Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[JorgeStolfi]

Correction: the "4.1 billion USD" for the GBL scam seems to be a newspaper error.  Other sources say "4.1 million",  with is of course much more plausible.

[JorgeStolfi]

before closing for good, mycoin.hk had set the price of bitcoin to ~1.5 USD for the purpose of calculating client payouts.  

Doesn't show on the charts.

Well, that is what the news article claimed.

[sherbyspark]

Correction: the "4.1 billion USD" for the GBL scam seems to be a newspaper error.  Other sources say "4.1 million",  with is of course much more plausible.

is this for the exchange in HK that apparently stole funds and goxxed users ?

[brg444]

Correction: the "4.1 billion USD" for the GBL scam seems to be a newspaper error.  Other sources say "4.1 million",  with is of course much more plausible.

is this for the exchange in HK that apparently stole funds and goxxed users ?

It was not an exchange. It was a good ol Ponzi scheme using a Bitcoin facade to lure suckers in.

[ChartBuddy]

Coin
Explanation

[readysalted89]

Correction: the "4.1 billion USD" for the GBL scam seems to be a newspaper error.  Other sources say "4.1 million",  with is of course much more plausible.

is this for the exchange in HK that apparently stole funds and goxxed users ?

It was not an exchange. It was a good ol Ponzi scheme using a Bitcoin facade to lure suckers in.

This is the first article about it that I have found in English. It's still very vague about what the facts actually are. It's not clear exactly how much money has gone missing yet, but it says some customers are taking action on Wednesday. Maybe we will find out more concrete facts by then.

http://www.coindesk.com/hong-kong-exchange-mycoin-disappears-387m-reports-claim/

[JorgeStolfi]

Correction: the "4.1 billion USD" for the GBL scam seems to be a newspaper error.  Other sources say "4.1 million",  with is of course much more plausible.

is this for the exchange in HK that apparently stole funds and goxxed users ?

It was not an exchange. It was a good ol Ponzi scheme using a Bitcoin facade to lure suckers in.

Sorry for the confusion...

MyCoin.hk is the new Hong Kong mining ponzi scam, that collapsed last December and broke the news yesterday; estimates (based on mycoin.hk statements) are still 3 billion HKD = 385 million USD.

GLB was a Hong Kong exchange that closed and stole all client funds in November 2013.  One newspaper yesterday said that the loss was 4.1 billion USD, but it was actually 4.1 million, it seems.

[brg444]

Correction: the "4.1 billion USD" for the GBL scam seems to be a newspaper error.  Other sources say "4.1 million",  with is of course much more plausible.

is this for the exchange in HK that apparently stole funds and goxxed users ?

It was not an exchange. It was a good ol Ponzi scheme using a Bitcoin facade to lure suckers in.

Sorry for the confusion...

MyCoin.hk is the new Hong Kong mining ponzi scam, that collapsed last December and broke the news yesterday; estimates (based on mycoin.hk statements) are still 3 billion HKD = 385 million USD.

GLB was a Hong Kong exchange that closed and stole all client funds in November 2013.  One newspaper yesterday said that the loss was 4.1 billion USD, but it was actually 4.1 million, it seems.

Estimates that are most likely erroneous

[fonzie]

Correction: the "4.1 billion USD" for the GBL scam seems to be a newspaper error.  Other sources say "4.1 million",  with is of course much more plausible.

is this for the exchange in HK that apparently stole funds and goxxed users ?

It was not an exchange. It was a good ol Ponzi scheme using a Bitcoin facade to lure suckers in.

Sorry for the confusion...

MyCoin.hk is the new Hong Kong mining ponzi scam, that collapsed last December and broke the news yesterday; estimates (based on mycoin.hk statements) are still 3 billion HKD = 385 million USD.

GLB was a Hong Kong exchange that closed and stole all client funds in November 2013.  One newspaper yesterday said that the loss was 4.1 billion USD, but it was actually 4.1 million, it seems.

It´s hard to keep track and not to be confused with all those big bitcoin scams and frauds that appear almost weekly.

[JorgeStolfi]

MyCoin.hk is the new Hong Kong mining ponzi scam, that collapsed last December and broke the news yesterday; estimates (based on mycoin.hk statements) are still 3 billion HKD = 385 million USD.

Estimates that have been demonstrated to likely be false

Have they?  The mining contracts were ~52'000 USD minimum, so the uncertainty is only in the number of contracts that they managed to sell.  The "3000" figure may be inflated, but it is not too high for an MLM scheme

[Newar]

It´s hard to keep track and not to be confused with all those big bitcoin scams and frauds that appear almost weekly.

And even the fiat scams! http://www.consumer.ftc.gov/scam-alerts
It boggles the mind!
 

[Newar]

MyCoin.hk is the new Hong Kong mining ponzi scam, that collapsed last December and broke the news yesterday; estimates (based on mycoin.hk statements) are still 3 billion HKD = 385 million USD.

Estimates that have been demonstrated to likely be false

Have they?  The mining contracts were ~52'000 USD minimum, so the uncertainty is only in the number of contracts that they managed to sell.  The "3000" figure may be inflated, but it is not too high for an MLM scheme

3000 and only 30 want to go to court?

[brg444]

Correction: the "4.1 billion USD" for the GBL scam seems to be a newspaper error.  Other sources say "4.1 million",  with is of course much more plausible.

is this for the exchange in HK that apparently stole funds and goxxed users ?

It was not an exchange. It was a good ol Ponzi scheme using a Bitcoin facade to lure suckers in.

Sorry for the confusion...

MyCoin.hk is the new Hong Kong mining ponzi scam, that collapsed last December and broke the news yesterday; estimates (based on mycoin.hk statements) are still 3 billion HKD = 385 million USD.

GLB was a Hong Kong exchange that closed and stole all client funds in November 2013.  One newspaper yesterday said that the loss was 4.1 billion USD, but it was actually 4.1 million, it seems.

It´s hard to keep track and not to be confused with all those big bitcoin scams and frauds that appear almost weekly.

Especially went we have frauds the likes HSBC enabling hundreds of billions of dollars of tax evasion on an international scale plastered all over the news.

One has to dig deep to find relevance in the miniature scams involving a mere 3 billion dollar market!

[seleme]

No way that shit I never heard off had 385 million of user funds.

[JorgeStolfi]

3000 and only 30 want to go to court?

I understood that 30 victims contacted a local Councillor because they had no proof of investment and thought that the police would not take up their case.  The Councillor directed them to the police, let's see what comes of it.

[brg444]

3000 and only 30 want to go to court?

I understood that 30 victims contacted a local Councillor because they had no proof of investment and thought that the police would not take up their case.  The Councillor directed them to the police, let's see what comes of it.

(...) estimate is based on the company's own earlier claims that it served 3,000 clients who had invested HK$1m ($12,890) each.

Are you suggesting to us that numbers brought forward by an apparent ponzi scheme promoting their scam to suckers should reasonably be assumed to be truthful?

[JorgeStolfi]

No way that shit I never heard off had 385 million of user funds.

I never heard of that exchange and now suddenly somebody is trying to make people think it had 3000 investors with $12k? I call bullshit.

(...) estimate is based on the company's own earlier claims that it served 3,000 clients who had invested HK$1m ($12,890) each.

It was a minor exchange too, but the big scam was not in the exchange, it was a cloud mining ponzi.

BTW, 1 million HKD is 128'900 USD not 12'890 USD.  That "万" thing does seem to confuse people there...

[fonzie]

3000 and only 30 want to go to court?

I understood that 30 victims contacted a local Councillor because they had no proof of investment and thought that the police would not take up their case.  The Councillor directed them to the police, let's see what comes of it.

(...) estimate is based on the company's own earlier claims that it served 3,000 clients who had invested HK$1m ($12,890) each.

Are you suggesting to us that numbers brought forward by an apparent ponzi scheme promoting their scam to suckers should reasonably be assumed to be truthful?

I know that the denial is strong among the bitcoiners, but according to some websites  these numbers have been reporterd by the "inverstors" and not by mycoin.hk.

http://www.scmp.com/news/hong-kong/article/1707565/investors-fear-hk3b-losses-closure-bitcoin-trading-company
"Investors said they were lured by promises of a HK$1 million return in four months for buying a HK$400,000 bitcoin contract which would produce 90 bitcoins on maturity."
"An 81-year-old woman surnamed Chan said she recovered only HK$1.2 million on her HK$3 million investment on seven bitcoin contracts. "
"“No one seems to know who is behind this,” said a woman surnamed Lau, who saw her HK$1.3 million investment in four bitcoin contracts evaporate. "

[LFC_Bitcoin]

Who gives a shit about this insignificant Chinese exchange?
I've never even heard of it.

[brg444]

3000 and only 30 want to go to court?

I understood that 30 victims contacted a local Councillor because they had no proof of investment and thought that the police would not take up their case.  The Councillor directed them to the police, let's see what comes of it.

(...) estimate is based on the company's own earlier claims that it served 3,000 clients who had invested HK$1m ($12,890) each.

Are you suggesting to us that numbers brought forward by an apparent ponzi scheme promoting their scam to suckers should reasonably be assumed to be truthful?

I know that the denial is strong among the bitcoiners, but according to some websites  these numbers have been reporterd by the "inverstors" and not by mycoin.hk.

http://www.scmp.com/news/hong-kong/article/1707565/investors-fear-hk3b-losses-closure-bitcoin-trading-company
"Investors said they were lured by promises of a HK$1 million return in four months for buying a HK$400,000 bitcoin contract which would produce 90 bitcoins on maturity."
"An 81-year-old woman surnamed Chan said she recovered only HK$1.2 million on her HK$3 million investment on seven bitcoin contracts. "
"“No one seems to know who is behind this,” said a woman surnamed Lau, who saw her HK$1.3 million investment in four bitcoin contracts evaporate. "

Can you read?

The HK$3 billion figure is based on an earlier statement by the company that it had 3,000 clients in Hong Kong, each investing an average HK$1 million.