I don't even feel a little bit bad, there was repeated warnings about it being a scam. even the website code itself has been used in other scam ico's.
BitConnect Closes Exchange as States Warn of Unregulated Sales
51–60 of 254 posts
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#52Earlier 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…
If $200M was printed today, then it likely doesn't exist. Hilarious that this is going on. At some point the music has to stop.
Just as reference as the comment here was deleted. Pretty important stuff.
http://omnichest.info/lookupadd.aspx?address=3MbYQMMmSkC3AgW...
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#53One scam down at least, next the Tether printer and BitFinex boys. Clean up in aisle HKG please.
Tether has remained at about $1/coin for a long time. Isn't it liquid if you trade it for BTC then to fiat?
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#54On the one side you've got an exciting unregulated universe developing at a very fast pace (with some really dodgy characters). On the other side you've got the traditional press, government and banking world, half tempted to embrace it but scared and quick to dismiss it... In the middle are the pundits mostly losing money. It's a great time to be alive, this time will definitely be remembered in a few years, like th…
either that or like the housing bubble is remembered.
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#55Earlier quoted context omitted.
Several of the "get referrals!" videos literally use pyramids in their thumbnails to illustrate the program. Holy crap.
There are plenty of large long-running "pyramid" structured marketing companies that are totally legal though. Just because it's a pyramid scheme doesn't mean it's a ponzi scheme nor automatically imply that it's exploiting people. Just wanted to make that distinction. Not commenting on BitConnect directly.
> Just wanted to make that distinction.
Useless pedantry. A scam is a scam no matter what you call it. Getting caught up deep in terminology is a great way to for shysters to obfuscate any wrongdoing. These "business structures" are all part of the broader category called "things that are a scam".
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#56I'm just going to leave this here: https://www.youtube.com/watch?v=kbR1SXIje1U
What episode of Silicon Valley is this?
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#57One scam down at least, next the Tether printer and BitFinex boys. Clean up in aisle HKG please.
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.
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#58Earlier 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…
Doesn’t fraud require deception? Wasn’t this pretty upfront about being a Ponzi scheme?
Ponzi scheme work because people believe the fraud (promise of high returns).
If they said, deposit your money and we'll pay you back only if enough people after you also deposit their money then you'd have an interesting point, although I'm sure it's still illegal even if you announce your intentions before doing something illegal.
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#59For those unaware, Bitconnect was a Bitcoin-based ponzi-scheme that had operated 'successfully' for quite some time. I don't say 'ponzi' as an insult in the way some do for cryptocurrencies, it was quite literally just a bare-bones ponzi scheme, where you deposit your money (Bitcoin) on their website, buy their token, 'lock' your funds for some amount of time, and you are promised very high interest rates while encou…
I know a few people who fell for this, despite my warnings. When you tell someone "these returns are astronomical, teams of PhDs in hedge funds cannot come anywhere close, do you think they're so dumb that they wouldn't put billions in this if it were legitimate" and they reply "yes, I do", there's no helping them.
People love to think they're smarter than those 'experts'. It's a combination of Tall Poppy Syndrome [1] and the Dunning-Kruger Effect [2]
[1] https://en.wikipedia.org/wiki/Tall_poppy_syndrome
[2] https://en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect
Re: BitConnect Closes Exchange as States Warn of Unregulated Sales
#60Earlier quoted context omitted.
I mean, this being the internet, it could have started as a tongue in cheek joke and then when the money started rolling in the founders just kind of went with it. Which I think is a potential lesson for HN readers: something can be funny, but still be fraud.
for example: https://www.chemtrailvaccines.com/ Not really a fraud though, they WILL send you a bottle of mints as described
That’s brilliant.