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BrutalistMcDonalds
Oct 4, 2012


Lipstick Apathy

SpaceGoku posted:

ah man, ahaha

not only is tether fake money but it's the fake money equivalent of those COMMEMORATIVE COIN REAL LIBERIAN LEGAL TENDER commercials for tacky collectible currency
https://www.youtube.com/watch?v=llNAsoF64Ng

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Shear Modulus
Jun 9, 2010



https://techcrunch.com/2018/01/16/bitconnect-which-has-been-accused-of-running-a-ponzi-scheme-shuts-down

quote:

Bitconnect, the lending and exchange platform that was long suspected by many in the crypto community of being a Ponzi scheme, has announced it’s shutting down.

In a release on its website the platform said the shutdown is attributed to “continuous bad press” surrounding the platform, two cease and desist letters from both Texas and North Carolina’s securities boards, and continuous DDoS attacks on the platform.

While the platform says they’re refunding all outstanding loans at a rate of $363.62 USD (an average of the token’s price over the last 15 days), the Bitconnect token is currently trading down ~80% and worth less than $40, so while users may have been made whole on a BCC-equivlent, many are certainly suffering severe financial losses in terms of USD or Bitcoin (which is how they made their original investment).

Many in the cryptocurrency community have openly accused Bitconnnect of running a Ponzi scheme, including Ethereum founder Vitalik Buterin.

The platform was powered by a token called BCC (not to be confused with BCH, or Bitcoin Cash), which is essentially useless now that the trading platform has shut down. In the last The token has plummeted more than 80% to about $37, down from over $200 just a few hours ago.



If you aren’t familiar with the platform, Bitconnect was an anonymously-run site where users could loan their cryptocurrency to the company in exchange for outsized returns depending on how long the loan was for. For example, a $10,000 loan for 180 days would purportedly give you ~40% returns each month, with a .20% daily bonus.

Bitconnect also had a thriving multi-level referral feature, which also made it somewhat akin to a pyramid scheme with thousands of social media users trying to drive signups using their referral code.

The platform said it generated returns for users using Bitconnnect’s trading bot and “volatility trading software”, which usually averaged around 1% per day.

Of course profiting from market fluctuations and volatility is a legitimate trading strategy, and one used by many hedge funds and institutional traders. But Bitconnect’s promise (and payment) of outsized and guaranteed returns led many to believe it was a ponzi scheme that was paying out existing loan interest with newly pledged loans.

Below is the chart that would determine how much users would make the using the platform.



All Bitconnect loans were denominated in U.S dollars but had to be made in BCC, the platform’s native cryptocurrency. So in order to make a loan users would have to deposit bitcoin into the platform then exchange it for BCC at whatever the market rate was. And loan interest and principal was also only paid out only in BCC, meaning users would have to convert it back to bitcoin (and then if desired, USD) after the loan term was finished.

The requirement of having BCC to participate in the lending program led to a natural spike in demand (and price) of BCC. In less than a year the currency went from being worth less than a dollar (with a market cap in the millions) to a all-time high of ~$430.00 with a market cap above $2.6B.

But now with no other uses for the token, it’s likely that the price will continue to plummet. The company did say that the ICO for their Bitconnect X trading platform will still happen, and that trading for the BCC token will continue there.



lol

https://twitter.com/francispouliot_/status/953462579401232386

Jose
Jul 24, 2007

Adrian Chiles is a broadcaster and writer

it owns how well it follows it after the previous version itt

Nanomashoes
Aug 18, 2012

Tether's Limitations of Liability literally says that they're allowed to lie to you about how much money you have

Jose
Jul 24, 2007

Adrian Chiles is a broadcaster and writer
its cool how trump intends to use PFI contracts for infrastructure week

https://twitter.com/guardian/status/953779061700136960

Epic High Five
Jun 5, 2004



Jose posted:

its cool how trump intends to use PFI contracts for infrastructure week

https://twitter.com/guardian/status/953779061700136960

His VP hosed my state over with them and is gleeful to bring them nationwide

Cao Ni Ma
May 25, 2010



Nanomashoes posted:

Tether's Limitations of Liability literally says that they're allowed to lie to you about how much money you have


lol

"Hey it might have been a mistake or we willfully and maliciously did it. It doesn't matter, you signed that you didn't care"

BrutalistMcDonalds
Oct 4, 2012


Lipstick Apathy
holy poo poo

https://www.youtube.com/watch?v=kbR1SXIje1U

Ruzihm
Aug 11, 2010

Group up and push mid, proletariat!


even KritiKal is riffing on cryptos

https://www.youtube.com/watch?v=Zkn5Lks552Y

Shear Modulus
Jun 9, 2010



should i text my friend who was bragging about his surging bitcoin and ethereum values "did you selll all your bits before the crash" or should i wait for it to crash more

Zil
Jun 4, 2011

Satanically Summoned Citrus


Shear Modulus posted:

should i text my friend who was bragging about his surging bitcoin and ethereum values "did you selll all your bits before the crash" or should i wait for it to crash more

Do it now and then again when the next crash occurs.

logikv9
Mar 5, 2009


Ham Wrangler

Ruzihm posted:

even KritiKal is riffing on cryptos

https://www.youtube.com/watch?v=Zkn5Lks552Y

i'm extremely happy for this, he seemed like a bitcoiner and that made me sad

THE BIG DOG DADDY
Oct 16, 2013

Rasheed was, with Aliases, the top 7 PvPers in Bone Krew.


No one talks about this.

Shear Modulus posted:

should i text my friend who was bragging about his surging bitcoin and ethereum values "did you selll all your bits before the crash" or should i wait for it to crash more

be a good friend and offer him financial coaching for a nominal fee

logikv9
Mar 5, 2009


Ham Wrangler

THE BIG DOG DADDY posted:

be a good friend and offer him financial coaching for a nominal fee

https://www.youtube.com/watch?v=MiJPsOI61qE

C. Everett Koop
Aug 18, 2008

logikv9 posted:

what, the Just printed $100,000,000 USDT! or "fictional reserve banking"

just printed 100,000,000 USDT out of my rear end


someone please help my rear end won't stop shooting money it hurts

cargo cult
Aug 28, 2008

by Reene
too late to short nvidia?

Sheng-Ji Yang
Mar 5, 2014


just got this email that somehow made it passed gmail spam filter and lmao

quote:

People invest for many reasons so you need to be clear about what you want to accomplish. I get the feeling youve been struggling in the market which is why I wanted to invite you to become a part of this amazing group. Ive been able to make a killing with their strategies and you could do the same. KUSH Coin has done extremely well in the last couple of weeks and Ive been watching it very closely. Everything Ive seen is telling me that its about to go into a massive bullish trend and that could mean huge potential profits for anyone who gets in on time.

Make an informed decision:

The logistical strains of a vertically integrated supplier of medical marijuana can make it difficult to run an efficient operation. But with KUSHCoin, transactions can run smoother and more efficiently. The strain of processing payments across different continents can be eased, because it uses a more decentralized technology that will allow companies to bypass state and federal regulations. But most importantly, it can protect them from any potential legalities that may come up in the future. With KUSHCoin, consumers won't have to provide their personal information, nor do they have to enter any credit card information. This system will give them a deeper level of privacy, and it can protect them against any legalities that may change in the future. KUSHCoin can also help suppliers and producers in the industry, because they won't have to comply with standard banking regulations -- something that can be a major stumbling block in terms of processing payments and transferring funds.

Get KUSH Coin crypto on Cryptopia or YoBit

you ever try bitcoin......... ON WEED???

gradenko_2000
Oct 5, 2010

HELL SERPENT
Lipstick Apathy

Sheng-Ji Yang posted:

just got this email that somehow made it passed gmail spam filter and lmao


you ever try bitcoin......... ON WEED???

Jared trying to raise funds for his legal defense #resist

Alpha Mayo
Jan 15, 2007
hi how are you?
there was this racist piece of shit in your av so I fixed it
you're welcome
pay it forward~
So, Bitconnect, the giant ponzi scheme where the creators took everyones money, closed their company and fled, has a coin called BCC that's still out there. It lost 93% of its value immediately after the ponzi was revealed, and hit a low of $5.69 earlier today.

It is now back up to $47.61 with a market cap of $375 million, a gain of 8367% from its low.

https://coinmarketcap.com/currencies/bitconnect/

Notorious R.I.M.
Jan 27, 2004

up to my ass in alligators

Alpha Mayo posted:

So, Bitconnect, the giant ponzi scheme where the creators took everyones money, closed their company and fled, has a coin called BCC that's still out there. It lost 93% of its value immediately after the ponzi was revealed, and hit a low of $5.69 earlier today.

It is now back up to $47.61 with a market cap of $375 million, a gain of 8367% from its low.

https://coinmarketcap.com/currencies/bitconnect/

That's because you can trade it for new-and-improved totally-not-a-ponzi bitconnectX!!!

Alpha Mayo
Jan 15, 2007
hi how are you?
there was this racist piece of shit in your av so I fixed it
you're welcome
pay it forward~

Notorious R.I.M. posted:

That's because you can trade it for new-and-improved totally-not-a-ponzi bitconnectX!!!

I thought you were kidding.

https://twitter.com/bitconnectx/status/953692032278646784

Enough people believe them to shoot the price of BCC up. The literal ponzi scam artists.

It's now $59.10. This loving timeline.

divabot
Jun 17, 2015

A polite little mouse!

SpaceGoku posted:

not only is tether fake money but it's the fake money equivalent of those COMMEMORATIVE COIN REAL LIBERIAN LEGAL TENDER commercials for tacky collectible currency

or of course Liberty Reserve!!

some suspect this is why a tether has never turned back into a dollar, because they don't want to seem to be making dollars as the US gets somewhat upset about that

Shear Modulus posted:

should i text my friend who was bragging about his surging bitcoin and ethereum values "did you selll all your bits before the crash" or should i wait for it to crash more

feign ignorance and ask how his ‘botcoins’ are doing

Alpha Mayo posted:

So, Bitconnect, the giant ponzi scheme where the creators took everyones money, closed their company and fled, has a coin called BCC that's still out there. It lost 93% of its value immediately after the ponzi was revealed, and hit a low of $5.69 earlier today.
It is now back up to $47.61 with a market cap of $375 million, a gain of 8367% from its low.

loving paycoin, at least as blatant a scam, still trades ... and still has bagholders hopeful it can rise again

Homeless Friend
Jul 16, 2007

Alpha Mayo posted:

I thought you were kidding.

Dr. VooDoo
May 4, 2006


Alpha Mayo posted:

I thought you were kidding.

https://twitter.com/bitconnectx/status/953692032278646784

Enough people believe them to shoot the price of BCC up. The literal ponzi scam artists.

It's now $59.10. This loving timeline.

These people deserve to lose all their money at this point :lol:

Karl Barks
Jan 21, 1981

Alpha Mayo posted:

I thought you were kidding.

https://twitter.com/bitconnectx/status/953692032278646784

Enough people believe them to shoot the price of BCC up. The literal ponzi scam artists.

It's now $59.10. This loving timeline.

this is an incredible grift lmao

Discendo Vox
Mar 21, 2013

This does not make sense when, again, aggregate indicia also indicate improvements. The belief that things are worse is false. It remains false.
I know there are a handful of joke "no seriously, we're just going to take your money" cryptos out there. Are there any charitable ones? Maybe one where the proceeds go to funding financial literacy programs?

THE BIG DOG DADDY
Oct 16, 2013

Rasheed was, with Aliases, the top 7 PvPers in Bone Krew.


No one talks about this.

Discendo Vox posted:

I know there are a handful of joke "no seriously, we're just going to take your money" cryptos out there. Are there any charitable ones? Maybe one where the proceeds go to funding financial literacy programs?

lmao

rudatron
May 31, 2011

by Fluffdaddy
as much as the people buying into bitconnect are stupid, bitcoin itself isn't that different from a literal pyramid scheme, so it's kind of funny to visit places like /biz and see the pot calling the kettle black

and it's sort of telling of our times that so many people are essentially now hooked on what's essentially gambling, since everyone is poor and knows that the only way to gain value as a human being is to make it rich, so down to the roulette wheel they go

in conclusion, everyone behind bitconnect should be hanged.

the bitcoin of weed
Nov 1, 2014

Sheng-Ji Yang posted:

just got this email that somehow made it passed gmail spam filter and lmao


you ever try bitcoin......... ON WEED???

please don't share my private messages

Jose
Jul 24, 2007

Adrian Chiles is a broadcaster and writer
https://twitter.com/eringriffith/status/954000878477938690

gradenko_2000
Oct 5, 2010

HELL SERPENT
Lipstick Apathy

Discendo Vox posted:

I know there are a handful of joke "no seriously, we're just going to take your money" cryptos out there. Are there any charitable ones? Maybe one where the proceeds go to funding financial literacy programs?

libertarians don't believe in any of that

Jose
Jul 24, 2007

Adrian Chiles is a broadcaster and writer


https://www.bloomberg.com/news/features/2018-01-18/the-fall-of-travis-kalanick-was-a-lot-weirder-and-darker-than-you-thought

Discendo Vox
Mar 21, 2013

This does not make sense when, again, aggregate indicia also indicate improvements. The belief that things are worse is false. It remains false.

reposting this in the fall of unicorns thread, thank you!

Agronox
Feb 4, 2005

cargo cult posted:

too late to short nvidia?

it’s pretty much near it’s all time highs here, so if that’s what you want to do, go for it

Alpha Mayo
Jan 15, 2007
hi how are you?
there was this racist piece of shit in your av so I fixed it
you're welcome
pay it forward~
If you buy Bitcoin, exchange to Tether then use that to buy BitConnect, you'd be three levels deep in Ponzis
*Inception theme begins to play*

Ruzihm
Aug 11, 2010

Group up and push mid, proletariat!


Discendo Vox posted:

I know there are a handful of joke "no seriously, we're just going to take your money" cryptos out there. Are there any charitable ones? Maybe one where the proceeds go to funding financial literacy programs?

Lol no but there are a couple like curecoin where part of the mining process involves occasionally doing protein folding.

Doctor_Fruitbat
Jun 2, 2013


You can't fund poo poo when your currency is a zero sum game.

Marx Headroom
May 10, 2007

AT LAST! A show with nonono commercials!
Fallen Rib
What if online dating but blockchain

quote:

For us to ever find out [how to design a match algorithm that really increases human happiness], we are going to require an open data ecosystem around computer dating. Blockchain is an integral part of that – it’s what pays the bills to do the science and, in the case of Luna, it nicely and accurately solves one of the key problems in the computer dating arena: cut-and-paste messages spammed over huge numbers of people, resulting in an ever-lower number of good quality genuinely interested messages, hidden in an ever larger sea of dating spam. Just getting rid of that dynamic once and for all would be a great result, but I think that Luna offers far, far more.

the biggest problem with dating sites these days is that rich people can't jump to the front of the line

quote:

Stars are Luna’s native token built on the Qtum blockchain. Stars are not necessary for the use of the Luna platform. They can be used to prioritize first messages to users who are receiving an influx of attention. Later use-cases will allow for other perks.

Stars will be first sold to users in early February. After that they will be available on exchanges, and eventually will be available directly in the app.

When you attach Stars to a first message, the recipient receives the Stars (minus a fee) along with your message, provided they read your message in 36 hours. Otherwise, your stars are refunded to you in full.

so basically you can use cryptocurrency to buy dating app coins that increase your message priority, and whoever reads your message gets the coins

TACD
Oct 27, 2000

Discendo Vox posted:

I know there are a handful of joke "no seriously, we're just going to take your money" cryptos out there. Are there any charitable ones? Maybe one where the proceeds go to funding financial literacy programs?
If you want to use CPU cycles for good Folding@Home is still a thing

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Ruzihm
Aug 11, 2010

Group up and push mid, proletariat!


TACD posted:

If you want to use CPU cycles for good Folding@Home is still a thing

yeah folding @ home is good poo poo. There's also SETI @ home if you wanna find ALIEMS instead of helping earthlings

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