One defining characteristic of fraud, which is a primary way by which they are detected, is that they make assertions about their actions but those actions do not cause the ripples in the world that a legitimate business would. This is checkable, often surprisingly easily.https://twitter.com/staffordphilip/status/1402913235397922817 …
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I think some people think “Well a lie that brazen will certainly be detected and so there is no way they’d be stupid enough to do it”, which seems to be a logic operating on the Tether “disclosures” as well.
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There's an "escape into audacity" phenomenon going on in the whole field. The financial regulatory system is well set up to catch irregularities and subtle fraud, but it's not yet well-adapted to YOLO
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