Bitcoins/Litecoins/Virtual Currencies

Arative

Arative

Vyemm Raider
2,998
4,614
I guess that is the good thing about every transaction with bitcoin being public record, you can always follow the trail. 200k btc is roughly $126 million at today's prices. That's some serious money right there.
 
Tuco

Tuco

I got Tuco'd!
<Gold Donor>
45,493
73,584
Guy makes a literal BTC based Ponzi scheme with full disclosure that it's a ponzi scheme:

PonziCoin - The Very Best BitCoin Ponzi!

More specifically it was a gambling website where the gambling game was small ponzi schemes. They went through 6 rounds of this and on the 7th round the owner got enough currency that he decided to show the real ponzi scheme and ran.

$6000 and 65 pages on this forum later people are very upset he's not allowing them to withdraw.

200% for the last deposit in every round!


I've never seen something like this before.
 
R

rinthe_sl

shitlord
102
2
Oh man, that's funny.

If that guy had any sense, he would have kept it going and then either sold it or did a runner with 7+ figures.
 
Soygen

Soygen

The Dirty Dozen For the Price of One
<Nazi Janitors>
28,326
43,170
Reading that thread is so /facepalm it's hard to believe these people are really this stupid.
 
Izo

Izo

Tranny Chaser
18,590
21,517
Soygen_sl said:
Reading that thread is so /facepalm it's hard to believe these people are really this stupid.
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People are greedy. Isn't that also why we manage our own retirement funds? Hoping to have more than the average Joe in the end?
 
N

Numbers_sl

shitlord
4,054
3
http://www.reuters.com/article/2014/...A2A1VM20140311

A U.S. federal judge on Tuesday temporarily froze the U.S. assets of Mt. Gox chief Mark Karpeles and allowed alleged victims of the shuttered bitcoin exchange to demand evidence of what they claim is a massive fraud.

The market for the digital currency was rocked last month when Mt. Gox, once the world's largest bitcoin exchange, ceased operations, and soon after filed for bankruptcy. Mt. Gox said it may have lost 750,000 bitcoins, worth hundreds of millions of dollars, in a hacking attack.

The freeze on Karpeles' assets, issued by Judge Gary Feinerman in Chicago, also applies to Mt. Gox's U.S. affiliate and the Japanese parent company, Tibanne, according to Christopher Dore, an Edelson attorney who represents U.S. customers of the bitcoin exchange.

The judge's order did not apply to the Tokyo-based Mt. Gox KK, which was shielded from litigation after it filed for bankruptcy protection in Japan and the United States.
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N

Numbers_sl

shitlord
4,054
3
http://www.reuters.com/article/2014/...A2B0XV20140312

Two months before Mt. Gox filed for bankruptcy it was sued by a customer seeking the return of funds in a case that highlights some of the red flags raised in the run-up to the collapse of what was once the world's biggest bitcoin exchange.

New York resident Marko Simovic filed a civil action at the Tokyo District Court on December 24, seeking to recover $105,000 he had on deposit at Mt. Gox and about $14,000 in interest, court filings show.

Simovic, who described himself as a software developer who previously managed the bitcoin operations for a hedge fund, said Mt. Gox dodged repeated requests to withdraw funds from his account, which as of July 1 was credited with $935,000 in cash. Simovic could not be reached for comment.

Mt. Gox refuted Simovic's claims in a brief filed by law firm Baker & McKenzie. It said Simovic didn't comply with online procedures, and cited withdrawal limits that would have required two months for him to draw down his account. That rebuttal was submitted to the court three weeks before Mt. Gox filed for bankruptcy protection on February 28, saying it had lost bitcoins and cash worth more than half a billion dollars to hackers.

The lawsuit was cited in a U.S. bankruptcy filing earlier this week, which is related to the company's Tokyo bankruptcy proceedings.
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mkopec

mkopec

<Gold Donor>
25,424
37,545
I still dont understand why all this processing power is wasted? should this not be used for something good AND provide coinage for the miners at the same time? Harness that power for the genome project, or some cancer research, anything?
 
Tuco

Tuco

I got Tuco'd!
<Gold Donor>
45,493
73,584
mkopec_sl said:
I still dont understand why all this processing power is wasted? should this not be used for something good AND provide coinage for the miners at the same time? Harness that power for the genome project, or some cancer research, anything?
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Yeah it's annoying but keeping the discovery of new coins limited to very specific methods prevents exploitation. If research labs could offload processing to the mining community there'd be a chance for a lab to subvert the process by having mining that can be done very efficiently if someone had a priori knowledge of an algorithm well suited to that task.
 
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