It was a promising investment opportunity pitched by a friend, promised in a social media advertisement or proposed by a stranger on a dating app, but it turned into a nightmare for many Canadians.
Joel from Calgary sent $16,000 to what he thought was a brokerage company based in England. Valerie from Scarborough invested $9,000 on the recommendation of a new love interest. Christopher from Stratford spent $10,000 on an investment that later he would say was “too good to be true.” Aleah from Woodbridge borrowed $75,000 from her mother’s line of credit and gave it to someone who said he would teach her how to trade a new, exciting type of currency.
I never got Bitcoin. It just never seemed real to my unsophisticated eyes.
The “Rug-Pull” trend, often “influencer” enabled, which cropped up a couple of years ago confirmed my suspicions but to me the whole Digital Currency house of cards came tumbling down with the introduction of NFT’s. If you bought one expect no sympathy.
I feel sorry for those who have been burned but I think Warren Buffet said if you can’t understand the business don’t invest in it.
In related news …
Yellen: No federal bailout for collapsed Silicon Valley Bank
WILMINGTON, Del. (AP) — Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money.
The Federal Deposit Insurance Corporation insures deposits up to $250,000, but many of the companies and wealthy people who used the bank — known for its relationships with technology startups and venture capital — had more than that amount in their account. There are fears that some workers across the country won’t receive their paychecks.
Silicon Valley Bank has gone bust owing $1.8 billion.
Without a Head of Risk Management for 9 months, the one appointed, Jay Ersapah seemed more interested in organising pride campaigns & 'Lesbian Visibility Day'. She identifies as a queer person of colour.
Get woke, go broke. pic.twitter.com/JeiR6wnPO4
— David Atherton (@DaveAtherton20) March 12, 2023
Famous last words? Remember “Too Big To Fail.”
