Speak for yourself. Plenty of people understand that bitcoin represents an experiment in a perfect-information non-manipulable money supply, in contrast to the world's 40yr experiment with infinitely manipulable fiat money. Many people *accept* the reality and utility of fiat currency in their daily lives while also recognizing the reality of long-term inflation in fiat, and the very unstable debt-dynamics it can create. Buzzwords everywhere. "Non-manipulable money supply", what a joke. Do you think the supply of BTC cannot be manipulated? How naive you are? And there are myriad other reasons people come to bitcoin, including:
1) Fascinating technology
2) Easier, more frictionless, way to transact
3) Far more secure way to move value around the internet
4) Mining as a hobby for the sheer fascination of it all
5) Bitcoin2 ("programmable money") ideas 1. ...and very complex to understand completely. 2. ..., but very illiquid. 3. ... with a high risk to have a loss or be victim of a fraudulent scheme. 4. ..., which includes to waste electricity and heating only for the sake to produce some random SHA-256 numbers (much excitement, bro!) 5.  People can latch on to any of the above, and more, as the primary reason they're interested in bitcoin. And yes, many people who initially found value in bitcoin due to one of the above ideas realized the investment potential and took (or are taking) advantage of that. That's only natural, and a healthy part of the process. OK, agreed. But my point still stands, most of the above is only seen as advantage to speculate. |
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I know, I totally messed up. I just wanted to give the impression that CTS Miner was developing a miner in-house in the UK. Little did I know it would be torn to shreds. Many lessons learned here. If you had honest intentions, why did you provided misleading information about your business? How about the prototype you alleged have?
OK, at least you are showing some regret. Next time come up with honest and clear information about your business. There is no successful business without some level of transparency. |
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nobody is expecting anyone to offer up any reward.
I am sure some people are expecting the brothers keep up to their promises, mainly when real help was provided. |
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Also wasn't the IP linked to the fake Butterflylabs sites? Are those people going to be refunded as well?
I have nothing to do with Butterfly Labs whatsoever. I do not understand how the IPs were linked except perhaps a hosting company I used before Namecheap which was terrible. I am sending all the BTC back to everyone who placed a pre-order - I can do nothing more but apologise. Bitcoin is certainly not a place for me and I messed up. Michael. If you had honest intentions, why did you provided misleading information about your business? How about the prototype you alleged have? |
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So, mauiflipper and Phoenix1969, did you got any refund? The people which worked hard to help you are waiting for a response. I'm no genius. Just a database guy who created some products. I also started a free email company back in the day and know a little bit about how the internet works.
Neptune Batch 1 was my 1st foray into Bitcoin. CTS Scammer was my 2nd. I don't know squat about "block chains", which is why I am offering a 50% recovery commission for help.
Even with an extremely large reward offered,... no help. nada.
Assholes are all free, by the dozen.
I'll up the offer.... 80% of anything recovered I've got nothing to lose at this point.
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All,
My name is Michael and CTS was a project I started which went seriously wrong very quickly.
The aim was to bring a mining product to market which unfortunately didn't work out at all.
I quickly closed CTS Miner, as it was beginning to be looked at as a scam.
I had four people who pre-ordered miners from me and three of these have now been refunded fully as per the refund policy I had posted on the website.
I am awaiting a reply from the last person and will refund them as soon as I hear from them.
I am posting this message here with sadness and total regret of even starting this and am very sorry I was unable to deliver.
It was a project that I took on that was just far too big for me to handle and yes, this forum tore it to shreds.
A huge lesson learnt from me and apologies again to everyone involved.
Michael
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i believe this is simply translated as:
"we want to scare you away from bitcoin for atleast 5 years, to allow us to buy the cheap coins, then i 5 years we will sell them to you at 500 times the price"
The banks do not need to do that in order to buy cheap BTC. If they can create they own virtual currency, why would they even care to waste money speculating with BTC? They can create they own speculative instrument for few dollars. |
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I started out as a speculator (I understand that most people start out like this), but I quickly realized how to use bitcoin to make my finances more efficient and a lot cheaper. There is nothing cheaper when dealing with a high volatile medium of exchange such as BTC. As for people happy with (any) fiat? The older generation experienced how all the fiat slowly degrades to shit and they are far from happy. Younger generations are facing the never ending recession and a lot of them live without any perspective for the future.
Bitcoin do not solve that problem... People who do more than receiving their salary on a bank account also don't seem to be happy at all. I have experience with banking in several countries and in my experience, the main attributes of the old system are inefficiency, inconvenience and high fees and charges. ...neither this problem. Bitcoin is the first alternative, with a completely new concept on money. I think it doesn't matter what % are speculators, it cannot affect the utility of the protocol. I don't think they are any ways harmful at this early stage either. Finally, some sense. Yes, agreed. |
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Now that people can see more and more how the banks and government and the military are NOT doing what they want, the people are turning to Bitcoin to overcome the problems that they see in the system.
It all has to do with the value people place on everything. Please, stop with this bullshit. There are billions of people very happy with their respective fiat currencies. No one is coming after BTC to "overcome the problems that they see in the system". The majority of people come after BTC to make money and speculate. |
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The only thing that backs Bitcoin is the same thing that backs the fiat currencies, stocks and bonds, and anything else. It is the value that people place on it. Nope, there is a whole legal/financial/governmental/military structure backing fiat currency. There is nothing like that backing BTC. By the way, stocks and bonds do not have exactly the value that people place on it. It is not a financial instrument which value is defined only by speculation. |
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Why do they call it a crypto currency?
Because "they" are misinformed. It is not really a "cryptographic currency". |
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Because it is precisely FUD. these banks wildy invested their client's money in worthless derivatives and now they are spouting b.s. because they can't make money out of something. Bitcoins is backed by nothing.... yeah, except mathematics.
No, that is not FUD. That was not published in any specific venue to spread fear, uncertainty and despair. Assuming you are telling the truth, that is just a mail to alert people about the inherent risks of virtual currencies. Moreover, not all banks invest their client's funds in derivatives. No, Bitcoin is not "backed" by mathematics. Perhaps you do not know what are you talking about? Right, it was not published in any venue... Er yes it was. Perhaps you don't understand either mathematics or English. In which venue that was published solely to spread fear, uncertainty and despair? Yes, perhaps I do not understand mathematics or English. So, explain to me, what is the "mathematics" backing Bitcoin? |
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No, Bitcoin is not "backed" by mathematics. Perhaps you do not know what are you talking about?
You are talking to deaf people. The amount of catchphrases and buzzwords that are considered gospel here is astounding.  Sometimes I feel I speaking with bricks in a wall. That remind me of Pink Floyd. |
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Thank you. I advise everyone which is still learning about Bitcoin to read carefully the above document. Be aware of risks when dealing with BTC. |
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Because it is precisely FUD. these banks wildy invested their client's money in worthless derivatives and now they are spouting b.s. because they can't make money out of something. Bitcoins is backed by nothing.... yeah, except mathematics.
No, that is not FUD. That was not published in any specific venue to spread fear, uncertainty and despair. Assuming you are telling the truth, that is just a mail to alert people about the inherent risks of virtual currencies. Moreover, not all banks invest their client's funds in derivatives. No, Bitcoin is not "backed" by mathematics. Perhaps you do not know what are you talking about? |
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Perhaps you should write back to them and ask why they are telling deliberate lies. And then add, "Oh sorry, forgot for a moment that you're a bank." Also mention that there are legal repercussions under European law surrounding abuse of truth in advertising.
They are not telling lies. Every item in the list is correct. |
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KBC advises not to invest in Bitcoin. We will summarise the many risks for you:
* Very hard to comprehend, and way to complex
* Not backed up by anything or anyone
* High volatility
* No money or gold guarantuees
* Lots of uncertain technological risks
* Very sensitive to fraud, illegal transactions & government regulationThis was a mailing that was sent out to all their investors & clients...I couldn't help but immediately think of this: http://tapastic.com/episode/3686I never expected this to happen in Belgium, but it seems that the banks over here are starting to spread the FUD... PS: full contents (in Dutch) to be seen here: http://pastebin.com/Cj5nTjDa The list you post is providing correct information regarding investments in BTC. Why are you calling this FUD? |
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Observers post and explanation sounds like the most plausible one. It ties together quite a few loose ends and answers a few questions that have either gone unanswered or been answered with illogical responses. Please, do not trust in any information coming from that forum user. At this point it is obvious he/she is providing false information. He/she alleged that he/she was able to trace the blockchain transactions to Antminer. It turn out to be a lie. Now he/she is telling that he/she was able to access the administration panel of the forum. This is likely another lie.  |
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So that is $68,837.40 to that one address. Is that the total amount paid by the bros for their orders combined? If it is then 4 different orders from 2 different people went to the same address. What happened to the oher orders unrelated to the bros...or why are the scammers sending the funds from the bros to end up in just one address and not the orders from other people?
That is the total of BTC (forgot the $) received by the 1MLTfBmQ42eTSG5vr4JuSqfHeG13NuygDe address. Part of the funds are from the brothers and from the forum user davebodger: Dooh!, OK, time for me to speak up now you guys have made it pretty obvious it's a complete scam, they got me hook line and sinker. I was working on something else at the time and, distracted, I didn't do enough due-dilligence. No excuse really. I missed the bit where they claimed their chips were made in-house. I knew nobody in the UK fabs 20nm - in the UK. That would have rung big alarm bells with me. If you want a bitcoin address to chase, I've put the one I sent coins to below. For what it's worth. Hopefully a minimum of people will have been got by this thanks to your detective work. It's the first time I've been scammed over the internet and I will try to make sure it's my last. View Order
Order #CTS-75 made on January 24, 2014. Order status: processing.
Order Updates
Friday 24th of January 2014, 11:59am
Dear David,
Thank you for your payment for order #CTS-75.
Your pre-order has been confirmed in our system and will ship the week beginning 7th April 2014.
We will update you via email with all progress to the products and thank you very much for placing your pre-order with us.
Kind regards,
The CTS Miner Sales Team
Friday 24th of January 2014, 11:24am
Dear David,
Thank you for your order.
Please make payment of 9.52889160 BTC to Bitcoin wallet: 12215C29Z1cJYKyGfni9kMTfV4WG7M2b7T as soon as possible to avoid your order being cancelled.
Your space will be held in the queue for 2 hours after your order has been placed and if bitcoin payment is not received within 2 hours, your order will be regrettably cancelled, you will lose your place in the queue and will need to re-place your order.
If for any reason you cannot make payment within 2 hours, please contact sales@ctsminer.com and we will be happy to discuss your order with you.
Kind regards,
The CTS Miner Sales Team
Order Details
Product
Total
Cart Subtotal:
฿7,500.00
Shipping:
Free Worldwide Shipping
Order Total:
฿7,500.00
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