Hey bitacc ; )
https://bitcointalksearch.org/topic/scam-alert-free-btc-ripple-giveaway-by-tradefortress-207535
2 is better than 1 ; )
Topic: SCAM WARNING: TradeFortress 1 free Ripple BTC giveaway - page 2. (Read 2753 times)
Yep I saw this from a mile away.
Ban these pathetic scammers
I hope your talking about the douchebag that is stealing real BTC from the unsuspecting by having them play with something he understands but they don't.
That's pretty scummy behavior to allow on the newbie board.
Ban these pathetic scammers
Ripple is a flat out scam, Lookout!
Whatever your opinion of Ripple, does that mean it's OK for TradeFortress to scam people because they are ignorant about how Ripple works vs Bitcoin. I would think not, unless you're really sleazy.
Ripple is a flat out scam, Lookout!
TradeFortress is participating in a scam on this forum. I figured I would warn new users.
He is offering "1 BTC" through Ripple if you trust him for 100 BTC. When you issue BTC in Ripple what you are issuing is IOUs. So in essence TradeFortress is issuing you a receipt for 1 BTC. He has failed to say how he will redeem these receipts he is issuing for BTC and when I asked him on his thread how he would redeem it, he erased my comment.
More damning is that he is using this to scam people. "Trust" in Ripple is a somewhat complicated thing that should not be given out freely to people. The people you "Trust" in a given currency can issue that currency and through certain mechanisms exchange it for other issuer's IOUs.
I see nothing that says that TradeFortress plans to redeem the IOUs he has issued and to make matters worse he sent the following private IM to me when I asked him about it:
So he is essentially saying he won't be redeeming the IOUs he's issued but will profit by exchanging his own for one's issued by providers that do redeem their IOU's.
This is a flat out scam.
He can pretend that he's finding a "flaw" in Ripple, but the entire Ripple payment system is based on Trust and by tricking new members into thinking that he is giving them a Bitcoin by having them trust him for 100 BTC in the Ripple interface he is not exposing a flaw in the system, but rather exposing himself as a scumbag scammer.
Beware!
He is offering "1 BTC" through Ripple if you trust him for 100 BTC. When you issue BTC in Ripple what you are issuing is IOUs. So in essence TradeFortress is issuing you a receipt for 1 BTC. He has failed to say how he will redeem these receipts he is issuing for BTC and when I asked him on his thread how he would redeem it, he erased my comment.
More damning is that he is using this to scam people. "Trust" in Ripple is a somewhat complicated thing that should not be given out freely to people. The people you "Trust" in a given currency can issue that currency and through certain mechanisms exchange it for other issuer's IOUs.
I see nothing that says that TradeFortress plans to redeem the IOUs he has issued and to make matters worse he sent the following private IM to me when I asked him about it:
Quote from: TradeFortress in PM
One word: (actually two) - liquidity providers. I've being able to exchange my own IOUs for bit stamp ones because of a flawed feature in ripple.
So he is essentially saying he won't be redeeming the IOUs he's issued but will profit by exchanging his own for one's issued by providers that do redeem their IOU's.
This is a flat out scam.
He can pretend that he's finding a "flaw" in Ripple, but the entire Ripple payment system is based on Trust and by tricking new members into thinking that he is giving them a Bitcoin by having them trust him for 100 BTC in the Ripple interface he is not exposing a flaw in the system, but rather exposing himself as a scumbag scammer.
Beware!
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