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in the last issue of my newsletter, i wrote "Side note: If someone promises you a risk-free 20% annual yield if you just let them hold on to your dollars for you (or turn your dollars into stablecoins and then let them hold on to your stablecoins for you), the risk that that you never see those dollars again is in fact very high."
anyway here's a post from Justin Sun today
@molly0xfff The classic "simply don't ask" defense. A bold move in 2025!
@molly0xfff "So stop asking me questions like 'where does the yield come from'"
Very reassuring!
(he/him) @molly0xfff "it's simply because we have plenty of money"
... is that how that works though?
@joby @molly0xfff At the beginning of the Ponzi scheme, yes.
@grumble209 @joby @molly0xfff you don’t even need a Ponzi if you can “print” money and pay interest in your own currency. You can literally pay any interest rate because you have lots of (read: infinite) money. No value built, real cash lost, but hey your number goes 
@molly0xfff I was thinking the guy was in jail...
@foo__ that's Do Kwon, the other 20% yield guy (who caused me to write this portion of the last newsletter)
@molly0xfff my "we are definitely extremely solvent so stop asking" t-shirt has people asking a lot of questions already answered by my shirt
@molly0xfff MLM still attracts folks ?
@shaun @molly0xfff cryptocurrency? More like cleptocurrency
@molly0xfff I seem to remember reading about a company that was formed in the days of the South Seas bubble in England, 1720ish or so, where all sorts of crazy good returns on investment were promised, but what the company was going to actually do was kept secret — “but nobody to know what the company shall do.” Naturally, what the principals did after collecting quite a lot of money was to abscond with all of it…
@UweHalfHand @molly0xfff
"One of the most famous anecdotes in finance is of a promoter in the 1720 South Sea Bubble who lured investors into putting money into “an undertaking of great advantage, but nobody to know what it is.” This tale is apocryphal, but it is only a slight embellishment of some documented cases." http://www.dtc.umn.edu/~odlyzko/doc/mania17.pdf via Wikipedia
@theohonohan @molly0xfff That must be what I was remembering! I don’t know whether to be reassured or disappointed that it’s apocryphal and an embellishment of reality 
@UweHalfHand @molly0xfff Fun fact: Isaac Newton lost money in the South Sea bubble, while Daniel Defoe made the astute observation that the Spanish would never relinquish their own interests in the South Seas and enable British trade in the area like the originators of the scheme envisioned.
@molly0xfff i dont understand how people can still fall for this.....
@bison @molly0xfff
Stupidity unlike money is infinite. Just like the universe.
@bison @molly0xfff Greed over reason. I've felt that, too. They want it to be true so badly, they've already spent the profit in their head.
@molly0xfff Sounds like a Ponzi scheme to me!
"Don't ask about my business."
Though at this point the Mafia is more open and transparent about how they get their money than the crypto bros.
@molly0xfff
We are entering in the age of grotesque capitalism.
Ah, yes, let me give you additional liquidity with only your promise to give me something in return.
This is such a fantastic model for making money banks and other lenders do it all the time! They never ask to hold anything as security for the money...
*I cannot roll my eyes hard enough at these people.*
@molly0xfff I'm old enough to remember the banking crisis in Second Life when every in-game bank was promising 20% savings interest.
@molly0xfff
It's wild how much this sounds like something a drug addict would say.
@molly0xfff We have plenty of money, so please send us your money.
I have to ask "who in this day an age falls for this?" - but I already know the answer: there's a sucker born every minute.
@molly0xfff I'll gladly take that money off their hands without even a stablecoin involved, I'm just that kinda guy
@molly0xfff I reckon @ludicity knows of the perfect executive sales conference (sorry, I of course mean "in-person event") for anyone who's interested in this innovative product.
https://ludic.mataroa.blog/blog/brainwash-an-executive-today/
@bobulous @molly0xfff @ludicity that was equal parts 'I hate learning this' and 'I think I probably already knew this'.
@Iwillyeah @bobulous @molly0xfff "Stop asking questions" is a very comforting and reasonable thing to hear from someone seeking investment. I open all client meetings with this and it does nothing but reassure people.
@molly0xfff I mean there's too good to be true and then there is this.
While a fool and a money are soon parted, this has *got* to represent an actual criminal fraud, surely.
@molly0xfff had to read it twice to realize that it wasn't satire
@molly0xfff I can get you 21% interest rate guaranteed, and it isn't a scam. Russia is currently paying that for anyone willing to invest. Of course your interest will be in Rubles which is degrading against any sane currency so once you convert back to your currency you will do bad, but hey you can get 21% right now.
There are suckers born every minute.
@molly0xfff There are more efficient ways to transfer money.
This seems like panhandling with extra steps and fraud.
@molly0xfff the P in APY stands for Ponzi.
@molly0xfff wow, they're not even trying to hide the grift anymore are they?
@molly0xfff - "Stop asking where the yield comes from" is a remarkably good indicator of a Ponzi scheme...
@molly0xfff
I'd guess the yield comes from building a list of people who believe in risk-free 20% returns.
@molly0xfff
That last sentence! He's admitting the interest isn't coming from investments. Likely Ponzi scheme.
@molly0xfff
If your conman is too stupid to come up with the tale , you should find a better grifter.
@molly0xfff US dollar data definition language
@molly0xfff Strong Bernie Madoff vibes
@inkican @molly0xfff Bernie was a much better salesman.
@molly0xfff
Question: Where does the yield come from?
Answer: It doesn't.
@molly0xfff I was gonna make a half-joke about how, if anyone offers 20% no-risk yield, they should probably be pre-emptively arrested for fraud regardless of their business model, but then I noticed that this Asian-American man has chosen to put a banana in his display name. Why are all shitheads the same shithead now?
@molly0xfff
Now I really want to ask where the yield comes from, but I think I already know the answer.
Hint: it doesn't
@molly0xfff This reads like he's giving away free money. So yeah, sounds sketch.
@molly0xfff "Trust me Bro" 
@molly0xfff I suppose “shut up and *give me your* money” is a novel take
"Stop asking me questions" - the reddest, and flaggiest, of statements.