11 million in scams?

[thresher]

https://www.coindesk.com/research-11-million-lost-bitcoin-scams-since-2009/

How can that be accurate.
Didn't Mt. Gox scam like 400 million alone? Or are all these alleged "hacks" not considered scams.
I thought butterfly labs alone also scammed more than 11 million?

[leex1528]

I didn't see it there but is that 11million in current value or what is the value of the 11million?

[yayayo]

They claim over 11 million, so they're perfectly right...

ya.ya.yo!

[thresher]

I didn't see it there but is that 11million in current value or what is the value of the 11million?

Assuming usd

They claim over 11 million, so they're perfectly right...

ya.ya.yo!

Lol, well you get me there, I guess they weren't lying

[pedrog]

They use this thread as reference, I assume the value is so low because they are counting the bitcoin exchange rate at the time of the scam, even like this it seems low.

[leex1528]

I didn't see it there but is that 11million in current value or what is the value of the 11million?

Assuming usd

They claim over 11 million, so they're perfectly right...

ya.ya.yo!

Lol, well you get me there, I guess they weren't lying

I understand it was USD, but the price when Mt Gox went under BTC was priced roughly at 800USD and now its priced at 230 USD.  That is a huge difference.

[pedrog]

They are not counting MtGox as a scam, it was a successful business for a few years...

[Divinespark]

They are only counting hacks in going concerns, it appears
Not hacks that killed the business - like MtGox
Agree that $11mn looks low

[stellar1]

Time for a research report saying xxxx BTCs in non-scam circulation every year or past 5 years...then we will get a better picture of how BTC is being actually used.

[fairglu]

How can that be accurate.

It cannot. What/how they counted is explained, and it is "meaningless by design", IMHO.

[odolvlobo]

https://www.coindesk.com/research-11-million-lost-bitcoin-scams-since-2009/

How can that be accurate.
Didn't Mt. Gox scam like 400 million alone? Or are all these alleged "hacks" not considered scams.
I thought butterfly labs alone also scammed more than 11 million?

Try reading the article:

The authors notably exclude the collapsed bitcoin exchange Mt Gox from their study because it's unclear if the platform was originally set up to defraud users or was simply poorly run.

As Vasek put it:

    "Being bad at running a business does not make you a scammer, even if many people accuse you of that on the Internet."

[tins]

The Willybot scam stole about eleventy million...

[LegendaryGuy]

and what about inputs.io ?

[thompete]

The Willybot scam stole about eleventy million...

Yes, its in no way just 11 million. 11 million sounds so less, would be atleast a 100 times that.

[cheekychap]

The amount is probably 11 million on the total dollar value. I think at the time, mtgox scam had a less dolalr amount of bitcoin.
Also, they might not have considered that, as nothing was proven. But its definitely much more.

[arloseb]

huge amount

[CoinCidental]

The Willybot scam stole about eleventy million...

Yes, its in no way just 11 million. 11 million sounds so less, would be atleast a 100 times that.

this figure is incredibly way too low ......
the pirate ponzi alone was alledgedly worth around 60 million usd in defrauded btc from investors

"The SEC alleges that Trendon T. Shavers, who is the founder and operator of Bitcoin Savings and Trust (BTCST), offered and sold Bitcoin-denominated investments through the Internet using the monikers “Pirate” and “pirateat40.”  Shavers raised at least 700,000 Bitcoin in BTCST investments, which amounted to more than $4.5 million based on the average price of Bitcoin in 2011 and 2012 when the investments were offered and sold.  Today the value of 700,000 Bitcoin exceeds $60 million"

http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539730583#.VMtqE9KUfsw

[Q7]

I think the figure didn't take into account mt gox collapse. Probably just one to one cheating.  In the first place, did we ever refer to the money that lost in mt. gox as scam in the first place?

[AtheistAKASaneBrain]

They use this thread as reference, I assume the value is so low because they are counting the bitcoin exchange rate at the time of the scam, even like this it seems low.

Well its relative, for the people that lost the money 11 million seems like a shitload.

[LiteCoinGuy]

the Gaw&Paycoin Scam was even bigger than 11 million. so the real numbers are alot higher.