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BitConnect Closes Exchange as States Warn of Unregulated Sales

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Re: BitConnect Closes Exchange as States Warn of Unregulated Sales

#141

Post by trophycase »

t3chn0SchO0lbus wrote: post #71
dudus wrote: post #14

Earlier quoted context omitted.

If you trade it for bitcoin someone is selling you that bitcoin for tether. That person will go ahead and trade that tether for some other coin.... rinse repeat, but in the end someone is holding that Tether, if exchanges stop accepting tether eventually your only option is to cash out to USD. USDT is basically being used as a trade coin, to avoid cashing out (maybe to avoid taxation) or to speculate on USD with the…

I keep trying to wrap my head around the economics of this and maybe give Tether the benefit of doubt. I think the most damning technical detail is that there is no client-side wallet. We can't trade Tether amongst ourselves or engage in any trades that Tether doesn't have at least indirect control of.

Yes you can. Tether is an asset on the Omni protocol and is expanding to ERC20

Re: BitConnect Closes Exchange as States Warn of Unregulated Sales

#142

Post by _b8r0 »

drexlspivey wrote: post #85
JumpCrisscross wrote: post #6

Earlier quoted context omitted.

> Famous Youtubers and other individuals with influence convinced hundreds of people to put their money into BitConnect in order to profit off of referrals If you lost money in this scheme and are in the United States or Canada, contact your state securities regulator [1]. Mention any such referral sources. Those individuals may be liable for securities fraud under state and federal law. If you're in the United State…

Most of them took down their videos by now

I've been archiving the channels of several players in this space and will be making the content available over IPFS[1] in the future.

[1] - https://ipfs.io/

Re: BitConnect Closes Exchange as States Warn of Unregulated Sales

#143

Post by arethuza »

Y_Y wrote: post #106
aiCeivi9 wrote: post #83

Earlier quoted context omitted.

Is disclosing yourself as not a lawyer enough to excuse from giving legal advice?

It's nonsense about letting people claim they thought you were their lawyer. Like the myth about cops not being allowed to lie about being cops. I am a lawyer, this is legal advice and you are now my client

I'm pretty sure a real lawyer would have ended that with "... and here is my bill" ;-)

Re: BitConnect Closes Exchange as States Warn of Unregulated Sales

#144

Post by arethuza »

TeMPOraL wrote: post #130
Fnoord wrote: post #103

Earlier quoted context omitted.

I've been to a MLM conference once (or well, a conference by a company who distributed purely via MLM) and I saw people buying into it as well. When I googled them (this was back around 2006), I saw tons of domains and websites with these products all from people with their own "company" (lol). You know what sells? Sampling, and success stories. The first thing I got told is that I must believe in the product. Yeah,…

Had a very similar experience - a friend of our family (also a member of a, let's call it, high-intensity christian denomination) got started in a MLM (MonaVie) and invited me to their "internal" event (one aimed at people already in the network). Oh. My. God. What I saw there was a textbook definition of a cult, a pure affective death spiral[0] instantiated in our material world. People were literally one-upping one…

I'd never heard of MonaVie so I Google'd it and read the Wikipedia page - was slightly surprised to get Amazon adverts for $40 bottles of fruit juice at the same time....

Re: BitConnect Closes Exchange as States Warn of Unregulated Sales

#145

Post by jacobush »

daemin wrote: post #109
lagadu wrote: post #100

Earlier quoted context omitted.

> 100% proven to combat all symptoms caused by government released chemtrails Can't argue with their claims either, the mints really do combat all the symptoms caused by government released chemtrails.

I didn't know chemtrails caused bad breath! /sarcasm

it combats that too

Re: BitConnect Closes Exchange as States Warn of Unregulated Sales

#146

Post by brndnmtthws »

brokensegue wrote: post #82
a_t48 wrote: post #74

Earlier quoted context omitted.

If all parties involved did the right thing, we wouldn't need regulators, would we?

bitcoin: a tool for teaching libertarians the reasons we created regulations at high speed

Bitcoin is a tool for liberating people from the ruling elites and the oppression of crony capitalism.

Re: BitConnect Closes Exchange as States Warn of Unregulated Sales

#147

Post by jacobush »

AlexCoventry wrote: post #57
Alex3917 wrote: post #49

Earlier quoted context omitted.

Tether just hit a new all time high of $1.07, making the return on investment significantly better than most VC funds.

That's only because people wanted to reduce exposure to crypto today, and USDT is the closest approximation to that available for some exchange-committed funds.

apparent approximation

Re: BitConnect Closes Exchange as States Warn of Unregulated Sales

#148

Post by saas_co_de »

Iv wrote: post #21
closeparen wrote: post #16

Earlier quoted context omitted.

Doesn’t fraud require deception? Wasn’t this pretty upfront about being a Ponzi scheme?

To have that line of defense, the youtubers would have had to phrase their claims very carefully. I am willing to bet a fistfull of dogecoin that this was not the case of all of them. Make them discover these actions have consequences, I can only see good sides to this.

Realistically nothing will happen. Law enforcement only deals with financial crimes where they have assets to seize or their is some PR benefit. They will probably take action against a few people at the top, especially if there is a pot of gold at the end of the rainbow for them, but low level shills are not worth the effort.

Re: BitConnect Closes Exchange as States Warn of Unregulated Sales

#149

Post by keymone »

JumpCrisscross wrote: post #50
sitepodmatt wrote: post #3

One scam down at least, next the Tether printer and BitFinex boys. Clean up in aisle HKG please.

> One scam down Did...it just re-launch? With a new token, BCCX?! https://bitconnectx.co

no link to whitepaper? pff.. amateurs.

Re: BitConnect Closes Exchange as States Warn of Unregulated Sales

#150

Post by notahacker »

TaylorGood wrote: post #65

Worse, fake BitConnect support accounts on Twitter are “helping users expedite” BCC to BTC by having them send their BCC to these pop up Twitter accounts. One has over 30k BCC. Yes the price crashed but still.. @bitconnectw https://twitter.com/bitconnectw/status/953432382119514112 @bitconnectstaff https://twitter.com/bitconnectstaff/status/95333597084946430 @bitconnect_team https://twitter.com/bitconnect_team/status/…

5 hours later some of them have gone down and others are still up. You'd think Twitter's fraud team might have had a few tip offs...
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