🤡🚨 Unveiling the Crypto Industry’s Black Swan
📺Video version:
On 𝕏, two days ago, I conducted a poll about the next big black swan event. 60% of voters believe that #Tether, #Binance, and #JustinSun will soon falter together.
Both have allegedly facilitated terrorism and wash trading, have never been audited, and hold ~$200B in combined customer assets.
In Crypto Twitter (𝕏), I’ve noticed a fascinating blend of Sunk Costs and Stockholm Syndromes combined. People are so invested in crypto assets that they overlook the potential for these entities to set the industry back to 2016.
This situation brainwashes people not to be objective.
- Crypto Principle: Don’t trust, verify. Many defend these entities, dismissing news about their non-compliance as FUD. But without audits or regulations, how can we trust them? Most crypto people defend these guys with the cringy “4 for FUD” when lawmakers ask for clarity, but they change states as easily as I swap shitcoins.
- Crypto Principle: High Yield = Question the source. One common trait among these followers is their susceptibility to gambling behaviors. These entities constantly present new gambling opportunities, keeping their followers perpetually overexposed to high yields, pump-and-dump schemes with low-value coins, and potentially manipulated X-Over9,000 leverages (I say ‘potentially’ as I lack concrete proof until an audit is conducted). Consequently, they manipulate their followers’ mindsets, always providing a reason to remain overexposed and hopeful of avoiding default, even when the likelihood of it happening is high.
- Crypto Principle: If no code is law, trust only regulated entities in trustworthy countries! These entities exploit people’s lack of understanding about the crypto space, twisting the fight for decentralization into a fight against regulators. But that’s not what decentralization is about! True decentralization involves having secure, on-chain smart contracts that govern money, free from any entity’s control. It has nothing to do with countries, politicians, or watchdogs. These entities create this cult to take advantage of their unregulated status to manipulate your money as they please, without any scrutiny from the authorities that your taxes fund to provide a secure legal framework. Remember, when dealing with off-chain matters, your country’s regulations are your defense against scammers.
Since 2018, I’ve followed researchers like @LeaksBlockchain, @ChicoCrypto, @Bitfinexed, @parrotcapital, @adamscochran, @NotChaseColeman, who’ve exposed these entities’ operations.
Over the past five years on Crypto Twitter (𝕏), we’ve gathered various pieces of information, including details about exchange coordination chats involving @SBF_FTX, numerous US court requests for audits, lawsuits, police visits to company offices (like Huobi recently), evidence of $BTC pumps (like the 2017 bull run research from various universities), proof of $BUSD being minted outside the regulated Paxos on the BNB chain, connections with questionable money due to lack of KYC in OTC trades, and more.
We also know that these three entities interact and collaborate extensively. Yet, despite all this, people continue to defend them without receiving even a single audit in return.
The 60% result in the poll seems logical, given the interconnected nature of their operations. I want to add a final thought for the supporters of these three entities:
These entities represent a black swan event
I understand that no one wants to witness a 90% crash in their internet coins, but their bubble is bound to burst at some point. The sooner this happens, the better for the entire crypto space.
Just imagine the amount of customer money that could be saved if this occurs now, rather than after another bull market. Also, envision a post-burst industry, free from black swans and bullish for regulated entities.
FYI: Last but not least:
Our lawmakers have yet to impose sanctions on these entities, but they quickly incarcerated open-source developers like @TornadoCash. I believe they should utilize taxpayers’ money to serve as financial watchdogs, safeguarding taxpayers’ wealth. However, they’ll likely only take action post-dilemma, as seen in the FTX situation. Interestingly, Tornado never risked taxpayers’ money (It was DECENTRALIZED and actually still functioning now thanks to @ameensoldelivering proof that you’re not a terrorist) has never been at risk, and these three entities have more proven ties to terrorism than Tornado developers.
Follow me on 𝕏 for more: @basedtoschi | Original Post | Blog
