[Snowman]

Originally Posted by Rhotchkiss

Edited - I just went back and looked at my earlier posts, and I concede my second post could imply that PWCC directly faked sales. I did not mean that, although I certainly believe they were at least passively connected to the fake sales/at least complicit - I think 2 sales were fake and the both happened on PWCC’s platform. Here is what I think - PWCC extended credit to people, who pledged cards as collateral. PWCC borrowed (either as loan or equity) the funds it lent to others. Like all creditors, I expect PWCC expected to get paid back, but end borrowers likely started defaulting on their loans once the bubble burst. PWCC was owed money from people who lost their asses and owned greatly devalued cards, and PWCC’s immediate collateral was cards, held at PWCC, which likely also had been devalued. The cards were how PWCC would get paid back and, ultimately, how PWCC would pay back its creditor(s). Fake sales on PWCC’s platform almost certainly happened, and I believe the Mantle is an example of that.

I just disproved this theory a few posts back though. This fake $550k sale (which was never paid for, since PWCC does not list in on their own website) is from March 2021, and the plot I showed earlier shows that was the absolute peak of the market. PWCC was not in any financial distress at all during this time. They didn't layoff employees and sell to Fanatics until May 2023.