Kluge
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Activity: 1218
Merit: 1015
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November 10, 2013, 06:48:27 AM |
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he ended up being very highly trusted on the Ripple network, even though his notes were worthless.
Really? lol Why don't you go ask some prominent ripple users their feelings about TF. You'll get an entirely different story. Well, I have alt currency subforum ignored -- so what happened? |
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2Kool4Skewl
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November 10, 2013, 06:55:37 AM
Last edit: November 10, 2013, 07:07:00 AM by 2Kool4Skewl |
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he ended up being very highly trusted on the Ripple network, even though his notes were worthless.
Really? lol Why don't you go ask some prominent ripple users their feelings about TF. You'll get an entirely different story. Well, I have alt currency subforum ignored -- so what happened? TradeFortress asked users to trust him for BTC in the hope that they already trusted BitStamp or DividendRippler for BTC. Then TradeFortress' non-redeemable BTC could be sent to BitStamp or DividendRippler for redemption through the unlucky individual that trusted both TF and Bitstamp or DividendRippler leaving them with worthless non-redeemable TradeFortress BTC. Also, Ripple isn't an alternate currency. It's a social credit system. |
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theymos
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Activity: 5180
Merit: 12884
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November 10, 2013, 07:06:18 AM |
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How the Ripple thing worked was that TF gave people a Ripple BTC debt instrument "worth" some BTC, but without any intention to pay. For the recipients to actually see this payment in their Ripple balances, they had to add TF as a trusted entity in Ripple. If they did this, their balance would seem larger, but part of it would actually be worthless. Additionally, Ripple would in some causes automatically trade other high-value assets in a Ripple "wallet" for additional worthless TF assets. In this way, some people lost real money, but this was rather rare, and TF compensated at least some of the affected people.
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1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
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r3wt
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November 10, 2013, 07:07:31 AM |
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How the Ripple thing worked was that TF gave people a Ripple BTC debt instrument "worth" some BTC, but without any intention to pay. For the recipients to actually see this payment in their Ripple balances, they had to add TF as a trusted entity in Ripple. If they did this, their balance would seem larger, but part of it would actually be worthless. Additionally, Ripple would in some causes automatically trade other high-value assets in a Ripple "wallet" for additional worthless TF assets. In this way, some people lost real money, but this was rather rare, and TF compensated at least some of the affected people.
exhibit b |
My negative trust rating is reflective of a personal vendetta by someone on default trust.
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ElectricMucus
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Activity: 1666
Merit: 1057
Marketing manager - GO MP
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November 10, 2013, 08:52:54 AM |
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Hey, perhaps people traded their Bitcoins with pirateat40 for worthless BTCST Bitcoins. It seems they got what was coming.  |
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darkmule
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Activity: 1176
Merit: 1005
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November 10, 2013, 05:54:17 PM |
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Ok, explain me one thing: did people that trusted TradeFortress with this ripple experiment, end up losing REAL BTC? Yes or no?
It's too old to remember without reading through the thread again. He gave away "TF BTCXRP," allegedly to show that BTC on XRP isn't actual BTC, just a debt note, usually without any terms - and without terms, it's worthless. Adding insult to injury, he ended up being very highly trusted on the Ripple network, even though his notes were worthless. Someone (and there's a good chance I'm not remembering right, here) sold their debt note, and the person who bought it ended up screwed out of what they paid. So really, the only people who lost anything related to the Ripple caper were actually ripped off by someone who wasn't even TF. |
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🏰 TradeFortress 🏰
Bitcoin Veteran
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Activity: 1316
Merit: 1043
👻
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November 10, 2013, 09:12:52 PM |
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Not just ripped off by someone else but also intentionally wanted to be ripped off so he can make a scammer accusation against me. See webr3 - I asked to refund to a BTC address, he insisted ripple and this time it happened again and it was someone less kind who did it.
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ElectricMucus
Legendary
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Activity: 1666
Merit: 1057
Marketing manager - GO MP
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November 11, 2013, 12:45:12 AM |
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Not just ripped off by someone else but also intentionally wanted to be ripped off so he can make a scammer accusation against me. See webr3 - I asked to refund to a BTC address, he insisted ripple and this time it happened again and it was someone less kind who did it.
And you come here to write about it? How self indulged are you? |
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ervalvola (OP)
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November 11, 2013, 01:03:52 AM |
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How the Ripple thing worked was that TF gave people a Ripple BTC debt instrument "worth" some BTC, but without any intention to pay. For the recipients to actually see this payment in their Ripple balances, they had to add TF as a trusted entity in Ripple. If they did this, their balance would seem larger, but part of it would actually be worthless. Additionally, Ripple would in some causes automatically trade other high-value assets in a Ripple "wallet" for additional worthless TF assets. In this way, some people lost real money, but this was rather rare, and TF compensated at least some of the affected people.
He exploited his reputation in THIS forum trying to scam newbyes (that's why he opened a self-moderated topic in the newbye's section). No matter what his intentions were, his conduct was evidently dishonest and he deserved AT LEAST an "untrustworthy" flag which could have saved someone from being cheated today, also. Your decision was completely wrong. |
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KWH
Legendary
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Activity: 1904
Merit: 1045
In Collateral I Trust.
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November 11, 2013, 01:15:59 AM |
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On a more positive note, My CoinLenders balance has been restored 100% It wasn't a lot and would have been easy to brush it off but it was credited back.
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When the subject of buying BTC with Paypal comes up, I often remember this:
Insanity: doing the same thing over and over again and expecting different results.
Albert Einstein
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nimda
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November 11, 2013, 01:44:35 AM |
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Wow, a radio interview! Thanks for the link. |
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Phinnaeus Gage
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Activity: 1918
Merit: 1570
Bitcoin: An Idea Worth Spending
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November 11, 2013, 06:12:58 AM |
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Wow, a radio interview! Thanks for the link. WILL OCKENDEN: A spokesman for the Australian Federal Police says to his knowledge a theft of bitcoins has never been investigated at either a federal or state level. But he says if it was reported it would be treated like any other theft. Now, that's an interesting piece of information. |
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gaston909
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November 11, 2013, 01:34:52 PM |
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On a more positive note, My CoinLenders balance has been restored 100% It wasn't a lot and would have been easy to brush it off but it was credited back.
Credited back where. |
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darkmule
Legendary
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Activity: 1176
Merit: 1005
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November 11, 2013, 01:54:28 PM |
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WILL OCKENDEN: A spokesman for the Australian Federal Police says to his knowledge a theft of bitcoins has never been investigated at either a federal or state level. But he says if it was reported it would be treated like any other theft. Now, that's an interesting piece of information. Now, wouldn't someone taking care of BTC for others have some kind of obligation to take action when it was "stolen?" Seems they'd want it investigated. |
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siameze
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Activity: 1064
Merit: 1000
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November 11, 2013, 03:23:42 PM |
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I was one of the few people who got into that thread when there were still lesser then 5 views, you know what I did after reading till just before the picture? I closed my window of the thread thinking of the noobs who dont get hints
TF who publicly advertises Ripple is a scam opens a thread to give ripple btcs <<< what is the first thing that comes to your mind? If you are retarded enough not to get the hint that something is bound to happen and simply post your ripple address thinking of "FREEEEEEEE MONEYYYYYYYYYYY" and "FREEEEE MONEYYYY , ILL JUST REPORT OP AS A SCAMMER IF I DONT GET FREEEEE MONEEYYYYYYYY". Thats probably most of the people thoughts when they posted thier addressess. I would really like to help the guy who lost his real btc if he really lost it, I just cannot belief it and the evidence that is provided.
All this points to Ripple being a scam instead of TF, the developers of OpenCoin couldnt possibly never though of such an easy loophole when they designed the system. Knowing a potential loophole of your system but still advertising it and not fixing it but rather treating it as a plus for your system is essentially the same as a scam to me.
Alright, Im outta here before I get labelled as a scammer for nothing as well /sarcasm
SCAMMER I couldn't agree more. |
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Amitabh S
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Activity: 1001
Merit: 1003
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November 11, 2013, 09:39:58 PM |
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Wow, a radio interview! Thanks for the link. WILL OCKENDEN: A spokesman for the Australian Federal Police says to his knowledge a theft of bitcoins has never been investigated at either a federal or state level. But he says if it was reported it would be treated like any other theft. Now, that's an interesting piece of information. And Australian police does take matters seriously. So someone who has lost lots of BTC on CL/IO should file an independent report to the Australian police (if this has not already been done). |
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murraypaul
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November 12, 2013, 02:42:31 PM |
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How the Ripple thing worked was that TF gave people a Ripple BTC debt instrument "worth" some BTC, but without any intention to pay. Isn't that basically the definition of a scam? He wrote a bad cheque, with no intention of honouring it. |
BTC: 16TgAGdiTSsTWSsBDphebNJCFr1NT78xFW
SRC: scefi1XMhq91n3oF5FrE3HqddVvvCZP9KB
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nimda
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November 12, 2013, 03:04:29 PM |
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How the Ripple thing worked was that TF gave people a Ripple BTC debt instrument "worth" some BTC, but without any intention to pay. Isn't that basically the definition of a scam? He wrote a bad cheque, with no intention of honouring it. I guess it's OK if you tell people you don't plan on honoring it. |
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MakeBelieve
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November 12, 2013, 03:51:30 PM |
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I wouldn't be surprised if this does gets investigated and we find TF was responsible. He's trying to stop people from withdrawing THEIR coins. Also, before in the first few days he was offering partial refunds where he was giving people coins which belonged to others. He's also gone very quiet and will not answer any of my emails for a long time.
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On a mission to make Bitcointalk.org Marketplace a safer place to Buy/Sell/Trade
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johnmatrix
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November 13, 2013, 12:12:09 AM |
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Not just ripped off by someone else but also intentionally wanted to be ripped off so he can make a scammer accusation against me. See webr3 - I asked to refund to a BTC address, he insisted ripple and this time it happened again and it was someone less kind who did it.
You are a scammer , dont lie. |
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