Has there been an update about his situation ? Is someone following his case ?
from the article below it seems he may be charged with the btcst ponzi scam as well but no updates have been released yet : "Wagner was a participant in HYIP scams, including a program called “Pirate Pass Through,” a ponzi scam offered by the disgraced Bitcoin Savings & Trust; Trendon T. Shavers, aka “pirateat40,” the operator of Bitcoin Savings & Trust was arrested in 2013 for running a Ponzi scam. We can’t ascertain at this stage whether Wagner was involved in running the scam or was simply an investor at the top of the ponzi pyramid, but there is ample evidence that he was pushing the program. How the charges Wagner is facing are related to his involvement in HYIP scams isn’t clear, although certainly the fourth charge relating to transport and transmission of funds used in a criminal offense certainly would fit the definition." Good riddance. I don't care if they nip him on unrelated charges...a scammer is a scammer and deserves the punishment for his actions. He's exactly the type not needed in the community.
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I'm a bit perplexed.
I thought bitcoin ownership and conversion is perfectly legal in the U.S. Or is it a state-by-state basis?
Or perhaps he was just doing this unreported and did not pay a single penny of tax on it? If so, then I have no sympathy for him, that's clearly breaking the law.
Ofcourse thats not a whole story. Seriously think hes only buying and selling for his own investment? Thats what he will use for defense. FEDs might have more than that. That's what I'm thinking. Otherwise, FEDs would be having a field day prosecuting thousands of sellers on localbitcoins over the past 2 years. There's got to be more on this story regarding some deeper illicit activities, and most likely tax evasion on a grand scale (which, does not matter whether you're selling bitcoins or shit on ebay...you'll eventually get hit)
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Sell the news as they say.... This is no rally, is just delusional upswing. It will die soon, when Coinbase counter ends.
The thing is, price can be 310, 350 or even 370 at that time. So everybody will short like hell, maybe we'll see sub-200s again.
Unfortunately, this forum will never take 'sound' financial advice so don't bother trying to help. Which is why majority of these people remain depressed HODLERS instead of making big money short term like the smart guys and actually 'playing' to the market. I actually bought and flipped some LTC for epic gains @~$2.2x yesterday. One of the best 24 hour flips I've had in awhile.
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lol@everyone who got killed by market shorters and pumpers setting a bull trap yesterday
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I'm a bit perplexed.
I thought bitcoin ownership and conversion is perfectly legal in the U.S. Or is it a state-by-state basis?
Or perhaps he was just doing this unreported and did not pay a single penny of tax on it? If so, then I have no sympathy for him, that's clearly breaking the law.
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The distribution of wealth has little to do with inflation, if any. The top wealthiest individuals on this planet all come from old family money which has been kept and transferred from generation to generation. Generally in the form of businesses, resources (oil/diamonds/etc), entertainment (recording industry/film/television/etc), or simply royalty. All inflation does is allow the bankers to help the irresponsible politicians keep their frivelous spending habits without having to take out loans. The wealth distribution and divide between rich and poor would remain the same with or without inflation. So not sure what the OP's point is.
inb4 Winklevoss
But if you look at the current richest people you see that they were entrepreneurs who became rich in recent decades or years, people such as mark zuckerberg, Bil Gates and even the first bitcoin developers. The problem are bankers and people who have usually much money and some financial companies in us. Bill Gates came from a generational banking family and he was busted driving a Porsche without a license at age 21. How many 21 year olds do you know have a porsche at their age? If Bill Gates didn't found Microsoft I'm sure he would had gone on some gap year, attempted university again and then ended up as a Bank President somewhere. If you're going to single out the exceptions then at least research their backgrounds. Bill Gates even as a teenager was already a member of the 1% and was guaranteed to be a success, unless he developed a mental illness or something, due to family connections. As well these threads are total bait for selection bias. Typical college dropout isn't a billionaire, the 1 college dropout who becomes a billionaire there is probably 1 million dropouts who never amounted to anything and died broke. Bingo. Too many many of these 'kids' weren't even around before Bill Gates became 'Bill Gates,' so they have no idea what happened during his rise to fame. The rich will continue to get richer...and that certainly holds 100% true for the richest in the world. Generational money never leaves, especially when they typically hold virtual monopolies in their respective industries. Zuckerberg? I'll give you a hint...Jewish. expert4knowledge, I'm sorry man, but you don't have any clue as to what you speak on regarding this subject. Inflation has zero bearing on the wealth divide and how the richest live.
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The distribution of wealth has little to do with inflation, if any. The top wealthiest individuals on this planet all come from old family money which has been kept and transferred from generation to generation. Generally in the form of businesses, resources (oil/diamonds/etc), entertainment (recording industry/film/television/etc), or simply royalty. All inflation does is allow the bankers to help the irresponsible politicians keep their frivelous spending habits without having to take out loans. The wealth distribution and divide between rich and poor would remain the same with or without inflation. So not sure what the OP's point is.
inb4 Winklevoss
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lol these threads show exactly how experienced and intelligent a lot of these bitcoin 'investors' are.
*bitcoin holds 200-220 range for 1 week*
BITCOIN STEADY, OBVIOUS TRENT IS UP!
I'm actually wondering if some of you guys are 12.
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Speculators with deep pocket.
Bitcoin has nothing to do anymore with the original satoshi-idea. It has nothing to do with 'the people'. The foundation is hijacked and Gavin is a sockpuppet too. Bitcoin is not anymore about freeing people from the shakles of the banking system. It has become a game of whores, whoring for big money. Bitcoin now only relies on the good will/stupidity of the large investors. If they change their mind now what are the moneywhores in bitcoin gonna do? Keep whoring for big pocket investors and see where you are going to end up. It's a very interesting exercise in the 'greater fool' theory. At this point, only the early adopters, scammers, and market shorters are the ones left out of the 'fool' discussion. The great majority of the rest seem to be bunched into the baghodler 'get rich quick' boat that already left the dock nearly a year ago. (as is evident by all the price infatuation threads in every subforum). Smart money has already filtered into assets with intrinsic value such as precious metals with real world industrial and electronic uses.
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gold strong last 3 weeks and many investor look back to invesment in gold. i guess
Have no idea what's going on, charts tend to indicate overbought, but precious metals have been steadily going up and showing bullish signals. A break and hold above $18 could be big for silver.
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Cool idea, but 'ChangeTip?' Really? That was really the best name they could come up with? I know non english speaking Nigerians that could come up with a better, more fitting name than that.
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Wtf.. 10 million of dollars are just a dimes for many people out there.. I can't understand how they already didn't realised Bitcoin is superb store of value, better than fiat and gold. Why they don't put just a part of their wealth in it?
And where the fuck is Satoshi to support his project with this million of BTC he owns?
Want to know why they're millionaires and you're not? Because like...you know...they actually make 'sound' investment choices. Aka NOT stuff like bitcoin.
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Listen to this guy. He has 'pro' in his screenname, so he obviously knows what he's talking about.
$50,000 by Jan. 27th.
I'm not waiting to find out Better back up that pickup and load the hell up! I suggest putting in every cent you can afford, including your entire savings and monthly paychecks only excluding food expenses.
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Bitcoin HODLER: Fiat owner:
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what could possibly go wrong
Probably as much as Karpeles managing the biggest bitcoin exchange, amirite?
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Listen to this guy. He has 'pro' in his screenname, so he obviously knows what he's talking about.
$50,000 by Jan. 27th.
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In the year 2010 I was introduced to bitcoin while listening to a philosophy podcast. At that time bitcoin had just CRASHED all the way from $30 down to $3. The "bubble" had popped if you will, and it was quite clear to everyone that bitcoin was dead.
So I decided to buy 500 Bitcoin.
The very next day I walked into my garage and accidentally stepped onto a rake which flew up and hit me in the head and was knocked out cold and remained in a coma for 5 years.
I woke from my coma yesterday and the first thing that I did was ask what the price of bitcoin was doing, the answer i got was, "Bitcoin is dead, it's just crashed all the way down to $197."
Unfortunately, all that bitcoin profit will now go to your 5 years worth of medical bills, and probably won't cover it. :sarcasm:
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I love it how he's trying to double his initial measly investment by using the downward spiraling bitcoin. When he could easily multiply a $100 investment by 5-10x easily by just buying hot items from china and reselling for monster profits.
So much facepalm its painful to watch.
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OP does kind of have a point.
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Good points and a generally well thought out post. However, I think mining profitability is just one small component of the general flow of bitcoin. The biggest obstacle it will have to face, being a non transparent 'trust' system, is just that...trust. The continued nationally broadcasted scam exchanges and illicit activity are what will ultimately cast a dark shadow on its name and prevent the common prospector from participating. We're already experiencing that phenomena now. Whether the price is $5 or $5,000...something is going to have to change within the bitcoin ecosystem to help prevent and weed out these grandeur heists...or the project will never fully materialize.
Bitcoiners will rationalize by saying that every currency has its pitfalls and are subject to the wrong hands. And while that is true, those other 'already adopted' currencies are not the ones on the outside looking in, trying to break into mainstream hands. Bitcoin has the 'burden' of proving to the common individual that it is a positive, trustable and dependable technology...with enough incentive for them to ditch current methods.
Think of this like an episode of Shark Tank. You can hype and pitch your technology's usage and benefits a million ways until the sun don't shine, but if the experts still have an armory full of counter points, holes in your logic, and skepticism....it's going to be difficult to get that final nod.
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