MyCoin crypto-Ponzi collapses, Jim Rogers gave speech at funding

Pekelo

Pekelo

http://www.bloomberg.com/news/artic...ds-in-arrests-leaves-chinese-investors-burned

Hey, I like Rogers, and his agent booked the gig. He probably doesn't even know what cryptos are...

"An investment in bitcoin promising a 150 percent yield. That’s what was being offered to more than 2,000 people last August in the grand ballroom of the Sheraton Macao Hotel, where they gathered to hear investor Jim Rogers, eat free meals and be entertained by singers, dancers and glittering beauty queens.

Hong Kong police arrested six people in connection with an alleged scheme to defraud investors of at least HK$169 million ($21.8 million). All are still awaiting formal charges. Police said more than 90 people have complained after discovering they can’t contact the company that took their cash, Hong Kong-based Rich Might Investment Ltd. and its trading platform MyCoin.hk. "
 
these bitcoin stories just keep on coming and coming, and not one of them is positive, I don't understand how bitcoin keeps getting the hype its getting, and surprised its still trading around $250. Its probably worth no more than few dollars....
 
S2007S said:
these bitcoin stories just keep on coming and coming, and not one of them is positive, I don't understand how bitcoin keeps getting the hype its getting, and surprised its still trading around $250. Its probably worth no more than few dollars....
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From what I heard it is mostly used for criminal purposes. Bitcoins transactions apparently cannot be traced. I know about kidnappers who where paid in bitcoins.
 
S2007S said:
these bitcoin stories just keep on coming and coming, and not one of them is positive, I don't understand how bitcoin keeps getting the hype its getting, and surprised its still trading around $250. Its probably worth no more than few dollars....
More...

Correctamundo!

No "currency concept" will stick and be big enough to be a real player in world financial markets until and unless a sovenreign nation adopts it... even then it's not assured of longevity, depending upon which country adopts it (if any...ever).

All of the "hopers" about Bitcoin are highly likely destined to get burned to cinder.
 
i am nobody said:
Bitcoins transactions apparently cannot be traced. I know about kidnappers who where paid in bitcoins.
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Tell us about the kidnapping, by the way the best use of bitcoin. But you are wrong, the movements of the coin can be followed by the blockchain. Sure one can use a tumbling service or an exchange to lose the trace, but one purchase of tracable item (let's say you buy a boat) and all your transactions can be followed backwards (to the last tumbler/exchange)
 
Pekelo said:
Tell us about the kidnapping, by the way the best use of bitcoin. But you are wrong, the movements of the coin can be followed by the blockchain. Sure one can use a tumbling service or an exchange to lose the trace, but one purchase of tracable item (let's say you buy a boat) and all your transactions can be followed backwards (to the last tumbler/exchange)
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Read it in the newspaper. There are people far more smart then me who apparently know how to do this. Maybe like you said: one can use a tumbling service or an exchange to lose the trace.
If they can trace it back, why can they then not catch people who steal bitcoins from others? This apparently happens sometimes too.

http://www.zdnet.com/article/bitsta...pended-amid-hack-concerns-heres-what-we-know/
 
i am nobody said:
why can they then not catch people who steal bitcoins from others?
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Because apparently people who rip off a few hundred drug dealers are smart enough, otherwise they would be dead real soon. The point what I was making is that the block chain by definition is a public ledger, so if you can be tied to one transaction somehow, all your transactions can be traced back.
So it is doable both ways (traceble and avoidable), one just needs to be extra careful when running an exit scam...

Also they have to be kind of slow with the cashing out using an exchange. If let's say 10 million worth of bitcoin got stolen then in a short period the same worth of coins got sold at an exchange if nobody else, the operator of the exchange will know the identity, assuming they used real one...
 
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