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Exit scammers run off with $660M in ICO earnings

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

#131

Post by matte_black »

ashleyn wrote: post #21
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.

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.

So stop investing in average companies. You have any idea how much the FANG stocks alone have made me? I bought 200 shares of Amazon 3 years ago at 2 to 1 margin at $367, go look at the monstrous gains I’ve had up to today...

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

#132

Post by spookthesunset »

jjallen wrote: post #32

This is super sad & bad for the space and for those of us that work in the industry and just want to build real stuff. $600m is a ton for anywhere, but especially for Vietnam! I hope there is an international manhunt ongoing.

> This is super sad & bad for the space and for those of us that work in the industry and just want to build real stuff.

This is the "real stuff".... it just isn't the techno-futuristic utopia that some hoped it would become. Turns out, blockchain and all the goo floating around on top make an excellent platform for financial fraud and that is about it.

Bitcoin, ICO's, The Blockchain, and everything else running in this space makes it all a world-class platform for running classic scams with a modern twist.

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

#133

Post by spookthesunset »

mkirklions wrote: post #29
HlessClaudesman wrote: post #5

Initial. Clown. Outwitting.

I tried warning people that 99% of alt coins die. They rather believe in unicorns.

> I tried warning people that 99% of alt coins die.

I love this logic. Everything but Bitcoin is somehow a shitcoin. Maybe, just maybe, Bitcoin belongs in the same stack as all the rest...

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

#134

Post by spookthesunset »

mkirklions wrote: post #28
chinathrow wrote: post #11

Earlier quoted context omitted.

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.

> But then instead of buying Bitcoin who has 9 years of storing value, they buy a shitcoin

Most of them are running the exact same codebase as Bitcoin with a few tweaks. How are they any less of a "shitcoin" than Bitcoin?

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

#135

Post by spookthesunset »

monochromatic wrote: post #65
halflings wrote: post #38

Earlier quoted context omitted.

This is an ICO. The scammers got paid in cold hard cash.

Well yes, but the question is how much?

> Well yes, but the question is how much?

The irony being that the blockchain was intended to answer a question like this....

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

#136

Post by walshemj »

ashleyn wrote: post #21
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.

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.

Shell is Yielding 5.5 now and if you brought in the past and took advantage of the BG merger last year (as I did) you could have an expressed yield of just over 7%.

7% a month and id agree with you

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

#137

Post by kcanini »

Aaron1011 wrote: post #127
Carioca wrote: post #91

Earlier quoted context omitted.

>>> 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.

> That's enough to turn a dollar into 16 billion in 5 years. I think it's actually 1.6 trillion

It's actually 16 billion.

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

#138

Post by TheSpiceIsLife »

dang wrote: post #125
TheSpiceIsLife wrote: post #57

Earlier quoted context omitted.

I would have stopped at ”ICO” .

Maybe so, but it breaks the HN guidelines to post shallow dismissals whether you're right or not, so would you please not post like this to HN? https://news.ycombinator.com/newsguidelines.html

Ok, no worries, thanks for the feedback and reminder :)

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

#139

Post by aje403 »

spurcell93 wrote: post #128
aje403 wrote: post #97

Earlier quoted context omitted.

Is this meant to be a joke? Just wait until “institutional” money starts flooding in and the government converts to bitcoin and all oppressed nations are freed and then we will see who is laughing.

I presume this is sarcasm, and if so, jolly good, but if not, god save us all

I’m trying to figure out if either everyone is autistic on this site or if I’m horrible at sarcasm. It could equally be either

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

#140

Post by 908087 »

aje403 wrote: post #139
spurcell93 wrote: post #128

Earlier quoted context omitted.

I presume this is sarcasm, and if so, jolly good, but if not, god save us all

I’m trying to figure out if either everyone is autistic on this site or if I’m horrible at sarcasm. It could equally be either

I think the problem is that the Bitcoin "community" regularly says increasingly ridiculous/idiotic things without a hint of sarcasm involved, which makes it hard to be ridiculous enough to show that you're being sarcastic.

It's hard to do the limbo when the bar has already been dropped below ground level.

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