Topic: Another Bitcoin scampany got rekt! (Read 513 times)

The U.S. Federal Reserve delivered an emergency rate cut of 100 basis points early Monday and announced new quantitative easing in the form of at least $700 billion in asset purchases. Further, the Trump administration said Tuesday it's planning to send checks directly to U.S. citizens as part of a $1 trillion stimulus program.

Even so, the stock markets are flashing red, which likely indicates investors are worried that monetary easing will not spur economic activity. After all, the threat to global supply and demand is not being caused by institutional systemic failures but by measures related to the growing coronavirus pandemic.

As a result, a sustainable price recovery in both stocks and bitcoin may remain elusive until there is a stabilization in the coronavirus infection curve.

"However, if the impact of the coronavirus outbreak intensifies beyond the global lockdown we are already experiencing, it could spark a further run for cash," Simon Peters, analyst and crypto-asset expert at multiasset investment platform eToro, told CoinDesk.

Should that happen, investors may again look to bitcoin as a source of liquidity, leading to another wave of selling.

Bitcoin is currently consolidating, showing indecision in the marketplace, said Peters. That seems to be the case as the cryptocurrency is stuck in a triangle pattern on an intraday chart.

I remember some FIRE Youtuber interviewing one of the principals of this 2-3 years back as if it were some sort of legitimate income stream.

I shouted 'ponzi' in the comments and funnily enough the comment is no longer there on checking it. Ah well.

This market is full of scammers. Pity people are victims. Before investing in a project, it is necessary to do very good research. It's hard to get the money back after they've been defrauded. When I first entered this market, I was scammed a little bit. But later I searched and learned. I do not invest directly with anyone's ideas. I always do my own research.
If prices rise too high, they fall back by nature. Keep these facts in mind. These are my thoughts.

$722 million that is a big amount. How on earth were they able to scam in such a large scale. Why the hell investors do not check before investing in such schemes.?
It is evident with the amount that a large number of investors got scammed.

Good thing they caught them and not being able to use 100% of their scammed money. I hate this kind of people ruining the crypto space. But this still, there are still people who believed in them and I just hope they get their money back. I want these people in jail forever if they can't repay those people.

Reminds me how every internet company during the dot.com bubble called itself Cyber something or Net whatever.

Keep in mind that all of these companies (HYIP, Ponzi and whatnot) are using predefined templates, on-the-shelf domain names and incorporation status,

Just look at who does this kind of thing, and you'll have an hint of why these scams are so shitty and blatantly obvious.

We're not talking about fully-anticipated exit scams orchestrated by criminal masterminds capable of waiting years before pulling-off...

Of course, if they also ask to become a member. Fraudsters also take advantage of this, that gullible people go on provocation. I was repeatedly shown in telegram channels, and even wrote my bitcoin address, but did not agree. I did it right and the funds remained intact. One must be vigilant and not make contact.

Frauds are not difficult to understand. But at first they don't show big signs. There are projects to prevent fraud. Funny thing is, these projects can be scammers. What a painful painting. Bitcoin makes people dream a lot. The sense of making money can lead to mistakes.

Well, it is not really his fault. He never saw it coming , he thought it was legit. All these scam projects, they never show signs at first that they are scammers, rather they keep paying investors to seem legit and draw more investors who are likely to fall victim.

If eventually their Network happens to grow and they have gotten a lot of investors, that is when they will end the project and escape with the big money that the investors have raised. Well, luckily these ones got busted, though I am not sure if the investors are really going to get their money back or not. Let this serve as a lesson for others.

Actually there is a way we could possibly stop them from creating some scam projects that mainly focuses on getting funds from people. One thing to consider is to utilize whenever there is a report button when the project or site is already showing suspicious scam marks that many newbies couldn't see at their first glance. In a wider umbrella, all the possible ways we could stop them from their operation could be considered. But the best way is to start with our selves first. We know the risk and we know the consequences, right from the start, no one could be scammed if in the first place they didn't join or participate to the project.

I can't believe there are still many people who think instant, they want to get a lot of money in a short time, isn't it better to gamble? rather than being tricked by someone else?
it seems they are eyeing new users because the old users already knew how booming was about Ponzi in the past few years. finally, everyone who participated in the Ponzi was banned on this forum. In 2020, there should be no more people who believe in the Ponzi system.

I even thought that BitClub had been closed a few years before, it was quite surprising that they could last long enough for about 5 years which was why they had earned so much money from this ponzi scheme.

If anyone asks why there are still many who can be fooled, the reason not only because they want to get money quickly and a lot but there are many other factors that influence it, these things I experienced before. When you have never experienced with this type of fraud you will be easy to believe and be fooled, and also When the person who is invited to join is someone you trust it can also be a factor.
Cannot blame the victims, but the culprits are to blame and get punished.

These ponzi schemes will always continue to exist because they promise what people want most: "make a lot of money in a short time." When a person buys 1 btc, holds it for a long time, the price goes up a lot and then it goes down a lot and that person realizes that the time has passed a lot but the price is still the same as she bought it, and then she looks at an ad that says " invest X bitcoins today and in 30 days you will get a 2X return ". this person will think" if I invest 1 BTC in 30 days I will have 2 BTC, then I will invest 1 BTC again and I will have 2 BTC + 1 BTC of first investment profit I will get 3 BTC in 60 days "

The amount of time they were able to run the scam is mind boggling and no one was able to expose them completely, when ever there was an article against them they would come out and throw some responses and i bet there are many victims in this forum and they are not coming forward right now as i have seen some members vouching for them in the past. Hopefully they get sentenced for life and hopefully all their loot confiscated.

Integrating it on casual school curriculum then it would still takes time to have some consideration because it will all vary in talks of adoption so we cant still depend on it.
I  can say that its all random when we do talk about age of people who got victimized.I can say that young minds is much more prone to this yet we know that
they are adventurous enough to try up things out of curiosity and been part of a newbie then that carelessness thing is part of it which would result to these kind of common scammed outcomes.

But most people who are being scammed are the old ones who want to find good profit. I think it's normal for young guys for being scammed since they're on the stage of learnings and most of them are afraid to try things since they're new to technology.

The old ones are often the target of these scammers because they knew that those people have money to be scammed. They will just take advantage of those people who lacks about bitcoin that's why it's better to have an additional course for the new generations to study modern technology. It'll make them aware about it. 

There are young folks that can also be fooled by these scammers. It's not about the age but it's about the literacy and awareness that they lack. Everyone can be a victim of them but as for us who have experienced it before and listening to the advice of the people who've been in crypto earlier made us flee from those.

Young guys have less experience so they can also be a target of these scammers.

Wow! $722 million is huge some of money this guys have manage to squeeze out of the pocket of innocent people who thought they are investing in a project that can uplift them financially, this is the kind of behavior that makes people to have negative thoughts about crypto,  what terrible thing to do.

I should not be racist here, but I do really think that if we are to attract people to invest in cryptocurrency, we should prioritize young and those that are already used to computers and internet. Because for me, inviting old people or those that aren't really a into computers but with just the mindset of earning profit will just probably end up losing their money to frauds and scams. In this regard, I do really see that young people have the instinct of being observant and aware of their surroundings.

No wonder scammers will always be in the crypto industry because there is a lot of money here.