Who gives a shit about this insignificant Chinese exchange?
I've never even heard of it.
I guess most people havenīt heard of BTCChina or other chinese exchanges before the November 2013 runup, but they already existed and also influenced the market during the whole time of at least early 2013. |
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3000 and only 30 want to go to court?
I understood that 30 victims contacted a local Councillor because they had no proof of investment and thought that the police would not take up their case. The Councillor directed them to the police, let's see what comes of it. (...) estimate is based on the company's own earlier claims that it served 3,000 clients who had invested HK$1m ($12,890) each. Are you suggesting to us that numbers brought forward by an apparent ponzi scheme promoting their scam to suckers should reasonably be assumed to be truthful? I know that the denial is strong among the bitcoiners, but according to some websites these numbers have been reporterd by the "inverstors" and not by mycoin.hk. http://www.scmp.com/news/hong-kong/article/1707565/investors-fear-hk3b-losses-closure-bitcoin-trading-company"Investors said they were lured by promises of a HK$1 million return in four months for buying a HK$400,000 bitcoin contract which would produce 90 bitcoins on maturity." "An 81-year-old woman surnamed Chan said she recovered only HK$1.2 million on her HK$3 million investment on seven bitcoin contracts. " "No one seems to know who is behind this, said a woman surnamed Lau, who saw her HK$1.3 million investment in four bitcoin contracts evaporate. " |
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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.
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. Itīs hard to keep track and not to be confused with all those big bitcoin scams and frauds that appear almost weekly. |
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Remember kids... the price doesn't matter, bad news doesn't matter, China doesn't matter. Nothing matters in BTCland other than pictures of honey badgers and walls of text proclaiming the NWO. Lemme save you the time. He says that money only has value because we believe it has value. I suppose that's true in a certain context but useless. Economics professors (he's a prof) only have value because we believe they have value also. What determines MARKET value for anything is supply and demand and what determines the value of something to an individual is marginal utility. Any Econ Prof worth his salt will tell you that the first week of Econ 101.
BillyJoeAllenRedneck firefighter who can't spell his own home state correctly
And of course even those with an education are wrong, wrong, wrong. So, make sure to keep buying BTC with your credit card...if Cletus here says its good, why worry.  |
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Just a small reminder why the orderbook of Bitfinex often looks more bullish(than Stamp with its meager 3 mio USD). Due to the possibiliy of margin trading and using Bitcoin as collateral it is not necessary to deposit real or fresh USD over there. A lot of those bids are probably from early adopters using their huge BTC stash tryin to protect their investment with it. However as the price gets lower and lower their available net worth that is needed to place orders also gets lower, which leads to less and less USD bid sum if the price goes down. My guess is that 60-70% of the bids in the orderbook are created with BTC used as collateral, which could lead to a death spiral if we should get another huge crash below 150$ where people actually try to withdraw USD and no longer look to increase their BTC positions. Please correct me if i am wrong!
No Shit Sherlock If youīre that smart than i guess you have already calculated the price at which Bitfinex collapses and everyone, bears and bulls, will loose their money. Would you mind telling me? |
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an exchange no one has heard of has 500 million of the 3 billion dollar market cap
someone ban the troll / scamming OP for posting this shit
Agreed, OP should be banned for repeatedly trying to spread untrue FUD. Are you stupid? Can you even read? Do you think all those articles are made up? Did the bitcoin bearmarket destroy your brain, or are you just another typical bull scammer who is trying to discredit everyone and everything telling the truth? Can you even read, Fonzi? Are you stupid, or a liar? It was a Ponzi, why isn't that fact in your thread title? What a weak attempt trying to justify your false accusations. BTW: I did write Mtgox which is just another synonym for a ponzi. |
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Someone remind fonzie to take his meds.
I have (by accident) taken my whole monthly dose this weekend.   |
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Just a small reminder why the orderbook of Bitfinex often looks more bullish(than Stamp with its meager 3 mio USD). Due to the possibiliy of margin trading and using Bitcoin as collateral it is not necessary to deposit real or fresh USD over there. A lot of those bids are probably from early adopters using their huge BTC stash tryin to protect their investment with it. However as the price gets lower and lower their available net worth that is needed to place orders also gets lower, which leads to less and less USD bid sum if the price goes down. My guess is that 60-70% of the bids in the orderbook are created with BTC used as collateral, which could lead to a death spiral if we should get another huge crash below 150$ where people actually try to withdraw USD and no longer look to increase their BTC positions. Please correct me if i am wrong!
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Someone on Stamp is trying to sell the old ATH!  Bullish! |
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None of the newssites clams that they calculated the missing money with BTC/CNY prices. They donīt a say a word about the number of missing bitcoins. They say that people paid on average 400k$ KH for some contracts.
"Investors said they were lured by promises of a HK$1 million return in four months for buying a HK$400,000 bitcoin contract "
Most of this story has nothing to with real Bitcoins. Itīs just a typical ponzi that has chosen to use Bitcoin for itīs marketing. But still, bad news is bad news(for Bitcoin) and missing FIAT money is still missing.
Stop bullscamming, no one will buy your overpriced coins. No sane chinese will ever put fresh money into anything that is related to Bitcoin!
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None of the newssites clams that they calculated the missing money with BTC/CNY prices. They donīt a say a word about the number of missing bitcoins. They say that people paid on average 400k$ KH for some contracts. "Investors said they were lured by promises of a HK$1 million return in four months for buying a HK$400,000 bitcoin contract " Most of this story has nothing to with real Bitcoins. Itīs just a typical ponzi that has chosen to use Bitcoin for itīs marketing. But still, bad news is bad news(for Bitcoin) and missing FIAT money is still missing. Stop bullscamming, no one will buy your overpriced coins. No sane chinese will ever put fresh money into anything that is related to Bitcoin afther this hits the news! |
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Tell that to my aunt who lost her life savings....  |
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Will bullscam newssites like coindesk.com even report about the ponzi incident? Nothing so far...  |
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Yes, you have seen this article by now, I suppose: Why the Chinese can't get enough of Bitcoin - despite bank ban Peter Ford, Christian Science Monitor, 2013-12-06 http://www.csmonitor.com/World/Asia-Pacific/2013/1206/Why-the-Chinese-can-t-get-enough-of-Bitcoin-despite-bank-ban"In December, the company changed its trading rules, forbidding investors to cash in all their bitcoins unless they manage to find more clients." @JorgeStolfi, do you know if BIT investors meanwhile are allowed to cash out, or is it still prohibited? https://twitter.com/barrysilbert/status/551553942745006080No news on the SMBIT thread, and Google does not seem to find anything either. I suppose that it is still at Stage 4 in the Karpelčs Scale. According to Barry's tweet, they have suspended redemption (withdrawal, liquidation) since 2014-10, while they are waiting for SMBIT shares to be listed at OTCQX -- an exchange for non-standard assets ("pink sheets" some sources have called them). SMBIT had promised investors that such a market would be available by April 2014, IIRC. I don't understand why they have to suspend redemption for that reason. Perhaps they intend to suspend redemption indefinitely, so that the only way for clients to get their money back will be to find even greater fools more optimistic investors? Anyway, I suppose that their clients were duly warned that such a situation could arise, and SMBIT has told them the reasons for the suspension Unfortunately, it seems that clients have to sign an NDA of some sort, and cannot reveal the content of the mail they get from the fund. Thanks. I canīt wait to see how this BIT thing plays out in the end.... If we ever should get any informations. |
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Most stolen coins have already been sold. Why do you think the price has gone down for over a year?
OK, thanks for the update(inside informations), iīm buyin in now. I always thought it was due to the lack of fresh money/buyers. But i guess those 3 million USd left on Bitstamps orderbook will take us to 800$ soon. Edit: Sometimes i also get told that Goxs missing 800k bitcoin were already sold during the crash from 32 to 2$? |
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an exchange no one has heard of has 500 million of the 3 billion dollar market cap
someone ban the troll / scamming OP for posting this shit
Agreed, OP should be banned for repeatedly trying to spread untrue FUD. Are you stupid? Can you even read? Do you think all those articles are made up? Did the bitcoin bearmarket destroy your brain, or are you just another typical bull scammer who is trying to discredit everyone and everything telling the truth? |
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https://bitcointalk.org/index.php?topic=949455.msg10397491#msg10397491三十亿，三千名用户？你确定？平均下来，每个用户有一百万的资产在平台？我不信。 Translation: "Three billion , three thousand users ? You sure? On average, each user has one million of assets in the platform ? I do not believe." Even the chinese are still in denial. There is something that unites bitcoiners worldwide... Blinded by greed.
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It could be a good thing if that exchange has gone down.
More coins are lost which limits supply hence a price rise.
Just like the MtGox collapse and itīs missing 800k BTC made the price skyrocket. |
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It could be a good thing if that exchange has gone down.
More coins are lost which limits supply hence a price rise.
One should consider the possibility that a lot of potential chinese BTC investors will be scared due to this news. They will probably think twice before putting anything into it. Bitcoin will always get labeled as that "ponzi thing" in China from now on. At least for the average chinamen. And these are the people bigger fools, that bitcoin would desperatley need now to end the bear market. It will be interesting to see if the PBOC decides to do something now? Maybe more regulations, ban or something else. For all we know a lot of these exchanges arenīt working really transparent and are possibly acting fractional reserve. Bullish? |
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Seen enough trolling over the years, and if its not on coindesk, i dont believe it.
Bitcoin probably will go under 200$, but not because of false news hoaxes :]
Once again so called BTC news sites (bull scammers) like coindesk just donīt write anything about it. But you could expect huge headlines if another hot dog shop in Mexico would accept Bitcoin. |
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