TAKE THAT BULLTARD SCAMMERS!
All my presumptions are becoming true!
http://www.nytimes.com/2015/02/11/business/international/hong-kong-issues-warning-about-bitcoin.html?_r=2"HONG KONG — Hong Kong’s central bank has warned against investing in virtual currencies, amid local media reports that a Bitcoin exchange may have run off with $387 million in client funds in what could be the biggest Bitcoin scandal after last year’s bankruptcy at the Mt. Gox exchange, based in Tokyo.
The South China Morning Post reported on Monday that clients of the MyCoin exchange, based in Hong Kong, had approached a local lawmaker, saying the company had absconded with their money. An assistant for Legislative Council member Leung Yiu-chung said that Mr. Leung had received more than 15 complaints from MyCoin clients regarding the allegations and that these would be passed on to the police on Wednesday.
The Hong Kong Monetary Authority said in a statement late Monday that the case “may involve fraud or pyramid schemes,” adding: “Given the highly speculative nature of Bitcoin, we have all along urged the public to exercise extra caution when considering making transactions or investments with Bitcoin.”
Calls to MyCoin in Hong Kong could not be connected. Calls to the company’s China customer service line were not answered.
Bitcoins are created through a “mining” process in which a computer’s resources are used to perform millions of calculations.
Advocates say the virtual currency is revolutionary because it is not controlled by a central bank and has potential as an alternative means of online payment. But the rise of Bitcoin, which is unregulated in many places, including Hong Kong, has stoked concerns that it can be used to launder money and finance extremist groups.
Mt. Gox, once the world’s largest Bitcoin exchange, filed for bankruptcy a year ago after it claimed to have lost about $500 million worth of customer Bitcoins in a hacking attack.
On its website, MyCoin says it is a “leading global Bitcoin trading platform and application service provider,” with a research and development team based in China.
MyCoin promised clients a return of one million Hong Kong dollars, or $128,976, over a four-month period based on a 400,000-dollar investment that would produce 90 bitcoins on maturity, the South China Morning Post reported.
The report added that MyCoin claimed to have 3,000 customers, each investing an average of one million dollars.
The price of a Bitcoin has slumped from a late-2013 high of more than $1,000 to about $220, according to CoinDesk’s price index."
Tighter regulations(total bans) for bitcoin exchanges in China(Hongkong) will most likely be established pretty soon. Byebye Bitfinex, Huobi and whatelse.
