Biggest ever crypto scam sees Bitcoin worth $3.6 billion stolen by siblings

umbala

Posts: 368   +485
A lot of people make a lot of money on what you call a Ponzi scheme.
Also, in a Ponzi scheme, people are lied to in so many ways it should be criminal. Wait, it is.

Crypto is not a Ponzi scheme anymore that the stock market.
You are a stockbroker and its sad and amazing that you need that explained to you
Everything you just said is complete nonsense. You have no clue how a Ponzi scheme works and you have no clue about anything related to the stock market. All you're doing is parroting the same nonsense over and over, comparing the stock market to crypto. Your whole argument is basically this: if people can get rich quick on the stock market then there's no reason they can't do the same using crypto, because hey they're basically the same thing!
 

scavengerspc

Posts: 1,329   +1,247
TechSpot Elite
Everything you just said is complete nonsense. You have no clue how a Ponzi scheme works and you have no clue about anything related to the stock market. All you're doing is parroting the same nonsense over and over, comparing the stock market to crypto. Your whole argument is basically this: if people can get rich quick on the stock market then there's no reason they can't do the same using crypto, because hey they're basically the same thing!
I know exactly how a Ponzi scheme works.

Wall Street and Crypto have the biggest thing in common. You spends your money and you takes your chances.

You really should tell me WHY what I said is nonsense. Proclamations do nothing for your opinion.

And I'm sure you would be a TechSpot Elite member too if you could find a way to cheat and do it for free. I do it because I have loved the articles here for damn near 2 decades.
 

captaincranky

Posts: 16,962   +5,732
If it (bitcoin) was worth nothing, why would criminals use it?
OK, just last week you were running your yap about how, "criminals prefer cash".

Now, you're defending bitcoin, by saying that they do use bitcoin.

You seem to have a desperate need to talk out both sides of your a**, to stay on message.
 
Last edited:

captaincranky

Posts: 16,962   +5,732
Everything you just said is complete nonsense. You have no clue how a Ponzi scheme works and you have no clue about anything related to the stock market. All you're doing is parroting the same nonsense over and over, comparing the stock market to crypto. Your whole argument is basically this: if people can get rich quick on the stock market then there's no reason they can't do the same using crypto, because hey they're basically the same thing!
The similarity between the stock market and bitcoin is basically that they both are powered by histrionics. "Oh my god, it's up, let's buy". "Oh my god, the CEO's secretary just filed sexual harassment charges, better get out while I can".

It begins and ends there. Even with that in mind, if you have a treasury bond or a future, or a share of stock, you still own a piece of something tangible.

With crypto, you're mining for strings of numbers some jacka** put on computers, and is now sitting back, collecting piles of credible world currencies, laughing his or her a** off.
 

kiwigraeme

Posts: 368   +299
Why would you even trust these wallets with so much funds - were they audited - to see protected from the company - ok if you have only .1 of a bit coin .

I said my prediction yesterday with coin will die in 10 years - probably sooner - We have the fluffers coming on here trying to pump their nonsense . I think most art by Banksy or whatever his name is - is rubbish and most generic derivative drawings - but at least you get something for your investment .

BC will die - with stories like this - with more reporting of the big players working the price , with more deaths , global warming starting to kill more and more flora and fauna and humans - The young are going to get really angry . Global warming is a million times worse than Covid 19/Sars 2 - the slowly heating frog is going to become frogs in the microwave soon- dead sea areas ( little oxygen), mass extinction, floods rotting crops, droughts making hard to grow - death zone temperatures 50 Celsius plus , 40 degrees +100 % humidity ( can not cool down ) - no relief in night as temps 35 plus - the old in third world countries and babies will die in large numbers - as they can not handle the heat stress
 

ZedRM

Posts: 534   +326
It wont be, anymore than the stock market will be.
You don't know that. There have been rumblings that the DOJ might make such a declaration. Also, to compare the bitcoin market to the stock market is erroneous to say the least.
 

NightAntilli

Posts: 657   +821
Everything you just said is complete nonsense. You have no clue how a Ponzi scheme works and you have no clue about anything related to the stock market. All you're doing is parroting the same nonsense over and over, comparing the stock market to crypto. Your whole argument is basically this: if people can get rich quick on the stock market then there's no reason they can't do the same using crypto, because hey they're basically the same thing!
The stock and crypto market function pretty much the same. The difference is that you don't need a broker in crypto. And just because penny stocks exist, it doesn't mean that all stocks are bad. Because that is the logic that is used for crypto; there are scams, therefore the whole market is a scam. That logic is as broken as it gets.

You're baselessly accusing someone of something, while it's quite clear that your crypto knowledge is severely lacking.
 

scavengerspc

Posts: 1,329   +1,247
TechSpot Elite
You don't know that.
That's true, but neither does anyone else, pro nor con.

Also, to compare the bitcoin market to the stock market is erroneous to say the least.
Ok Z, but I wish anyone that feels that way would at least tell me why. From the buyers' standpoint, I mean. (I did not mine a single one that I owned).
Bitcoin even goes through a bulls\bear fluctuation.
 

ZedRM

Posts: 534   +326
Ok Z, but I wish anyone that feels that way would at least tell me why. From the buyers' standpoint, I mean. (I did not mine a single one that I owned).
Bitcoin even goes through a bulls\bear fluctuation.
Ok, that's fair.

For starters, the stock market is very highly regulated by every government on the planet, bitcoin is not. It's effectively a "Wild West" market with no controls or regulation at all. The Stock markets react to real world valuations, business trends and various other factors. Bitcoin seems to grow and shrink on the whims of a seemingly few controlling the perceptions of value.

Next, stocks, bonds and commodities have tangible ownership associations. Bitcoin is literally nothing. It only has value because certain people say it has value. This is almost a textbook definition of a ponzi scheme. The moment the US Department of Justice declares it one, it'll be over for all cryptocurrencies, nearly world wide. And that can't happen soon enough.

(For the record, before anyone complains, I kept it simple for illustration purposes. We all know the stock market is far more complicated than the above summary.)
 

scavengerspc

Posts: 1,329   +1,247
TechSpot Elite
Ok, that's fair.

For starters, the stock market is very highly regulated by every government on the planet, bitcoin is not. It's effectively a "Wild West" market with no controls or regulation at all. The Stock markets react to real world valuations, business trends and various other factors. Bitcoin seems to grow and shrink on the whims of a seemingly few controlling the perceptions of value.

Next, stocks, bonds and commodities have tangible ownership associations. Bitcoin is literally nothing. It only has value because certain people say it has value. This is almost a textbook definition of a ponzi scheme. The moment the US Department of Justice declares it one, it'll be over for all cryptocurrencies, nearly world wide. And that can't happen soon enough.
I'm going to go out on a limb here and say I don't disagree with almost anything you said here. Seriously. The only thing I do disagree with is if it will be labeled a Ponzi scheme. While its true there are no regulations, it's not like I was duped, or anyone else. I knew exactly what I was doing 7 years ago when I started buying and a few months ago when I sold everything off.
Besides, I think the "Wild West" view is what makes it attractive to a lot of people.

Now if it ever becomes a question of gambling due to the lack of guidelines then I could easily see that, even though the stock market is never a guarantee either.

(For the record, before anyone complains, I kept it simple for illustration purposes. We all know the stock market is far more complicated than the above summary.)
Which is fine because I know very little about the stock market. You have probably forgotten more over the years than I will ever know.

So I'm just going to try to be cool and give you a (y) (Y)
 

tancabean

Posts: 25   +32
An inherent feature of a Ponzi scheme is deception. Nobody is being deceived with crypto. People buy into crypto willingly and knowingly with the hope/expectation that the next gambler helps drive the price up.
 

NightAntilli

Posts: 657   +821
This is almost a textbook definition of a ponzi scheme. The moment the US Department of Justice declares it one, it'll be over for all cryptocurrencies, nearly world wide. And that can't happen soon enough.
And this is where you show you have no idea what crypto is...

Why does crypto have value you ask? Well... Let me try to explain that.

For one, you don't need any 3rd party, be it banks, funds or whatever else, to save your wealth. Crypto allows you to have direct custody over your own wealth. That was never possible before. At least, not for large sums.

Secondly, crypto is mostly decentralized. The ones that aren't decentralized are more likely to be scams. What does it mean to be decentralized? It means that no single person or entity has control over it. Why is that important? Because there is no single point of failure. Look at how many times people were propagating that China controls crypto. China is now cracking down on it, and, what happened? Well, in reality, nothing. Everything still works just like before. The only difference is that people get scared easily and start selling their bags while institutions are buying them up.

Thirdly, crypto does not require regulation for everything. The technology allows programming of specific features, which makes the system impossible to be played, if done right. For example, there are regulations for borrowing money. Crypto does not require these regulations, because the rules are coded beforehand. You can borrow at most 50% of the value of your assets in most cases, and, if you cannot comply with payments, you simply automatically lose your crypto to pay for your debt. But using this is entirely in your own hands, and you generally get warnings when you're getting close to being liquidated. You can also freely set your own crypto for borrowing and gain interest. The interest is determined by the market itself, not by any centralized entity. You should seriously look into DeFi.

Lastly, crypto will ultimately force everyone to be responsible. Do you know where all the scams and hacking happens? When people give their custody away to someone else. THAT is the center issue. People still have the mentality that someone else needs to take care of them. That is and always will be a recipe for disaster. With crypto, you basically have to take care of yourself in order to survive this market. There is nothing more close to a free market than crypto. And that is a good thing.
 

terzaerian

Posts: 960   +1,399
OK, just last week you were running your yap about how, "criminals prefer cash".

Now, you're defending bitcoin, by saying that they do use bitcoin.

You seem to have a desperate need to talk out both sides of your a**, to stay on message.
You ignore the double standard I highlight in my post to accuse me of double standards. I think I can safely just mute your posts from here on out.
 

MasterMace

Posts: 176   +144
Everything you just said is complete nonsense. You have no clue how a Ponzi scheme works and you have no clue about anything related to the stock market. All you're doing is parroting the same nonsense over and over, comparing the stock market to crypto. Your whole argument is basically this: if people can get rich quick on the stock market then there's no reason they can't do the same using crypto, because hey they're basically the same thing!
The biggest difference between Crypto and the Stock Market is that according to the Supreme Court under Citizen's United, the Stock Market is illegal under the 14th Amendment and the Emancipation Proclamation.

Yes, I'm memeing, but I'm the best kind of correct.