Hello Idiots! ✊
Confession: I’ve been seeing other readers.
I hope you know that they’re not as important as you, and it doesn’t change the way I feel about you. You’ll always be number 1.
*there may be just a litttttle less posting though
There has never (and I mean NEVER) been a better time to run a Ponzi scheme, or orchestrate a pump & dump.
Joe Weisenthal (Bloomberg) basically called it last month. For his brief but comprehensive explanation click here.
For the Idiot version, keep scrolling.
A couple of months ago Barstool founder, Dave Portnoy, called out Elon Musk accusing him of pumping and dumping Bitcoin:
Dave let that thought marinate for a few weeks.
Clearly, at this point, the wheels are turning in his big brain.
On Monday, Portnoy tweeted out a video pledging his allegiance to a shitcoin (Safemoon) like he was a high-school water polo player on national signing day announcing which D2 powerhouse he’d be attending:
This led to reasonable people exchanging reasonable thoughts, as reasonable people on Twitter do:
Side note: @WSBChairman somehow has nearly 1M followers. That’s wild.
The goal, presumably, is to use social media influence to drive up (pump) the price of a thing (Safemoon) that has no discernible value of any kind other than the fact that it’s being promoted by a celebrity, then cash out (dump), leaving some poor schmuck holding the bag (heavy losses).
By this point, you’re probably asking: “where’s the regulation?”
There is none.
LITERALLY ANYONE can create and list a coin on a decentralized exchange in less than an hour.
So how’s Barstool’s choice shitcoin doing since the big announcement?
Not great! Maybe it has something to do with broader markets getting slapped by inflation fears (ESPECIALLY cryptocurrencies)?
Or, perhaps it’s because it’s so BLATANTLY a Ponzi scheme?
At least the sales pitch in the video is transparent:
“If it is a Ponzi, get in on the ground floor.” - Dave Portnoy
Finally! Some HONESTY in the finance world!
TL;DR: I can’t believe I have to say this - DO NOT buy a cryptocurrency because a celebrity tells you to.
P.S. ROUGH day for crypto with Bitcoin falling below $40K and Ethereum trading under $2700 as of this typing. Be careful out there! Don’t end up like Dr. Patel:
Thanks for reading! ✊