Topic: Corrupt people in crypto - page 7. (Read 1064 times)

Greed often causes damage to thinking, so people tend to do things without compromising reality, certain authorities will only complicate things when a network is not planned properly. Therefore, certain greed will not be able to solve the corrupt problems that occur in the crypto space, in fact it will be difficult to identify how to avoid this problem, because these thoughts are based on greed that is started by each individual human being.

This is not greed. These are quite targeted actions, of a criminal nature, or, in an easy version, fraud on a fairly large scale. But whatever one may say - the appropriation of other people's funds is theft!
Having uncontrolled access to resource management, in a market that is not very well regulated by law, people have a desire to get "everything now", and potentially avoid punishment, given the specifics of the "product".

People typically look to God or governments to do all the hard work to protect them. It is a strange scenario where the human brain is the most powerful thing people possess. Yet most pride themselves in not learning and developing their minds, which is one of their strongest assets. People expect leaders and the rich to protect them. But most leaders and the wealthy want people to remain unknowledgeable and limited as it makes it easier to persuade workers to accept pay cuts and also easier to boost profits.

The area where the biggest gains can be made is by average and ordinary people making more of an effort to learn, develop their minds and knowledge. That is the only thing that can ever have the potential to abolish things like poverty and corruption. The only reason corruption can exist is due to a lack of education and lack of knowledge empowering it.

In my opinion it's unavoiable, unless you don't invest your money in any platforms. I say that because we never know the true character of the person on the other side of the screen. They will highlight their personal qualities, but we don't know their defects and what they do on the backgrounds.

There are some points we can observe in order to not be fooled by scammers, but it's not a guarantee, though. Only God knows what is going on the hearts and minds of each man. We don't have this trait.

What I can say is to avoid manipulators, that is: people who don't accept criticisms and answer them without going directly to the point, rather they attack the criticizer on another matters that have nothing to do with the main discussion. We can also label them as egocentrics or narcissistics.

And avoid people who are sudden phenomenons praised, endorsed and promoted by the media and groups of power. Also avoid people who want to look too good, altruistic and benevolent in an artificial way.

These are the worst and easiest to recognize, but there are many others.

Human mind with greed is nothing different from the reality. This greed could happen out of different reasons. Here what I see with these people as the reason to be greedy is to keep themselves on the top. The network authorities plan for something and things didn't take place as planned. This is where everything gets collapsed and we experience hard days out of the market.

The incident that happened to FTX, Luna, Gemini Earnings, Celsius , Wanderer, and Block Fi was an event that was unexpected by everyone even though it turned out to be a disaster or disaster for all of them. But it was totally unexpected by many people because FTX is an old exchange trusted by many people and it's not a new exchange at all. And one of the ways to avoid having something happen to them all is not to believe it when new programs, platforms and exchanges offer more services and make no sense at all.

The fact that crypto is for everyone, it means that anyone can be their own developer. We can't control people like them to get in or out from the market.

What we must do is to equip ourselves with basic knowledge and understanding about the possible red flags that one can be seen as a CEO or owner of any project.

We don't know when a project will turn the other way because of the poor management and attitude of its CEO.

You can't but stop thing like this in a business. Most people lose their money in crypto because of greediness

Define greed. Who is not greedy? The miner trying to earn some profit? The trader trying to earn some profit? The developer trying to earn some profit? The investors trying to earn some profit? Govern officials trying to earn some profit? Small investors jumping in without understanding the basics of even bitcoin and driven by baseless propaganda? Was that not greed from people who don't understand anything and just ask in social media what to invest on? Now that it did not make them a millionaire someone else is greedy? They were being used as scapegoat to destroy whatever good is left in crypto. A fool and his money is soon parted. Not only that a fool is a liability on everybody else in the society including those who tried to give him good advise and only got insult or harm in return. These fools would have lost their money anywhere they would have invested why blame crypto market or bitcoin alone?   

Hint: it is not greed that brought the system down it is something else but I would not like to point it out as that makes me unpopular and someone who can't see it himself will never understand that. I can only give hints with the hope if they get it themselves they will bot abuse me and will be helpful to them and me as well. There is no point discussing with people that are brainwashed in a certain way that is so visible by their use of words like greed, profiteering, etc. This is economic forum talk in terms of economics. If you are talking about economic greed then your post does not make any sense as it is contradictory as you cannot ban or legislate away economic greed without removing people's right to property and that is why I am saying this has a may be unconscious or unintended narrow political tunnel vision. You lined up the events right. But what was the fundamental economical problem with all of these platforms? Do you have the courage to admit that? You know it if you understand bitcoin. Think clearly without political and religious bias. Biases are your enemy as a decision maker. You should be free from all biases as much as possible to be a good decision maker. Think only in terms of economics, maths and stats. You will get the stone cold right answer. I will not provide the answer. You must work to free your mind of irrational biases. The last hint is it is not bitcoin's fault but bitcoin is being blamed because all of these salesy, marketing folks knew it is only bitcoin that can shore up their shit coins. Ultimately why "people" bought these? Somebody held a gun at their head to buy any of these shit coins? If not why are they behaving like crybabies? Finally what is the harm if "People" lose trust in crypto in general and move to other alternatives? People were not interested in bitcoin say 7 years back. Did that stop us from making money in bitcoin and crypto? It is advantageous if people do not buy good technology and we get the opportunity to buy it cheap for longer period in time. The later people will return to bitcoin or crypto the better it is for early responsible investors. This is basic Warren Buffet advice and he is right here. Your "People" has no opinion of their own. A few carefully placed articles and few advertisements with big tit beautiful hosts will again bring them back to crypto or whatever. How else they invested in these shit coins? They will anyway lose their money on whatever else they invest without understanding the basics be it financial markets, real estate, business, whatever unless they are lucky enough to win a lottery ticket and do not come back for more. What is your charge against the entrepreneurs? Their ideas were flawed? They themselves also lost money. Why did not "people" understand that? Many of us did and avoided all of these shit coins as media were touting them. There are many more left that will meet the same end. Until then someone may make money in those coins but that is just winning lottery. I am not going to touch them. Some may not have started as shit but adopted shitty ideas for any touchy feely cause that can motivate "people". The fish that took the bait has no responsibility for its demise? If you believe in a cause then go volunteer for that cause do not go through 5 pass throughs. Your time is the costliest donation to a cause. Everything else is advertisement or tax dodging or something even worse.

I would just add ---- It is the intention of big old money that "people" lose trust in crypto in general and move to other alternatives. Bitcoin and crypto is the only asset where intelligent retail is ahead of Big Old money. They will use all arrows in their quiver to nail retail. Examples, regulation, using dumb retail to go against intelligent retail, media, advertisements, touchy feely ideas that will make people emotional. Just study Warren Buffet's statement about crypto in last year or so. I gave him credit where he is right. But ultimately he is not a nice man. You have to differentiate image building and subtle advertisements from reality. Many big banks and financial institutions doing the same. Why is sec denying convertibility of some bitcoin ETF? Who are they protecting? Small investors or their rich old connected buddies? Think. Make a habit of thinking.

IMO they are generally unavoidable and the only thing you can do is protect yourself by doing proper research about crypto projects before joining them and also not to keep your coins on exchanges.

It is difficult to truly know the nature of someone even developers. People change and no matter what you think of someone, there is a possibility that they can change. Some of these developers paint a good image of themselves at the beginning and when they start becoming greedy, many people will really not know.

What other alternatives?

You will find manipulative, opportunistic and down right dirty people in all walks of life. These are the sort of people who will try to take advantage of the naive or uneducated, in order to take a short cut to wealth. The only way to protect yourself is by making the odd mistake, ideally on a small scale, then learning from them - but understanding that it is definitely not easy to become rich for 99.99% of people. To some degree it is an unavoidable dilemma, as there is a small group that for whatever reason will not learn and end up falling for the same things in slightly different formats again and again. The best defense is forever questioning why and learning more.

alternative to crypto? do you mean CBDC or something else? I think that CEX ending as a scam will not reduce people's interest in crypto.


To prevent this from happening again in the future - people should be able to trust DEXs more and keep their assets only in personal wallets instead of CEXs.

I would like to mention the FTX platform, which did not fall only because of the greed of its owners, because they could have remedied the matter to some extent, had corruption not had other, more serious aspects. In my opinion, the Binance platform dealt it the final blow by offering savings from FTT for sale at a value of more than $500 million, despite the fact that an offer was made by the FTX platform to buy that amount at a value of $22 per token, which is the current price at the time, in order to avoid the collapse of the price, but it refused. And put it up for sale to increase the state of panic and the price of the token to only $2. This led to a complete collapse of the currency, followed by a complete collapse of the platform. Binance's greed is a manifestation of corruption that is far more dangerous than temporal greed.

We cannot stop people like that to form part of this market as they are not only on the CEO, owner or developer side, they are also part of the traders and investors we have in this market, in fact we can even say that they cater specifically to those people, after all it is not like they can convince the bitcoin maximalists to invest in any other coin or to sell their bitcoin, and while tragic it is not possible for anyone to stop this kind of thing from happening again.

The speculators are people that lead on those investors and as humans they fell to the greed.
I personally would love celebrities that advertise these scam exchanges or rather ponzi schemes being punished but who will do that the same government that has been tipped off by these exchanges. The only thing is too keep warning people off them, sadly that's all we can do for now.

FTX, Luna and Celsius areindeed controlled by corrupt CEO but the rest on the list is just a victim of poor financial management for being affiliated to the corrupt people that I mention. There’s always like this kind of people in the world of finance because greed makes people do unimaginable things just to get richer using other people money.

Even on physical company has a corruption inside. They just being busted quickly because they have an official audit unlike crypto company that operating on stealth mode from regulators. I believe this corruption will never stop in crypto because being decentralized and anonymous always give temptation to people to do greedy things.

That's true--however, when there's also a huge amount of ignorance on the part of the greedy "investors" (they're much more like speculators), the playing field is so uneven that no game ought to be played on it at all.  People who kept their funds on FTX were probably thinking it was as safe a a bank, and all of those celebrity endorsements and advertisements only lent credence to that belief.

And man, did they find out the hard way the meaning of NYK,NYC....hopefully.  I also think it's unfortunate that this whole disaster probably soured a lot of people on crypto altogether, in addition to attracting all sorts of attention from big daddy government.  Everything right now is suck to the power of suck.

None of this would have been as bad as it is had it not been for all of those speculators, too.  That's the crazy part; crypto has seen exchange meltdowns many times, but now that bitcoin, altcoins, DeFi, and everything else has gone mainstream there's a lot more money being funneled into shitty scams like FTX.

The main cause here is greed but the greed of everyone including investors. I believe everyone is aware that leaving money on a centralized exchange is very risky but they have chosen to ignore it and make a profit instead. I know that there are a lot of people who have lost money investing in these platforms but why are there still so many people unaffected? so don't just blame the developer but curb our greed. There have been a lot of previous lessons like Mt.Gox but most people will forget very quickly and keep diving into them looking for profit. So in my opinion there is no way to fix it.

Simply avoid or be very careful with projects that build on faulty/weak foundation that is contrary to the one Satoshi laid for the cryptocurrency space.
There will always be very corrupt people and rule breakers in any community. Don't support or join them.

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There are curses/punishments reserved for those who create problems rather than solving problems. What they sow, which is problem, returns to them in many folds. Don't support their evil works else you will share in their curses

In my opinion, if investing in Altcoins is very difficult to guarantee that you will survive the incident you experienced as you mentioned above, logically humans will make themselves happy and save themselves first before other people. Most likely the projects they run fail, they always save themselves first.
The way to anticipate this is not to invest in Altcoins.
I suggest you only invest in bitcoins for your safety. If you don't trust a DEX or CEX to store your Bitcoins, you can use a hardware wallet to make it even more secure.