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Author Topic: [SEC] Ponzi schemes Using virtual Currencies  (Read 2290 times)
Gleb Gamow
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February 01, 2017, 08:40:39 AM
 #41

I see this as something positive. Everybody who has been around here long enough knows there is a multitude of scams going around, but new investors may still need to be warned.

The overall tone is also not negative about bitcoin itself, which is good.

Pakistani authorities launched an investigation accusing LEO Coin of Fraud and running an MLM scam.
They also froze their bank accounts
I found out today they had already done this before too..
I seen this.. Leocoin Office in Pakistan shut down by police

So.. go read the PDF.

Look at that one single scam coin of many.

Get it yet ?
That is not a sign of being legit.. that is a warning you will get ripped off and thrown in jail.
..and worse have your money seized.

Only at Bitcointalk do you all see crap like that and say ooooh that's "Good News"  Cheesy

And 3 AK's are a comin' Gamow.. i think it's time muahhahaha  Cheesy
PS: thanks for noticing my shoppin' skillz Wink

I included an edit in my post, and can't wait to see your three-arm penguin a tootin' a third machine gun.
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February 01, 2017, 08:46:42 AM
 #42

Every dam time there a issue they just point their fingers at virtual currency. Though this article is nice on the part that they help many investors aware of ponzi schemes. That's the only part I liked. As far for saying virtual currency promote ponzi scheme, then even Fiat has produced schemes like this and no one looses their mind. Irrespective of what they say, they can't put Bitcoin down. I feel this is a attempt by the agencies to try and scare away people from virtual currencies but they won't find any success, people now days are smart.

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Xester
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February 01, 2017, 10:26:24 AM
 #43

We cannot deny that there are many ponzi schemes online using bitcoin as mode of payment. Aside from that huge number of scammers both individual people or hosted are looking for victims daily. Hackers on the other hand is on standbye and carefully studying how to attack wallets or sites with huge volumes of bitcoin. Security's and exchange commission has all the rights to warn the public against the notorious criminals who are planning to eat our investment.
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February 01, 2017, 12:53:35 PM
 #44

Every dam time there a issue they just point their fingers at virtual currency. Though this article is nice on the part that they help many investors aware of ponzi schemes. That's the only part I liked. As far for saying virtual currency promote ponzi scheme, then even Fiat has produced schemes like this and no one looses their mind. Irrespective of what they say, they can't put Bitcoin down. I feel this is a attempt by the agencies to try and scare away people from virtual currencies


I dont think this article is pointing at digital currency, but it is more to warn everybody about the sacmmer and fraud site, there are a lot of scammed site in digital currency world but i think most of the user already know the danger of it, and it is a good article to read and to spread to other user
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February 01, 2017, 01:47:41 PM
 #45

We should realise the fact (even if it harsh to accept but still) that such activities are defaming bitcoin and damaging the goodwill of the virtual currencies very badly. Governments around the world are waiting to find a single cause to paint bitcoin, a criminal's currency so I think as a community we should do something on a global level to put the facts in front of the world that bitcoin is mere a technology and nothing to do with the intention of the users.

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February 01, 2017, 03:18:11 PM
 #46

After the existence of the bitcoin, form of ponzi scheme is very languid, It cannot be denied that people easily fooled by the promise of big profits with the ponzi system, but I would like to reiterate that it will make you regret it. Leave the ponzi system.
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February 01, 2017, 03:30:33 PM
 #47

Ponzi schemes have started using bitcoin earlier. Nigerian MLM which went ponzi scam before a long time recently started promoting itself with a re-entry slogan of bitcoin as a payment for the users. So bitcoin and virtual currency was used to fool people easily.

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Spoetnik
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February 02, 2017, 01:50:40 AM
 #48

I get get attacked from both teams..
One minute i am "Bitcoin Maximalist" the next i am out to destroy it.

I strive for a realistic view on crypto currency matters.

We *DO* have ongoing issues and public perception is probably the biggest.. and most important.
Followed by Regulations i would say offhand.

I am the messenger.

When i mentioned earlier here how every person i talk to and when i look on Google i see a bad perception of Bitcoin i am not making it up.. it's true.

And i keep predicting that our sketchy behavior in crypto simply attracts more sleazy scum bags.. it's true.
What has been the MAJOR change since 2013 times ?
RANSOMWARE !

Yet another black eye on the perception of Bitcoin.

It seems to be adopted more and more by criminals.. not the end users we really want involved.. the average home user or legit business etc.

I have had plenty of predictions come true and i see a bad one looming.. i mentioned a bit lately.
I have seen a few noob accounts pop-up inquiring about using crypto coins for money laundering.

So if the Triad's and the golden Triangle down in South America etc show up are you all going to hold a bloody parade and say "we made it"  and pop a bottle of champagne celebrating  ?

This will certainly ire the wrath of govt authorities in full force.
They (large cartels) are not here yet.. at least not much i think because of 1 reason !
Liquidity.
They need to be able to launder billions of dollars swiftly.
And govt authorities have always been hot on their trail to seize that cash !
We will see them show up in crypto eventually if they can make use of all this.
And in case you can't figure it out.. NO that will not be a good thing.
These are the people who leave severed heads around town and build narco-submarines and home made tanks for killing rampages and gang wars.

What concerns me is you are all collectively so greedy and selfish and corrupt you will go along with gang activity ..as long as it put a little profit in your pockets.

And that will do what for perception and adoption matters ?

FUD first & ask questions later™
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February 02, 2017, 02:23:18 AM
 #49

languid
I don't think that there word means what you think it means.   You prolly ought not to use it wit' the rest of yo words, which are all straight out of the shitposter handbook.   Now's far's ponzi thongs go, you bitches'd think bitcoin'd invented them. But thet ain't the case.  The SEC jist discovered bitcointalk!  They prolly came here, saw what it's all about,  which issa buncha 4th world scammers, then made a bee line ta the sex toy shop.  Vowin' neva to return.   This ain't bad.  If they don' take it sirriously then they ain't gonna legislate us inta the sub basement.
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February 02, 2017, 04:10:50 AM
 #50

Ponzi schemes have started using bitcoin earlier. Nigerian MLM which went ponzi scam before a long time recently started promoting itself with a re-entry slogan of bitcoin as a payment for the users. So bitcoin and virtual currency was used to fool people easily.

In Vietnam another Ponzi scheme also collapsed milking a lot of investor as many as 2000 people and 1,900 Bitcoins.
Trading in bitcoin in Vietnam is still unrestricted and unregulated by law. As a result of the collapse of Ponzi scheme in Vietnam.
The Government confirmed to develop legal framework for bitcoin in their country.

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February 02, 2017, 05:11:09 AM
 #51

i also think that it is a fair warning. and nothing strange or new going on specific to crypto currencies.
and most countries have started giving these types of warnings to people. they are mostly just warning people to not think of these crypto currencies as magical get rich quick thing.

and in fact i believe it is a good sign, because it shows bitcoin has been getting big enough to be noticed and many people are using it so it needs these types of warnings and eventually regulations.

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February 02, 2017, 05:29:59 AM
 #52

You have to admit that Bitcoin as a global electronic payment method are making Ponzi's like this much easier. Just compare this to say, WIRE TRANSFERS. You would wait days for your money to go through, but with Bitcoin it is much faster, so Ponzi's can run more efficiently.

The main question is, what would they have used if Bitcoin was not around. Look at MMM as a perfect example :

MMM was a Russian company that perpetrated one of the world's largest Ponzi schemes of all time, in the 1990s. By different estimates from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the founders.
Founded: 1989
Ceased operations: 1994

Where was Bitcoin then {Bitcoin started in 2009}, and this was one of the biggest Ponzi's. ^hmmmmm^

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February 03, 2017, 08:42:22 PM
 #53

i also think that it is a fair warning. and nothing strange or new going on specific to crypto currencies.
and most countries have started giving these types of warnings to people. they are mostly just warning people to not think of these crypto currencies as magical get rich quick thing.

and in fact i believe it is a good sign, because it shows bitcoin has been getting big enough to be noticed and many people are using it so it needs these types of warnings and eventually regulations.

Yeah but it's "getting noticed" because "victims" are mounting.

If a warning that people are getting ripped off is a sign of legitimacy then what is bad news then ?  Cheesy

FUD first & ask questions later™
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February 03, 2017, 11:12:04 PM
 #54

Every dam time there a issue they just point their fingers at virtual currency. Though this article is nice on the part that they help many investors aware of ponzi schemes. That's the only part I liked. As far for saying virtual currency promote ponzi scheme, then even Fiat has produced schemes like this and no one looses their mind. Irrespective of what they say, they can't put Bitcoin down. I feel this is a attempt by the agencies to try and scare away people from virtual currencies but they won't find any success, people now days are smart.
Huh, have you even read the same article as me? Where do they specifically state that virtual currencies promote ponzi schemes?
I don't even think that it's implied in that article...

I'd go even further and say that they recognize Bitcoin as a legitimate currency and they're just warning people of scammers that use it, without sounding too negative about the currency itself.


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February 04, 2017, 01:08:49 AM
 #55

I see this as something positive. Everybody who has been around here long enough knows there is a multitude of scams going around, but new investors may still need to be warned.

The overall tone is also not negative about bitcoin itself, which is good.

Pakistani authorities launched an investigation accusing LEO Coin of Fraud and running an MLM scam.
They also froze their bank accounts
I found out today they had already done this before too..
I seen this.. Leocoin Office in Pakistan shut down by police

So.. go read the PDF.

Look at that one single scam coin of many.

Get it yet ?
That is not a sign of being legit.. that is a warning you will get ripped off and thrown in jail.
..and worse have your money seized.

Only at Bitcointalk do you all see crap like that and say ooooh that's "Good News"  Cheesy

And 3 AK's are a comin' Gamow.. i think it's time muahhahaha  Cheesy
PS: thanks for noticing my shoppin' skillz Wink

There is a similar coin with the name of Onecoin. I don't know why i say "coin" because it isn't... They have pretty much the same situation with warning from London police, Belgium,investigated by (insert name here) authority ect. All the alarms are ringing, and so on. They lost about 20 bank accounts currently, the creator bitch is labeled as scammer before that. I don't know why people trust someone that has operated in another scam. And theirs friends involved in this current coin one has been jailed for ponzi and other is not clear either. This coin is just a MLM ponzi.

Reading this
Quote
the organizer of an alleged Ponzi scheme advertised a Bitcoin “investment opportunity” in an online Bitcoin forum. Investors were allegedly promised up to 7% interest per week and that the invested funds would be used for Bitcoin arbitrage activities in order to generate the returns. Instead, invested Bitcoins were allegedly used to pay existing investors and exchanged into U.s. dollars to pay the organizer’s personal expenses.
Can anyone point into what they are talking. Or who

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