Do Kwon Laying The Framework For Shitcoin Founder Take Downs
A lot of shitcoin founders are egomaniacs, they really think they are the smartest guys in the room, alchemists that have discovered a perpetual money machine. All of which is pretty much nonsense, they have discovered a money machine, for themselves, but only for a short time frame.
The ability to migrate money from your communities pockets to your own pocket by dumping a token on them and telling them sweet, sweet lies and showing them paper gains they can't realise is a pretty profitable game in the short term.
Terra went the way of the dodo, as many projects before and many projects will follow this playbook into the future. Every shitcoiner thinks they've sniffed out the cleanest turd in the toilet but the fact remains you're still drinking someone else toilet water.
Do Kwon continues to take L's
As the story of Terra winds down we now hear that founder Do Kwon has reportedly been ordered to pay 100 billion won or $78 million in taxes by South Korea’s National Tax Service. According to a report from local news outlet Naver, the country’s tax authorities are kicking Terra’s parent companies while they are down and out.
The Ancore Company and Terraform Labs – are guilty of evading corporate and income tax, lol I wonder how they thought someone running a ponzi would pay their taxes.
Also side note, if you're decentralised why do you pay taxes oh because you're not, you're just a company with a shitcoin.
|How it started|How It's going|
|-|-|-|
|||
Regulation moves slow
The shitcoin market has been allowed to run with impunity for years as regulators pay very little attention to it, they have limited resources and going after small fries is a waste of time. The idea is to wait for a massive ponzi to blow up, come in and clean house and then say look you morons can't be trusted, here are the new rules to save you from yourself.
Abide by it, get fined, don't operate or go to jail.
Now we have cases pending with coinbase, with Ripple labs and pretty sure Terra will have one too. Depending on the outcome of these cases which can take years, it could reshape the way shitcoins operate.
Shitcoin creators and promoters will need to rethink their strategies in the coming months, especially if they target a US market, are based in the US, or in a country with friendly US ties and extradition laws.
If you can be found, if there is a face to the project, if you can serve someone a subpoena, oh boy is this going to become my new favourite show.
Once the ball starts rolling, and the SEC lay the foundation, it allows for individuals to use this as a framework to bring civil suits to any shitcoin founder that rekt them.
Do the crime, do the time
Do I think many shitcoin founders will be taken to task? Probably not, white-collar crime has never been one where the conviction rate is very high, there's always a way to bail yourself out if you have enough money, but some won't some will have to pay in time served.
Sources:
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
If you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler and subscribe to my fanbase
Earn Free bitcoin & shop | Earn Free Bitcoin & shop | Claim Free Bitcoin & Shop |
---|---|---|
Posted Using LeoFinance Beta
Dear @chekohler , The government insists that all cryptocurrencies, including Bitcoin, will disappear in the world I live in now.
However, are you sure that Bitcoin will survive?
How do you think governments will get rid of bitcoin? How would they attack it?
The government of the world I live in now monitors all accounts, porperty, savings, transactions, and messengers of individuals.
All my transactions are monitored by the government.
My guess is that it will impose heavy taxes on those who own or trade cryptocurrencies.
So, I have to learn techniques, including hacking, to evade government surveillance.😅
Personally, I don't see that as a problem, if you want to trade and use their fiat currency you need to pay for that, you can use cash and P2P markets to acquire bitcoin and live and work in the circular economy.
Dear my comrade @chekohler, Your argument is theoretically correct. However, it is unclear whether your claim will materialize in a situation where the government monitors all property, savings, transactions and personal information of individuals.
The world I live in is an economic colony of developed countries like South Africa.
If you claim that the national fiat currency is shit in the world I live in, you will go to jail for spreading misinformation.
If a lower class like me openly criticizes the upper classes and the ruling class, I could face three to five years in prison for defamation and insults.
Individuals like me have to offer only obedience and sacrifice for the sake of the country and the ruling class.
So, many people try to use Bitcoin to get their personal property out of state scrutiny.
The country is preparing legislation to suppress and ban cryptocurrencies, including Bitcoin.
What would you do if all your personal information and property were under the scrutiny of the state?
I am not blind to the power of the state or its willingness to oppress others. I am saying is trading shitcoins and trying to make money isn't going to make life better, nor is bitcoin. People still have to rise up and do something with the money they have as a way to fund it.
If your citizens won't stand up and fight for change, Your only option is to leave, or remain in surfdom, unfortunately, that's easier said than done. No currency is going to save you from a totalitarian government, all it is, is a tool, you have to take the actions best for you
Sitting around hoping things will change is still an action and you will pay for the action you chose.
I agree with you!
I now have to learn several techniques, including hacking, to avoid totalitarian government surveillance. In particular, I want a way to use cryptocurrencies to protect my property from unjust surveillance by them.😅
The world I live in is embracing the Chinese communist economic system.
Individuals unable to pay their debts are selling their homes, land, and property to the state.
you are smashing the shitcoin space up, token by token. 🤣
I just saw this on the road:
I won't stop, but its not that anyone going to listen
true. there were many burnt from UST. hodling btc would have been easier.