Exit scammers run off with $660M in ICO earnings

Post by gwbas1c » Fri, Apr 13, 2018, 6:30 PM UTC

NelsonMinar wrote: post #54

I'm also skeptical about the $660M number. To put that in perspective, Vietnam's GDP is $232B, so this is about 0.3% of Vietnamese GDP. 0.3% of the US GDP would be about $50 billion. FWIW most articles I'm finding source the $660M number to the linked Tuoi Tre News story. Their quote is "The victims said the company had conned them out of VND15 trillion (US$660.79 million)." https://tuoitrenews.vn/news/business/20180…

Post by TomK32 » Fri, Apr 13, 2018, 6:35 PM UTC

wtvanhest wrote: post #61

pibefision wrote: post #53

Earlier quoted context omitted.

Take look at Argentina's market. You can get 20% of return on yearly bonds in dollars. Yes, its a bubble but its more mature than any kids ICO

I know nothing of Argentina finance, but if I take your sentence a facevalue, my assumption is that they have a high rate of estimated future inflation. There is no free money in finance.

Post by dang » Fri, Apr 13, 2018, 6:46 PM UTC

TheSpiceIsLife wrote: post #57

pjc50 wrote: 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.

I would have stopped at ”ICO” .

Post by Aaron1011 » Fri, Apr 13, 2018, 6:57 PM UTC

Carioca wrote: post #91

piracykills wrote: post #42

Earlier quoted context omitted.

> >6-7% annual returns I wouldn't say quite that low, even S&P averages are often higher than that. But 48% monthly is going to be something like a >1000% yearly interest rate. You really don't get much more of a dead giveaway than that, at that point you're either a fool or you're gambling and hoping you get out before a greater fool does.

>>> 100*1.48**12 11044.360771961152 That's ELEVEN THOUSAND percent a year. 110x your money every year. That's enough to turn a dollar into 16 billion in 5 years.

Post by akvadrako » Fri, Apr 13, 2018, 7:00 PM UTC

JumpCrisscross wrote: post #109

akvadrako wrote: post #104

Earlier quoted context omitted.

Nobody is arguing they can't default; even banks can default. The point is 7% interest isn't absurd.

> 7% interest isn't absurd It does require asking intelligent questions. Like what has been the historic default rate amongst TWINO’s borrowers? Is the borrower quality for recent cohorts higher or lower than for earlier cohorts? How might one enforce their claims in a Latvian court? Cryptocurrency gamblers don’t do this. If you’re earning 7% in U.S. dollars or Euros and not reading and thoroughly understanding the p…