Over 900 Million pesos worth of bitcoins been scammed.
Filipino couple amasses at least P900M in alleged Bitcoin scam.
MANILA, Philippines (UPDATED) – Police have nabbed a couple promising easy wealth through popular cryptocurrency Bitcoin, Philippine National Police (PNP) chief Director General Ronald dela Rosa announced on Tuesday, April 10.
Arnel and Leonady Ordonio were nabbed by PNP Criminal Investigation and Detection Group (CIDG) operatives – the police division in charge of high-stakes and high-profile crimes – in Vigan City last April 4 through an entrapment operation.
The scam, Obusan said, is structured like a pyramid scheme but with electronic money.
The Ordonios apparently had middlemen who lured people to invest. They promised to pay victims with their earnings every 15 days.
Fueled by the worldwide Bitcoin hype, more and more people were baited by the Ordonio couple's promises.
The complaints started piling in when investors lost contact with the Ordonios.
Whats happened next?
Around 50 angry victims stormed to Camp Crame on Tuesday, asking the couple if they could still get back the money they had hoped would grow.
Will bitcoin be banned because of that?
Regarding the bitcoin industry flourishing in the Philippines and if the government of the said country would take measures to subjugate or illegalize the said currency or even the entirety of the cryptocurrency as a whole,according to a reliable news source provider on the said country, the President's Spokesperson said there wouldn't be any measures to take to subjugate the cryptocurrency industry in the country. What they would do is conduct regulations and would let bitcoin and other cryptocurrencies in the market operate in the country. So bitcoin is okay with the Filipino people. |
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which I think is a kind of strategy
them to make an issue about bitcoin to fall
where they will buy when the price they are targeting
and make new news again to raise the bitcoin price to high again
For someone on the business industry, added the fact that it is the one and only Warren Buffet that claimed bitcoin would die a gruesome death, the initial reaction of us normal investors would of course be in distraught and worry over our past decisions regarding bitcoin investment. The best counterattack to this happening, is giving our utmost support and faith on bitcoin, with this, there is a high possibility we could alter any undesirable future from happening. |
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Many people are still aware the name of Bitcoin and the many governments thinks that bitcoin will damage their system. Here in india bitcoin is not legal or not iillegal but Indian government prepare to ban it.
I might correct you, though it is true that bitcoin was illegalized in countries around the world, the countries that banned compared to the countries that support and even let bitcoin be used in their territory is far more miniscule if you would consider. Anyways, these countries think that bitcoin would hurt their economy and might even think that as soon as bitcoin was implemented as a currency, them their own national currency might go obsolete and useless. |
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I think it will continue to rise, even if the price is low or high, because there are many people already invest in bitcoin, so it is very possible. Because we know that btc on the future the price may rise or high.
Theoretically bitcoin's value will continue to increase in value drastically until it reaches a certain limit which for example, is the cap for the amount of coins available for the said cryptocurrency. Anyways, it is still too far from now to happen so there are still a lot of possibilities for things unexpected of bitcoin to happen, so we can't really tell until we are at the moment. |
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As Bitcoin mining is partially controlled by Chinese miners, I have a feeling that sometime in the near future, Bitcoin can become centralized if no solution against this is proposed. If BTC could manage to bring a solution towards mining centralization by preventing mining pools with the most hashrate to effectively gain control of the network, then it would aim to become more decentralized over the years. As mining difficulty increases and new ASIC hardware gets developed, it would make it less possible for any average user to mine Bitcoin, thus making it more centralized each day. Nevertheless, I would like to know your opinion about this, as if BTC becomes centralized, it might cause it to decrease in value, and most of all, violate the principles that it was created for.  In no way do I think bitcoin would be centralized any time soon. First of all bitcoin was widely accredited and widely regarded because of its decentralized feature that gives numerous benefits to the users. So centralizing bitcoin would put all those efforts in vain. Moreover, there is no good thing about bitcoin becoming a centralized coin because this indicates that bitcoin would therefore be easily subjugated. |
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What do you think, how many people are ready to sell their goods or services on crypto? Let's say that we have service which help quick and easy to build online store and sell for cryptocurrency. What kind of reasons can motivate people to start a crypto business?
Implementing and consolidating cryptocurrencies with small-time business might sound good on paper since we all know right now that cryptocurrencies are a big thing to the people but I don't think it would go well in the real-world scenario because pretty much all that cryptocurrencies are better at right now is to become a very good type of investment for people to use in exchange for established investment methods in the market that cryptocurrency investment could equal to or even surpass in terms of profitability. |
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Crypto currency market is falling because of government’s point of view for bitcoin. Government of about 11 nation does not find bitcoin to be trust worthy and had even denied the use of crypto currency in their domestic sites and I guess this could be the most probable reason for down in the market of crypto currency and the second reason could be the media who is negatively publicising the bitcoin and all these factors are demotivating people from investing into BTC and therefore the market is falling. Cryptocurrency market should be handled and viewed by this government for them to be able to understand what is going on there specially to know and understand such matter of a digital currency. The decline of prices varies as news are showing that bitcoin is not a great investment or a currency to have in which i think that government made that so the people would ignore cryptocurrency. |
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Entering month of April, we are seeing the gradual increment on bitcoin's value. This leads to me this question, How stable is bitcoin? What are the factors indicating its constant movement aside from the fact that compared from the last years its value was unfathomable in a financial sense but sudden drops oppressing lots of investors. What sort of deem of hope to investors not to become disoriented and eventually selling there btc shares as its value decrease. What do you think guys?
Only one extreme situation will lead to its destruction. In the next few years, it may still be the largest cryptocurrency, unless the Bitcoin community causes its destruction due to greed or carelessness. Actually bitcoin is an investment because of its fluctuating value and rate. If not so it would've been a currency that is stable. We all know and we all see bitcoin as our currency to the future but in order for that to happen is that bitcoin needs to be stable in terms of rate or value. If this doesn't go like that then it is impossible for bitcoin to be a currency. It is just a matter of perspective if you can hold till you get a certain amount of profit if you are investing to bitcoin. |
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Nowadays bitcoin reach other countries and it is use in some transactions and very helpful in some country's economic.
What you can say?
Can bitcoin govern the world of business market, govern the world of every payments as it is moving to make it the future money.?
I can't see bitcoin governing the world since less than 50% of the population uses it or maybe less 30%. Aside the bitcoin is limited and even its price would hit 50K US dollars that wouldn't be enough for the billions of users. The banking system around the world are pretty similar to each other and cannot handle a virtual money with no assurance and backed up by nothing. |
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Despite the techological breakthrough that may and will happen in the future, we will still have some people who'd be using fiat.
Technological advancements will lead to a great future ahead of us, maybe a couple of decades from now and i guess using of fiat will be just a secondary options as a method of payment since technology can do it now. Bitcoin will be the primary and main reason why these things will happen in the future and that is why the prohibition of bitcoin is still a debate topic since we do have different governance who handles us. If ever bitcoin will be legalized and accepted by the government, banks would be useless at all and cryptocurrency, blockchain and other platform will take its place for monetary system. |
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A society cannot be called completely cashless society even if it is mostly using digital money. We cannot still deny the fact that we need the paper money to regulate the economy of our country and to identify us that the currency we are using is belongs to that society.
A cashless society is something that is very much suitable for the future state of the society. There people will have very fast and reliable yet safely secured to ensure the optimum transacting experience of all users. I believe that the upcoming implementation of bitcoin as a currency will be a good stepping stone towards this vision. |
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I think not. And it's better not to risk investing in Ripple. It is better to invest in other good coins.
There is a solid amount of chance of this happening in the near future. Because all altcoins that are crowd funded has a fair chance of becoming an official currency in the near future. However, because ripple is still controlled by big banks in the industry, I don't think it would give us a bigger benefit in terms of overseas transaction like how decentralized coins could. |
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Bitcoin or Real Money
Recently, a survey was conducted among ordinary US citizens. It turned out that according to the degree of preference, banknotes lose to debit cards by only 6 percent.In the polls that took place in May and June, 1 thousand Americans participated. Of these, 27 percent preferred cash. The most popular debit cards - 33%. The situation with virtual currencies is quite good. They satisfy 15 percent of respondents.
For the time being, there are means of payment in circulation that are irretrievably obsolete. They are to taste only 3 percent of respondents. These include checks.Similar studies have been conducted in Asian countries. And here it was confirmed that paper money is still the leading way of making settlements.
When it comes to benefits one can get through using this product as well as the reliability and convenience of using it while maintaining a fair amount of security, I will choose bitcoin all the way. It has everything I have said above while the only advantage fiat money has is it is stable in value and got backed by gold deposits. However less people will say that crypto is better than fiat because they dont know it. |
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i think altcoins will have really good future. but a lot of people think that it will fall in price, but i don't agree with them  We cannot say in general because there are altcoins which are not good or not performing. I think majority will fail because there is no regulation on the ICO now that is why we are seeing a lot of ICO which some does not really last in the long run. I believe there is a good amount of fortune and success with the altcoin industry as there is with bitcoin industry. If we put into consideration the quality of ICOs that are recently being listed with their projects and visions, you could clearly see that they aren't just day-trade investments anymore, they are becoming more worthwhile to invest on and suitable for hodlers in the industry. |
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There was a kind of 'Black Monday' in the US Stock Exchange. The Dow Jones Index fell 4.60 percent. A daily loss was the strongest drop in Wall Street history with 1,175 points. Panic sales jumped into the world, the Japanese Nike index dropped by 5.5 percent ...
I do not particularly like to give disastrous news, but the crisis is in the doorway ...! The American Stock Exchange has not experienced such a decline for a long time.
Is this situation the signals of the crisis or is this crisis going to be skipped in a short time?
We are all waiting with curiosity ....
I hope this will pass soon, I am optimistic this condition will improve later. patient and always monitor the condition of the market I will do to prevent something worse happen to me. I think it should not have something to worry about because the stock market is as flexible as the cryptocurrency market is. Moreover, the stability of the stock market especially the US Stock Exchange should at least give people a good amount of sense of security and serious approach in the stock market. This thing happened months ago so I believe that US stock market should be in a great situation now as stock market do also bounces back eventually. |
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If Sweden can be able to do this, I believe it is not all other countries as you have put it that can follow suit, because many countries are still fall short of technologically and electronically know how. So, its damn not going to be an easy journey for them at all and even, most of them still believe though ignorantly in Fiat currencies for real other than any Cryptocurrency.
It needs a core rule where the regulations lies and backed up by strong foundation of knowledge on technology, But for now we can't say anything nor predict since we do have different government strategies. Not all country may survive without a fiat currency and may adapt changes towards the technological advancements we have now. I think if fiat currency will be obsolete, certain problems might happen specially on economic bases. |
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Yes whether bitcoin existed or not, people would still steal. So stealing or criminalism would persist. Bitcoin is not the problem but human psychological make up. Scamming has been since the beginning of life even from the bible stories.
Absolutely, the addressed problem will not be pointing on the cryptocurrency or bitcoin itself because crime can be done without the use of digital currency. What the certain point is that we cannot a void crime or illegal actions such as hacking and online terrorism, just so happen that some criminals uses bitcoin or other cryptocurrency to get their primary agenda. However, Although this may seem alarming, I don't think bitcoin is that dangerous. As a matter of fact fiat money is more used than bitcoin in crimes. |
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Good Day guys, just searching for an alternative way to invest my money to,
so the question is, is buying new listed token(token that just ended ICO) to an exchange profitable? do many of you do that? would you recommend doing that? or should I buy on their ICOs?
There's no assurance. It would end up lie a gambling game. No one surely knows how successful will a coin be upon being releasedin the market. That is why reading the whitepaper is helpful. You will know what kind of coin it is, and from that you can make assumptions whether it will be successful or not. So it is a sort of a 50-50 chance whther it will be profitable or not. |
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BTC main value proposition is to be a decentralized currency and/or value store. 1. The BTC community desires it to be widely adopted by the population. But price volatility prevents so. A significant amount of people cannot afford the cost of volatility.
A big argument against inflation is that it raises the cost of business. The same argument can be used to criticize BTC. BTC volatility raises the cost of doing business if BTC is your only capital. If we desire BTC adoption to rise we must take care of BTC price fluctuation. BTC demand is highly unpredictable while supply is predictable, resulting in unpredictable prices. That means volatility can't change unless demand stabilizes.
Common counter-arguments:
3 "BTC is volatile but it always rises in the long-term so it doesn't matter". Is it does, it increases the cost of business. I can't start a bakery with only BTC capital because in the first dip I will have to take loans to pay wages.
3.1 "Oh, but you can't see that happening because you can't see far enough." This sounds like a highly utopian view. Pragmatically, we need a path from here to there, I turn to you and ask, how can we get there?
3.2 "Okay, it doesn't matter for some people and that's all". Okay, then BTC will be a niche store of value, contradicting #1.
4 "Demand will stabilize in the long term." How?
5 "Price stability is a myth, market demands always change them" Sure, it's a myth. Yet it is desirable. If we are designing the system, shouldn't we take that in account? "No, we shouldn't, if you want to do that go and create your own coin." Okay, then BTC will be a niche store of value, contradicting #1.
What incentives do savers have to buy-in on a inflationary money supply? The incentive of stability? That's one reason people agree being exposed to the USD. Am I defending inflation tax? No. I'm asking could there be benefits to having a transparent voluntary contract with varying money supply rate. And I'm leaning towards a yes to this question.
If the supply of a coin could be influenced by price then we would have a more stable coin, the cost we pay is inflation. The issue then becomes an optimization issue, on what would be a proper trade-off.
What are your thoughts?
I do agree. It seems to be a factor for countries who are planning to adapt Bitcoin as a currency. It is still a problem because a currency should have a stable market price in order to be used fairly in the market. But since the market value of Bitcoin changes from time to time, stability on its price is lacking. So let's just wait what tomorrow could bring. |
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Its popularity in the market is what brought Bitcoin to where it is now and is the key to its vast growth,in general. The popularity can be reflected to the demand that it is having in the market and given that its market value is dependent with the demand, the effects are observable. And that I think is the biggest thing which made bitcoin to grow this far in just a short period of time.
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