Intent Matters, As Much As It Does

SBF intended to commit fraud. How do you know that?

Because cryptocurrencies are a fraud, no matter how legitimized you think they became. In fact if you were to argue the merit of any cryptocurrency business in the right jurisdiction you would see that. Too many people thought they could make money on this fraud, even by pretending it was a real opportunity.

Part of what you see with FTX is a multi-level marketing scheme for lending. In other words, you could get set up on FTX to borrow money, to lend it out. People who borrowed money from FTX borrowers of course soon learn how valuable they could make that – washing money in & out of the system. That process was growing accounts “on paper” (online) so long as nobody actually took real money out.

Except, of course, Bankman-Fried. He routinely took real money out to buy properties, travel, and do whatever other nerd shit he did. His parents were owed money on the regular, as evidenced by the fact they are secretly paying his legal fees. Convenient for them, he’s the only one in the hot seat criminally.

MLM’s Aren’t Inherently Frauds, Nor Are All Frauds MLM’s

If you know anything about MLM’s you know that they can’t actually have more than a dozen or so levels before you only have retail customers. People get sold the idea of being a distributor, creating their own downline. But in the end, it’s those at the top of this system which are churning people out. However in traditional MLM’s you’re usually selling a physical product which takes time to make, ship, and sell. Or fail to sell. At the end of the day, the time it takes a traditional MLM con to fail is about enough time for another one to pop up, or the original one to slide away from scrutiny to another jurisdiction. The companies which manage to exist for a long time like Herbalife, are an anomaly.

But if Bankman-Fried were even competent at mathematics, he’d know this.

Therefore, there had to be at least 1 day where he knew full well that the lending practices had to stop because they were quickly reaching a point where there would be no justifiable way to claim that every human being on Earth (multiple by some factor) were on his exchange. That means he knew that there would eventually be fake trades that need to be executed. However, all of this was a big show to cover actual bank/wire frauds going on at the local banking level. That’s why regional banks are now all in a panic about their stock value, people are realizing they are potentially sitting on FTX debt they never signed up for. My research, and identity being covered up by the press, is not helping anything.

Stop Playing With Funny Money, Honey

To review, all cryptocurrencies are a fraud. Think of it like decriminalizing drugs. We know they harm people, but somebody convinces others there is a benefit to enabling it. That’s the same thing with cryptocurrency. It is technically money laundering at best, but somehow American authorities allow Americans to engage with this without consequences. To be clear: there are not good crypto businesses and bad ones. They are all criminal. We just haven’t decided to charge them yet as an asset class. The pressure to not charge SBF is financially motivated more than it is politically.

The press is clinging to some hope that they weren’t really wrong about this even though it’s worse than them just being wrong. Investors are trying to get their money before exposing all of this. Politicians are inept. Police don’t get it. Worst of all is the fact that millions of people won’t see it coming when their accounts get wiped out because they didn’t realize BofA was in bed with FTX, for example.

But who am I? I’m not an important person like the fake lawyer “John Ray” over at FTX.

Nor am I a former billionaire who conned a bunch of people. But I am here when you’re ready.