“Why are you so down on crypto, Patrick?” Because when Michael Lewis inevitably writes a book on the largest metafraud ever perpetuated, substantially encouraged and enabled by our industry, I would like him to be able to report “Not everyone in tech was blind to this.”https://twitter.com/CasPiancey/status/1133585910161821697 …
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Replying to @patio11
When Michael Lewis writes his book, it will add about 0.000002% to the total number of skeptical pages already written. Everyone's heard the counter-arguments. They know the risks of the ponzi-tulip-fraud-mania-scam-bubble. How can you defraud someone who is fully informed?
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Replying to @rcrsv
They're not fully informed. Most retail investors wouldn't be able to *define* mania, full stop. Even sophisticated investors cannot sensibly answer the question "What are the three biggest frauds being perpetuated in crypto right now?"; that will wait until after implosion.
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How many people knew, I mean *really knew*, at what point Mt. Gox was insolvent? I *really knew* they were insolvent and my timeline was off by plural years; only discovered how overoptimistic I was after
@wizsecurity did forensic accounting on their history of frauds & hacks.1 reply 0 retweets 8 likes -
I knew when the arbitrage opportunity between Mt Gox and Coinbase was like 30%
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Which is, what, ~3 years later than them being insolvent? I predict that 3 years from now we'll have substantially better distributed understanding of shenanigans that are happening today than we do currently.
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