Bitcoin robberies

J

JohnD

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Bubbles always look great, until they burst.

In the news this week are a number of frauds and thefts of bitcoins, where the victim has no recourse or protection. There's no bank guarantee or financial authorisation of the traders or advisers, and they are unregulated. The anonymity is a great boon to money launderers and international criminals and tax dodgers. I was amused to hear one victim, who's lost thousands, asserting that he was putting more money into the scheme because he still thinks it'll make him a fortune. All he has to do is to hope the supply of new mugs doesn't dry up.

http://money.cnn.com/2017/12/08/technology/bitcoin-ico-fraud/index.html

http://www.bbc.co.uk/news/business-42281004

https://www.marketwatch.com/story/f...-billionaires-and-wall-street-ceos-2017-10-05

https://www.theguardian.com/technol...n-fraud-jp-morgan-cryptocurrency-drug-dealers

Anyone attracted by the idea of spending money on an imaginary asset of no intrinsic value and with no guarantees might be interested in the Tulipmania crash of 1637, or the Collateralised Debt Obligation scam that crashed the financial services industry in 2007/9, which we are all, as taxpayers, paying for, and will carry the debt for the rest of our lives. It turns out that lending money to people incapable of paying it back is not a great idea. Luckily, the taxpayers offer no guarantee to bitcoiners.

Do we have any Bitcoin enthusiasts on here? I have some magic beans for sale....
 
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It's simple it's called play the bigger fool, you just need to know when to cash in before it goes pop.
 
I think the most famous (and sensible) guy is the one who bought a pizza with bitcoins ( wayback, cost thousands ) he will go down in history ;)
 
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Nice episode of The Big Bang Theory this week regarding said coins
 
Let's face it if you bought £100 Of bit coins at their inception (about 6 years ago ?) You'd be sitting on a £150 million pile of cash. If you cash that out... who is the fool? Not you.
 
A simple philosophy, if you build it, grow it, or mine it. It's tangible, if not it's speculation.
 
I'm told that in prison, you can use cigarettes, chocolate or phone cards as currency.
 
Reminds me of a phrase "the road to hell is paved with good intentions"
 
You don't understand bitcoin . . . or any cryptocurrency do you ?
 
Bitcoin terrifies the banks. They have to destroy it. It was designed to bypass them, to render them obsolete, to take away the grip & the power they hold over us. It absolutely terrifies them, so they have to destroy it.

Do your research, but please keep it within the respected cryptocurrency community. It is only your lack of understanding of it which makes you afraid.

You don't even fully understand £cash, maybe a little understanding of how bitcoin works & the positives it brings will go a little way to helping you to understand how £cash works.
 
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