Chinese News Station Buys Counterfeit Gold Bars

[smoothie]

Interesting times when technology allows you to counterfeit precious metals unlike in the past:

http://au.news.yahoo.com/latest/a/-/latest/15182799/counterfeit-aussie-gold-sold-in-china/

[cypherdoc]

gold has been hacked!  permanent taint.

[smoothie]

I'm just glad we have good people at bitinstant getting the word on bitcoin out! Pioneers fo sho!

[julz]

*Australian* news station...  and a crappy one at that.

Clearly these are not sophisticated fakes designed to fool investors. They sound like trinkets - and no doubt weigh nowhere near what an ounce of gold would.

I'm sure it upsets the Perth Mint from a branding perspective and would contravene some copyright laws in Australia which they will somehow try to get enforced via 'harmonization' agreements with China.. but this is a far cry from the serious tungsten-filled gold fraud, and a quality news station would have made the distinction clear.

That said - they possibly have the potential to fool some *really* naive people - probably just the sort who like watching Channel 7 news

[zoinky]

I'm just glad we have good people at bitinstant getting the word on bitcoin out! Pioneers fo sho!

Couldn't be better said.

[kokojie]

lol this has been going on for years, Chinese factories has been flooding the market with these counterfeit gold. I seriously contemplated getting in on this business 5 years ago, but decided it was too risky for me. (a decision now I regret).

[kokojie]

lol this has been going on for years, Chinese factories has been flooding the market with these counterfeit gold. I seriously contemplated getting in on this business 5 years ago, but decided it was too risky for me. (a decision now I regret).

You wanted to get in on the counterfeit gold business? And you regret that you didn't? Morals much?

You think people in the 3rd world become rich by being moral? I don't really have any pity for the people that paid $3500 for a $100 counterfeit LV bag, functionally they are the same, one of them just has brand value, the other don't, they probably are made by the same Chinese factory anyway.

[C10H15N]

You think people in the 3rd world become rich by being moral?

Has anyone ever become rich (I mean REALLY FILTHY rich - Rockefeller, Gates, etc...) by being moral?

[Charlie Prime]

Has anyone ever become rich (I mean REALLY FILTHY rich - Rockefeller, Gates, etc...) by being moral?

I can't think of anyone.  One does not become an apex predator without becoming skilled at predation.

[crazy_rabbit]

Has anyone ever become rich (I mean REALLY FILTHY rich - Rockefeller, Gates, etc...) by being moral?

I can't think of anyone.  One does not become an apex predator without becoming skilled at predation.

+1
New favorite quote.