51–60 of 110 posts
I don't get it, how did they get these sales if theres nothing on their website https://www.cblocks.io/ "Want a CBlock One? Enter your email - we'll notify you when we launch!"
So, this startup is headquartered in Miami, FL, and is selling randomly amounts of random cryptocurrencies to people who pay a defined amount of real US currency. That is, it looks remarkably like a private, for-profit lottery. The operation of which, and even knowing assistance or promotion of which, is a third-degree felony under Florida state law. [0] [0] http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Disp…
I'm not clear from the article that this is "random amounts" or even "of random cryptocurrencies." They just said "random wallets", which could mean a lot of different things. Even if it is random cryptocurrencies, though, if they're smart, the amounts of each of said currencies should add up—at moment of sale, when converted to USD—to a constant amount. In that case, it'd be random ratios of each currency, to fill i…
So, this startup is headquartered in Miami, FL, and is selling randomly amounts of random cryptocurrencies to people who pay a defined amount of real US currency. That is, it looks remarkably like a private, for-profit lottery. The operation of which, and even knowing assistance or promotion of which, is a third-degree felony under Florida state law. [0] [0] http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Disp…
How about if I sell you scrap gold jewelry on eBay? It's value will change before you get it and neither of us really knows how much gold is in it when the transaction takes place.
Earlier quoted context omitted.
Thousands of smaller transactions. You are buying USB keys with a set amount of Crypto. They can just assume 10% scam ratio and rise price by that.
If scamming something like this is possible, the scammers have an incentive to scam as much as possible, so the "scam ratio" will tend to grow to 100% quite fast unless there's a huge amount of legitimate business.
And they are probably acting as unlicensed money transmitters too, which will incur regulatory actions.
Weird world we live in.
No prototype, no feasibility study, just some "marketing guru" writing up copy and seeing how many fools easily part with their money.
Err.. aren't these guys going to run into regulatory problems? You need a license to sell this in the US. Not to mention selling crypto with credit cards is a great way to go broke unless you own the keys like Coinbase does. Also, why would you trust the keys they are sending you? Having someone else generate a wallet for you then sending it to you via a USB key sounds very very bad. I don't get this.
So, this startup is headquartered in Miami, FL, and is selling randomly amounts of random cryptocurrencies to people who pay a defined amount of real US currency. That is, it looks remarkably like a private, for-profit lottery. The operation of which, and even knowing assistance or promotion of which, is a third-degree felony under Florida state law. [0] [0] http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Disp…
Is it that different from if I sell you a Euro, a Yen, a Dollar, and a Pound? They are fungible items whose value fluctuates. How about if I sell you scrap gold jewelry on eBay? It's value will change before you get it and neither of us really knows how much gold is in it when the transaction takes place.
Err.. aren't these guys going to run into regulatory problems? You need a license to sell this in the US. Not to mention selling crypto with credit cards is a great way to go broke unless you own the keys like Coinbase does. Also, why would you trust the keys they are sending you? Having someone else generate a wallet for you then sending it to you via a USB key sounds very very bad. I don't get this.
> Not to mention selling crypto with credit cards is a great way to go broke unless you own the keys like Coinbase does. I look forward to the "How I lost $32,000 selling crypto-USBs" after the fraud claims and chargebacks are filed.
So, this startup is headquartered in Miami, FL, and is selling randomly amounts of random cryptocurrencies to people who pay a defined amount of real US currency. That is, it looks remarkably like a private, for-profit lottery. The operation of which, and even knowing assistance or promotion of which, is a third-degree felony under Florida state law. [0] [0] http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Disp…
http://www.orlandosentinel.com/opinion/os-ed-kiss-off-privat...