Do Kwon Laying The Framework For Shitcoin Founder Take Downs

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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.

Luna ot the Moon

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|
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|How it started|Do Kon Taxes|

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:

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10 comments
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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?

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How do you think governments will get rid of bitcoin? How would they attack it?

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(Edited)

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.😅

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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.

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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?

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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.

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(Edited)

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.

I agree with you!

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

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.😅

Sitting around hoping things will change is still an action and you will pay for the action you chose.

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.

Joseph collected all the money that was to be found in Egypt and Canaan in payment for the grain they were buying, and he brought it to Pharaoh's palace.
When the money of the people of Egypt and Canaan was gone, all Egypt came to Joseph and said, "Give us food. Why should we die before your eyes? Our money is used up."

"Then bring your livestock," said Joseph. "I will sell you food in exchange for your livestock, since your money is gone."
So they brought their livestock to Joseph, and he gave them food in exchange for their horses, their sheep and goats, their cattle and donkeys. And he brought them through that year with food in exchange for all their livestock.
When that year was over, they came to him the following year and said, "We cannot hide from our lord the fact that since our money is gone and our livestock belongs to you, there is nothing left for our lord except our bodies and our land.
Why should we perish before your eyes--we and our land as well? Buy us and our land in exchange for food, and we with our land will be in bondage to Pharaoh. Give us seed so that we may live and not die, and that the land may not become desolate."
So Joseph bought all the land in Egypt for Pharaoh. The Egyptians, one and all, sold their fields, because the famine was too severe for them. The land became Pharaoh's,

and Joseph reduced the people to servitude, from one end of Egypt to the other.
However, he did not buy the land of the priests, because they received a regular allotment from Pharaoh and had food enough from the allotment Pharaoh gave them. That is why they did not sell their land.
Joseph said to the people, "Now that I have bought you and your land today for Pharaoh, here is seed for you so you can plant the ground.
But when the crop comes in, give a fifth of it to Pharaoh. The other four-fifths you may keep as seed for the fields and as food for yourselves and your households and your children."
"You have saved our lives," they said. "May we find favor in the eyes of our lord; we will be in bondage to Pharaoh."

So Joseph established it as a law concerning land in Egypt--still in force today--that a fifth of the produce belongs to Pharaoh. It was only the land of the priests that did not become Pharaoh's.

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you are smashing the shitcoin space up, token by token. 🤣

I just saw this on the road:

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I won't stop, but its not that anyone going to listen

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true. there were many burnt from UST. hodling btc would have been easier.

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