I am hesitant to call anything a “scam” per say
Trying new things, raising capital on a vision, breaking boundaries, all very risky, and absolutely to be encouraged
Whilst any investor that that got involved did so out of their free will
Sometimes you win. Sometimes you lose
Hopefully people learn from their mistakes
I wonder how many of the PIPE investors sold, and bought Bitcoin?
I see what you're saying and mostly agree.
A scam is a fraudulent or deceptive act designed to trick someone into giving away money or personal information. It often involves dishonest plans that exploit the victim's trust or naivety.
However, still Nakamoto's PIPE investors (insiders) got in at $1.12 with no lockup and bought ~455M shares and then dumped on retail while David Bailey and co promoted the stock.
Agree that nobody forced retail to buy, but at the same time most of retail didn't have enough information to make an informed investment decision at the time they bought (their mistake).
Just like most people weren't forced to inject themselves with the covid poison but did due to lack to informed consent.
David Bailey already knew insiders would dump massive amounts of stock with no lockup and would short the stock into the abyss.
If not an outright scam, extremely unethical.
Much the best to witness from a distance, learn from, and at this stage avoid…
