"Better than bitcoin" altcoin sellers arrested for stealing $340 million

pedrog

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Quote from: bryant.coleman on April 16, 2015, 06:49:32 AM

Quote from: pedrog on April 14, 2015, 04:53:30 PM

Quote from: bryant.coleman on April 14, 2015, 04:02:18 AM

A few people in Thailand invested a whooping $340 million in some shitcoin, and we are having difficulty in attracting any interest to Bitcoin recently. This is despite the fact that Bitcoin is the most established crypto, and has been around for more than 6 years. Huh

That number may be a bit inflated like when Mycoin was busted, the first number that popped out was something like 400 million dollars, later articles point to a much lower number, around $10 million.

Still, $10 million is a huge number. We need to learn from the marketing techniques of these conmen. It will definitely help the Bitcoin sector. Grin

Indeed it is, not many start up companies are able to get that kind of funding, and referring to legit ones, of course.

M28MmickT

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Quote from: manfred on April 16, 2015, 03:29:02 PM

Quote from: shogdite on April 16, 2015, 07:25:55 AM

Quote from: 3x2 on April 16, 2015, 07:14:56 AM

340Million Shocked

i haven't even heard about this coin. People should realize that its not easy to get rich fast and stop losing there money in these scams.

Problem is greed blinds people, that's how scammers like this keep pulling the same stunts over and over again. The positive part of the story is that it will hopefully deter more scams like this in the future.

Dont think it will deter other scammers.

No there is almost 0 chance of it deterring other would be scammers, if anything it will actually make more would be scammers. I mean if you are in fairly bad financial conditions and you think you could pull something like this of for even just 1% then i think there will be many money hungry criminals about to set up shop. 340million on a shitcoin/token! Shocked

manfred

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Quote from: shogdite on April 16, 2015, 07:25:55 AM

Quote from: 3x2 on April 16, 2015, 07:14:56 AM

340Million Shocked

i haven't even heard about this coin. People should realize that its not easy to get rich fast and stop losing there money in these scams.

Problem is greed blinds people, that's how scammers like this keep pulling the same stunts over and over again. The positive part of the story is that it will hopefully deter more scams like this in the future.

Dont think it will deter other scammers.

shogdite

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Quote from: 3x2 on April 16, 2015, 07:14:56 AM

340Million Shocked

i haven't even heard about this coin. People should realize that its not easy to get rich fast and stop losing there money in these scams.

Problem is greed blinds people, that's how scammers like this keep pulling the same stunts over and over again. The positive part of the story is that it will hopefully deter more scams like this in the future.

3x2

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340Million Shocked

i haven't even heard about this coin. People should realize that its not easy to get rich fast and stop losing there money in these scams.

Lauda

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Terminated.

This is why I advise people to stay away from 99% of the altcoins. There is no reason to get involved in them. Sure some may offer a few "features" that are better, but it is not worth it. Compared to the infrastructure behind Bitcoin, userbase and the number of merchants adopting it, altcoins are too tiny to be even bothered with. This is especially true in the current times. Sure in the past there were a few honest tries at real altcoins, but with the insane number of them being released daily they've become obsolete.
Bitcoin should be our primary focus, but the law enforcement should focus on catching criminals on both ends.

bryant.coleman

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Quote from: pedrog on April 14, 2015, 04:53:30 PM

Quote from: bryant.coleman on April 14, 2015, 04:02:18 AM

A few people in Thailand invested a whooping $340 million in some shitcoin, and we are having difficulty in attracting any interest to Bitcoin recently. This is despite the fact that Bitcoin is the most established crypto, and has been around for more than 6 years. Huh

That number may be a bit inflated like when Mycoin was busted, the first number that popped out was something like 400 million dollars, later articles point to a much lower number, around $10 million.

Still, $10 million is a huge number. We need to learn from the marketing techniques of these conmen. It will definitely help the Bitcoin sector. Grin

Kprawn

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We have to be clear on this point... Alt coins and Bitcoins are different flavors of Crypto currencies. Utoken is a fancy Ponzi type digital token system, and not part of the Crypto currency group.

Bitcoin cannot be blamed for the failure of any Scam coin in this group of Crypto currencies ..... there are 100s of them... some purely created to scam people.

The media like to sensationalize these events, by linking Bitcoin to these Scam coins, purely based on the fact that they fall in the group of Crypto currencies. Angry

b!z

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Quote from: Hazir on April 15, 2015, 05:38:12 PM

Quote from: samson on April 15, 2015, 05:23:24 PM

Quote from: odolvlobo on April 14, 2015, 11:57:09 PM

Quote from: Agestorzrxx on April 14, 2015, 10:47:49 PM

Wow, they are must be genius, it's should be the biggest scam in the history of crypcurrence.

Utoken is not a cryptocurrency.

That's right, it's a straight up ponzi.

The vast majority of people of Thailand have ZERO idea what crypto currency is but they have probably seen an article on the news mentioning Bitcoins so these asshats at utokens jumped on that idea to scam greedy ignorant fools out of their money.

It worked though.

The worst part of that story is not that those people who invested in Utoken lost their money. (It is really good imo to be honest. They will learn.) But the idea general public will develop from this news. Bitcoin is already associated with terrorist, thieves and extortionists. People will think that bitcoin is just a scam and it will soon fall like the others 'crypto related' ideas.

They're not the type of people who would be likely to buy Bitcoin anyways, if they can't be bothered to look up the difference between Bitcoin and a ponzi scheme.

Hazir

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Quote from: samson on April 15, 2015, 05:23:24 PM

Quote from: odolvlobo on April 14, 2015, 11:57:09 PM

Quote from: Agestorzrxx on April 14, 2015, 10:47:49 PM

Wow, they are must be genius, it's should be the biggest scam in the history of crypcurrence.

Utoken is not a cryptocurrency.

That's right, it's a straight up ponzi.

The vast majority of people of Thailand have ZERO idea what crypto currency is but they have probably seen an article on the news mentioning Bitcoins so these asshats at utokens jumped on that idea to scam greedy ignorant fools out of their money.

It worked though.

The worst part of that story is not that those people who invested in Utoken lost their money. (It is really good imo to be honest. They will learn.) But the idea general public will develop from this news. Bitcoin is already associated with terrorist, thieves and extortionists. People will think that bitcoin is just a scam and it will soon fall like the others 'crypto related' ideas.

samson

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Quote from: odolvlobo on April 14, 2015, 11:57:09 PM

Quote from: Agestorzrxx on April 14, 2015, 10:47:49 PM

Wow, they are must be genius, it's should be the biggest scam in the history of crypcurrence.

Utoken is not a cryptocurrency.

That's right, it's a straight up ponzi.

The vast majority of people of Thailand have ZERO idea what crypto currency is but they have probably seen an article on the news mentioning Bitcoins so these asshats at utokens jumped on that idea to scam greedy ignorant fools out of their money.

It worked though.

b!z

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Quote from: Kaneki on April 14, 2015, 11:00:17 PM

things like this would not be endless, if one group were arrested will appear two or more groups of similar

The news still acts as a deterrent for would-be criminals.

Hazir

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★Nitrogensports.eu★

Quote from: odolvlobo on April 14, 2015, 11:57:09 PM

Quote from: Agestorzrxx on April 14, 2015, 10:47:49 PM

Wow, they are must be genius, it's should be the biggest scam in the history of crypcurrence.

Utoken is not a cryptocurrency.

This site: http://whatisutoken.com/warning-ufun-utoken-scam/ - apparently this is Utoken official site, and I warn you! There are almost hundred trackers integrated in (more than I ever seen on 1 page!)That page reeks of scam.

After reading this: UToken is a name of a new digital token. You can use UToken to purchase products at UBTmall.com, safe trading in UToken market and at any merchants that accept UToken. In order to use UToken you need to be a member of UFUN Club. You are welcome to join our team...

I am amazed how exactly people were so stupid to fell for this kind of fat scam?

odolvlobo

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Quote from: Agestorzrxx on April 14, 2015, 10:47:49 PM

Wow, they are must be genius, it's should be the biggest scam in the history of crypcurrence.

Utoken is not a cryptocurrency.

Kaneki

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things like this would not be endless, if one group were arrested will appear two or more groups of similar

Agestorzrxx

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Wow, they are must be genius, it's should be the biggest scam in the history of crypcurrence.

afriezalie

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I think we must beware of new altcoin and premine coin. There are many scam coin out of there, so be carefull when you want to invest some money to a new altcoin or premine coin.

lucasjkr

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Quote from: Mike Christ on April 13, 2015, 02:57:08 PM

Quote from: b!z on April 13, 2015, 02:41:34 PM

Quote from: Mike Christ on April 13, 2015, 02:37:51 PM

TBH I think these guys who played into the scheme should lose their money as a lesson to what happens when you give your trust away to people who don't deserve it. But I'm just hardcore like that.

You don't sympathize?

I do, everyone makes mistakes, but a part of making mistakes is experiencing the effect of those mistakes; if they get their money back then the learning experience is lost and they'll wind up making the same mistake with the belief that they'll get their money back again. This is what allows ponzis and pyramids to occur at all: there's no more risk involved, or so they believe, until one of these schemers winds up succeeding with a lot more cash than he would've if everyone knew to avoid such schemes in the first place and to only deal with reputable businesses. Of course, the schemers do their best to hide that they're a scheme, but still, there's signs.

Losing sizable amounts of money is a traumatic experience, even if it's ultimately recovered. People don't just go "well, I lost $10k but since I got it back, let me throw it into the next shady investment"

So no, I disagree.

The PT Barnum "there's a sucker born every minute", if that's his quote, rings true. The people who get burned, again, even if they ultimately get their money back, aren't the ones piling into the next scam, but rather its a new generation that's also blinded by greed.

People are suckers, generally. Which, I think, is why we unfortunately need laws to protect them from the most predatory members of society. Probably won't go over well in this crowd, but it's still my opinion.

pedrog

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Quote from: bryant.coleman on April 14, 2015, 04:02:18 AM

A few people in Thailand invested a whooping $340 million in some shitcoin, and we are having difficulty in attracting any interest to Bitcoin recently. This is despite the fact that Bitcoin is the most established crypto, and has been around for more than 6 years. Huh

That number may be a bit inflated like when Mycoin was busted, the first number that popped out was something like 400 million dollars, later articles point to a much lower number, around $10 million.

nutildah

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Quote from: QuestionAuthority on April 13, 2015, 04:35:05 PM

The more scams like this happening worldwide the more likely the uninformed regular guy will see "crypto currency" and mentally replace it with the word "scam".

Its already happened. Pretty much everybody who is not posting on this board thinks cryptocurrency is useless and/or stupid, if not an outright scam.

Topic: "Better than bitcoin" altcoin sellers arrested for stealing $340 million (Read 2901 times)