The most obvious stupid scam ever conceived and they actually managed to hook a bunch of actual corporations

Square Enix, Nickelodeon, Coke, KFC, and more fell for this shit while regular people were laughing about how obvious a con it was.

Really puts into question the capitalist myth of the genius entrepreneur and the idea that these corporate types are rich because they are smart or deserving in some way.

  • ExternalAlpaca [none/use name]@hexbear.netEnglish
    8·
    1 year ago

    I’m going to approach this respectfully and with genuine curiosity.

    What’s your background in accounting that you’re so sure about public ledgers? I have bachelor’s and master’s degrees in it and was about 3 months away from becoming a fully licensed CPA when I had a heart attack at my desk and was told by my doctors that I had to change everything about my life.

    Literally every accountant who I know and respect deeply in this field, from PhDs to CPAs and on down, thinks that blockchain is a joke for business accounting. It can all be gamed even worse with phony transactions and contracts that have no real basis, rather than a genuinely audited financial statement. (That final phrase is a whole other topic for a whole other time… believe that.)

    The foundation of blockchain seems to rest on “we can see that it exists, so it must be true.” This is really not much further off from “we told you that it exists, so it must be true”. The idea of auditing is to prove what REALLY happened and what is REALLY true, not just what a piece of paper or a line on a screen says.

      • ExternalAlpaca [none/use name]@hexbear.netEnglish
        6·
        1 year ago

        Respectfully imma bow out as the global-ledger aspect seems to be confusing people who don’t understand the tech.

        Ok. I’m rather disappointed by that, but okay.

        If you’d like to come back around and suggest how the blockchain can prevent things like briefcases full of cash, moving money through several offshore subsidiaries, and outright sham transactions, I’m all ears.

        “Many such cases” always seems to be the fallback for anyone when they get challenged on blockchain being the future of the entire world and everything on it. You literally just can’t understand it.

          • ExternalAlpaca [none/use name]@hexbear.netEnglish
            7·
            1 year ago

            I literally don’t know what this post is even supposed to mean in relation to mine.

            One question for you. Be honest.

            Are you now, or have you ever been, a holder of GameStop or AMC stock?

              • ExternalAlpaca [none/use name]@hexbear.netEnglish
                4·
                1 year ago

                You said

                No idea what a GameStop is

                Your insistence that blockchain is the future and use of the Extremely SuperStonk term “hedgie circle jerk” has determined…

                THAT IS A LIE

                Even the equating of (former) accountants who work 80 hour weeks for $60,000 a year with hedge fund tycoons is the funniest thing I’ve heard all week, thanks, I’ve really been in a sour mood and needed it.

                  • ExternalAlpaca [none/use name]@hexbear.netEnglish
                    4·
                    1 year ago

                    Heh. There’s a lot of shit I don’t know about. There’s one or two things I do.

                    The first “job”, the first task I ever had as a professional accountant was to go and bust some super high muckity muck who was violating every rule, every actual law, regarding the use of taxpayer money to get multi-thousand dollar checks for travel reimbursement. It was paying for his literal mansion. Barack Obama was on a first name basis with him, but there’s maybe a half dozen people who are on a first name basis with Barack Obama. It’s two different things.

                    And of course, much the same way the blockchain people act, his response was “Who the fuck are you? What the fuck do you know? Don’t you know who I am?”

                    Every accountant, somewhere deep in their heart, wishes they were a half ass lawyer.

                    I don’t like debating and I don’t like engaging in the marketplace of ideas… But I fucking LOVE going down a line of questioning. If someone outside of an official setting actually entertains me long enough to finish it… I usually don’t miss.