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    Originally posted by WOM View Post

    You'll be shocked to learn that MoviePass is suspending operations while it - get this - retools its app. See, it's the app that's causing the problems, not the business case. In 2018, they lost $329 million on revenues of $232 million. In financial circles, that's considered 'frowny face'.

    Their holding company (Helios and Matheson) is also under investigation by the NY AG for possible fraud around misleading investors, which...you know...could become a distraction on the road to profitability.

    Bold Prediction: you'll never hear from MoviePass again.

    More here. https://variety.com/2019/digital/new...ze-1203259672/
    And they are officially done. Apparently being a disrupter isn't enough to run as an ongoing concern. Uber investors take note.

    https://www.theverge.com/2019/9/13/2...s-subscription

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      Kik seems to be taking the whole "pivot to blockchain" thing a little too seriously, by shutting down the app its probably illegal currency would be used in and sacking everyone not committed to its silly crusade against the SEC.

      Also, this may not be a sensible thing to say when accused of illegally offering securities:
      We will focus on one thing: converting Kin users into Kin buyers

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        The Beeb has a podcast series going about the OneCoin scam.

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          Block.One settles with the SEC for $24m. Seems pretty small for such a large ICO, but still.

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            Is there any interest in "doing" We Work?

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              I kind of can't. Too close to my work.

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                I hope you have proper safety equipment.

                The incineration of billions in shareholder value generates a bit of heat.

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                  I will say, however, that today's Matt Levine has a link to an absolutely bonkers Business Insider story about the company.

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                    Ah, yes

                    The one where Neumann claimed that he and his family controlled 100 percent of the company and that "his descendants would still control it in 300 years"

                    [unfortunately paywalled]

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                      Fun times at Bitmain

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                        That's going to do wonders for their IPO prospects

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                          An IPO? For a crypto-miner? That doesn't bespeak much confidence in their own product. Why not an ICO?

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                            I think that they wanted the prestige of an HK listing.

                            Also, do they mine for their account? I thought that they just made rigs.

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                              The BBC's OneCoin podcast has (more or less) wrapped up. I'm in two minds about it. On the one hand, it really does exhibit the worst tendencies of investigative podcasting, like a parody of Serial — spinning out a fairly simple set of facts over too many episodes, making it all about the journalist's emotional journey, annoying faux naivete from the presenter. On the other hand, it did make clear something I hadn't really realised beforehand. OneCoin isn't a scam built on a crypto-currency. It's a bog standard pyramid scheme pretending to be built on a crypto-currency that doesn't actually exist. It's kind of comical really, if extremely depressing. It's so easy to actually build a crypto-currency and pretend it has value, but they didn't even do that. It also did a fairly good job of exploring the psychology of people who get into pyramids and MLM. I just wished it had focused more on that rather than the ulimately kind of irrelevant question of where Ruja Ignatova is.

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                                A German cryptocurrency company that used the former football stars Lothar Matthäus, Roberto Carlos and Patrick Kluivert to promote its products has been ordered by a German watchdog to wind up its blockchain-based business after allegations it was luring customers into a pyramid scheme.
                                https://www.theguardian.com/technolo...me-allegations

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                                  Quadriga, with a cameo by the Krassensteins

                                  [URL="https://twitter.com/vanityfair/status/1198437178268934145?s=21"]https://twitter.com/vanityfair/status/1198437178268934145[/URL]

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                                    Originally posted by ursus arctos View Post
                                    Is there any interest in "doing" We Work?
                                    Last summer, some WeWork executives were shocked to discover Neumann was working on Jared Kushner’s Mideast peace effort.
                                    !!!

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                                      https://twitter.com/biannagolodryga/status/1198792547579109376

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                                        Originally posted by WOM View Post
                                        Bold Prediction: you'll never hear from MoviePass again.
                                        And with assets of $1-$10 million (bet it's on the lower end) and claims of $60+ million, they're filing for Chapter 7 (dissolution) and that's that.

                                        https://variety.com/2020/digital/new...on-1203485327/

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                                          https://www.theguardian.com/world/20...shing-rod-case

                                          I'm not 100% sure I believe this criminal has really lost the codes to his £46m Bitcoin fortune.
                                          I wonder if, after his 5 year stretch, he'll disappear from view, having suddenly realised they weren't in his fishing rod case after all, he'd actually stored them somewhere safe with someone trustworthy or oblivious. Because they were worth £46m FFS.

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                                            I would expect that the Bitcoins have been sequestered and aren't immediately available should the codes miraculously reappear.

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                                              How complex do these codes tend to be?

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                                                256 bits, I think.

                                                Meanwhile, Seagal under siege from SEC over ICO touting

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                                                  Seagal involved in dirtbaggery?

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