Live data from Hacker News

Exit scammers run off with $660M in ICO earnings

techcrunch.com

21–30 of 170 posts

Re: Exit scammers run off with $660M in ICO earnings

#21
post #2

> "Investors have been told that they would enjoy a profit rate of 48 percent a month from their initial investment, and recoup all investments after four months. People would also be rewarded with an eight percent commission for every new member they have introduced to the network." There's your red flags right there.

This is one thing most people don't understand. If someone is selling you a financial instrument with >6-7% annual returns, it's as ridiculous as someone selling you a time machine or the cure to death.

The top 500 companies by market cap don't do much better than 6-7% annually on average.

Re: Exit scammers run off with $660M in ICO earnings

#22

I don’t understand how we have all this information on the internet and people still get sucked into these scams. 48%...that is not a realistic guaranteed return! :/

10-15 years ago, I was certain that "bullshitting" people was going to disappear in the near future. It seemed inevitable that people would just pull out their phone and fact check any scam or lie. In a bizarre twist, it appears the opposite has happened.

Re: Exit scammers run off with $660M in ICO earnings

#23
post #3

There is another one going around in Vietnam called Polynetwork which is a clear scam: https://polynetwork.org/

Looks like it was always going down from the initial offering and the price now is basically 0 https://coinmarketcap.com/currencies/poly-ai/

Re: Exit scammers run off with $660M in ICO earnings

#24

At this point you really can feel no sympathy towards anyone who gets suckered into these types of scams. Same thing with facebook scams or instagram/snapchat pyramid schemes. If you really are that nice word for lacking intelligence or any ability to think for yourself , then you deserve what you get in terms of financial loss or social backlash. There isn't even a target demographic for this, people from all over t…

Yep, as someone that has been around for years, I have no sympathy for alt-coiners.

We told them to trust BTC only. We told them HODL applies to BTC only. We told them 99% of alt coins die.

They decided not to listen.

Re: Exit scammers run off with $660M in ICO earnings

#25
post #22

I don’t understand how we have all this information on the internet and people still get sucked into these scams. 48%...that is not a realistic guaranteed return! :/

10-15 years ago, I was certain that "bullshitting" people was going to disappear in the near future. It seemed inevitable that people would just pull out their phone and fact check any scam or lie. In a bizarre twist, it appears the opposite has happened.

If you can put information in someones eyes, you can bullshit them.

That only costs money in 2018.

Re: Exit scammers run off with $660M in ICO earnings

#26

I don’t understand how we have all this information on the internet and people still get sucked into these scams. 48%...that is not a realistic guaranteed return! :/

Because normally there are regulations in place when dealing with USD that protect these people.

Nah, these people knew damn well what they were doing.

They knew it was a high high risk cryptocurrency. Its like instead of buying 10,000$ of stock, these people bought 10,000$ of lottery tickets.

The horrible part is that on /r/cryptocurrency is that people still have this mentality.

Re: Exit scammers run off with $660M in ICO earnings

#27

I don’t understand how we have all this information on the internet and people still get sucked into these scams. 48%...that is not a realistic guaranteed return! :/

It's likely because they see of Bitcoin, Ethereum's Ether et al - that are also structured as Pyramid-Ponzi schemes, incentivized crypto-assets - and they see their success and figure they have a chance riding to the top in the next one that gains momentum or goes mainstream.

Bitcoin et al of course don't outright make claims of returns. Their communities with vested interest have gained enough size and attention that they gained traction in mainstream media, and that community has been "smart"/clever enough to not outright market it as a Ponzi scheme - where they whitewash with marketing hype for anything but, and where they rally to "HODL" when the crypto-assets they own are either a) on a downtrend (to help reduce a massive sell off), and b) at highs (to avoid a massive sell off) - all of which to show how illiquid these crypto-assets are; https://hackernoon.com/analyzing-every-reddit-comment-mentio... - a blog post by a company who allows bot-based buying/selling based on these HODL patterns...

There will be other tricks this organized community are surely doing now, like aligning big buyers with big sellers, so the value won't tank when someone wants to buy $100MM+ worth of the crypto-asset; all of which will lead to the perception of it not being so volatile.

This is the best wolf-dressed-in-sheep-costume that's ever come into existence.

I believe non-incentivized crypto-assets will win out in the end anyways - that is if blockchain is even a necessary part of a solution - as incentivized crypto-asset structures will cost society more (in the short term and long-term, anyone who "buys in" past a tipping point anyway), and so platforms that compete with incentivized crypto-asset powered platforms simply have to educate users/market to compete with how their wealth will be unreasonably/unnecessarily reallocated weighted towards the earlier adopters.

Re: Exit scammers run off with $660M in ICO earnings

#28

I don’t understand how we have all this information on the internet and people still get sucked into these scams. 48%...that is not a realistic guaranteed return! :/

It's mostly people looking at how Bitcoin et al went up exponentially last fall, fueling FOMO heavily. "What if I had..."

But then instead of buying Bitcoin who has 9 years of storing value, they buy a shitcoin.
Post reply on HN