sync
August 30, 2023 10:42 am
Reply to
sync
Meanwhile, the looting is out of control
Crypto Custodian Prime Trust Files for Bankruptcy ProtectionThe firm has a shortfall of millions of dollars of customer funds
https://archive.is/iBhJT#selection-163.5-167.65
How to steal almost $100 Million: Prime Trust Goes Bust
Mike Robinson
August 30, 2023 11:01 am
Folks, it bears repeating:
“Crypto” is not(!) legal tender!” It is a
barter system. (And, as such, it is actually
illegal to imply that it is “currency” or “coin.”)
“Barter”
Is Legal. (In fact, some tightly-vertical industries routinely use barter to save money.) But the “value” of the barter token – whatever that “token” may be – is only what the
participants agree that it is
at the instant of exchange.
Unlike “legal tender,” no one else is obligated to accept it in payment of a debt. And, “theft of a barter token” is
not legally the same as “theft of legal tender.” (It may be “an intentional tort,” but it is a lesser crime.)
Example: “to
me, the value of your barter token is
zero.” That is my prerogative. You must pay
me in
cash.
I personally have always believed that participants in these “crypto” schemes place
far too much trust: in the exotic technology, in each other, and especially in “the exchanges.” (Which
ought to be the transparently-obvious “catastrophic failure point” of the entire contraption.) All that I can say about it is that
“P. T. Barnum comes to mind.”
