John David McAfee, the eccentric antivirus software pioneer, has been indicted on fraud and money laundering charges by the Department of Justice, which alleges he and a business partner participated in a scheme that earned more than $13 million by falsely promoting cryptocurrency to unwitting investors. McAfee, 75, and a member of his cryptocurrency team, 40-year-old Jimmy Gale Watson, Jr., allegedly exploited Twitter and enthusiasm among investors in the emergency cryptocurrency market to make millions through lies and deception, U.S. Attorney Audrey Strauss said in a statement on the indictment, which was unsealed Friday in Manhattan federal court. FBI Assistant Director William F. Sweeney Jr. said the allegations boil down to an age-old pump-and-dump scheme. The DOJ alleges McAfee, Watson and others would buy cryptocurrencies, hype them to McAfee s Twitter followers, which numbered about 784,000 at the time, to boost prices and then sell for a profit in addition t
John McAfee facing charges for alleged cryptocurrency pump and dump scheme on Twitter
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John McAfee facing charges for alleged cryptocurrency pump and dump scheme on Twitter
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John McAfee facing charges for alleged cryptocurrency pump and dump scheme on Twitter
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Sometimes economists are just flat-out wrong. According to economic theory, annuities and reverse mortgages should be very popular for managing risk and liquidity yet both products struggle for mainstream acceptance. Another favorite of economists is prediction markets: contracts with payoffs contingent on some real-world event. Their future is also highly uncertain.
In essence, prediction markets let people “bet” on some feature of the economy, thereby creating a new financial derivative. A prediction market in gross domestic product, or perhaps in local rates of unemployment, could be a useful means of hedging risk. If you are afraid that GDP will fall, you could “short” GDP in a prediction market and thus protect your overall economic position, because your bet would pay out if GDP came in lower than expected.