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Author Topic: Pyramid schemes are being fought by the law  (Read 473 times)
Possum577
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July 16, 2015, 04:45:08 PM
 #1

http://www.coindesk.com/police-arrest-20-in-digital-currency-pyramid-scheme/

Spanish police have arrested 20 individuals in connection with a pyramid scheme that used a fake digital currency called the unete to attract unwitting investors.

The Spanish National Police Corp announced the arrests on 16th July, which took place in Madrid and other parts of the country.

Police estimate that the scheme resulted in as much as €50m in losses, ensnaring roughly 50,000 victims worldwide – with 6,000 in Spain alone.

Spanish police seized over €5m and approximately $22m from related bank accounts. Two luxury cars and 18 computers were also taken into custody. According to police, the investigation into the scheme was sparked a year and a half ago after a former employee approached law enforcement officials.


...there have been so many pyramid schemes on this forum that it's refreshing to see some sort of legal and judicial action taken against someone who was producing a pyramid scheme. I realize this article IS NOT about anything that happened on this forum -  which is a great thing - but it's easy for a newbie hear to buy some bitcoin and then get taken for a ride on one of the pyramid schemes advertised and end up with nothing.

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July 16, 2015, 06:11:27 PM
 #2

http://www.coindesk.com/police-arrest-20-in-digital-currency-pyramid-scheme/

Spanish police have arrested 20 individuals in connection with a pyramid scheme that used a fake digital currency called the unete to attract unwitting investors.

The Spanish National Police Corp announced the arrests on 16th July, which took place in Madrid and other parts of the country.

Police estimate that the scheme resulted in as much as €50m in losses, ensnaring roughly 50,000 victims worldwide – with 6,000 in Spain alone.

Spanish police seized over €5m and approximately $22m from related bank accounts. Two luxury cars and 18 computers were also taken into custody. According to police, the investigation into the scheme was sparked a year and a half ago after a former employee approached law enforcement officials.


...there have been so many pyramid schemes on this forum that it's refreshing to see some sort of legal and judicial action taken against someone who was producing a pyramid scheme. I realize this article IS NOT about anything that happened on this forum -  which is a great thing - but it's easy for a newbie hear to buy some bitcoin and then get taken for a ride on one of the pyramid schemes advertised and end up with nothing.

What would you consider a pyramid scheme on this forum? A dodgy altcoin? a dodgy IPO? can you put some examples of demonstrated pyramid schemes that have happened in this forum?
I can't think of any right now. I just remember tons of dodgy altcoins and people buying into them, but you knew you were taking a big risk by doing so.
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July 16, 2015, 06:18:48 PM
 #3

i doubt they can caught any of those site, there many new one each they, and many of those come frum russia apparently, maybe they want bitcoin because it was banned there who know...

i think these unknown sites that are successful in stealing small amount will work forever, also there are numerous cloud mining that are ponzi or pyramid in disguise
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July 16, 2015, 06:37:48 PM
Last edit: July 16, 2015, 11:12:43 PM by arallmuus
 #4

I realize this article IS NOT about anything that happened on this forum -  which is a great thing - but it's easy for a newbie hear to buy some bitcoin and then get taken for a ride on one of the pyramid schemes advertised and end up with nothing.

This forum is using the ideology of caveat emptor and this is a good move because people needs to make a judgement on their own and not to be relly on someone's else decision. Everyone who lose some amount due to ponzi is responsible for their own loss and that is because of their greed .Also the fact is that apart from banning the account that created a ponzi thread, the forum cant do much about this and it will create a mass of work pile for the mods.



Just some foods for thought that I got. Most ponzis operator operates from the shadow and their identity is unknown ( Im merely pointing to the online HYIP and such ). What can the laws do regarding this? basically if the ponzi operators is from Spain, he could not easily be brought to justice if he dont "scam" anyone from Spain
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July 16, 2015, 06:39:38 PM
 #5

Cops have always fought against pyramid schemes.
If ponzi schemes have moved to altcoins, you can't expect the police to be far behind.  Smiley
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July 16, 2015, 07:59:57 PM
 #6

Great!
All they need to do now is to go after the ponzi cloud miners

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July 16, 2015, 08:04:28 PM
 #7

What would you consider a pyramid scheme on this forum? A dodgy altcoin? a dodgy IPO? can you put some examples of demonstrated pyramid schemes that have happened in this forum?
I can't think of any right now. I just remember tons of dodgy altcoins and people buying into them, but you knew you were taking a big risk by doing so.

Umm... go look in the investor based games sub forum as it's a whole board dedicated to them, but yeah there's lots of ipos and alts that are pyramid scams along with cloud mining companies as well.
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July 16, 2015, 10:45:14 PM
 #8

...there have been so many pyramid schemes on this forum that it's refreshing to see some sort of legal and judicial action taken against someone who was producing a pyramid scheme. I realize this article IS NOT about anything that happened on this forum -  which is a great thing - but it's easy for a newbie hear to buy some bitcoin and then get taken for a ride on one of the pyramid schemes advertised and end up with nothing.

I have no problem with pyramid schemes as long as they state that they are pyramid schemes ("ponzi games"). Btw. the current fiat money system is the greatest pyramid scheme of all times, yet no legal action is taken against it - instead it is enforced and protected by governments abusing the law. So free market pyramid schemes can do damage, but that kind of damage is limited to those who enter these schemes out of free will.

This forum is using the ideology of caveat emptor and this is a good move because people needs to make a judgement on their own and not to be relly on someone's else decision. Everyone who lose some amount due to ponzi is responsible for their own loss and that is because of their greed .Also the fact is that apart from banning the account that created a ponzi thread, the forum cant do much about this and it will create a mass of work pile for the mods.

Fully agree. People need to learn to use their funds responsibly. Those who take part in a ponzi scheme out of greed and loose will at least receive a valuable lesson in regard to personal responsibility.

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bojan92
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August 03, 2015, 07:35:16 PM
 #9

First of all, as a human you should consider some factors before you invest in something. If it is hard to believe than something is wrong. No matter how sure you are when you want to invest in something, take your time and study the thing. You are investing your money, earn with a lot of sweat, so don’t allow someone to scam you.
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