Modern-day snake-oil salesmen make off w/ $124M
'Modern-day snake-oil salesmen' raise/steal $124M from investors
Binance 'Bifinity' - terrible name, exciting product
A legacy financial investment firm created a $560M crypto fund (that's it, that's the story)
'Modern-day snake-oil salesmen' raise/steal $124M from investors
According to the SEC, brother and sister duo, John and Tina Barksdale, raised/stole $124M with their scam crypto project 'Ormeus Coin'.
What makes this story different to other rug pulls (aka scams) is that, instead of hiding behind pseudonyms and fake profile pictures, they did it very publicly.
Here's a snippet from the SEC's statement:
"To promote the offerings, John Barksdale held roadshows around the world while he and his sister, Tina, led the production of social media posts, YouTube videos, press releases, and other promotional materials."
Either they're brazen as all hell, or they drank their own Cool-Aid.
Binance 'Bifinity' - terrible name, exciting product
Here's the concept: receive a payment from a customer in fiat currency, have it converted and paid to you in crypto.
It doesn't exactly sound revolutionary, but it kind of is. Here's why...
Right now, accepting crypto payments for most online merchants is a terrible idea. As it stands today, online shoppers have very little patience - a large percentage of them will abandon a shopping cart if a merchant's payment page doesn't load in under 3 seconds.
...imagine what they'd do when they're asked to set up a Metamask account and pay a $50 transaction fee on a $30 purchase.
This is why bridging technology like Binance's 'Bifinity' is a big deal, customers can pay as usual with their credit card and merchants can get paid in an appreciating digital asset.
Our question is: where was this 5 years ago, when we were running online stores?
A legacy financial investment firm created a $560M crypto fund (that's it, that's the story)
As boring as that might be, we hope to see many more stories just like this one (seriously!).
Because the more the legacy financial system embraces crypto, both as an investment vehicle and a technology, the faster we will see adoption.