
Quadriga was a fraud and founder was running Ponzi scheme - juandazapata
https://www.cbc.ca/news/business/osc-quadriga-gerald-cotten-1.5607990
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plerpin
The CBC article doesn't go into enough details about Cotten's death, but it
was almost certainly a fake too.

The Indian state which wrote his death certificate is apparently infamous for
faking deaths in exchange for bribe money, e.g. for insurance fraud. Nobody
saw the body. There was so much shady stuff that went down.

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jgalt212
Do crypto enthusiasts just regard all this rampant fraud in the space as "just
the cost of doing business" for all the other things they like about crypto?

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seibelj
Traders can choose between highly regulated US exchanges (Gemini) and lightly
or unregulated offshore (Binance) and all manner in-between. The market shows
demand for all of them.

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peter_d_sherman
>"The Quadriga cryptocurrency exchange that saw millions of dollars disappear
just as its founder died was a "fraud" and Ponzi scheme, according to the
Ontario Securities Commission."

There is one school of economic thought which says that all fiat currencies
(including cryptocurrencies), and any asset which is a derivative of those
things -- are ultimately all Ponzi schemes...

I'm not sure that I believe that, but, I do know the following:

First food had value, because you could eat it.

Then gold had value, because you could trade it for food.

Then dollars had value, because you could trade dollars for gold.

Then stock shares and cryptocurrencies had value, because you could trade them
for dollars.

Then increasingly complex derivatives had value, because you could trade them
for stock shares...

Perhaps all that we are really debating then, is what can be traded for what,
when, and for how much, and will the transaction work or not?

If all of this comes down to a belief that something will be tradeable in the
future for something else at a given valuation -- then wouldn't any future
failure in the ability to make such a future expected transaction for the
expected amount of future exchange -- be indicative of a Ponzi scheme
(intentional, unintentional?), of one type or another?

Well, I for one wouldn't know.

It might make for an interesting debate among economic theorists, however...

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jbverschoor
Can’t trade dollars for gold anymore

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shadowprofile77
Sure you can. They're not pegged together like at one time but you can walk
into any bullion exchange and buy yourself X amount of gold in all sorts of
highly portable phyisical forms for X dollars.

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mthoms
All of cbc.ca is currently down. Looks like a server config issue. Oops!

