Super.Fraud - How the conditions of the corona virus - provided an occasion for a scam. A serial Novella in real time - 4

unawunwa (31)in #cryptos • 4 years ago (edited)

Due diligence?

"It is a clunky phrase. Something you read about in text legal books, so how do I draw out its meaning for you? Well no one needs a lecture in a Novella, because if you really wanted a lecture you would attend a university or a church right? But, if you live in a ground floor flat and you observe that each night you leave the back-garden door open, the dog runs off and gets in a fight with foxes and sometimes the dog returns wounded. The last time this happened, it cost a fortune in fees paid to vets and insurance people. Added to that you had to dally with ‘Animal Rescue’ people who gave you a needless lecture right? Afterall, your dog was chipped and you had papers and this sort of thing shouldn’t happen to a responsible dog owner right?"

Due diligence would then mean setting a time every day before you go to bed; at which you check that the back garden door is shut. Due Diligence is making sure. Due diligence can be described as just that: making sure.
"The person I first gave this analogy just waved it off – yada yada – blah blah; they didn’t want to know. He went ahead and made that investment with money I had loaned him, because he was a friend, and then failed to return my money, and what do you know? He didn’t make any profits either. He just threw perfectly good money after bad stuff. They ripped him off. He said the government decided the concern he had passed ‘our money’ on to shouldn’t have been in business. And what’s more, he blamed the government for not taking care of him whereas if he had just checked out the prospect, he would have seen that the business was in no position to make the kind of returns it had been promising – if he had just checked. I have forgiven Etim, but I am more careful now when he comes round talking about any investments. The ancient Italian merchants evolved a Latin phrase – Caveat Emptor – which means ‘Buyer Beware’ to incorporate the idea that any buyers of anything should check and recheck the goods or services they want to buy in order not to be left with a dud or things of shoddy quality. This is another bad analogy, but suppose on any exchanges you were going to send some XRP (or Ripple); the warning invariably comes up – ‘ask the people you are sending to for a tag’. If you don’t provide a tag, your money might go missing and because in this business there tends to be immutability in one direction (meaning, once you have sent the money it joins the blockchain of transactions and is ratified in a ledger) and it is paid forward, chances are slimmer that you would get your money back, if the transaction goes bad or was bad abinitio."

I could see her blind stares returning, so I changed my approach …

"Right now I am in throes with Poloniex (an exchange) who have had close to 7 screenshots from me and still wouldn’t give me back my XRP. I have shown them that their own ‘Wallet Systems’ didn’t provide any tags for the transactions. And the people I am dealing with are the Support People. Just imagine what would happen if you were paying dodgy people or people you don’t really know? People who care nothing for principle – but are just after money from as many people as can be persuaded to part with money. They have no intentions whatsoever of providing the good or service for which you paid good money."

Her eyes were glazing over again. She even yawned this time.

(Was she even on any exchanges?). Had she even jumped any ‘Know your Customer’ (KYC) or ‘Anti Money Laundering’ (AML) compliance hoops? I decided not to ask the question. But after now, I was going to get her on an exchange and she will never look at these money markets in the same way after completing one of these KYC/AML things.

Then I said: "But this is complicated, Nne – you are a bitcoin newbie, you mean haven’t done this before? Okay but you must begin being sceptical and suspicious of everything, even all this right now. You must refuse to be taken advantage of – and we are the little guys. Blockchains were evolved to help democratise trust and so some clever people behind all the good blockchain ideas built distributed and decentralised ledgers that anybody could have access to and over which all transactions can be checked. But right now in this space – big institutions have come to play in these waters (whales and sharks as they are called) and you can’t sue these guys, even – so you have to search things out for yourself in order not to end up as lunch" …
"You mean like Google?" She asked. I suppressed my own yawns
"… well, erm – yes / exactly like googling – yes and no; but I mean all the online blockchain explorers have search fields into which you type in the object of your investigations. Did you google Super.One? Well, you already said you didn’t… okay, let’s do it together … tomorrow."