This is the next Maddoff…. A new Ponzi is just a Ponzi and this guy is deceiving investors in a criminal scheme.
Dr. Craig S. Wright, commenting on FTX, a rapidly rising crypto exchange.
Based on what can be seen so far, it is a prima facie case of Ponzi. But as an outsider, I can only try not to judge or even to watch. Whether this will be busted, and when, it’s hard to say. Bernie Madoff ran his Ponzi under a strictly regulated industry but wasn’t busted until decades later. Crypto is hardly even regulated. More power to the schemers.
Personally, however, I don’t even care whether this is a Ponzi or not. I do not look up to people whose known ability is to hack n’ jack into an existing system and extract value from others. The “existing system” being the gullible ignorant mass in this case does not change my sentiment.
I only respect those who work hard to create value that has an overall healthy additive effect to the society. They can be as common as one who makes a delivery of a small package to a door, or as peerless as someone who has invented Bitcoin.
The law can judge the lawlessness but cannot judge the valuelessness. If it is the former, the law will speak eventually; but if it is the latter, everyone speaks for himself, eternally.