![]() We can notice that may very well be how a common man becomes a common criminal by telling themselves that in the long run they won’t actually be stealing, since they intend on putting the money back after using it. In each case it seems likely at first the money was meant to actually be put back in the long run. Since this could be done without the customers knowledge it could be done without effecting any of them in any observable or knowable way. So then somebody (or people, perhaps the owners of each) realized they could pull out this equity and to use it in a more favorable way. For poker it was the players money they left on the sites and didn’t withdrawal on a daily basis, and for mtgox it was the bitcoin not withdrawn on a daily averaged basis. Both models eventually started operating (apparently) like a ponzi scheme, in which the equity (or whatever we might call it) was secretly and methodically being withdrawn. ![]() We want to look at the relationship between MtGox and Full Tilt, to see the similarities between two very valuable business models that seem to be increasing in value exponentially over time. The result is, in our view, that Full Tilt does not appear to have been a Ponzi scheme, as defined.
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