There Is No Such Thing As A Decentralized Wallet

A “decentralize wallet,” is one of those stupid phrases that crypto nerds use to steal money from innocent people. It’s also one of those phrases that stupid crypto nerds use among themselves to reinforce the moronic scam they are running on each other. If your money is all over the place, it’s just all over the place. In fact, the more you look at the reality of a so-called decentralized wallet, you’ll find that it just exacerbates the problems of typical, centralized money.

You have less control. It’s more vulnerable to theft, hacking, or even just plain forgetting. Like Samuel Bankman-Fried, you could forget where your stolen money is and exactly how much of it you have vs. what you owe. The hilarious thing is, when you talk to people about how they decentralized their wallet, it turns out they can report to you how much they have pretty simply. Because their wallet has a centralized calculation of all the bits of money contained in it.

A Decentralized Wallet Is A Myth

When you compare the myth of cryptocurrency with the reality of it, you see that even SBF just calls it “dark” money. In his recent interview, Bankman-Fried claims he is also the 2nd or 3rd biggest donor to Republican candidates. That may or may not be true, and because he’s such a liar you shouldn’t believe it just because he said it. Of course reporters will report that as fact because they are still being paid by FTX and their criminal affiliates. But nobody really knows.

If you buy a Bitcoin, you do so in (1) place. That’s centralized. When you trade it, you do so in a single transaction. Computer encryption may source information from multiple computers, but that has more to do with the use of server space than it does the relevance of a currency. In other words, if your currency is not centralized, it doesn’t mean you have no value in (1) place. It just means you have a lot less value in any one place. In theory it actually makes things harder.

Obviously it isn’t safer than any other computer system where currency is currently ordinarily calculated or accounted for. Every cryptocurrency has been hacked. Exchanges have been hacked. Individuals running these companies have had security vulnerabilities in their own systems. In fact, I’ve heard a lot more stories about cryptocurrency hacking theft than I have actual bank theft via computer systems. It is possible the banking system keeps that under wraps.

But more likely, it is the fact that the regular banking system (computer and otherwise) have so many safeguards, and billions of people interested, such that they are much more difficult to steal from. More difficult to steal from, compared to computer systems run by people like Bankman-Fried who hold themselves out to be technologists, but who aren’t.

Bankman-Fried Has A Decentralized Brain, Controlled By His Mommy & Daddy

In his most recent interview, Bankman-Fried acted like he can’t code, and never even looked at the backend of his own website. Either that’s true or it isn’t. But he said it for a reason (or he didn’t say it for any reason but he did say it regardless) and so there are (2) possibilities. Whether or not Bankman-Fried personally used his own hands to do anything isn’t the point. He would like it to be the point for some reason but it truly doesn’t matter if he hired somebody to steal money out of his company or if he is capable of doing anything but talking shit himself.

When you look under the hood of where actual lawsuits are clawing back real money from this boring group of assholes, you see that they were simply committing wire fraud & bank fraud at the local level. In fact, probably mail fraud as well. There are enough people involved in this to charge them as a racketeering operation too. Unfortunately for us we live in America where that would take the government about 45 years to get around to.

How A Decentralized Wallet Works For National Conmen

The way the FTX con really worked was like this: start off at a small bank somewhere in America. Open up a bank account there. Deposit some money, maybe $1,000. Maybe $10,000. Could be $100,000. Use that as collateral to get a loan product. Open up some credit cards in the names of officers on the registered businesses they have in that state.

After depositing $1,000 you could get a $5,000 loan and (2) credit cards with $2,500 – $5,000 limits on them, especially with a tax return showing decent income from prior years. That’s about a 10x increase in leverage from an initial $1,000 in capital. It is not illegal to deposit $1,000 in a business account and then open up a bunch of credit. Not on the surface.

To Be Clear, You’re Allowed To Leverage Up 10x Or More – Legally – Depending…

In a vacuum, what I described is exactly what you might do if you were starting a business to say, sell t-shirts online or something. That first $1,000 is collateral to get the credit to buy inventory which you promise the bank you’re going to sell at a Phish concert maybe. You tell the bank your plan is to go around for (4-6) weeks following the band, selling out your officially licensed merchandise, but the printers require a 50% deposit up front which you can’t afford yet. The bank likes the deal. They do it.

In the case that you don’t have a license to use the band’s name, and have no plan to make or sell t-shirts at all, you’re committing fraud. Even if you lied to the bank in order to get $10,000 of capital to pay for medical bills for your grandmother. It’s a noble story, but still a crime. Also, if you take out a cash advance from the credit cards in the amount of $5,000 and use that at another bank telling the same fraudulent story, you’re going to come out with $50,000 in loans & credit products elsewhere.

That $50,000 gets broken down across (5) different states then, and eventually you’ve got hundreds of thousands in available USD currencies – cash, credit, loans on account. You can’t control increases in exponential value growth like that in any legitimate enterprise, including whatever about cryptocurrencies are legitimate. In other words, cryptocurrencies are an illegitimate business (in my opinion) for a variety of reasons, but if I hold my own opinion aside and grant legitimacy to cryptocurrency, you can’t make as much money as fast in any cryptocurrency as you could by committing the Bankman-Fraud family con.

Once you extrapolate this scam over the course of a (12) month period, you can imagine that this group could seriously have taken down hundreds of banks. Those banks, though, are providing that capital not out of thin air. They are giving customers other customers’ money. That’s how a bank really works. So in essence, FTX went around robbing hundreds of banks with a fraudulent business model. It worked for a while because eventually by creating the illusion of wealth from thin air, that interested major fraudsters like BlackRock. Hedge funds that fake growth are always looking for fake businesses to invest in, right?

Too Big To (Not) Fail

Right. Turns out that people like Kevin O’Leary of Shark Tank (a show I’ll never watch again) fame were gullible suckers who thought they were going to make money on the magical cryptocurrency con. Just a problem that nobody told him and the rest of the really rich suckers that they too were getting conned in a way they didn’t realize. Because the nonsense cryptocurrency business wasn’t real, but it was being funded by an even worse situation. FTX was a very centralized wallet, belonging not just to SBF. It is difficult to keep this in mind all the time, but the Bankman-Fried parents are running the show.

Their family office, or trust, or whichever instrument they’ve used over the years, funded the original project. There is 0 actual substantive evidence that Bankman-Fried ever even worked as a trader in any firm including his own. He’s basically an aspie actor faking neuro-diversity in order to trick a bunch of sympathetic people into his cause, which was a nihilistic money laundering scheme for politicians and other wealthy jerks. Too bad for them, the trillion dollar bear was on that ass, and popped their bubble.

However, due to the fact that the press writ large are in the pocket of these people, they won’t report properly on this situation. They are also in general an intellectually inferior crop of individuals at this point so they probably aren’t even capable of doing their jobs anymore. The retardation of the American mind has gotten way out of control. Your brain has become a decentralized wallet, in the bank account of another person far far away in Bahama, North Carolina.

Understanding Why Decentralized Wallet Is A Misnomer

I’ll break this down simply now: A decentralized wallet, in the cryptocurrency sense, is more about computing power & saving money on server space. In the FTX criminal context, the decentralized wallet is whatever organized system (could be an Excel spreadsheet on Barbara Fried’s home office computer for all we know) allows the criminal racket, run by the Bankman-Fried family – to access their variety of stolen fund accounts. That is a network of hundreds of, mostly American banks or facilities.

People must remember also, that despite the chatter, you can easily find what servers FTX is on and where they are. None of them are in the Bahamas, either. All of them are in California. Truly the business is run out of their home state. Everything else is a lie. Or a swindle. A trick. Cons. Whatever you want to call it. These people are not just Ponzi schemers, they are bank fraudsters with a very ironic name.