Topic: Bitcoin ponzi Mycoin in China goes bust!~ 500 mil.$ lost. Prepare for a crash! (Read 5865 times)

No you idiot, i just made a pretty good prediction:



Look what just came in:

Hongkong wants to urge a ban on Bitcoin:


"The government should clamp down on bitcoin, said lawmakers Leung Yiu-chung and James To, who accompanied the complainants, among them Nepalese and mainland Chinese, as well as Hong Kong citizens.

"The government should not just stand aside," Leung told reporters. "It's simply not enough to just ask people to exercise caution when investing ... it has to ban the circulation of such virtual currency in the market.""

http://uk.reuters.com/article/2015/02/11/uk-fraud-bitcoin-hongkong-idUKKBN0LF0WV20150211


Keep on denying bulltard

I don't think they had a single btc in their coffers.

You have re-exposed yourself. Please, try to contribute something more valuable next time.

I think Btc - China is registered in HK too even they illegally operates from mainland China

I think only the FIAT  (HK$ 3 b = $ 370 mln) was stolen , none of the articles that I've read said they have robbed directly bitcoin.

Price hasn't changed so I doubt that the 500 million was relaly lost. Huge amount for bitcoin.

What are the guys in the huge chinese bitcoin mine on the vice documentary going to do if China totally bans BTC?

Tighter regulations(total bans) for bitcoin exchanges in China(Hongkong) will most likely be established pretty soon. Byebye Bitfinex, Huobi and whatelse.

Oh thanks, now it is perfect.

Ok, if you think it fits better, no problem  

Fonzie can you change the title of thread? mycoin wasn't originally an exchange but a ponzi scheme. Thanks.

TAKE THAT BULLTARD SCAMMERS!
All my presumptions are becoming true!

http://www.nytimes.com/2015/02/11/business/international/hong-kong-issues-warning-about-bitcoin.html?_r=2

"HONG KONG — Hong Kong’s central bank has warned against investing in virtual currencies, amid local media reports that a Bitcoin exchange may have run off with $387 million in client funds in what could be the biggest Bitcoin scandal after last year’s bankruptcy at the Mt. Gox exchange, based in Tokyo.

The South China Morning Post reported on Monday that clients of the MyCoin exchange, based in Hong Kong, had approached a local lawmaker, saying the company had absconded with their money. An assistant for Legislative Council member Leung Yiu-chung said that Mr. Leung had received more than 15 complaints from MyCoin clients regarding the allegations and that these would be passed on to the police on Wednesday.

The Hong Kong Monetary Authority said in a statement late Monday that the case “may involve fraud or pyramid schemes,” adding: “Given the highly speculative nature of Bitcoin, we have all along urged the public to exercise extra caution when considering making transactions or investments with Bitcoin.”

Calls to MyCoin in Hong Kong could not be connected. Calls to the company’s China customer service line were not answered.

Bitcoins are created through a “mining” process in which a computer’s resources are used to perform millions of calculations.

Advocates say the virtual currency is revolutionary because it is not controlled by a central bank and has potential as an alternative means of online payment. But the rise of Bitcoin, which is unregulated in many places, including Hong Kong, has stoked concerns that it can be used to launder money and finance extremist groups.

Mt. Gox, once the world’s largest Bitcoin exchange, filed for bankruptcy a year ago after it claimed to have lost about $500 million worth of customer Bitcoins in a hacking attack.

On its website, MyCoin says it is a “leading global Bitcoin trading platform and application service provider,” with a research and development team based in China.

MyCoin promised clients a return of one million Hong Kong dollars, or $128,976, over a four-month period based on a 400,000-dollar investment that would produce 90 bitcoins on maturity, the South China Morning Post reported.

The report added that MyCoin claimed to have 3,000 customers, each investing an average of one million dollars.

The price of a Bitcoin has slumped from a late-2013 high of more than $1,000 to about $220, according to CoinDesk’s price index."

I think it's not worth talking about it so much

FUD = FACTS U DISLIKE?!



Stop embarrassing yourself. I can smell the reek of your butthurt bagholder attitude through my monitor. Cut your losses and get on with life.
Protip: Next time sell earlier.

I would bet no actual bitcoins have been lost or made their way into criminal hands.  What we're looking at here is a good old fashioned pyramid scheme that attracted suckers because they slapped bitcoin on the box.

It does harm the reputation of bitcoin as more people will now associate "bitcoin" with "scam" and it may attract unwelcome Chinese government regulation, but no, this is not a Gox event.  Yes, there are plenty of scams involving yuan, dollars, euros etc.  The problem bitcoin has is the brand is so strongly associated with such problems.

"The name BTC will now, more than before, be linked to a ponzi in the mind of the chinese..."

1) The Chinese still remember Bernie Madoff, and this, more than before, links the USD to a huge Ponzi.
2) This fact will contribute to crashing the Dollar much worse than you can ever imagine.
3) Bitcoin/USD will have an amazing rally, but keep an eye on btc/Gold since that will bring real gains, while your paper profits will be almost worthless.

It will probably trigger new and tighter regulations in China. Also a lot of new potential BTC buyers in China might turn away from Bitcoin due to the news and think twice about puttin money into BTC. The name BTC will now, more than before, be linked to a ponzi in the mind of the chinese, which results in less demand for BTC at real exchanges. Therefore price will probably go down more, altough not in a flash crash.

That Mycoin company was using the BTC aura to serve its own interest, it could as well have promised some anti-aging medicine. The only goal was to lure naive investors of a huge return. BTC should not crash because of this.

This is no where near the scale of MT. GOX.  The articles say the operators were promising returns of 200-300% annually.  Some sort of bitcoin derivative.  BUt I don't think they actually did anything but use Bitcoin as a marketing "phrase" and bring in new investors.

  Impressive

Thanks, for the update!