Expert Bids $1k for DCG’s Intellectual Property, Brand Amid Lawsuit
If you're getting somewhat bored waiting for the Ripple case to exhale, there's always the dog and pony show known as DCG.
In an open letter addressed to Silbert, Cochran expressed his intentions to bid $1,000 for DCG’s intellectual property (IP), brands, and self-issued promissory notes. As an intriguing twist, Cochran also proposed using Silbert’s likeness to create “Big Week” meme shirts.
Gemini’s lawsuit unveils shocking allegations against Silbert, accusing him of being the mastermind behind the fraudulent activities conducted by DCG and its subsidiary, Genesis. According to the complaint, Silbert was not only aware of the dire financial situation of Genesis but also actively participated in perpetrating fraud against creditors.
I assume there is real money involved, but one must be careful of inflating valuations - and hence losses. I mean, one can create a token valued at $1B with only, say $10m of real money changing hands. Then, when the price drops by half, pundits can point their fingers at the calamity that is crypto, and yet very little real money has been lost. Even worse, if you know this is just for show - dogs and ponies are cheap - and you're shilling a shell, you know when the collapse will come; you know there is far more smoke than fire.
However, if you've become greedy and borrowed using your shillcoin as collateral, well, then it's a different story.
gotta laugh...
... also true in any business!