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1601  Economy / Long-term offers / Re: Starfish BCB - Loans and Deposits on: October 11, 2012, 11:33:33 PM
If Patrick had only classified his investment thing as a managed hedge/mutual fund, with returns based on his investment skills as opposed to fixed interest "savings account" style returns, none of this would have been a problem. Losses would have had to be taken by the customers instead of Patrick, and his returns would have been consistent with the average hedge fund (lesson: don't invest in hedge funds, people. You'll save time by just flushing your money down the toilet).
I 100% agree. But I don't think this is because Patrick was scamming, I think it was because Patrick was naive. This should have been just as obvious to Patrick's customers as it was to Patrick. Having been there, I can assure you that it certainly seemed that both sides were equally deluded and both sides were equally willfully blind.

I don't have any problem with foolish Patrick sharing his losses with his foolish customers. Hopefully, they will all learn a lesson. Some of his customers did make outrageous profits and it's not at all unfair for them to bear some of the losses.
1602  Other / Politics & Society / Re: Women and free market on: October 11, 2012, 03:37:55 PM
Markets encourage some behaviors and discourage others, which may be not always in the best interest for themselves and everybody else in the long-term, because individuals often think and act too short-sightedly. That's all I meant.
If you think this is a big problem for markets, where people decide how to allocate their own resources for their own benefit, you should see how big a problem it is when people get to decide how to allocate other people's resources for other people's benefit.

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Maybe the root of our divergent assessments is that you believe it is a choice like many others. I rather feel that childbearing is a permanent and important aspect of a society. Statistically, every woman needs to give birth to slightly more than 2.0 children in order for a population to remain constant.
If you like childbearing, you are welcome to encourage it with any resources at your disposal. I just ask that you don't attempt to commandeer other people's resources to use in your social experiments. There is nothing inherently good about a constant population. Some may have good reasons to prefer an increasing population, others a decreasing one. You are welcome to use your resources to achieve your goals, just please extend to me the courtesy to use my resources to achieve my goals.

I have no objection to others incentivizing or dis-incentivizing childbearing as they please. So long as you get others to go along with you by the strength of your arguments rather than the size of your gang, you have my full support.
1603  Other / Beginners & Help / Re: Bitcoin scams on: October 11, 2012, 02:12:15 PM
I think OP should think twice before impersonating a governmnet official... (even if its not worded right you know what i mean)

It is an offense in more or less all countries.

So <OP> stay away from this forum and you will reduce the illegalness of this forum.
At least in the United States, the law is probably that there must be some kind of fraud or "speech integral to criminal conduct" involved for it to be illegal. See United States v. Alvarez. http://www.supremecourt.gov/opinions/11pdf/11-210d4e9.pdf

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Content-based restrictions on speech have been permitted only for a few historic categories of speech,including incitement, obscenity, defamation, speech integral to criminal conduct, so-called “fighting words,” child pornography, fraud, true threats, and speech presenting some grave and imminent threat the Government has the power to prevent.

Absent from these few categories is any general exception for false statements. The Government argues that cases such as Hustler Magazine, Inc., v. Falwell, 485 U. S. 46, 52, support its claim that false statements have no value and hence no First Amendment pro-tection. But all the Government’s quotations derive from cases discussing defamation, fraud, or some other legally cognizable harm associated with a false statement. In those decisions the falsity of the speech at issue was not irrelevant to the Court’s analysis, but neither was it determinative. These prior decisions have not confronted a measure, like the Stolen Valor Act, that targets falsity and nothing more.

Even when considering some instances of defamation or fraud, the Court has instructed that falsity alone may not suffice to bring the speech outside the First Amendment;the statement must be a know-ing and reckless falsehood. See New York Times v. Sullivan, 376 U. S. 254, 280. Here, the Government seeks to convert a rule that limits liability even in defamation cases where the law permits recovery for tortious wrongs into a rule that expands liability in a dif-ferent, far greater realm of discourse and expression. The Government’s three examples of false-speech regulation that courts generally have found permissible do not establish a principle that all proscriptions offalse statements are exempt from rigorous First Amendment scrutiny. The criminal prohibition of a false statement made to Government officials in communications concern-ing official matters, 18 U. S. C. §1001, does not lead to the broader proposition that false statements are unprotected when made to any person, at any time, in any context. As for perjury statutes, perjured statements lack First Amendment protection not simply because they are false, but because perjury undermines the function and province of the law and threatens the integrity of judgments. Finally, there are statutes that prohibitfalsely representing that one is speaking on behalf of the Government, or prohibit impersonating a Government officer. These examples, to the extent that they implicate fraud or speech integral to criminal conduct, are inapplicable here.

While this case was about falsely claiming to have received military honors, the principles would seem to be the same with falsely claiming to be a government employee -- mere falsity is not enough.
1604  Economy / Scam Accusations / Re: Nefario on: October 11, 2012, 02:04:26 PM
Not to worry, Santa Claus just initiated the transfer to the Easter Bunny's account for full release sometime after Tuesday 2015.
How did you find out about this? Did Elvis tell you on the UFO? Elvis can't keep his damn mouth shut.
1605  Economy / Scam Accusations / Re: Nefario on: October 11, 2012, 12:38:05 PM
Another thing maybe it is for products that arent backed. But miningprojects or any other serious thing is backed. And you bought the shares because the dividends.

The dividends arent lost too. At least when the issuers are honest. So there wouldnt be a price loss too only because of the closure of glbse.
You are right. I am probably being too pessimistic. There is no doubt there is some loss of value because the future redemption of the assets is uncertain and the lack of a way to trade has harmed the market. But for some assets, it may not be anywhere near sufficient to make them "nearly worthless".
1606  Other / Beginners & Help / Re: Do i need to download the block chain if i'm mining with a pool? on: October 11, 2012, 10:46:53 AM
but i can also use online wallets which do not require the blockchain and will get my money stolen

ftfy

ok, so i guess i will be downloading the blockchain and using a local wallet then.  Smiley
You actually only need the blockchain to spend. Also, make sure you save a copy of the private key corresponding to the account you're mining payments are going to.
1607  Economy / Long-term offers / Re: Starfish BCB - Loans and Deposits on: October 11, 2012, 10:03:25 AM
This again, huh?  pirate started like this.  Super helpful, big apologies and promises, the forum heaping praise on him and scorn on doubters.  Then he split with all the money. A month later, he'll get a scammer tag.

You are all going to let it happen again, and you'll be absolutely blown away for the umpteenth time this has happened.  It's as if you have no pattern recognition at all.
He got money from investors and he claims he has legitimate losses due to loans that went bad, indirect Pirate-related losses, and GLBSE operational stoppage. It's possible he's lying about the extent of his losses, but we all knew that he would eventually sustain those kinds of losses if he wasn't scamming. He is splitting losses from high-risk loans with his investors. Even if he walked away from all his obligations now, it still wouldn't be clear this was a scam. (As opposed to Patrick just being rather naive and causing his equally-foolish investors to suffer heavy losses due to making obviously bad loans.)

In other words, what he is claiming happened is precisely what we all said would happen if he wasn't scamming. Pirate didn't start by claiming to be making high-risk loans. Pirate didn't start by claiming he had suffered losses due to bad loans.

1608  Economy / Scam Accusations / Re: Nefario on: October 11, 2012, 08:40:36 AM
Unless it pretends to have feelings.
We might be getting a bit off topic.

"the atrocities he witnessed have affected him most deeply."

However, isn't that a substantial under-current in this thread. Smiley
http://en.wikipedia.org/wiki/Affect_%28psychology%29
1609  Economy / Scam Accusations / Re: Nefario on: October 11, 2012, 08:36:53 AM
We will see once they migrate to new platforms I guess.
Just understand that if that happens, the assets will gain back value they have currently lost. That won't undo the loss because the set of people who benefit from the gain are not necessarily the same as the set of people harmed by the loss.

If a stock drops in value by $10 one day and then goes back up $10 the next day, it's not "no harm no foul". The benefits from the gain do not undo the harm of the loss. For one thing, the opportunity cost of being able to trade the asset is lost every day one cannot trade it in any way. And the time value of dividends is being lost. And some people might sell their rights to claim their assets to others at a steep discount because they need money know.

The harm Nefario did by delisting Goat's assets and GBLSE did by shutting down is done. Barring some kind of compensation to victims from Nefario or GLBSE, the asset owners will suffer losses no matter what they or the issuers do.

There are three takeaway lessons from this:

1) Asset contracts must specify precisely what will happen in the event of a delisting.

2) Stock exchanges like GLBSE must insist any assets they trade have a delisting policy in the contract.

3) Stock exchanges like GLBSE must themselves have a delisting policy explaining precisely what they will and won't do if an asset is delisted.
1610  Economy / Scam Accusations / Re: Nefario on: October 11, 2012, 08:32:43 AM
The reason you bought something has no effect on its fair market value. All of the delisted assets are nearly worthless now. If you don't think so, try to sell one of them and tell me what you get for it. GLBSE's unilateral action, for which we have as yet heard no justification, destroyed that value.

Might even have no affect.
Unless it pretends to have feelings.
1611  Economy / Scam Accusations / Re: Nefario on: October 11, 2012, 08:24:38 AM
Nefario destroyed the value of those assets. That's just a fact. There is no practically no value left to save.
Except for those assets which have an intrinsic value. Which, until they pay off, is in the eye/judgement of the (be)holder. (And dependent on the integrity of the issuer.)

Not everyone buys to flip. Some of us have bought stuff to own.
The reason you bought something has no effect on its fair market value. All of the delisted assets are nearly worthless now. If you don't think so, try to sell one of them and tell me what you get for it. GLBSE's unilateral action, for which we have as yet heard no justification, destroyed that value.

The assets are nearly worthless now. Every asset owner has taken a huge loss as a result of GLBSE's actions.
1612  Economy / Scam Accusations / Re: Nefario on: October 11, 2012, 07:58:31 AM
As long as those assets remain delisted, I suspect that Goat is stuck having to manually work out the claim codes.
I honestly don't see any reason Goat should mitigate the damage GLBSE did to their own customers at his risk with no cooperation from GLBSE. If I were Goat, I wouldn't do it. If there's some argument that he ever agreed to assume this risk, I haven't seen it. Were I Goat, I would be willing to work to negotiate a sane way to do it in good faith with GLBSE, assuming Nefario no longer had control over GLBSE. (Expecting Nefario to negotiate with Goat in good faith seems comically doomed to fail.) But that's as far as I would go.

Were I Goat, I might be willing to pay fair market value to the asset owners, were there some sane way I could do it. But recognize that because of the GLBSE delisting, the fair market value of those assets is very, very low because they are untradeable. From what we know, it seems Nefario, either intentionally or with gross negligence, totally destroyed the value of those assets -- harming only his customers. There is practically no value left to save.
1613  Economy / Scam Accusations / Re: Why I should get a scammer tag. on: October 11, 2012, 06:43:30 AM
The bylaws don't say that the company represents its shareholders. It only states certain responsibilities and rights of its members. Why should it be implicit in this contract that the company will be able to personally represent its shareholders and put them in debt?
Because that's the primary purpose of the contract. The purpose of the contract is to create an entity owned and managed by the shareholders that other people will extend financial trust to. Nobody could have entered into that contract and not understood that they were taking partial ownership and control over an entity that would hold other people's money and be responsible for that money. Limited liability, where an artificial person is created that is itself responsible for its own liabilities, is a special legal exception, not the default rule -- the default rule is that a principal is fully liable for damages done by the actions of its agent when acting within the scope of its agency.

(I am not saying, by the way, that scammer tags should work this way. The forum is totally free to disregard general principles of law in favor of fairness. But the general principle of law is that if you empower someone to act on your behalf and for your benefit, you are fully liable for any harms they do within the scope of that empowerment -- just as if you performed those actions yourself. And, by the way, your liability is *not* limited by your share. A 1% stockholder can be held 100% liable because "the defendants are in the best position to apportion damages amongst themselves. Once liability has been established and damages awarded, the defendants are free to litigate amongst themselves to better divide liability. The plaintiff no longer needs to be involved in the litigation and can avoid the cost of continuing litigation." Those harmed don't care who pays them back and there's no reason they should have to litigate that issue.)
1614  Economy / Securities / Re: (GLBSE) TYGRR.BOND-P 4.85% weekly uninsured pass though bond to BTCST on: October 10, 2012, 09:26:53 PM
GLBSE offered a service to those issuing bonds/stocks listed on their exchange, for as long as they were listed on the exchange, and when they are no longer listed on the exchange, they are under no obligation to continue offering said service.
I understand this is their position. I consider it a scam. Until a transfer of ownership records to some other scheme is completed (or reasonable efforts to accomplish it fail), GLBSE cannot abandon its obligation to protect its customers' ownership interest.

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Now, if the new exchange is willing to put in code, where the issuer lists their asset, where they can input the ownership list, using the codes themselves, and then the trader, has a method where they can go into a menu for that asset where they can claim ownership of their shares/bonds using the code, preserving the anonymity from the asset issuer, that is up to the new exchange.
That can't work without GLBSE's cooperation, as I've explained. Your are saying GLBSE has no obligation to cooperate. If so, then the scheme can't work.

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You can't redeem the codes with GLBSE, because there is simply nothing to redeem those codes for, that GLBSE has, to give you. If you still believe you have to redeem them with GLBSE to get your shares/bonds, just what is it do you think they are able to give you?
Proof of ownership that the issuer can use to continue your ability to receive dividends from the assets or sell them. The codes alone don't work with GLBSE's cooperation.

If I generate a MTGOX code today and tomorrow to reimburse they tell me that is already paid, I'm screwed, go mtgox reclaim something, you are responsible for that nobody steals it and assume the risk involved in using them.
Right, that's why you cannot redeem a Mt. Gox code without Mt Gox's participation. You need the issuer of the code to say whether the code is genuine and whether it was already paid. A scheme where Mt. Gox issues codes and then some other entity redeems them with no cooperation from Gox is not going to work.
Where this comparison falls apart, is that with an MtGox code, MtGox has something of value that needs to trade hands with the person who redeems the code. In this case, Bitcoin (or is it paper, I haven't needed to use one).
Same thing -- GLBSE has something of value that needs to trade hands -- the record of ownership of the asset.

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When you give someone the code, you are doing so as payment for something, and the recipient expects to be able to take that code to MtGox, and turn it in, to get the funds that code represented. This is something that MtGox actually does have in its possession.
Same here. GLBSE has in its possession the only usable record of who owns how much of the asset. The value inherent in being the recorded owner of the asset is what needs to be retrieved from GLBSE.

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The codes from GLBSE, do not represent funds, or a transaction, or even shares/bonds.

The GLBSE codes represent identity. Nothing more.
They represent ownership of the asset, which is exactly what needs to be transferred.

If you honestly believe that GLBSE has no further obligation, please explain what happens in this case:

1) Someone posts to the forum claiming Goat refused to honor a code.

2) Goat responds that the code was already redeemed by someone else.

3) The person complaining swears they got the one and only code from GLBSE.

4) Goat says he doesn't know if GLBSE gave the same code to two people or if the person complaining shared their code with someone and is trying to scam him.

What happens? Remember, your position is that GLBSE has no further obligation at all, so don't tell me GLBSE will or must do something. How do Goat, the community, and the purported owner resolve this?

If you think this scenario is unrealistic, I would remind you that all the evidence we have suggests that Nefario invented this code scheme in the span of a few minutes as part of a plan specifically to harm Goat and in the absence of any known legitimate business reason while apparently totally disregarding any obligation to preserve the value of the asset or the ownership interests for its customers. Nefario either didn't stop for a second to think about what this would do to the value of the asset, harm to his customers, or he didn't care.
1615  Economy / Securities / Re: (GLBSE) TYGRR.BOND-P 4.85% weekly uninsured pass though bond to BTCST on: October 10, 2012, 03:37:20 PM
Not involves greater risk than any other code reimbursable, the codes have always been to bearer and no protection against theft.
That is not true.

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If I generate a MTGOX code today and tomorrow to reimburse they tell me that is already paid, I'm screwed, go mtgox reclaim something, you are responsible for that nobody steals it and assume the risk involved in using them.
Right, that's why you cannot redeem a Mt. Gox code without Mt Gox's participation. You need the issuer of the code to say whether the code is genuine and whether it was already paid. A scheme where Mt. Gox issues codes and then some other entity redeems them with no cooperation from Gox is not going to work.

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It's a matter of trust, and we already trust our money to goat, so is not time to distrust.
It's not about who the owners trust, it's about who Goat trusts. He's the one who bears the risk this scheme will fail. (For example, suppose Nefario issued lots of codes to accomplices of his and Goat opts to redeem for Bitcoins. The result of Goat redeeming the codes is that lots of his coins will go to Nefario and lots of his asset owners will think he's scamming them. At this point, Goat likely has zero trust in Nefario.)

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If someone complains that your code is not on the list of goat, in this special case will be necessary to talk with nefario.
Exactly. Any redemption scheme only works if Nefario is available to resolve these disputes and obligated, or trusted, to do so. At the moment, there is no evidence this is the case and it would be outrageous to ask Goat to rely on him.

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If someone complains that goat says it was cashed, goat could prove it with information from the communication of the first payment (email sources, user forum, payment address, etc.)
None of that would prove anything.  We'd still have no way to tell if Goat was scamming, Nefario was scamming, or the asset owner was scamming. Goat would still have no way to know whether he was turning away legitimate users. Goat would still be incurring huge risk if Nefario is scamming him.

All of this comes down to "Why doesn't Goat trust Nefario?" If you don't know the answer to that question, then you haven't followed the circumstances of the delisting. All the evidence I've seen suggests Nefario did this specifically to screw over Goat and in total disregard of GLBSE's obligations to its customers. Given that, it's crazy for Goat to trust Nefario.
1616  Economy / Securities / Re: (GLBSE) TYGRR.BOND-P 4.85% weekly uninsured pass though bond to BTCST on: October 10, 2012, 03:32:45 PM
The codes issued to Goat are useless unless GLBSE agrees to redeem them. That's the reality.
Redeem them for what, exactly?
For shares of the asset. The only conceivable purpose of the codes would be for owners to redeem them for shares of the asset.

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GLBSE doesn't possess the shares/bonds. Never did.
That's right. The shares/bonds are still owned by the people who bought them through GLBSE, just as they always are. The problem is that they have no way to establish this without GLBSE's cooperation, and GLBSE does not appear to be cooperating. The people who bought these shares contracted with GLBSE to protect the record of their ownership interest and GLBSE has defaulted, in fact completely disregarded and disclaimed, this obligation. IMO, that makes GLBSE effectively a scam.
1617  Other / Politics & Society / Re: Women and free market on: October 10, 2012, 11:00:10 AM
Your thinking is too black and white here. The choice is not an easy choice, like going to the cinema tonight or not. But the biological clock women feel ticking does not mean they're enslaved to their instincts either. They of course mostly make a conscious choice. I merely state they may prefer to live in a society where they feel more secure and more rewarded for taking on this endeavor.
Of course people would prefer to live in a society that rewards them for doing what they want to do. Choosing between courses of action with differing costs and benefits can certainly be difficult. But having a choice is pretty much always better than not having a choice.

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In western countries, birth rates have long been stagnating at best. States seem to see the need to incentivize with tax reliefs, family allowances etc. Overpopulation occurs in poorer countries, which mostly are also more patriarchal.
I don't see any reason to incentivize procreation, until and unless the human race is facing extinction. If the incentives aren't sufficient naturally, then why should people procreate? If people aren't procreating because they prefer to do other things, that's fine with me.

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Is your point that if people are free they will do what they want to do and they won't do what *you* want them to do? If so, I say great. People aren't yours to experiment on and social and biological pressures shouldn't force them to do things that aren't in their interest. If that means less procreation, that's fine with me. If it means more, that's fine with me too. I don't share your need to manage how people choose to live their own lives.

Joel, don't go strawman and false dilemma. *I* don't want to force anyone to do anything. I'm merely an observer and wondering (or not) why all those libertarian conventions and festivals are essentially sausage fests.
Then I think you'll have to make your points more clearly, because I'm having an awfully hard time figuring out what they are. It might be a failing on my part. If so, please indulge me by stating them.
1618  Economy / Securities / Re: (GLBSE) TYGRR.BOND-P 4.85% weekly uninsured pass though bond to BTCST on: October 10, 2012, 09:03:08 AM
Really TYGRR holders, we must identify? nefarious reneged on your assets and provided the codes. If pirate pay someday, you have everything you need to pay us. Not so?
The codes are unusable unless GLBSE redeems them. That's been well-established in several threads. Goat would be taking an essentially unbounded risk in attempting to redeem them.

For example, say Goat decides to start honoring them. How long before this happens:

1) Someone posts to the forum claiming Goat refused to honor a code.

2) Goat responds that the code wasn't on his list.

3) That someone swears they got the code from GLBSE.

If you say Goat wins, then he can refuse to honor any code. If you say the person saying Goat refused to honor the code wins, then anyone can make Goat look like a scammer. And say this happens:

1) Someone posts to the forum claiming Goat refused to honor a code.

2) Goat responds that the code was already redeemed.

3) That someone swears they got the one and only code from GLBSE.

4) Goat says he doesn't know if GLBSE gave the same code to two people or if the person complaining shared their code with someone and is trying to scam him.

If you say Goat wins, same problem -- he can refuse to honor any code. If you say the person saying Goat refused to honor the code wins, then anyone can force Goat to do a double redeem or make him look like a scammer. Worse, GLBSE may already have set him up, and he can never prove it.

Goat can't even mitigate this by creating redemption windows because he has no way to contact all asset holders. And if there are too many conflicts in a redemption window, he'd just have to abort the redemption anyway.

The codes issued to Goat are useless unless GLBSE agrees to redeem them. That's the reality.
1619  Other / Politics & Society / Re: Women and free market on: October 10, 2012, 08:57:18 AM
She doesn't "have to" do anything she doesn't wish to. If she thinks the costs outweigh the benefits, she need not get pregnant or she need not carry the pregnancy to term. However, women have the option of conceiving if they think the benefits outweigh the costs, a choice men don't have.

The idea that this is somehow a disadvantage to women is only sensible if you see women as slaves to their biology who are powerless to make sensible choices. I utterly reject that premise.

So there'd be insurances to compensate her temporary inability to carry out a job in the marketplace, insurances that a man would not have to contract.
If you have some kind of point, you're going to have to make some effort to tell me what it is. I'm not going to try to figure out how this could possibly be a point of some kind. Women have the free choice to procreate if they wish to or not to if they don't wish to. I cannot see how having a choice can be a bad thing. But if you can, you're going to have to explain it.

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Then what are the (material) benefits anyway? The child owns itself. The emotional factor doesn't mean powerlessness "to make sensible choices", that's exaggerated. The bottom line still is that the market does not incentivize procreation in any form.
Even assuming this is true, so what? Is there some need to incentivize procreation? Is the human race in danger of extinction? Is your point that if people are free they will do what they want to do and they won't do what *you* want them to do? If so, I say great. People aren't yours to experiment on and social and biological pressures shouldn't force them to do things that aren't in their interest. If that means less procreation, that's fine with me. If it means more, that's fine with me too. I don't share your need to manage how people choose to live their own lives.
1620  Other / Beginners & Help / Re: Bitcoin scams on: October 10, 2012, 12:16:18 AM
In my oppinion if you get scammed, its completely your own fault. i mean I'm very new to bitcoins, but isnt the first rule for trading with bitcoins to only interact with people you trust? So this forum should build a web of trust, or rate offers, so that new users can tell if someone is trustworthy or not.
That just doesn't work. I strongly suspect you actually don't believe it and are just trying to make some kind of rhetorical point. But if you honestly don't understand why, you are very, very new.

The problem is that there is no reliable way to tell who to trust, especially when dishonest people can create reams of shills. Also, scams like Ponzi schemes pay out reliably until the one day they collapse. So even a history of on-schedule generous payments verified by the most reliable people doesn't mean you can trust someone.

Also, while you certainly can blame the victim of a scam for falling for the scam, it's important to point out that this in no way reduces the blame that justly falls on the perpetrator of the scam.
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