The damage is still being felt from the FTX bankruptcy – one of the world’s largest cryptocurrency trading networks.
If you want more information on the initial bankruptcy, check out my original article on the news:
Since the bankruptcy was announced some celebrities and famous athletes have had their net worth decimated; such as NFL quarterback Tom Brady, NBA basketball player Steph, Tennis star Naomi Osaka, Baseball player Shohei Ohtani, and many others; including popular brands like Barstool Sports. Even famous investors like Kevin O/Leary got wrapped-up in this, who had stake in the company and traded assets on the platform – assets and transactions that ultimately got frozen for time, as the value of cryptos as a whole took a hit because of the news.
To make matters worse, since the news of the bankruptcy, the platform reportedly got hacked and an estimated $600 million worth in assets were stolen.
Needless to say, it’s a messy situation.
But the warning signs were there that this was going to be a massive problem down the road.
Regulars of The WinePress know that I have been very “bearish” when it comes to cryptos in general, referring to most of them, markets and NFTs included, as just being a ginormous Ponzi and pyramid scheme. Well, FTX absolutely was in the most truest sense of the phrase.
YouTuber “Coffeezilla” published a video in April dissecting an interview with the now-former CEO Sam Bankman-Fried, who quite literally and explicitly spelled-out that what he was doing and what his company was, was nothing more than a bona fide pyramid scheme.
Definitely worth the watch:
But what is also important to note are the financial “gurus,” some of the larger ones on YouTube, were shilling this Ponzi scheme to their audiences, and made TONS of money from sponsorships and affiliate links. Since the crash has happened, these “prophets” are now trying to back peddle, while trying to disavow the sheer amount of times they shilled for FTX. Of course, none of them will speak on the level and be honest with their viewers, as they laugh all the way to the bank at their follower’s expense.
Here are two of the leading prognosticators, where the comment sections skewer them for their duplicity:
For some sound advice and overview of the drama, I suggest watching Neil McCoy-Ward’s update – a man that is an ACTUAL financial investor and forecaster that is honest and forthcoming, and said he was offered tens of thousands to shill FTX but rejected it:
Other outlets are already trying to put a political spin on this, such as The Blaze writing a piece trying to link all of this to the Democratic party and corruption in the Ukraine. Sure, there are some good points made, but all the post does is only further divide the country and play the right vs. left paradigm lie.
As I said in my initial post:
[4] Labour not to be rich: cease from thine own wisdom. [5] Wilt thou set thine eyes upon that which is not? for riches certainly make themselves wings; they fly away as an eagle toward heaven. Proverbs 23:4-5
I recommend my readers STAY AWAY from cryptos and NFTs. I believe the whole thing is a scam and trap.
[9] But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition. [10] For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows. [11] But thou, O man of God, flee these things; and follow after righteousness, godliness, faith, love, patience, meekness. [17] Charge them that are rich in this world, that they be not highminded, nor trust in uncertain riches, but in the living God, who giveth us richly all things to enjoy; [18] That they do good, that they be rich in good works, ready to distribute, willing to communicate; [19] Laying up in store for themselves a good foundation against the time to come, that they may lay hold on eternal life. 1 Timothy 6:9-11, 17-19
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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it looks like God is starting to strip the elites of their millions and billions, Kanye west was a billion-air last month now he maybe has 10 million left.
Amen, there’s a bit of good news and hope right there. These elitists will soon find out they’re no greater than tiny bugs and they’re no bigger than you or me.
Those in the highest have the furthest to fall, and no one to catch them
These Ponzi schemes and pyramid schemes are bad news! They prey on the financially struggling and those who actually work but barely have enough, they’re just as evil if not worse than casinos.
One such pyramid scheme that I was suckered into is called Primerica. Primeri-SCHEME is more like it. Sell home, life, and auto insurance and home alarm systems as well as financial services – but you must recruit people in and they must recruit others in.
It’s a crooked and wicked pyramid scheme, and I don’t know if any of you have seen it yet, but look at the logo of Primerica, it resembles the three 6’s. They all profess to be christians and of course in works they deny him.
The one I was at, it was run by these regional Vice Presidents as they’re called, husband and wife duo (a gruesome twosome haha) they go to a Pentecostal cult building so that’s another clue that they’re false, and they’re all about making money while giving homey motivational speeches.
Primerica is a Mormon ponzi scheme by men becoming gods (they think) and already in bed with Mama Rome. Rome invested in Mormonism way back, meeting with certain native American tribe leaders & second generation Mormons like Brigham Young, in hopes of dividing & taking back the United States to their absolute control. Like they manipulated both North and South to the Civil War, and how they used the submitted crony shaman, mighty men elites against the Huguenot in Florida; and from Montreal and Detroit in the French & Indian, Queen Anne’s, War.
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All of the pagans, and all of these cults claiming extra-biblical and advanced revelation, ascending to godhood through craft ritual & works are sex cults at root, involving also offensive empire war & thievery, subject to bloodlust & -thirst, like the master they serve. John 10. Including Islam before them, & Constantine & Augustine’s Rome.
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It caused a ruckus with real believers when Martin of the ‘Kingdom of the Cults’ fame, included Mormonism as ‘Christian’, citing a few flimsy Christianese claims of seriously ecumenical ‘common ground’ through an undefined Christ and Gospel. They’ve come a long way, baby. Toward the ditch and the destruction of many, the deceiving and being deceived…many being given over to their desire & delusion.
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Looking back, and seeing the 1 Timothy 6 & James 4 pattern being followed by so many ‘conservative’ and ‘fundamental’ ‘evangelicals’ like John MacArthur’s seeing a ‘contradiction’ between 1 Timothy 5:8 and the damnation of those taking the mark, not being able to rightly divide for the love of Mammon coming between himself & the truth of God….with guys like ‘Christian’ economic adviser Dave Ramsey following right along, falling back to Mama MYSTERY via Augustine & covetousness…….it’s easier to understand how & why Martin made such an egregious error. Doctrine & failing of Balaam & Jezebel/Queen of Heaven combined.
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Primerica appeals to greed & to the proud ‘common sense’ crowd: Islamic, Romish Augustinian, Unitarian etc …any religious crew whose kingdom & hope is here, & achieved by & through their own works, ritual and supposed ‘superiority’….the nicolaitan/mighty men partnership.
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Discover and Amway multi-level marketing company are also Mormon…and both shariah compliant, BTW.
2) Forgot to mention that Martin also endorsed the Seventh Day Adventist cult as biblically ‘Christian’. Another wedge & corrupting, confusing influence that specialized in supposedly exposing Rome & in influencing creation science, and wresting King James Bible interpretation & application, taking many into bondage & captive, directing them from the strait gate & narrow way to the broad way leading unto destruction. Doctrinal distinctives & distinctions matter.
I did not know that, porter. You are more experienced and smarter than I am and I desire to know more!
I had no idea Primerica and Amway and Discover were Mormon, I learnt something new. Primerica’s headquarters are in Georgia somewhere in the Atlanta area, but I guess they’re still Mormon even though it’s not in Utah.
The scammers of Primerica that aren’t Mormon are either Catholic or Pentecostal – mama’s rebellious little girl.
*while giving HOKEY motivational speeches! The husband is a pushover while the wife seems to rule and run everything and is very prideful, too.
I pray God destroys them! All of Primerica! Primeri-SCAM!
In 2012, Primerica in Florida was sued for suckering firefighters, teachers, police officers and other public workers out of their retirement.
All Crypto is a ponzi-scheme. Period. No nice way to put it. And you have morons having the gall to say “Well…I’m not giving financial advise, but…” Then they’d put a proud smirk on their face and say “Invest in Crypto!” Disgusting! And don’t even get me started on the futility of “Mining” for Crypto! Talk about stupid!
You can’t help being born into money, and if one is disabled and has to fall at the feet of their nation’s disability system, then so be it. But if one is to receive money, then it be best they work for it. And when I mean work, I mean labor hard and well.
This was a plant by a trusted tapped & promoted crony. It was planned to ‘fail’ and to be ‘exposed’, and will be used to justify the stringent regulation of all crypto, plugging another potential escape route & the liberty of any parallel forms of digital economy. In the meantime, multiple cronies were rewarded & a few lower levels sacrificed, with much real wealth ‘transferred’, centralized & monopolized in crony corporate hands. The truth of God’s word & superiority of his economy & warnings against unwise & unequal yoking proven yet again.