Topic: StakeCube-->toilet, whilst seemingly imitating SBF (Read 107 times)

https://market.southxchange.com/Market/Book/SCC/BTC
https://market.southxchange.com/Market/Book/SCC/LTC
https://market.southxchange.com/Market/Book/SCC/USDT
https://market.southxchange.com/Market/Book/SCC/TUSD

So they can dump it all and crash the market and get about 1BTC out.
Without knowing the magic numbers of how much they really have and how much they owe it really does not matter since people can't withdraw anyway......

Would anyone want to invest in Dave's itchy left testicle coin? Oh, wait I scratched the itch guess the coin is worthless now.
That is what all these shitcoins and tokens are. But you can't get people to see it.

-Dave

Another shitcoin haven bites the dust and of course, tje dreaded 'comunity FUD' was the culprit (seems like the FUD spends the coins when nobody is watching) but...



The thing is, it is a viable bussines plan in traditional finances, we have just seem (again) the worst practices of fractional reserve banking and brokering translated to crypto ecosystem. If they were just a bit less greedy, they would have gone away with it by just stealing the shitcoins and leaving the valuable assets alone, but everybody is greedy at the end

The moment somebody screams how FUD destroyed their business it means there was no uncertainty and doubt, it was as clear as the sky is blue that things were moving in the wrong direction. FUD is the scapegoat of every single failed "project" here, I sometimes feel like slapping people who only know to yell FUD!! FUD!! at everything!


What I've learned with all these so-called projects is that a lot fail because they start spending like crazy, they got free money for some tokens in an ICO so they don't really care about the sums or the expenses, they just won the lottery, but as they run out they touch a few of client's coins thinking they will be able to put them back once the business grows, then a bear season comes and the business doesn't grow, people are withdrawing the little they have and suddenly there are no coins left.

I can't claim for sure that's what happened here but I would still bet on this scenario!

You talking about StakeCube there or something else--I can't tell.  StakeCube's business probably should have been profitable if it had a reasonable volume and low overhead, as the traders' orders, withdrawals, and deposits should have evened out in the end.

Why they felt the need to print magic money to pay their bills with, and why the fuck they thought that was a viable business plan just baffles me.  It's just hard for me to fathom the mind of the leader of a crypto exchange not seeing a move like that as a set-up for disaster.

I'm telling y'all, young entrepreneurs in crypto need a good education before they venture out to conquer the world.  SBF went to MIT, but his major was physics; no doubt his grasp of mathematics was an advantage, but he might not have acted like a complete fool had be been a business major.  Or perhaps he would have, but the StakeCube guy seems way too naive to have been in the position he was.

Creating an exchange coin is not a problem, but rather in providing liquidity and burning it. As for what happened with FTX platform, it is the dependence of most of their liquidity on the currency, and in return, the misuse of customers’ money to invest or waste it on the interests of the platform officials.

The reason for the collapse of most token is the same as the reason for the collapse of central money, random printing, which aims primarily to create money out of nowhere with the misuse of that money.

As for the platform, it is free money without any effort. The problem is that whenever they think that this free money is real money.

I was just farting around on CMC, browsing through shitcoins that used to hold my attention and by looking closely at Reddcoin and their website (and in particular which exchanges RDD is traded on), I came to learn that StakeCube is apparently going bust.  What caught my attention on their website was this quote from Oleg, who's presumably running the show:



The blame is being laid on massive outflows of coins and the illiquidity of their proprietary shitcoin, SCC.  In that long and rambling screed, I don't see blame being placed on anything with lungs and a heartbeat.  Now I'm not too sure how many of you are familiar with StakeCube, as their niche was PoS coins, ones with masternodes and the like, and they were damn small.  But I'm baffled as to how, as Oleg says, SCC was--or even could be--used to pay for real-world goods like servers.  There ain't a damn shop online or with four walls and a door that accepts obscure shitcoins like that, so am I wrong in assuming that StakeCube created SCC out of thin air and then sold it for another coin (like btc, ltc, or one of the ones you can actually spend) in order to finance their operations?

Is this the reason why most exchanges nowadays have their own proprietary coins.  SBF was straight-up scamming, which was separate from the success or failure of FTT and would've been exposed eventually had FTT never existed (in a perfect world at least).  I'm not sure what Oleg and StakeCube were doing, but I don't think they were scammers.  I'm just baffled that so much was riding on this shitty altcoin, which Oleg had to know was pretty illiquid.  Blows my mind.

And finally, this quote just had me slapping my head:

FUD from the community....uh, OK.  It seems very clear to me that whatever fear, uncertainty, or doubt existed was 100% justified.  That victim card that keeps getting passed around is looking frayed and tattered.

Curious to hear what you all think.