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Topic: [SCAM ALERT] Free BTC Ripple Giveaway by TradeFortress - page 4. (Read 4782 times)

hero member
Activity: 669
Merit: 500
Those taking TF's offer are basically giving the network* a blank 100 BTC cheque in exchange for a 1 BTC cheque that TF never really says if he'll ever honour. Since he's said repeated that he thinks IOUs in general are worthless ...

*the network of those holding TF's BTC IOUs


And those who have good BTC (from Bitstamp, Weexchange...) are giving a gift to that network Tongue
legendary
Activity: 1400
Merit: 1000
member
Activity: 84
Merit: 10
Those taking TF's offer are basically giving the network* a blank 100 BTC cheque in exchange for a 1 BTC cheque that TF never really says if he'll ever honour. Since he's said repeated that he thinks IOUs in general are worthless ...

*the network of those holding TF's BTC IOUs
hero member
Activity: 669
Merit: 500
yes, was too expensive to be true Tongue

you're welcome, i'm glad that it is clear despite my orrible english Cheesy
sr. member
Activity: 404
Merit: 250
Thanks for explaining how this could work as a scam. I won't be taking part. I'm unsure of intentions, but it seems unlikely that someone would just giveaway BTC, a few satoshi maybe but a whole BTC, I don't think so. Smiley
hero member
Activity: 669
Merit: 500
The Thread is https://bitcointalksearch.org/topic/1-free-ripple-btc-giveaway-ended-see-op-over-455-btc-gaveaway-206948

The trick exposed for newbyes:

- the OP ask you tu extend your trust to him through Ripple for at least 1 BTC (while he implicity suggest 100 in the pic. Succesfully strategy if you look ripple live-graph)

- this allows him to send you BTC's IOUs. Those IOUs he's not going to pay with real bitcoin if you send back to him.

If you trust him, say for 20 BTC, and you have reliable BTC IOUs (from bitstamp, for example) in the same wallet, THE SYSTEM CAN SWAP IOUS TRUSTED BY HIM WITH IOUS TRUSTED BY BITSTAMP if this is usefull to operate a transaction between users in that trust-subnetwork.

I.E. the story will probably end with someone previously holding good-true-reedemable BTC loosing all and finding in his wallet only trash-IOUs issued by TradeFortess.

This will happen if anyone in the network (not necessarily TradeFortess, but he could do that with an anonimous wallet) send the trash IOUS to a trusted gateway exploiting YOU to create a pathway.



I don't know if his intentions are good but the method itself isn't, EVIDENTLY. Also if he doesn't actually want to steal money from anyone (which i doubt), he's allowing others to steal someone's money, knowingly.


The thread should be closed and he deserves the SCAM tag.

Also self-moderated topics in the newbyes section are the perfect beware of scammers, shouldn't be allowed.

Support, please.

PS: sorry for my english, i hope this was understandable anyway ; )


EDIT: TO SAVE YOUR MONEY, PUT IMMEDIATELY TO ZERO THE TRUST TO HIS ADDRESS and SEND BACK THE EXACT AMOUNT TO THE SOURCE TO CLEAN UP YOUR WALLET
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