International bitcoin scam costs investor big

Entropy-uc

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Quote from: Phinnaeus Gage on February 04, 2014, 11:36:56 AM

Quote from: runam0k on February 04, 2014, 06:45:59 AM

Quote from: frankenmint on February 04, 2014, 06:24:42 AM

Escrow Escrow Escrow...if the amount carries sufficient counterparty risk such that there is more than $120,000 USD at stake, then you need to do multiple escrows or deal with them person to person, preferably with armed guards and during the business hours of YOUR bank in a downtown area in a first world nation...

Escrow with who? A trusted member here?

(I agree, and I'm sure all the victims feel a bit daft, but hindsight is a wonderful thing. Projects really was a trusted member.)

Rassah

Is that the same Rassah that admitted to knowingly accepting stolen coins? That doesn't meet my definition of trustworthy.

https://bitcointalksearch.org/topic/2014-02-03-bitcoin-charity-admits-biggest-donation-likely-stolen-447668

subcoin

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So, technically, he only lost about $1k...
$150k was unrealized profit, since he didn't convert those 200BTC to fiat.
Rather than saying he lost $150k, it should say that he didn't make $150k.

RodeoX

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The revolution will be monetized!

I like the idea of physical BTC, but they are far easier to counterfeit/scam. Cry

I'm glad I'm not that guy from Wisconsin.

Chainsaw

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x

Quote from: Phinnaeus Gage on February 04, 2014, 01:18:10 PM

Not our David Williamson, but wanted to share to lighten the tone for a sec or two--enjoy: http://www.youtube.com/watch?v=gCzTYrnOg-8

And now, for my final trick. Watch as I make 201.7 Bitcoins...disappear! Shocked

Chainsaw

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x

Quote from: bitcoiner49er on February 04, 2014, 01:19:55 PM

Chainsaw, that sux. Angry

Here's a question to everyone:
What kind of escrow would you trust?

I have seen this over and over in the Bitcoin community. I'd like to pioneer some type of escrow service, but what will get you to trust the escrow?

M-of-N escrow. No single party. Even heavily trusted members, escrowers can drop the ball with single party escrow.

Multiple trusted parties with a majority vote allowing release of funds.

bitcoiner49er

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Chainsaw, that sux. Angry

Here's a question to everyone:
What kind of escrow would you trust?

I have seen this over and over in the Bitcoin community. I'd like to pioneer some type of escrow service, but what will get you to trust the escrow?

Phinnaeus Gage

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Bitcoin: An Idea Worth Spending

Not our David Williamson, but wanted to share to lighten the tone for a sec or two--enjoy: http://www.youtube.com/watch?v=gCzTYrnOg-8

Bitlibber

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These characters are screwing it up for the rest of us. There ought to be a filter to help keep it honest.

Chainsaw

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x

Quote from: frankenmint on February 04, 2014, 05:46:04 AM

is this based on the same story?

https://bitcointalksearch.org/topic/m.4922396

Yes, it is based on the same story. The person in the article was me.

The press reached out to me after seeing the police report filed.
The reason I spoke with them was precisely so that the article would not be yet another cautionary tale against the perils and dangers of Bitcoin.

I wanted to be clear that the scamming occurred because of a trust-based error on my part, not because Bitcoin itself is inherently evil.

Phinnaeus Gage

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Bitcoin: An Idea Worth Spending

Quote from: escrow.ms on February 04, 2014, 12:27:42 PM

@Phinnaeus Gage You forgot to mention TF bro.
Unknown guy from a unknown place who bought master donator and became trustworthy and scammed more than 10x of the amount Project stole from these peoples.

Vetted trusted members don't count! Roll Eyes

calim

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It's amazing how many people will say, "That's stupid" and "Will never happen to me." Go read the scam accusations forum, it's littered with, "I was stupid..." and "This never happens to me..."

Read the article again, clearly he is still a proponent of BTC, and seems to have gone out of his way to make sure the article wasn't a negative piece on BTC. He's also keenly aware of the mistake: “My mistake was paying money (in the form of the digital bitcoins) first, which exposed me to more risk,” he said.

Given the sensational nature of media, this could have been written with BTC in a much poorer light.

escrow.ms

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@Phinnaeus Gage You forgot to mention TF bro.
Unknown guy from a unknown place who bought master donator and became trustworthy and scammed more than 10x of the amount Project stole from these peoples.

exstasie

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Definitely not a smart move on his part. No different then the kind of scams you see with real money these days either. There's a sucker born everyone minute as they say!

Phinnaeus Gage

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Bitcoin: An Idea Worth Spending

Quote from: retrend on February 04, 2014, 11:42:04 AM

Odd that someone would do something so risky to keep their bitcoins safe.

Over and beyond risky, I would say given Projects' post history:

Quote from: Projects on February 24, 2012, 04:20:59 PM

Hi guys,

I am looking for a loan of 100 BTC, this does not have to be all from one person if multiple people are willing to lend to me.
I realise I am a new member (only registered yesterday) however I have been lurking and reading for a while and my reason for registering is for posting this post.
Whilst I know I am trustworthy with the amount of scamming I have read about going on here recently and the anonymity of bitcoin I understand this may be not easy to believe. I am willing to do anything required to prove I am legit - open to suggestions on that one.

I would like this loan to be over 28 days with 10% interest (negociable) with 4 weekly repayments, again terms negociable.

I am happy to answer any/all questions.

Thanks for your time.

Toward the end of Projects' thread...

Quote from: Tril on February 28, 2012, 12:22:47 PM

I IM'ed Projects with some very basic questions. He ignored the important questions, sent back a useless response to clarify the one optional question, used "u" instead of "you", used incorrect capitalization, and neglected punctuation. I'm not wasting any more time with this one.

Yet, after all that, somehow a salary worker of an unknown location, who's unable to control his own finances, is able to become a trusted member of the Bitcoin community, whereupon fellow bitcoiners handed over their hard-earned bitcoins to this... this... this... Fuck me! Great-great-uncle Roget has yet to index a word describing this dude.

This is NOT a pour-salt-in-the-open-wounds post. I'm just simply amazed--AGAIN!

~TMIBTCITW

retrend

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Odd that someone would do something so risky to keep their bitcoins safe.

Phinnaeus Gage

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Bitcoin: An Idea Worth Spending

Quote from: runam0k on February 04, 2014, 06:45:59 AM

Quote from: frankenmint on February 04, 2014, 06:24:42 AM

Escrow Escrow Escrow...if the amount carries sufficient counterparty risk such that there is more than $120,000 USD at stake, then you need to do multiple escrows or deal with them person to person, preferably with armed guards and during the business hours of YOUR bank in a downtown area in a first world nation...

Escrow with who? A trusted member here?

(I agree, and I'm sure all the victims feel a bit daft, but hindsight is a wonderful thing. Projects really was a trusted member.)

Rassah

Rub3n

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S> Cheap SocialMedia Hype's

I would meet up with him as its a sum that is nothing compaired to a plane ticket

indiekiduk

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he should have printed out his own numbers on gold coloured card, he could have even cut it to a circle

BADecker

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Can't wait for those Nigerian emailers to start using Bitcoin:

"Dear Precious One,

"I am Ella Fungibility, widow of the late ambassador to Tunisia, Doctor David Fungibility. My late husband left $50,000,000 worth of bitcoins in a special computer Bitcoin Wallet that he double encrypted. And I am the only one who has the encryption keys.

"I am looking for a way to become an American citizen. If you want to hitch up with me, I'll share the bitcoins with you. Blah, blah, blah, blah, blah, ..."

tokyoghetto

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For an amount that size, I would take the week off work, fly down to the buyer and make the transaction in person. Do some site seeing, hookers and blow, then fly back home.

Or just use escrow.

Topic: International bitcoin scam costs investor big (Read 3537 times)