Cryptocurrencies: scams and skullduggery

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brewski1984

Well-known member
Sep 9, 2010
2,025
342
93
#4
It will be interesting to see if things like that are reflected in the price or just ignored and it carries on surging.
 

Nowler

Active member
Sep 13, 2017
757
51
38
#5
It will be interesting to see if things like that are reflected in the price or just ignored and it carries on surging.
I'm going to keep an eye on it myself :)

Anyone talking like Bitcoin is unstoppable is not a trader...they are either a gambler or just a plain fool

I've hear people talking about anonymity with Bitcoin, but now here we have the exact opposite, should they comply
 

Signalcalc

Well-known member
May 21, 2016
1,850
286
93
#7
Just a few troubles with any crypto coin:

* Regulation will be imposed
* Scams to be exposed
* Hackers are always attacking
* It's so un-eco friendly it's unbelievable - the amount of energy being used to mine is increasing all the time, predicted to be more than the consumption of the UK early next year and surpassing the US by 2019. Sooner or later it will be stopped.​

Not so bad if you hold a derivative and can get rid, not so good if you own actual coin.
 
Aug 24, 2015
95
3
18
Frankfurt
#9
Market manipulation is not as easy as many people think. You need a serious purpose and a lot of money to do that. Nobody is going to manipulate the market just for the sake of it. People do that only to make even more money.
 

Quantt

Active member
Jul 23, 2017
945
53
38
#12
Does that mean the price will double again inside 2 months ?
Means that all customers on this exchange just lost 25% of their holdings for sure and after the bankruptcy is not even clear if they will get anything at all, just ask any of the former clients of the biggest exchange at the time (70%) Mt. Gox...
 
Aug 21, 2004
8,936
2,243
323
Manchester
#13
Means that all customers on this exchange just lost 25% of their holdings for sure and after the bankruptcy is not even clear if they will get anything at all, just ask any of the former clients of the biggest exchange at the time (70%) Mt. Gox...
I thought they said 75% ?

That's why you don't hold coin on an exchange. Good lesson there for them.
 

Quantt

Active member
Jul 23, 2017
945
53
38
#14
I thought they said 75% ?

That's why you don't hold coin on an exchange. Good lesson there for them.
They have said "all customers' cryptocurrency assets will be marked down to 75% of its value" = 25% loss, but I think you are probably right and I doubt after the bankruptcy is over, people will be lucky to lose only 75% :)
 

Quantt

Active member
Jul 23, 2017
945
53
38
#16
I wonder if the administrators get paid in Bitcoin :LOL:
The problem for me in cases like this is who exactly is involved in the hack, did employees also took advantage of the mess to help themselves, etc ...

If my assets are not insured by the government or a large well known insurance company (worst case), I am staying far, far away...
 
Aug 21, 2004
8,936
2,243
323
Manchester
#17
The problem for me in cases like this is who exactly is involved in the hack, did employees also took advantage of the mess to help themselves, etc ...

If my assets are not insured by the government or a large well known insurance company (worst case), I am staying far, far away...
Yeah it's a good point, but then we are not comparing apples. Btw, if the **** does hit the fan, govt and insurance promises will be worthless. I'm sure you understand this though.
 

Quantt

Active member
Jul 23, 2017
945
53
38
#18
Yeah it's a good point, but then we are not comparing apples. Btw, if the **** does hit the fan, govt and insurance promises will be worthless. I'm sure you understand this though.
I do, but I don't think crypto or gold are the solution, you'll need few good friends, medicine, water, food, guns + lots of ammo and not necessarily in that order :)