Re:Are pixie fairies behind Bitcoin's latest bubble?
by pavlov on Monday November 23, 2020 @12:25AM
(#25183852)
Wirecard was one of Germany’s largest tech companies with a market cap of $25B until recently.
Short sellers first identified suspicious activity at the company around 2006. But it took 13 years for the house of cards to collapse. For over a decade, Wirecard stock just went up.
The company is bankrupt and worth practically nothing today.
If/when shit finally hits the fan at Tether, the crypto bagholders will look back with the same bewilderment as Wirecard investors did: “Wasn’t all this talk about fraud proven false long ago?”
One thing that has stuck out at me from a white-collar crime reading spree is the amount of time that passes between something widely being seen as fraud by those who looked closely and when the walls actually start crumbling down. Enron, Madoff, Theranos, etc. all had people ringing the alarms long before the music stopped.