Cryptocurrencies: scams and skullduggery

Quantt

Active member
Jul 23, 2017
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#31
i understand, but is there a difference here.

crypto currency was new and intriguing currency concept 10 yrs ago. and bitcoin was in the lead, it was worth a look ..but ..don't have the stones and couldn't afford the flyer :cheesy:
I do work in IT/Security, so I keep an eye the space and even back then at let's say $30 didn't make sense as an investment... And I am yet to see the block chain technology to be widely used in real life for anything else than tokens...

But let's just say someone gave me a 100 as a gift for example, I would have sold them long time ago after the first 10x run/big drop, so nothing for me personally to feel sorry about...
 

Brumby

Well-known member
May 25, 2012
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#32
But let's just say someone gave me a 100 as a gift for example, I would have sold them long time ago after the first 10x run/big drop, so nothing for me personally to feel sorry about...
In 2014 the MIT Bitcoin Club provided each of MIT’s 4,494 undergraduates with $100 in bitcoin. Interestingly, 30% of the students did not even sign up for the free money, and 20% of the sign-ups converted the bitcoin to cash within a few weeks.
 
Aug 21, 2004
9,063
2,278
323
Manchester
#37
At least they are accepted everywhere :LOL:
Of course they are, the smart people have been getting rid of them in exchange for real assets.

The study you and NVP should be doing is looking at all the major currencies and deciding if they have been getting collectively stronger or weaker since the crisis of 2008. If you find that the answer is "weaker", then you have a real conundrum. Where did my purchasing power go? :LOL: Who is stealing from me? Why have my wages not risen in real terms? Why is everything more expensive?

Anyway, as the saying goes, "you can lead a horse to water, but you cannot make it drink". People need to come to their own realisations about what is going on. Unless of course, they have a vested interest in maintaining the status quo.:LOL:
 
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Quantt

Active member
Jul 23, 2017
945
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#40
. Where did my purchasing power go? :LOL: Who is stealing from me? Why have my wages not risen in real terms? Why is everything more expensive?
Frankly, it makes me sad you feel that way, especially around Christmas... unfortunately bitcoins is not going to be your salvation especially this late in the game... maybe move to another country to start fresh or something...
 

NVP

Well-known member
Jun 21, 2004
35,851
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west sussex, UK
fxcorrelator.com
#42
Of course they are, the smart people have been getting rid of them in exchange for real assets.

The study you and NVP should be doing is looking at all the major currencies and deciding if they have been getting collectively stronger or weaker since the crisis of 2008. If you find that the answer is "weaker", then you have a real conundrum. Where did my purchasing power go? :LOL: Who is stealing from me? Why have my wages not risen in real terms? Why is everything more expensive?

Anyway, as the saying goes, "you can lead a horse to water, but you cannot make it drink". People need to come to their own realisations about what is going on. Unless of course, they have a vested interest in maintaining the status quo.:LOL:
What am I comparing the relative strength of all the G8 currencies to ?

Other global currencies ?
Gold ?
Bitcoins ?
Big Macs ?
Oil ?
Bonds ?
Equities ?

The flow of value Is a fascinating subject and a decent way to trade by following momentum

N:smart::smart:
 

timsk

Well-known member
Mar 18, 2002
6,793
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#44
Whilst I don't share Quantt's rather negative view of the whole crypto market, I do accept and understand that it attracts the wrong people for the wrong reasons. And because it's so new and the regulators are way behind the curve - there is opportunity a plenty for the scammers to have a field day. This leads me on to BitConnect. . .

BitConnect is both a coin and a trading platform of sorts. It has a bot that averages around 1% returns per day. Yep, you read that right folks: 1% per day! There's no information on how the bot works, no white paper, no details of who the developers / founders are and no contact details or e-mail address etc. In spite of that, it's currently the 17th largest crypto by market cap', boasting a staggering $2,781,138,582 (and counting).

It appears to me to be a classic Ponzi Scheme - proper Bernie Madoff style. But 'investors' are ploughing into it big time, attracted by the prospect of tripling their money every year. YouTube is littered with videos warning people about it and, when it collapses as it surely will, it'll inject a much needed dose of reality into the whole crypto arena. I'm interested in cryptos and think they're here to stay and am keen to get involved. However, with the knowledge and insight I've gained from many years on T2W, I can see (along with many of you I'm sure) that this is one big, bad ar$e, rotten apple in the barrel.
Tim.
 
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