Bitcoin Frauds and Irrational Behavior - Long Island Blockchain

In a prior post I indicated I liquidated all my crypto holidngs, but that doesn't mean I don't want to follow the space still. This space is incredibly interesting but we also have to recognize that we are in the Wild Wild West and bad actors will show up.

Lately I have noticed the greed and deceit is starting to surface which was a big part of my exit as people try to cash in on the lack of understanding and unrestricted enthusiasm of others. The timing was impeccable as the sell off started just hours after that liquidation. As I discussed in that sell post, something was just not right with Bitcoin Cash and I suspected there might be some shenanigans going on. Well it was later that day that all of sudden Bitcoin Cash appeared for trading on GDAX/Coinbase way ahead of schedule and unannounced as far as I am unconcerned. Now there are questions about whether there was any insider trading by employees or contractors at Coinbase.

W probably won't know the results of any internal investigations for some time, but I continue to see other stories of greed that I find interesting.

First thing first, today I was looking at lawsuit by the State of Texas against a fly-by-night crypto company touting guaranteed 1% daily returns. 1% daily returns on Craigslist!!! Does that scream Ponzi or what? I hand typed in the domain from the scanned PDF of the lawsuit and the first thing I see with in 5 seconds... A quote by "Warren Buffet".  Now, as a sales professional by trade, I recognized this tactic as trying to create validation and trust with potential customers. The only problem for me here is that Warren's name is spelled wrong. It is spelled with two T's. I don't have a copy editor and I am literally banging on keys to jam out my thoughts with every intention of making plenty of errors, but a polished product with Warren's name spelled wrong is not great when trying to run a professional ponzi scheme. Or maybe they just figured people don't care anyway.

Mispelled Warren Buffet...

I also read on Bloomberg about a company that was planning on changing their name from Long Island Tea to Long Island Blockchain and the stock soared nearly 300% on the news. I can't help but think we are back to the Dot Com bubble where slapping "internet" in your company description or name instantly minted millionaires.

Long Island Tea rockets nearly 300%
What we need is a good hard crash and at the rate we are going we might just get it. It won't make many people happy over what is supposed to be a very happy time but that is life. People are simply too greedy.

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