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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Elroy who wrote (14852)	11/16/2022 4:26:31 PM
From: Kirk ©	Respond to of 26408

You are probably right. My thinking is if they required crypto they paid to CAL and others for advertising to remain with them and with a promised or implied return, then it is very similar to a Ponzi. Maybe it will get its own name like "Crypto Scam" or "FTX Scam" in this movie. If reports are true the former CEO was using funds to buy properties... it would remind me of Enron and Worldcom scams too where CEOs sold super inflated stock to buy real assets knowing what they were selling was grossly inflated. I seem to recall Cramer chortling about how he was making 8% a year yield on some crypto account so he had money there back when I was making 0.5% or less on fairly significant cash in brokerage accounts with SIPC. My thought is he was given those rates with the express or hoped for "advertising" by mentioning those rates on TV... but it was probably a scam. He claims to have gotten out before the collapse but his word is worth a wet cracker to me.