto (i.e. Bitcoin) is that it was intentionally designed not to be regulated.
Since it is not regulated, in steps cons like the Gamecoin dudes and they do what is called the classic "pump and dump". They get you to put in $100. They "pump" the coin (what Mascona was doing). More people want in, so the value goes to $120. Now on paper, you made a 20% return. You tell your buddies, and the price keeps going up. The original cons start selling their coins (the "dump" side of the equation). Now if everyone wants to sell and make their profits, the coins eventually become worthless. They can't sell any assets to stay liquid because there were never any assets to begin with.
Posted on 11/14/22 at 8:57 am to tenderfoot tigah
You’ll be downvoted into oblivion because the average iq on this board cant comprehend the meaning of what you said.
All they know is hur dur scam.
After we get CBDC, and the first protestors get locked out of the entire economy… maybe they will have some inkling of benefits decentralization bring over centralized systems. Until then… hur dur scam
All they know is hur dur scam.
After we get CBDC, and the first protestors get locked out of the entire economy… maybe they will have some inkling of benefits decentralization bring over centralized systems. Until then… hur dur scam
Posted on 11/14/22 at 9:29 am to LSUnation78
quote:
fter we get CBDC, and the first protestors get locked out of the entire economy… maybe they will have some inkling of benefits decentralization bring over centralized systems. Until then… hur dur scam
Decentralization is awesome but if you keep buying these made up shitcoins then you get what you deserve. People have warned you about them for years. Bitcoin is the only one I would consider buying and holding. All the rest are sus in my book.
Posted on 11/14/22 at 9:39 am to reverendotis
You nailed it. The fact that a lot of crypto evangelists are “ the smartest guys in the room “ makes this a little richer.
Posted on 11/14/22 at 9:40 am to Broke
I agree about the shitcoins, but disagree on bitcoin.
Its was a proof of concept, and is secure. But its become fairly centralized. Theres no easy way to deploy updates/upgrades to the BTC chain. So a lot of the coins now that are pioneering new encryption methods which allow for scalable transactions per second wont be able to apply that tech to BTC.
BTC has very poor TXT limits, which limits its real world usefulness for mass adoption as a currency.
But yes, out of the 10,000+ coins, 99.9% are trash.
The .01% are pioneering some amazing breakthroughs though in encryption and scalability.
Its was a proof of concept, and is secure. But its become fairly centralized. Theres no easy way to deploy updates/upgrades to the BTC chain. So a lot of the coins now that are pioneering new encryption methods which allow for scalable transactions per second wont be able to apply that tech to BTC.
BTC has very poor TXT limits, which limits its real world usefulness for mass adoption as a currency.
But yes, out of the 10,000+ coins, 99.9% are trash.
The .01% are pioneering some amazing breakthroughs though in encryption and scalability.
Posted on 11/14/22 at 9:45 am to captainahab
quote:
Crypto and stock are only worth what people are willing to pay for it. At least with stock, there are some assets behind it plus it is regulated (must report to regulators and stockholders). When companies sell stock, they are supposed to use the proceeds to expand the business (hire more people, buy equipment, etc.).
The point of crypto (i.e. Bitcoin) is that it was intentionally designed not to be regulated.
Since it is not regulated
FWIW, most crypto (not bitcoin) is under the regulatory purview of the SEC in the U.S. Meaning, the SEC can come after you for the pump and dump schemes that you mention.
Posted on 11/14/22 at 10:50 am to Mo Jeaux
One of the best parts of all the game coin stuff was knowing all the guys behind it from growing up and then having random people tell me I was a fool for not investing because they had “a finance guy with a PhD from Wharton” on board who in fact barely finished high school and had previously been hustling with a yard business.
Again, more power to them for doing it, I’m sure it was a good run, but it’ll be interesting to see who David decides Will goto jail as the fall guy.
Again, more power to them for doing it, I’m sure it was a good run, but it’ll be interesting to see who David decides Will goto jail as the fall guy.
Posted on 11/14/22 at 11:14 am to Bubble Gum
It would be a shame if Moscona ends up going to Federal Prison or having to make restitution.
Posted on 11/14/22 at 12:26 pm to Snipe
quote:
Nothing parts faster than fools and their money.
Generally speaking this is true, but there is also a gray area.
People who are normally smart with their money can be scammed as well. The Stanford Group is a local example. Bernie Madoff scammed a lot of people who would be considered smart with their money.
I like the show American Greed and its pretty amazing how many people get scammed. What I do not understand is.. As good as these scammers are and as much as they put into running their scam, it seems like they could use those skills to actually had legit success. Greed will usually always catch up to you.
Posted on 11/15/22 at 12:50 pm to OweO
quote:
People who are normally smart with their money can be scammed as well. The Stanford Group is a local example. Bernie Madoff scammed a lot of people who would be considered smart with their money.
Almost every one of them, and I'm sure everyone who has ever been scammed will tell you if they are being honest, "You know, something really didn't seem right, but......."
That's not being smart. almost 100% of these cases cold have been prevented if those people would have stuck to the simple rule if "If it sounds too good to be true, it probably is." Problem is 1) they trusted too much, and 2) they were greedy.
Posted on 11/15/22 at 1:02 pm to UncleLester
while funny, I'm sure scona has deniability in the whole thing and can pretend he truly believed in it. I don't find it all that hard to believe they were able to get him to buy in on it, he likes to pretend he's the smartest guy in the room so being at the forefront of something like it would be appealing to him
Now Guaranty probably should have stepped in and stopped him from schilling this shite on their airwaves. Still laughing at scona and theriot on fridays bragging about how awesome their crypto was doing
Now Guaranty probably should have stepped in and stopped him from schilling this shite on their airwaves. Still laughing at scona and theriot on fridays bragging about how awesome their crypto was doing
Posted on 11/16/22 at 7:41 am to BilJ
Why hasn’t the br or Louisiana media covered gamecoin?
Posted on 11/16/22 at 2:22 pm to prplhze2000
225 and Business Report covered it because they were paid to, actual media outlets didn’t cover it because even the dumbest of reporters could see it was a scam.
Posted on 11/16/22 at 3:53 pm to 21Dalrymple
Tom Brady was also recently named in a lawsuit, being sued for his promotion of FTZ.
This post was edited on 11/16/22 at 3:58 pm
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