Blackmailing has always held a position of both abhorrence and affection in the public mind.
You can still go to jail for trying to do it, but nearly every crime novel has it somewhere and everyone wants to hear the juicy bits. What better field of employment for a young person in today's job market.
To conduct a successful blackmailing practice you need several things:
a. Access to embarrassing secrets.
b. People who wish these suppressed.
c. A platform to publish them, if not paid.
You can set about manufacturing the embarrassing secrets yourself if you can manage to offer sex, politics, drugs, and finance. Or you can search for them amongst the likely locations; nightclubs, bedrooms, boardrooms, etc.
If you are a player in the game you may be caught in the same vice of public shame as your victim, so plan ahead.
Also reckon on retribution - legal, if there is too much publicity already out there, or illegal if it can be effectively hushed up. You can choose to be an Assange or an Epstein, but only one each.
Some victims will pay up quietly, and continue to do so for decades. Some will pay until they start to fall foul of accountancy and then turn you in. Some will resort to firearms early in the piece - whether they shoot you or themselves is a moot point.
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