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Topic: 2012-08-28 dailytech.com - "Pirateat40" Makes Off $5.6M USD in BitCoins From Pyr (Read 1070 times)

legendary
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"Pirateat40" Makes Off $5.6M USD in BitCoins From Pyramid Scheme
Bitcoin investors fall for classic Ponzi ploy

Jason Mick
2012-08-24

http://www.dailytech.com/Pirateat40+Makes+Off+56M+USD+in+BitCoins+From+Pyramid+Scheme/article25538.htm

Bitcoins, everyone's favorite quasi-legal internet currency, are still lingering around thanks to strong support from the hacker, future, and technopunk communities. 
...
And of course, the onus for these losses largely rests on those who sent someone named "pirateat40" actual money, and failing to recognize the classic signs of a Ponzi scheme -- inflated interest rates, shadowy management, and unrealistic promises.
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