Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 22984.

JorgeStolfi

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Quote from: brg444 on February 09, 2015, 06:10:58 AM

Quote from: JorgeStolfi on February 09, 2015, 06:08:07 AM

MyCoin.hk is the new Hong Kong mining ponzi scam, that collapsed last December and broke the news yesterday; estimates (based on mycoin.hk statements) are still 3 billion HKD = 385 million USD.

Estimates that have been demonstrated to likely be false

Have they? The mining contracts were ~52'000 USD minimum, so the uncertainty is only in the number of contracts that they managed to sell. The "3000" figure may be inflated, but it is not too high for an MLM scheme

fonzie

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Quote from: JorgeStolfi on February 09, 2015, 06:08:07 AM

Quote from: brg444 on February 09, 2015, 05:54:09 AM

Quote from: sherbyspark on February 09, 2015, 05:51:14 AM

Quote from: JorgeStolfi on February 09, 2015, 05:38:39 AM

Correction: the "4.1 billion USD" for the GBL scam seems to be a newspaper error. Other sources say "4.1 million", with is of course much more plausible.

is this for the exchange in HK that apparently stole funds and goxxed users ?

It was not an exchange. It was a good ol Ponzi scheme using a Bitcoin facade to lure suckers in.

Sorry for the confusion...

MyCoin.hk is the new Hong Kong mining ponzi scam, that collapsed last December and broke the news yesterday; estimates (based on mycoin.hk statements) are still 3 billion HKD = 385 million USD.

GLB was a Hong Kong exchange that closed and stole all client funds in November 2013. One newspaper yesterday said that the loss was 4.1 billion USD, but it was actually 4.1 million, it seems.

It´s hard to keep track and not to be confused with all those big bitcoin scams and frauds that appear almost weekly.

brg444

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Bitcoin replaces central, not commercial, banks

Quote from: JorgeStolfi on February 09, 2015, 06:08:07 AM

Quote from: brg444 on February 09, 2015, 05:54:09 AM

Quote from: sherbyspark on February 09, 2015, 05:51:14 AM

Quote from: JorgeStolfi on February 09, 2015, 05:38:39 AM

Correction: the "4.1 billion USD" for the GBL scam seems to be a newspaper error. Other sources say "4.1 million", with is of course much more plausible.

is this for the exchange in HK that apparently stole funds and goxxed users ?

It was not an exchange. It was a good ol Ponzi scheme using a Bitcoin facade to lure suckers in.

Sorry for the confusion...

MyCoin.hk is the new Hong Kong mining ponzi scam, that collapsed last December and broke the news yesterday; estimates (based on mycoin.hk statements) are still 3 billion HKD = 385 million USD.

GLB was a Hong Kong exchange that closed and stole all client funds in November 2013. One newspaper yesterday said that the loss was 4.1 billion USD, but it was actually 4.1 million, it seems.

Estimates that are most likely erroneous

JorgeStolfi

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Quote from: brg444 on February 09, 2015, 05:54:09 AM

Quote from: sherbyspark on February 09, 2015, 05:51:14 AM

Quote from: JorgeStolfi on February 09, 2015, 05:38:39 AM

Correction: the "4.1 billion USD" for the GBL scam seems to be a newspaper error. Other sources say "4.1 million", with is of course much more plausible.

is this for the exchange in HK that apparently stole funds and goxxed users ?

It was not an exchange. It was a good ol Ponzi scheme using a Bitcoin facade to lure suckers in.

Sorry for the confusion...

MyCoin.hk is the new Hong Kong mining ponzi scam, that collapsed last December and broke the news yesterday; estimates (based on mycoin.hk statements) are still 3 billion HKD = 385 million USD.

GLB was a Hong Kong exchange that closed and stole all client funds in November 2013. One newspaper yesterday said that the loss was 4.1 billion USD, but it was actually 4.1 million, it seems.

readysalted89

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Quote from: brg444 on February 09, 2015, 05:54:09 AM

Quote from: sherbyspark on February 09, 2015, 05:51:14 AM

Quote from: JorgeStolfi on February 09, 2015, 05:38:39 AM

Correction: the "4.1 billion USD" for the GBL scam seems to be a newspaper error. Other sources say "4.1 million", with is of course much more plausible.

is this for the exchange in HK that apparently stole funds and goxxed users ?

It was not an exchange. It was a good ol Ponzi scheme using a Bitcoin facade to lure suckers in.

This is the first article about it that I have found in English. It's still very vague about what the facts actually are. It's not clear exactly how much money has gone missing yet, but it says some customers are taking action on Wednesday. Maybe we will find out more concrete facts by then.

http://www.coindesk.com/hong-kong-exchange-mycoin-disappears-387m-reports-claim/

ChartBuddy

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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ

Coin

Explanation

brg444

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Bitcoin replaces central, not commercial, banks

Quote from: sherbyspark on February 09, 2015, 05:51:14 AM

Quote from: JorgeStolfi on February 09, 2015, 05:38:39 AM

Correction: the "4.1 billion USD" for the GBL scam seems to be a newspaper error. Other sources say "4.1 million", with is of course much more plausible.

is this for the exchange in HK that apparently stole funds and goxxed users ?

It was not an exchange. It was a good ol Ponzi scheme using a Bitcoin facade to lure suckers in.

sherbyspark

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Quote from: JorgeStolfi on February 09, 2015, 05:38:39 AM

Correction: the "4.1 billion USD" for the GBL scam seems to be a newspaper error. Other sources say "4.1 million", with is of course much more plausible.

is this for the exchange in HK that apparently stole funds and goxxed users ?

JorgeStolfi

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Quote from: Newar on February 09, 2015, 05:27:04 AM

Quote

before closing for good, mycoin.hk had set the price of bitcoin to ~1.5 USD for the purpose of calculating client payouts. Cheesy

Doesn't show on the charts.

Well, that is what the news article claimed.

JorgeStolfi

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Correction: the "4.1 billion USD" for the GBL scam seems to be a newspaper error. Other sources say "4.1 million", with is of course much more plausible.

Newar

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https://gliph.me/hUF

Quote from: JorgeStolfi on February 09, 2015, 05:04:37 AM

Quote from: Newar on February 09, 2015, 04:44:30 AM

Quote from: JorgeStolfi on February 09, 2015, 04:23:52 AM

Another news report on the mycoin.hk mining ponzi below[...]

Quote from: JorgeStolfi on February 09, 2015, 04:37:00 AM

Another random news post: BitXChange.ro, [...]

Both without influence on the price.

Well, before closing for good, mycoin.hk had set the price of bitcoin to ~1.5 USD for the purpose of calculating client payouts. Cheesy

Doesn't show on the charts.

Quote from: JorgeStolfi on February 09, 2015, 05:04:37 AM

The BitXChange.ro case highlights another kind of risk of the exchanges. While their servers may be replicated and protected against external hackers, they may still have a single programmer who could do similar damage. Indeed, like MtGOX and several other examples, their software team often consists of only one programmer. Blockchain.info seems to be another example, given that they uploaded the buggy RNG without any internal review of the code.

Anything you don't control the private key are IOUs at best. Nothing new here.

Elwar

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Viva Ut Vivas

Quote from: JorgeStolfi on February 09, 2015, 04:37:00 AM

Another random news post: BitXChange.ro, a Bitcoin exchange in Romania, fired their chief programmer last October, and he has been holding their servers and user account hostage since then. Exchange owners advised clients to withdraw everything, and claims to have been processing all withdrawals by hand since then.

https://www.btcxchange.ro/news

That was early December when that happened.

They were hoping to have it back up in January but it looks like it will not return.

JorgeStolfi

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Quote from: Newar on February 09, 2015, 04:44:30 AM

Quote from: JorgeStolfi on February 09, 2015, 04:23:52 AM

Another news report on the mycoin.hk mining ponzi below[...]

Quote from: JorgeStolfi on February 09, 2015, 04:37:00 AM

Another random news post: BitXChange.ro, [...]

Both without influence on the price.

Well, before closing for good, mycoin.hk had set the price of bitcoin to ~1.5 USD for the purpose of calculating client payouts. Cheesy

The BitXChange.ro case highlights another kind of risk of the exchanges. While their servers may be replicated and protected against external hackers, they may still have a single programmer who could do similar damage. Indeed, like MtGOX and several other examples, their software team often consists of only one programmer. Blockchain.info seems to be another example, given that they uploaded the buggy RNG without any internal review of the code.

ChartBuddy

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1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ

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Explanation

Newar

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https://gliph.me/hUF

Quote from: JorgeStolfi on February 09, 2015, 04:23:52 AM

Another news report on the mycoin.hk mining ponzi below[...]

Quote from: JorgeStolfi on February 09, 2015, 04:37:00 AM

Another random news post: BitXChange.ro, [...]

Both without influence on the price.

JorgeStolfi

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Activity: 910

Merit: 1003

Another random news post: BitXChange.ro, a Bitcoin exchange in Romania, fired their chief programmer last October, and he has been holding their servers and user account hostage since then. Exchange owners advised clients to withdraw everything, and claims to have been processing all withdrawals by hand since then.

https://www.btcxchange.ro/news

JorgeStolfi

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Another news report on the mycoin.hk mining ponzi below, only a few more details:
https://www.techinasia.com/bitcoin-pyramid-scheme-hong-kong-387m-investors-money/

I did not know the amount of the GBL scam:

Quote

The broader points of the sceme look very similar to GBL, a bitcoin exchange also based in Hong Kong that went dark in November 2013 with about US$4.1 billion of investors’ money.

I suppose that the figure is computed from BTC at the Mv/2013 price? Anyway that would make GBL the largest bitcoin-related scam of all time.

I recall reading, some time later, that the GBL owners had been caught by the Chinese poliice, somewhere in the Mainland. That also makes GBL one of the few (only two?) bitcoin scams whose authors were caught and tried.

macsga

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Strange, yet attractive.

The catalyst needed for many more people to enter BTC is something that proves the fiat system is collapsing. It's the story everybody wants to say it's true (especially those working into the financial sector), but nobody says it because their salary depends on it. Don't lose time searching miners dumping their coins, or companies manipulating the price. This was, is and will be here for long time to come.

Articles like this http://www.ft.com/cms/s/0/8fd55736-ae0a-11e4-919e-00144feab7de.html
is what I find more important, since Cyprus last year. Doubt it? Just wait and see.

hdbuck

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Quote from: caga on February 09, 2015, 04:01:18 AM

Quote from: noobtrader on February 09, 2015, 03:12:49 AM

Quote from: caga on February 09, 2015, 03:04:51 AM

Quote from: noobtrader on February 09, 2015, 01:15:10 AM

it seem price has staibilized it self above 220 mark ?
im happy with this... i hope 220 all the way to 2016, agree ?

Depends. Inflation is always good. And for people into mining they would definitely want it to increase.

with inflation then the price of bitcoin should be lower and lower...

Why is that ?

because there is more bitcoins entering the market day after day..

caga

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www.secondstrade.com - 190% return Binary option

Quote from: noobtrader on February 09, 2015, 03:12:49 AM

Quote from: caga on February 09, 2015, 03:04:51 AM

Quote from: noobtrader on February 09, 2015, 01:15:10 AM

it seem price has staibilized it self above 220 mark ?
im happy with this... i hope 220 all the way to 2016, agree ?

Depends. Inflation is always good. And for people into mining they would definitely want it to increase.

with inflation then the price of bitcoin should be lower and lower...

Why is that ?

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