Bitcoin Forum

A six-month period has seen $80 million stolen from Crypto as a result of scams, claims Elizabeth Warren. Aside from the $11.11 Billion in fines US banks received for shady business, she neglects to mention the $12 Billion in overdraft fees consumers will pay to banks in 2020!

What is your opinion in this regard?

She’s doing her job, she’s a government shill trying to protect the USD’s position as the world reserve currency. Don’t pay attention to or follow anything she advises or states. She’s part of a group of boomers desperately trying to save a crumbling fiat currency in a new world. Unfortunately for her & those in power, there’s only so much money printing that can be done before the arse falls out of the world.

Opt out & take control of your own financial future, protect yourself against their mindless money printing & subsequent unacceptable inflation by buying bitcoin. Control your own future & protect your family & future generations financial future.

Elizabeth Warren, Gary Gensler, Janet Yellen, Jerome Powell, they’re all fighting a losing battle. Bitcoin is a massive part of the worldwide future of finance. They will regret their attempted suppression of innovation. The US must adapt or get left behind.

They don't have any grounds to completely control or ban bitcoin so they just defame it to discourage the public from putting their money in it, my opinion is that they should remember that it's already 2021 and not the 70s because they still think that they're the smart ones in this day and age.

@ConnerDalfino, since you didn’t put a news source, I can’t comment on anything more than that it’s completely frivolous when someone sees an $80 million as a problem, and turns their head the other way when it comes to the hundreds of billions or even trillions their authorities have spent (evidently in vain) in Afghanistan or Iraq.

Crypto scams are definitely a problem, but they are still very insignificant compared to classic scams, and can be very easily prevented if children start learning Internet safety in time, and to force everyone involved in the chain to tighten their safety measures - and I mean the app play stores, advertising, and those selling domains/hosting.

In addition, laws should be passed that will provide for much harsher penalties for all those caught in crypto scams. As things stand now, you can get away with very little or no punishment if you’re smart enough - it’s actually encouragement, not prevention.

$80 million is just a drop in the ocean resulting from crypto scams. Of course, they won't mentions about the scams that banks have been pulling in the last 6 months. They just want to highlight everything, specially negative. Nevertheless, bitcoin enthusiast are not affective by this kind of news, we know where they coming from and this kind of statement coming from any government agencies will simply not stop. So I would say, just shrug your shoulders if we read this kind of news.

Old news, it's about one of her letters that started the scandal with the SEC back in June-July
https://www.warren.senate.gov/oversight/letters/warren-asks-sec-chair-gensler-about-risks-posed-by-cryptocurrency-exchanges
Funny enough this one was the most innocent of all, she was claiming she was doing everything for the poor investors and consumers.
Anyhow, she's crazy, I think I've said it one hundred times but she is worse than Yellen and Gensler and the whole IMF, CIA, NSA alltoghter.


You just have the same biased view as her, here you go:
Warren Slams Wells Fargo CEO, Calls on Fed to Revoke Bank’s Status as Financial Holding Company Amid Ongoing Failure to Meet Regulatory Requirements (https://www.warren.senate.gov/oversight/letters/warren-slams-wells-fargo-ceo-calls-on-fed-to-revoke-banks-status-as-financial-holding-company-amid-ongoing-failure-to-meet-regulatory-requirements)


She's not angry just at crypto, she is angry at banks, Facebook, Amazon, oil companies, landlords, police, ICE, she just wants free money for the ones that don't work and no barriers for refugees. In rest, it's all about opposition to everything, a classic populist way to get votes.

Yeah this shit absolutely infuriates me. What is she doing about all of the fraud by big banks? Wells Fargo was fined a ridiculous amount of money for making fake account through it's clients two years ago and was just recently fined again for not making the clients whole, another 250 million! How many people are going to end up in jail? ... the answer is a big fucking fat zero! Hypocrites !

Aaand.. how much USD was been stolen through scams and fraud? I'd bet that it's a few multiples of $80 million. So.. we should ban the USD then?

Thank you for this advice, for adding to my belief in Bitcoin as the hope for our future and our next generation especially myself. Manage the mess he creates to change our consistency so that it falters and seems to justify what he says. He is a person who often manipulates the truth for the benefit of his own class and survival. But we can unmask the real, unmask a Warren.

It is ridiculous the amount of scrutiny that crypto draws from senior banking and SEC officials. Its ironic that over the past few decades that the US has had to spend billions of dollars bailing out banks to save them from collapsing under themselves due to bad practices and borderline illegal activity yet not a cent has been spent on any crypto support. Instead, they are spending billions of dollars trying to regulate and crush it. The same regulations that let banks act however they want.  Just another tool to keep people in line and limit the ability to change wealth distribution.

I believe she is looking to be the Democrat party version of Donald Trump.

That's a really poor argument, USD is used for a huge share of all transactions in the world, while crypto is not even used much by people who own it.

And altcoin ecosystem is indeed full of scams, so it wouldn't be a bad thing if regulators created some rules for exchanges so they would stop listing new scamcoins as they pop up.

But Warren goes far beyond that, she just hates crypto and dreams about it getting banned and she keeps inventing arguments from different angles to try to persuade the government to do so.

+1.
For me, what another alternative they can help is to support Bitcoin or not that so, do some awareneness about Bitcoin, educate people, giving free lessons. Tell people what are the risks of using Bitcoin and the negative or positive effects of it.
So other people will have the knowledge and can avoid scams in the cryptocurrency world, it will help even small, just to reduce the case of scams or fraud.

To be fair, crypto is being called out, and quite legitimately. By pointing out the wrong in fiat as a response to somebody calling out the wrong in crypto, crypto gets nowhere. You cannot solve the problems of crypto by simply dismissing it. If for only half a year, and in a relatively smaller crypto community, $80 million is already stolen, it is indeed alarming. And it cannot be addressed by simply pointing a finger at fiat and saying it has a much bigger problem.

You forgot about the trillions of dollars that the US banks are laundering for drug lords and other big criminals. Besides most of the stolen cryptocurrencies are from centralized exchanges that newbies keep trusting with their keys, if the DEX projects grew more (which they will as the government pushes for more KYC on CEXes) this number drops to practically nothing.

They won't tell you that or even acknowledge that, they're going to deny it no matter how obvious the shit that they're pulling is, they're the government so they know that they can do shit like this, their the biggest corporation in a country after all.

Depends on what you actually mean with "using" crypto. It comes down to personal opinion: if you hold bitcoin for investment/hedging purposes, then merely doing nothing and just holding is considered "using".

And also with other cryptocurrencies: like them or not and while there's a lot of BS, the fact is, some people do use them. (yield farming, blockchain gaming, NFTs, etc)

I think although she claimed,,, she would have had to back it up from stats or the numbers were given to her from her minions :) So I think we do not have to argue about that. The problem is what else in fiat is either hidden or unreported, like what you said, the 12 B of overdraft people paid for nothing, which, by the way most of it is extremely unfair.

Both are scams,,, the only difference is overdraft is a legal scam.

This kind of method is their main weapon back then they are using mainstream media to execute their plan to brainwash people with their claims. now they talking huge numbers to attract readers about their so-called research which has not been proven.

They wanted to cause confusion to the public or they wanted to get some attention with their hoax unique research. If you wanted to publish such news, you need to tell every source you got it from. no need to hide anything if you are truthful about your claim.

The government and the banks works together, so they will always do anything in favor of the banks. Since whatever is favoring the banks it's also going to be favoring the government as they will be getting something from it.

So, it shouldn’t be a surprise to you when you see them saying things in favor of banks and saying bad words that will ruin cryptocurrency. They will always talk about scams that are being carried out with cryptocurrency, but they are forgetting that there are lots of scammers that are carrying out their activities by making use of banks. scam has been occurring many years even before we thought of cryptocurrency.

Elizabeth Warren is sometimes called "Pocahontas" by americans. She claims to represent a minority of native american indians by heritage and ancestry. She took a genetic test to support these claims. The test concluded she may have had a single native american ancestor "6 to 10 generations ago". People might want to take anything most american politicians say with a grain of salt. We're usually not sending our best or brightest when it comes to politics.

US healthcare and welfare programs routinely send out billions in aid which turn out to be fraudulent. I think I may have seen articles published by approved media sources claiming the upper ceiling for this figure could range in the hundreds of billions. $80 million is an insignificant sum in contrast to waste and inefficiency perpetrated by state bureaucracy.

American reconstruction efforts in afghanistan alone could have costed in excess of $100 billion.

Its not hard to label Elizabeth Warren's comment as the pot calling the kettle black.

Elizabeth Warren represented some people who could no understand something like Bitcoin can be now gaining the interest of growing number of people. She literally and miserably to understand why there is really Bitcoin. We have to remember that Bitcoin was born coming from the last huge financial crisis that hit the country years ago during the Bush administration and into the Obama regime. the lady will continue to be spewing out figures that are one-sided and maybe even half-truths, half-lies. We are not listening to this woman since she has no power over our financial decisions. She is though trying her best to stop newbies to come to cryptocurrency but she will not succeed just like her failed presidential bid.

HODLing doesn't count as use for the purposes of comparing the relative occurrence of scams in crypto and fiat.  If you take two similar scenarios - like buying something on a p2p market with crypto or with fiat, the chance of getting scammed when you use crypto is higher, because there's no chargebacks and the receiver is pseudonymous.



Even these uses that you mention are mostly just about getting rich quick. This isn't going to last forever.

Elizabeth Warren is trying to throw any FUD she can on Bitcoin. She tries to portray herself as a champion of the people but that could not be further from reality. She is not trying to protect consumers. Trying to restrict Bitcoin will only deprive millions of people from financial opportunities that are not possible within traditional finance. There was even this open letter to Elizabeth Warren (https://medium.com/@samanthamessing/why-progressives-should-love-bitcoin-an-open-letter-to-senator-elizabeth-warren-176ab5cc9229) stating all the benefits Bitcoin offers. Apparently, she does not care and is even willing to screw over minorities and women for the sake of protecting the US dollar's hegemony.

And I wonder how many billions have been robbed from ordinary people that are at the mercy of large banking institutions?

No one takers her seriously anyways, see her failed 2020 US Presidential campaign. The only interest she shows in crypto is devising ways to tax it to fund her lunatic socialist programs.

Most of these government shills run blind on their own faults and focus largely on what they are targeting to make them look like they're trying to save the day when in fact they aren't.

Don't get me wrong, scams related to cryptocurrencies are really a huge problem, but the amount that she's getting mad about is laughable compared to other matters concerning fraud and scams made on other financial institutions like banks. Perhaps they should try to look even further on the other side of the spectrum before they 'grind' their gears on cryptocurrencies.

Unfortunately, this is not just the case with the US, the fact is that most politicians in the world are not in the category of capable and intelligent people, but in the category of those who are suitable for their functions in the sense of carrying out the orders of those who rule from the shadows. Therefore, one should not expect the average politician to understand cryptocurrencies in a positive way, because for them everything they cannot fully control is undesirable and unnecessary.


$100 billion would be money most would not blink at, but an adventure called Afghanistan has cost US taxpayers about $2.3 trillion (https://eu.usatoday.com/story/news/politics/2021/09/01/how-much-did-war-afghanistan-cost-how-many-people-died/5669656001/) so far - and the only result is that terrorists suddenly became good guys.

We all come to understand that she is a government trying to protect the USD's position as the world reserve currency. Don't heed or follow anything she advises or says. She's part of a group of boomers desperately trying to save a collapsing fiat currency in a new world. Instead, they're spending billions of dollars trying to regulate and crash break it. they just want to manipulate and be in their control so this has caused a lot of people to disagree.

That covers 90% of it. The last 10% is the fact that she (and most other politicians) have to cater to what they think the majority of their constituents want an like. So people hear ransowmware & crypto she has to give the 20 second sound bite about it.



What gets me is the fact that people keep going back for more. The 1st 5 times Wells Fargo screwed you over were not that bad so you go back for a 6th?
It's not like it's not common knowledge of how bad they are, and what they do. And its not like it's that difficult to go to one of the dozens of other banks and credit unions all over the place and move your account.

I deal with Chase as my primary bank, did not start with them my account wound up there through decades of mergers with other banks. Technically I have had the same account and routing number for 30+ years and probably 6 or 7 bank names. They treat me well and since I have been with them for so long I do get a lot of perks. But lets be honest, the 1st time they screw me over, I am gone. Due to a hilarious miscommunication a couple of years ago I put in a check that was not good at the time I deposited it. So it bounced and I got hit with a $15 fee. I called and they took it off. Would I have left if they had not, probably not since it was my mistake anyway.

Had a the same issue with the 2nd check issued with the same miscommunication. BoA would not take the fee off. This was after they lost another deposit about a month earlier for close to a week and that *was their fault*. Pointed that out to them, they did not care. Moved that checking account to a local credit union. Had I not had the issue with the lost deposit I probably would not have cared, since yes I did put in a bad check. But not to give me back a few bucks after they did make a major whoops a month earlier.  I'm gone.

When I hear about people getting hit by Wells Fargo time and time again, I just think about all the people who send their BTC to the double your crypto scams. Or the ones who we see here on the forum who play at the online casinos that have dozens of scam reports against them but figure "1xBit has scammed 100s of other people, but I'll be fine"

-Dave

That number is in hundreds of trillions at least. The American escape in August alone gave up $85 billion worth of weapons. Right now Taliban is among the top 5 countries that have the most number of most advanced helicopters :D

I don't hear any words from such person like that. I only hear advice from cryptocurrency related company's CEO or advisors who support cryptocurrency. Their intention is pure to give clear information about situation without have any other intention regarding their jobs and interest. I already did some calculation and adjusting strategies so I am not easily influenced by bad news or any FUD or even current market situation because I did forecasting for future not now.

In a previous post, I wrote that it was about as much as $ 2.3 trillion in money that was literally thrown away. As for military aircraft, it is true that quite a number of them remain in Afghanistan, but it is also true that most of them are disabled to such an extent that it will hardly ever take off again. Even if this is not the case, it is not easy to get off a camel or a horse and operate modern aircraft.

In todays world it's actually quite easy to disable things like that so they never work again.
Keep in mind this equipment is not like the stuff that was left in Vietnam back in the day.

It's more along the lines of computers with engines and wings and rotors.

Could you fabricate the engine parts if they did something like dump sand in and watch the turbine destroy itself? Probably. But it's a bunch of high tech alloys so what you can build is not going to work as well or last.
Can they find or fabricate replacement for a proprietary flight management computer? No way.
On the bizarre 1 in a million chance they could get one and replace it, do they have a way of programming & configuring it? No.

Will some vehicles still be working & flying because the US military did not have a way to get to them to disable them before the pullout. Yes.

-Dave

Have to agree here because I personally know several socalled HODLers who actually just bought Bitcoin at a platform or app and kept everything there,,, every time they buy it is just their balance on that account that is growing.

Not once did they even actually make a real Bitcoin transaction,,, and they hate to hear about private keys and network fees etc.

She's on her own agenda which of course is not in favour of crypto. As most politicians, everyone will say whatever the majority wants to hear, it is what they're paid for.

There's almost no need to read into the words of politician (specially those that don't have the power to do anything) and regard all they say as FUD and nothing more.

she just said a claim without evidence, in today's era the majority of people are smart and filter the news they get on the internet.  she said the amount of fraud in crypto was very large but why didn't she say that fraud on fiat was also large..