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#pyramidscheme

1 post1 participant0 posts today

“Thoughts and prayers” doing placeholder work for “nothing I can do”, as climate disasters creep up on frequency of shooting disasters. Soon it will be “nothing I can do” from oligarchs and apologists as shooting disasters happen BECAUSE OF (and during) climate disasters.

“Thoughts and prayers” = “Fill that offering basket” = “like, subscribe” = segue the wealth to those who will build walls to keep you out. Might as well just buy Trump crypto.

Continued thread

2/ In other "crypto scammers visiting El Salvador to immanentize bitcoin fascism" news, #MicroStrategy CEO Michael Saylor, the man who owns more bitcoin than anyone (much of it bought with borrowed money in what will probably turn out to be history's largest pyramid scheme) flew to San Salvador to visit Bukele on February 13th.

cryptobriefing.com/bitcoin-mee

Crypto Briefing · El Salvador's president Nayib Bukele meets with Michael Saylor to discuss BitcoinNayib Bukele and Michael Saylor discuss Bitcoin in El Salvador amid regulatory changes affecting its legal tender status.

One week ago #MicroStrategy (#MSTR, the world's largest pot of bitcoins masquerading as a publicly traded company) announced they were raising $21 billion (1/3rd of the entire company) via a new "perpetual strike preferred stock" called #STRK to raise cash to pump the price of bitcoin.

Today now suddenly they are announcing they will raise money via yet *another* financial instrument "strife" (#STRF) to pump the price of bitcoin.

absolutely wild. bitcoin cannot be "digital gold" if its price depends on the solvency of a single company (which it now does)

* STRK announcement: strategy.com/press/strategy-an
* STRF announcement: strategy.com/press/strategy-an

Replied in thread

Almost without fail, every service that touches creeptocurrencies goes into a decline.

Don't expect Proton to make virtuous ethical choices anytime soon, especially now that Trump joined the cult. Once the greed bug has bitten, making a profit supersedes delivering a good product as the primary objective.

arscyni.cc/file/crypto_cult_sc

fosstodon.org/@stardust/112404

@Xavier @protonprivacy #CryptoCultScience #PyramidScheme #Ponzi #MLM #Proton

Good grief. Twitter’s no longer paying Creators based on advertising - that’s drying up as advertisers don’t want to be in these replies.

Instead, it’s pivoting to creators being paid by getting more paying people onboard among their followers.

This is… Mid level marketing.

#MLM #PyramidScheme #MultiLevelMarketing #Capitalism: "Officially, of course, a multilevel marketing company is distinct from an actual pyramid scheme. But, as longtime MLM critic Robert FitzPatrick argues, the boundary between “legitimate” multilevel marketing and straightforward fraud is porous at best. As per FitzPatrick, the US government defines the legal variety as “a type of enterprise in which participants can earn money from their own retail sales and from commission overrides based on the retail sales of other participants they recruit in a genealogical chain.” The problem, as he observes, is that the FTC has never actually identified a single MLM company that meets such a definition. “Since,” FitzPatrick writes, “no one in MLM actually does gain or could gain sustainable profit from retailing, no one also gains income from retail sales of those recruited. The legitimate, retail-based MLM is as real as a Unicorn.”

In truth, it’s hard to think of a better microcosm for capitalism than multilevel marketing, or a more apt depiction of why its foundational mythology is so obviously a fraud. In the world of MLMs, all of us are just temporarily embarrassed millionaires. With sufficient effort and the application of vigorous work ethic, anyone and everyone can be their own boss while spreading the good word far and wide so that others can rise too. According to MLM’s oleaginous prosperity gospel, sales reps get to help others by selling useful products and enriching themselves, engaging in a perfect symbiosis of enlightened self-interest. Those who lose money or complain are, by extension, either lazy or otherwise personally defective."

jacobin.com/2021/10/multilevel

jacobin.comMultilevel Marketing Scams Expose Capitalism’s Foundational LiePyramid schemes aren’t a corruption of capitalism — they’re a microcosm of how the class system arbitrarily creates winners and losers while falsely promising opportunity for all.