Topic: A friendly warning: the SEC is all over these boards. Don't break any laws. - page 2. (Read 3013 times)

Yes thanks for the reminder.

As a rule one should never post anything you are not willing to be repeated and or used in public. Which is kind of stating the obvious but many don't see their posts as being 'in the public' but just being on a forum.

The internet is PUBLIC and everything you say can and will be used against you when you least expect it.... 

Well, the thing about Karpeles is that he wasn't some malevolent criminal mastermind.  He was just a guy who took on way too much fiscal responsibility and then fucked himself by not caring what he was doing.  
  
There was a different path Karpeles could have gone down, of strictly separating all accounts, constantly pushing to make his exchange as legitimate and transparent as possible, and in general doing his best to play by the rules.  
  
But he didn't, and abused the trust and power others placed in him, and ended up in jail.  
  
If you have any illusions about this being a lawless playground, you are in for a rude awakening.  You never know who is on the other end of that screen name, and it's likely that a lot more time and effort has gone into cryptocurrency than you think.  If you think you're going to be the dumbass who takes a shit all over a potential trillion dollar asset and gets away with it, think again.  
  
This is another lesson - some of us may find ourselves in positions where we have a chance to prove our worth by helping advance crypto in a legal and positive way through hard work and integrity.  I have no doubts that those who neglect their responsibilities (especially when it involves personal gain) will find themselves in seriously hot water down the road.

Thanks for the heads up. SEC and other people in suit and tie should really be watching these boards seeing that there are a lot of illegal stuff going on. However, I am not afraid of it; I consider myself legitimate and earning in legit ways. It's just that there are no regulations here or whatsoever that I should worry about. Bad for people who made millions and chose to defect from the good side that made the gov't follow them (Garza, Karpeles etc.).

So.. Looking at the article it says that when they charged him his 'fund' was worth $64M.

Now, those 700,000 coins are worth $200M.

So if they'd stuck with it, and not bitched like crying babies throwing their toys out of the pram, they'd all be rich.

hmm.. Where's the 'Ponzi' bit ?

..

.regulation retardation.

I ran across this article back from November: http://www.coindesk.com/bitcoin-ponzi-schemer-charged-criminal-securities-fraud/.
  
Hory sheet.  700,000 bitcoins at its peak?  I can assure you if you run some kind of ponzi or scheme that violates US laws (and as you can see, a judge ruled that cryptocurrency ponzis are still illegal) then you have probably already caught the SEC's attention.  If you make a lot of money off of one of these schemes, they will almost certainly come after you.  With the EU ruling that Bitcoin is a currency, this is likely to only get more severe with time.  
  
Cryptocurrency, like the Internet in the 90's, is a new Wild West frontier.  As such there are a lot of ways to make a lot of legitimate riches.  There are also a lot of ways to violate traditional laws and get skullfucked by men in suits.  
  
Someone warned me they are aggressively looking for anyone here who claims their cryptocurrency represents a business, as this also is illegal (thanks fam).  It elevates your crypto to the status of a traditional security, and you aren't authorized to do that.  
  
Finally, though I'm not aware of anyone being brought up on charges yet for it, you can bet your ass that the first convictions for "internet securities fraud" are only a matter of time with respects to these cryptocurrencies.  Long story short, if you buy a bunch of a cheap shell crypto, then hype and pump up the price, then dump your share on the inflated price point you have helped create - you likely have a big target on your chest.  
  
Sorry to the many shills and suits here for this public service warning (u mad) but remember your goal is to catch the real bad guys, right?  Not pad your resume.  I'm just trying to warn any stupid teens or college students not to go down the path of the darkside and get on the wrong side of the law with this new technology.  
  
There's a lot of ways to make legitimate money in crypto.  A lot of us here today are going to be disgustingly rich one day.  Some of us will be in jail.  
  
Try to stay in the realms of the former.