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Lubin invites his whale customers to behave fraudulently to hide their ETH holdings


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Lubin:  It was sold very explicitly to software developers to people who intended to use the system, it was not sold for speculative purposes um for very  confident it started decentralised and people bought it for those reasons and that it has grown  radically decentralised never was a security and certainly is not now 

...to people pool for Ether in order for these businesses to operate their systems we will issue a bunch of ether  in a presale to people who buy it for using in their businesses or to people who buy it for speculative reasons

Question Will there be a limit in the amount a person can invest in Ethereum ?

Lubin answer  A person could invest in Ethereum , um a person can buy from any number of different identities we may limit the size , the unit size of the sale just to make it easier to disguise  let's say if you're a whale and you want some privacy  you can buy 50,000 units, just uh to serious people with enormous initial  purchases so, um , if you are  serious people with enormous synergy ...so if you are a whale if you want you are planning on investing  investing several million us dollars worth, um ,  then you can do that in uh multiple identities we will um ask for real world identities in the form of uh email address just so that we can make sure that everything works smoothly through the process but we wont be requiring it so we can create pseudonymous email and identity and purchasing 

 

 

So lets be clear - he starts off by telling us Eth is not a security because it is entirely decentralised and sold only to developers.  Speculators are kept out, and ends up explaining that whales who want to invest millions speculatively he advises multiple pseudonymous email addresses because his system has been built with a huge hole to deliberate disguise their speculative purchases from prying eyes.  Yes Lubin got that, than you for your financial advice :clapping:

Edited by Julian_Williams
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25 minutes ago, Julian_Williams said:

 

 

Lubin:  pool for Ether in order for these businesses to operate their systems we will issue a bunch of ether  in a presale to people who buy it for using in their businesses or to people who buy it for speculative reasons

Question Will there be a limit in the amount a person can invest?

 

Lubin answer  A person could invest in Ethereum , um a person can buy from any number of different identities we may limit the size  the unit size of the sale just t make it let's say if you're a whale and you want some privacy so serious people with enormous synergy ...so if you are a whale and you are investing several million us dollars worth then you can do that in uh multiple identities we will um ask for real world identities in the form of uh email address just so that we can make sure that everything works smoothly through the process but we wont be requiring it so we can create pseudonymous email and identity and purchasing 

 

Somewhere he uses the word to "disguise" your purchases :)

So what? Is privacy illegal now, too?

Ethereum is not our enemy, guys. Ripple's tactic of pointing the finger at Ethereum is a legal one. The point of it is to highlight how bad the SEC is, not Ethereum. I don't care how badly the rest of the crypto world treats us, they're our brothers in this fight.

Even David Schwartz has said one of the first things they want to do with federated side chains is create a ledger that runs the Ethereum Virtual Machine.

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23 minutes ago, brianwalden said:

So what? Is privacy illegal now, too?

Ethereum is not our enemy, guys. Ripple's tactic of pointing the finger at Ethereum is a legal one. The point of it is to highlight how bad the SEC is, not Ethereum. I don't care how badly the rest of the crypto world treats us, they're our brothers in this fight.

Even David Schwartz has said one of the first things they want to do with federated side chains is create a ledger that runs the Ethereum Virtual Machine.

YES illegal 

He tells his audience explicitly that his sales team set up in a way to make purchases non security compliant, and then tells us in the next sentence about the deliberate big hole in his KYC systems to "disguise" whale speculators who will be contributing multi millions to presale purchases.

The investing whales may plead innocence, they just want privacy, but Lubin's presentation about Eth being decentralised non security is a deliberate exercise in fraud to avoid regulatory scrutiny by the authorities.  Do you see it any differently?

Remember this guy was right in there having meeting with top execs of SEC advising on ways to regulate the entire industry, including his competitors, and they came up with a think tank and speech that rigged the market to make Eth and coins running on its platform into a non security token factory, whilst everything else was left in the limbo (with FUD from the BTC ETH maxi camp telling the world XRP was a security).  This is about Lubin using his influence (Hinman was indirectly in the pay of Eth foundation), money, connection to authority to set up a monopoly and rig the market.

I am not calling out ETH or the good people who work on the ETH platform, but I do call out Lubin and ETH maxis.  They are everyone's enemy, including ETH's users enemies.

Edited by Julian_Williams
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49 minutes ago, brianwalden said:

Ethereum is not our enemy, guys. Ripple's tactic of pointing the finger at Ethereum is a legal one. The point of it is to highlight how bad the SEC is, not Ethereum. I don't care how badly the rest of the crypto world treats us, they're our brothers in this fight.

 

Crypto brothers my @##!!!

 

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1 hour ago, brianwalden said:

So what? Is privacy illegal now, too?

Ethereum is not our enemy, guys. Ripple's tactic of pointing the finger at Ethereum is a legal one. The point of it is to highlight how bad the SEC is, not Ethereum. I don't care how badly the rest of the crypto world treats us, they're our brothers in this fight.

Even David Schwartz has said one of the first things they want to do with federated side chains is create a ledger that runs the Ethereum Virtual Machine.

Agreed that Ethereum is not the enemy. Neither is Vitalik, even though he clearly had a bad day when he posted that comment.

But the promoters of Ethereum - Lubin, some Ripple employees who later moved to camp Ethereum - they did something far more sinister. The actively worked against the success of XRPL and Ripple. They turned an entire generation of crypto developers away from XRPL calling it centralized, when it was clearly not true. They closed the door behind them with the SEC. 

There is no DeFi without Ethereum. No NFTs. This whole ecosystem is largely due to Ethereum. But it could have been due to XRPL too. They took that away so far. I'm confident that XRPL will catch up quickly, but the damage done so far is just... It's too much. And then they had the gall to blast Twitter with "someone thought they could get away with selling securities". 

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4 hours ago, Panopticon said:

Crypto brothers my @##!!!

 

I was very disappointed the day Vitalik wrote this on Twitter. 

For someone who was applying for an intern role at Ripple prior to moving on to helping develop Ether, the least he could have done is shown a level of respect and maturity that merits his position. He showed how small he was that day. 

You don't crap on a group of people when they are down. Kharma is a snitch, and so is Twitter. 

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1 hour ago, HAL1000 said:

 

Uff.. did lubin just commit fraud in this q&a? Advising early investors to buy with fake identities, circumventing kyc/aml

SEC will have to turn away from eth if they want to continue this case

Unfortunately for them, they recently had to hand over a document for in camera review containing an email chain advising third parties to use the hinman-eth-free-pass-speech as guidance (according to ripple)

 

Edited by VanHasen
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3 minutes ago, VanHasen said:

Uff.. did lubin just commit fraud in this q&a? Advising early investors to buy with fake identities, circumventing kyc/aml

 

Yes he did - which to put it bluntly makes some at the SEC look at the very least complicit in the crime and at worst involved in a criminal conspiracy to self enrich themselves at the expense of INVESTORS, whilst participating in market manipulation - the exact opposite of the SEC's so-called mandate. I have given up on the rule of law in the USA and see it as a club for the 1%, who twist the truth, make stuff up, lie, cheat, steal, break rules & laws etc, so the 1% can get away with whatever they want, at the little people's expense, the 2008 financial crisis proving the point.

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27 minutes ago, HAL1000 said:

Yes he did - which to put it bluntly makes some at the SEC look at the very least complicit in the crime and at worst involved in a criminal conspiracy to self enrich themselves at the expense of INVESTORS, whilst participating in market manipulation - the exact opposite of the SEC's so-called mandate. I have given up on the rule of law in the USA and see it as a club for the 1%, who twist the truth, make stuff up, lie, cheat, steal, break rules & laws etc, so the 1% can get away with whatever they want, at the little people's expense, the 2008 financial crisis proving the point.

Ripple managed to put eth and its sec-ties in the spot light within its fair notice deffence and lubin didnt hide his tracks very well.

The next rulings when judge netburn decides if ripple gets to see some of the docs will be crucial. 

If ripple is right with the content and the judge sees the docs as relevant to overrule deliberative process the sec will urge to settle. But maybe ripple won't...

Edited by VanHasen
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She knows,

FCLt0RVWUAErZz0?format=jpg&name=large

50,000+ of us know

WE HAVE POINTED IT OUT

XRP holders’ Change.org petition that urges the U.S. Securities and Exchange Commission to drop the Ripple lawsuit and investigate its former boss has obtained 30,000 signatures.

https://u.today/xrp-holders-petition-to-investigate-jay-clayton-obtains-required-number-of-signatures

WE ARE MET WITH CRICKETS FROM THE SEC CHAIRMAN, WHO SAYs HE IS ACTING ON OUR BEHALF AND WHO IS PROTECTING US FROM THE BAD ACTORS IN THIS SPACE!

WHO WILL PROTECT US FROM HIM AND HIS 1% FRIENDS?

IF THE SEC HAD THIS KIND OF EVIDENCE AGAINST RIPPLE, THEN WHAT DO YOU THINK WOULD HAPPEN?

 

Edited by HAL1000
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3 hours ago, Cambridge said:

I was very disappointed the day Vitalik wrote this on Twitter. 

For someone who was applying for an intern role at Ripple prior to moving on to helping develop Ether, the least he could have done is shown a level of respect and maturity that merits his position. He showed how small he was that day. 

You don't crap on a group of people when they are down. Kharma is a snitch, and so is Twitter. 

Vitalik is the goose that lays the golden egg for Lubin who is very interested in money and power.  I think Vitalik, who is dependent on Lubin providing the money for Eth's development and running the business side, is not a strong enough personality to stand up to Lubin's malicious scheming.  Charles Hoskinson must be blessing his stars that he left when Lubin began to take control of Eth.

I have the impression there may have been some nativity at SEC as well as the corruption (love of money).  They believed the "decentralised" BS that Lubin fed them, and took the money thinking they were sort of doing the right thing for crypto, and what was the harm in being enriched at the same time?  But actually Lubin is a very nasty controlling personality and he had a master strategy to use his BS decentralised arguments to get a free pass for Eth which was not scalable  whilst screwing Ripple which had a better model for decentralising and scaling up blockchain for utility. 

God knows how Gensler fits into all of this.  He is looking more and more like a creature that belongs to big banks, and he seems to be willing to do anything to enhance his career prospects with his handlers. In a way I find him the most menacing of them all.

 

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11 minutes ago, Julian_Williams said:

I have the impression there may have been some nativity at SEC as well as the corruption (love of money).  They believed the "decentralised" BS that Lubin fed them, and

Bingo !! Great post, Julian-san. 

Because I'm cynical and bitter, I'd add that there was also some level of VINDICTIVENESS  at play with the personalizing of the Xmas Bomb dropped by the departing Lizard Thing.

Generally, the SEC's suits don't include the directors - This was PERSONAL. This was the hubris of a man drunk on his own power - and prolly fulfilling some ignored threat in the recent past. Sadly, it's unlikely we'll ever know.

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on twitter this is getting very nasty now - the scheming, playing with word salads etc are being exposed by Stefan Huber and Rippleeye - simply too much to put on this thread, you need to look on twitter and all this stuff has to be digested and contextualised.  But there too many secret tunnels here, too much "making new realities using words" as Lubin like to call these sorts of arrangements. 

 

 

 

plus the stuff Rippleeye is unearthing about secret messaging systems for big time investors to communicate with Eth, and all the stuff they were doing covering their backsides at the same time

 

 

 

 

 

 

and if you go on to Rippleeye's threads there is a whole lot of stuff of how the messaging service was set up.  apparently  One commenter says they are the same lawyers that are dealing with Clinton/Epstein allegations.  Not frightened to get their hands dirty.

Edited by Julian_Williams
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