WaPo: D.C.’s bitcoin king: Yachts, penthouses, a python — and tax dodging?

Michael Saylor amassed a multibillion-dollar fortune, splurging to combine three Georgetown penthouses into a palatial 7,000-square-foot residence, snapping up a 154-foot yacht dubbed Mr. Terrible and throwing lavish soirees including one where he was draped with an albino python.

All the while, the tech titan did not pay income tax in the District for years and bragged about it to friends, anonymous whistleblowers allege. They said he told people they were “fools” if they did not buy a home in Florida as he did and claim to live there. The state has no income tax.

The whistleblowers’ allegations come in a lawsuit filed in D.C. Superior Court that provides a stunning inside look at the lavish lifestyle of what it calls “arguably the wealthiest person in the District” and an allegedly brazen scheme to defraud the city of tens of millions. It is one of the largest income tax cases in D.C. history.

The whistleblowers, whose legal efforts were joined by District officials in August, stand to earn a staggering payday — possibly $25 million or more — and to return as much as $150 million to city coffers if their case against Saylor is successful.

Source: https://www.washingtonpost.com/dc-md...r-tax-lawsuit/

A nice North Korean hack for a quarter of a billion.

Can I put myself in cold storage for a few years?

4 months ago I withdrew my money from Blockfi because of that sketchy email and I do not regret it, because now I got an email recently saying they are restricting withdrawals. The Blockfi credit card is temporarily not in service either. Hopefully Blockfi gets their stuff together, but it isn't a good look. Some of those returns on crypto exchanges can be a bit enticing, but you also take on a substantial amount of risk.

SBF learned from the experts, Bernie Madoff and Elizabeth Holmes.

Another FUDster comparing crypto to ponzi schemes. When will you learn the difference, ponzi scheme is a system where there’s no usable product, old investors are paid by new investors until eventually operators run out of money and the whole thing collapses. On the other hand in crypto, you have a pretty cool box, now imagine a magical box that is advertised as a industry changing protocol where you can put the money in and take it out. For starters, let’s say it’s worth $20m and people are like damn this cool box could be worth $200m so they also invest. And say the box offers cool 20% risk free returns, so at that point sophisticated investors jump in because why wouldn’t they, they don’t wana miss out and hfsp so the whole system is sustainable and the future of finance.

Is that really hard to understand?

https://www.bloomberg.com/news/artic...levine-stunned



This was months ago, and now everyone is shocked the whole thing collapsed. Guy running a multibillion dollar business describes his industry as magical boxes and people are like “Yeah ok, that makes sense, we are still early, mass adoption soon”. Mass adoption of magical boxes lmao

Anyway. I think this equities rally may keep Tooth out of here for a bit and float all boats.

Pomp was just on CNBC and put the hammer down on those idiots...
it was awesome.

this isn't the whole interview, you should find the full video if you can.

https://twitter.com/i/status/1592633922923499521

Full interview... Pomp absolutely destroys cnbc host.

Pomp is really good at talking.

Silly title, derpy smile, flag in the background, hyperenergy... not much has changed in the snake oil sales world.

CNBC has been gamefying trading and investing and normalizing crypto of all sorts for years.
So this is not a brave individual vs the media battle. It's just another part of the entertainment side of the exploitation industry.

And people like Pompliano are now calling for regulation because they know that's the only way to keep their business going - making money from other people's fees rather than the investment in the "miraculous" asset.

Pomp is a disgusting character. He's so fake it's not even funny.

I watched this yesterday as it was happening. This wasn't my take at all.

Poker players I know you can spot the moments where Pomp is lying lol. His tells are great.

Ah ok Pomp himself named that video, lol. Watched it all. Certainly didn't "destroy" anyone.

I don't know who Pomp is. What was he lying about?

The entire video is a massive "strong when weak" setup

Certainly not my take...

Battling mass media misinformation is critical.

Is this Pomp guy meant to be impressive? I've seen more convincing timeshare salesmen.

I mean what specifically was he dishonest about? For example: new adopters being at all time highs or 66% of accounts not moving? It seems like if that's accurate he did destroy the narrative the host was trying to push.

Original whales who have been manipulating the market from the beginning and people who bought years ago and lost access to their btc being up overall is not really a brag, is it.

The vast majority of people from the hype era of btc are either bagholding or have unremarkable returns.

Pomp is disgusting and obnoxious character

He destroyed that dumb CNBC anchor

Both things are true IMO

Imagine wanting to hold an asset that can lose over 60% of its value in a year. Why not invest in real companies with real assets and real earnings? Companies like ETSY, PAYPAL, DISNEY. These companies would never lose 60% of their value based on speculation. These kinds of extremes losses simply don't happen in the stock market which is why crypto is so dangerous to new investors.

They do happen in the stock market. PayPal is down around 60% in a year.

That doesn't make crypto a good investment.

Bitcoin