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Bitconnect founder indicted in global $2.4B cryptocurrency scheme

justice.gov

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Re: Bitconnect founder indicted in global $2.4B cryptocurrency scheme

#211

Post by wmf »

capableweb wrote: post #89
space_rock wrote: post #76

Earlier quoted context omitted.

Is there a cryptocurrency token sale that's not designed to defraud the buyers?

There are a couple of "token sales" (they don't call them that) that only allowed accredited investors to invest, and had their "token sales" registered with the SEC before they went live with them. If those were designed to defraud the investors, I'm pretty sure SEC would go after those first.

Of course, any SEC-registered token probably won't be allowed to do anything interesting so there's no point in investing.

Re: Bitconnect founder indicted in global $2.4B cryptocurrency scheme

#213

Post by mdoms »

cinntaile wrote: post #19
beaconstudios wrote: post #6

Earlier quoted context omitted.

Show me one cryptocurrency that has driven real world industry more than financial speculation and scamming.

You're moving the goal posts. It's fine to be against cryptocurrencies, but I think it damages your credibility when you claim bitcoin is a ponzi scheme. Since it shows a lack of understanding of what a ponzi scheme actually is. By you I don't mean you in particular, I mean it in a more general sense.

Bitcoin is a Ponzi scheme.

Re: Bitconnect founder indicted in global $2.4B cryptocurrency scheme

#214

Post by meowkit »

Yetioko wrote: post #175
TrapLord_Rhodo wrote: post #151

Earlier quoted context omitted.

how is it less efficient? Obviously btc can't replace the financial system but crypto can. Investors in the next 10 years are going to realise that an omnipool was all that was needed in the first place and the NYSE is a dinosaur in comparison.

Etherium is looking for a PoS system. Guess what our current fiat system actually is? A highly finetuned evolutionary PoS system. It has features like: - transparency - fraud detection - political sanctions (russia vs. ukraine, north korea, iran...) - fairness due to transparency (you pay your taxes, i do: we both pay our fair share of infrastrucutre cost etc.) - easy to use (my grandparenst were able to use it) - sa…

I'm just going to point out that you said nothing about proof of stake here, and I am getting the sense from your other comments that you do not understand the technicalities of the traditional finance system, or cryptocurrencies.

Re: Bitconnect founder indicted in global $2.4B cryptocurrency scheme

#215

Post by mdoms »

politician wrote: post #111
beaconstudios wrote: post #48

Earlier quoted context omitted.

This doesn't really shift my priors that the only practical use of crypto is illegal transactions.

El Salvador legalized Bitcoin for use in fee-free cross-border remittances.

Fee free bitcoin transactions? How does that work?

Re: Bitconnect founder indicted in global $2.4B cryptocurrency scheme

#216

Post by mdoms »

cinntaile wrote: post #61
DonHopkins wrote: post #43

Earlier quoted context omitted.

The fact that cryptocurrencies are even Ponzier than any Ponzi scheme, more pyramidal than any pyramid scheme, much getter, richer, and quicker than any get-rich-quick scheme, and more shaggily carpeted and vigorously jerked than any rug-pull scheme, doesn't mean they're not scams. Edit: when shills gets called on purposefully missing the point by arguing over semantics, they switch to outright denial and making stuf…

There are definitely cryptocurrencies out there that are scams, but big ones like ethereum and bitcoin for example are not. This is besides the point though.

Bitcoin and Ethereum are scams.

Re: Bitconnect founder indicted in global $2.4B cryptocurrency scheme

#218

Post by mgkimsal »

WrtCdEvrydy wrote: post #208
tomgp wrote: post #193

Earlier quoted context omitted.

didn’t bitcoin price take a nose dive when russia invaded? the opposite behaviour than what you’d want from a store of value

Yeah, went from $35,000 each to $39,000... it's about a 8% increase or "nose dive" as you call it.

And... 18 hrs prior to being at $35000 it was at.... wait for it... hang on... can you guess... ? $39000.

Re: Bitconnect founder indicted in global $2.4B cryptocurrency scheme

#219

Post by gamblor956 »

mardifoufs wrote: post #198
bentlegen wrote: post #86

Earlier quoted context omitted.

Note that folks who claimed their bank accounts were frozen because they were “donors to the convoy” never actually verified that that actually happened [1]. At the same time the government, the RCMP, and the banks have come out and said “that didn’t happen” [2]. Last, the government ceded its emergency powers after about a week total, despite claims on HN and various thinkpieces that they would be extended in perpet…

The reason they didn't extend them was that they didn't want to go through the senate vote, and also because of the extreme controversy it caused. Trudeau had said earlier he wanted to extend them past the 30 days. So it's weird to say that the controversy and reactions were baseless because their intended goal was achieved. And that was to make Trudeau's decision as politically costly and controversial as possible.…

So in other words...the system worked exactly as it was designed to work...

Re: Bitconnect founder indicted in global $2.4B cryptocurrency scheme

#220

Post by gamblor956 »

vageli wrote: post #156
woodruffw wrote: post #85

Earlier quoted context omitted.

“Civil forfeiture” does not and has never meant “fiat forfeiture.” If the government tells you to forfeit your assets (justly or unjustly!), you can be certain that they will not be amused or deterred by attempts to hide those assets via cryptocurrency.

> “Civil forfeiture” does not and has never meant “fiat forfeiture.” If the government tells you to forfeit your assets (justly or unjustly!), you can be certain that they will not be amused or deterred by attempts to hide those assets via cryptocurrency. If they don't know it exists, they can't take it. Just like I can cross the border with a hundred thousand in crypto in a wallet. And even if they find the hardware…

Just like I can cross the border with a hundred thousand in crypto in a wallet.

No, you can't. You can cross the border with the private key for a wallet containing the addresses of a hundred thousand units of crypto, but the crypto isn't in your wallet (either kind), it's in the blockchain ledger of whatever cryptocurrency you're using.

And this is an important distinction from money, because the money is actually in your wallet and you can use it without an internet connection, but the crypto is actually in the cloud and requires an internet connection to access and use.

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