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Generating $32,000 in 30 days selling a crypto-filled USB stick

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Re: Generating $32,000 in 30 days selling a crypto-filled USB stick

#61

Post by jws »

JonDav wrote: post #58
jws wrote: post #53

Earlier quoted context omitted.

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.

Have you ever seen a MSB offer Euros, Yen, or Dollars in random amounts as a product? Does not seem like the actions you list are similar at all to this situation.

How about a fruit basket? I buy that without knowledge of what I am getting. But I think the sellers have badly communicated what they are selling. I don't think random applies to the amount. I think they might mean to say a collection of a bunch of currencies, funded with whatever amount it takes to get you in to that currency. There isn't really a way to know until they get a product page up.

Re: Generating $32,000 in 30 days selling a crypto-filled USB stick

#62

Post by paulie_a »

dragonwriter wrote: post #33

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 am surprised they are not in Boca Raton, hq of most American based scammers

Re: Generating $32,000 in 30 days selling a crypto-filled USB stick

#63

Post by desertrider12 »

alacombe wrote: post #50

Obligatory question nobody's ask: who is generating the wallets, and what realistically, prevent them from keeping a copy of the said wallets ?

They are, and nothing. Nothing is preventing them from keeping every single private key and then emptying all the wallets after a month.

Re: Generating $32,000 in 30 days selling a crypto-filled USB stick

#64

Post by JonDav »

jws wrote: post #61
JonDav wrote: post #58

Earlier quoted context omitted.

Have you ever seen a MSB offer Euros, Yen, or Dollars in random amounts as a product? Does not seem like the actions you list are similar at all to this situation.

How about a fruit basket? I buy that without knowledge of what I am getting. But I think the sellers have badly communicated what they are selling. I don't think random applies to the amount. I think they might mean to say a collection of a bunch of currencies, funded with whatever amount it takes to get you in to that currency. There isn't really a way to know until they get a product page up.

So now you are comparing global mediums of exchange to fruit? Before you go too far maybe consider why we have FinCEN, FDIC, FTC, SEC, etc.

Re: Generating $32,000 in 30 days selling a crypto-filled USB stick

#66

Post by jklein11 »

JonDav wrote: post #58
jws wrote: post #53

Earlier quoted context omitted.

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.

Have you ever seen a MSB offer Euros, Yen, or Dollars in random amounts as a product? Does not seem like the actions you list are similar at all to this situation.

I think this list of ETN/ETFs behave pretty similarly: https://money.usnews.com/funds/etfs/rankings/multicurrency

Re: Generating $32,000 in 30 days selling a crypto-filled USB stick

#67

Post by stale2002 »

ceejayoz wrote: post #15
IAmGraydon wrote: post #12

Is $32,000 your gross or your net?

It's the downpayment on the legal fees for running an illegal lottery (random amounts of random currencies?) and an illegal money transmitting business.

It is not a lottery.

They are giving random RATIOS of cryptocurrency, that add up to the amount of USD that you pay.

So if you pay 200 dollars, you could get 100$ of litecoin and 100$ of ethereum. OR you could recieve 25$ of doge + 175$ of Bitcoin. (both add up to 200$ USD. Minus their fee obviously)

That's not a lottery. It is a fixed amount of USD value.

Re: Generating $32,000 in 30 days selling a crypto-filled USB stick

#68

Post by ceejayoz »

stale2002 wrote: post #67
ceejayoz wrote: post #15

Earlier quoted context omitted.

It's the downpayment on the legal fees for running an illegal lottery (random amounts of random currencies?) and an illegal money transmitting business.

It is not a lottery. They are giving random RATIOS of cryptocurrency, that add up to the amount of USD that you pay. So if you pay 200 dollars, you could get 100$ of litecoin and 100$ of ethereum. OR you could recieve 25$ of doge + 175$ of Bitcoin. (both add up to 200$ USD. Minus their fee obviously) That's not a lottery. It is a fixed amount of USD value.

By the time you get it in the mail, it might be double. Or half.

I wouldn't want to have to try to explain the volatility of altcoin markets to a grumpy Florida lottery regulator looking to charge you with something.

Re: Generating $32,000 in 30 days selling a crypto-filled USB stick

#69

Post by paulie_a »

nicpottier wrote: post #6

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.

> regulatory problems

They should be more concerned about federal prosecution for fraud

> I don't get this

Because it is a scam

Re: Generating $32,000 in 30 days selling a crypto-filled USB stick

#70

Post by JonDav »

jklein11 wrote: post #66
JonDav wrote: post #58

Earlier quoted context omitted.

Have you ever seen a MSB offer Euros, Yen, or Dollars in random amounts as a product? Does not seem like the actions you list are similar at all to this situation.

I think this list of ETN/ETFs behave pretty similarly: https://money.usnews.com/funds/etfs/rankings/multicurrency

Based off that list are you saying companies like T. Rowe Price and Citigroup are offering ETNs and ETFs that have fund compositions that are random for each customer?
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