/biz/ - Business & Finance

The term "being an insider" is just as retarded as the term "being a celebrity". I'm not an insider, I just work

There is a lot of behind the scenes action taking place in the legal world for crypto. Take this as you wish.

It is against US law to make a claim of something being a scam, while making a profit from the thing that is being called a scam. Even if the thing is not actually a scam and legit, it does not matter - it is still illegal to make a clam regardless as long as you profited.

Here is what happened:

When Bitcoin Cash was born, Blockstream and employees/people affiliated with the company made the claim publicly that Bitcoin Cash is a scam.

Some specific individuals at Blockstream who received their 1:1 ratio from the fork, also publicly claimed they were going to burn the coins BECAUSE they said it was scam.

However, they did not burn them, they sold them right after the fork like a lot of people did.

HUGE FUCK UP.

It's on record they called BCH a scam and it's on record they sold the coins, they didn't burn them. Some very witty people who do not like BTC were silently watching for this.

These individuals at Blockstream had no idea they were breaking the law, and as far as I know, they are still not aware they broke the law.

Someone tipped off a legal entity. Lawmakers/regulators would have never even noticed. It's my job to know finance law for fraud, insider trading etc, and I didn't even fucking know this law existed.

Now, for every sell there is buy, and for every buy there is a sell etc. You can attempt to make the excuse, "well I didn't know I was breaking the law and people shouldn't have bought it from me anyways and are idiots". Doesn't matter. The are screwed and there is irrefutable evidence.

Also, LOADS of cases are being built against MANY ICO creators. There are file cabinets of this shit.

People are/will get in trouble. As far as my knowledge goes, this will all happen at once and will be a shitstorm.