What's stopping me from gambling someone's investment on blackjack (red) and then use the winnings to fake returns for several + years

[Crusile]

then, using those fake returns to raise more capital from investors lmao, this is why crypto is a scam. Obviously applies to DEFI and FTX (SBF was so close) but also every other crypto coin


1. Gambling is mathematically profitable

2. Outlaw crypto ownership,: russian, Chinese, North Koreans are stealing western fiat with these scams (crypto).

 

[BongMog]

Ok

 

[Deleted member 20064]

you’re describing a worse version of a Ponzi scheme imo

 

[mogger123]

Blackjack has negative ev brainlet

 

[Crusile]

Blackjack has negative ev brainlet

Infinite EV*. mirin bitcoiner iq, in the scenarioyou win the bet you can raise more money by faking returns, giving you infinite EV. bitcoin/crypto is anonymous, untraceable and btc's price fluctuation can be considered the gamble for alt coin owners


Altcoins go up 1000% allbthe time, but only down 100%. this shouldn't be legal

Btc going up is what SBF gambled on

 

[Crusile]

BTC going up or down 99% is aprox zero EV. Alt coin owners can choose an outcome and gamble mathematically profitable. any company that has a gambling instrument can do this but the anonymity of btc is the problem

 

[mogger123]

Infinite EV*. mirin bitcoiner iq, in the scenarioyou win the bet you can raise more money by faking returns, giving you infinite EV. bitcoin/crypto is anonymous, untraceable and btc's price fluctuation can be considered the gamble for alt coin owners


Altcoins go up 1000% allbthe time, but only down 100%. this shouldn't be legal

Btc going up is what SBF gambled on

SBF didnt believe in bitcoin at all, he used funds customers wanted to purchase bitcoins with to yield farm shitcoins so he could donate to politics

 

[Crusile]

@mogger123 what, that is betting on btc going up, if crypto/btc never crashed those yields returns would remain. That is the attempted fake return on a binary outcome.

We dont know exactly what happened with alameda research yet but it looked like some sort of martingale betting strat that went underthemoney into user funds and went bust

SBF did nothing wrong, he understood the infinite EV betting strategy and took the shot