So... is this guy just a complete sociopath or something?
Telling everyone what regulations should be (and buying politicans) to ensure consumer protection while simultaneously sifting away 90% of consumer funds?
How does a person lie that much?
Telling everyone what regulations should be (and buying politicans) to ensure consumer protection while simultaneously sifting away 90% of consumer funds?
How does a person lie that much?
Advising congress and buying formula 1 ads and sponsoring stadium names gave his scheme a certain unearned legitimacy.
This seems to have been a case of XKCD 978, i.e. lazy journalists. https://xkcd.com/978/
Instead of a supremely polished persona, he hard-committed to the sweaty geek.
Confidence, man.
Also, the phrase “jacked to the hilt” just makes me giggle. I’ve always thought it was funny.
either way the failing is the same - investors failed to preform adequate due diligence and lent their credibility to things they didn't fully understand because they were distracted by the charisma of the founder and were worried that they would miss potentially outsized gains. as long as large amounts of capital keep flowing to private markets (especially VCs) this will continue happening
You unfairly group all types of fraud together.
Fraud is a creative endeavor, diverse and fascinating.
https://twitter.com/0xhonky/status/1591630071915483136
https://twitter.com/autismcapital/status/1591601671943393280
(From the first tweet, it doesn’t seem like anyone in the conversation has read https://en.wikipedia.org/wiki/Martingale_(probability_theory...)
It was all funny when these people were portrayed in TV shows, not so funny when that mindset is behind billions of dollars of people's money getting defrauded.