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Old 07-26-2013, 10:39 AM   #1
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Bitcoin Fraud

Did you find out?

http://english.ruvr.ru/news/2013_07_...nt-fraud-5274/

http://online.wsj.com/article/SB1000...093071466.html

(I know these news don't tell us everything about the bitcoin, but still... it's ugly news)

Thank God I never believed in the Bitchcoin scam. In my opinion it's worse than the US dollar, which at least has the petrodollar behind it.

I was amazed when I saw Max Keiser literally advertise the bitcoins in his show. Then, a few weeks ago he turned 180 degrees to talk against it.

Bitcoin is a mega ponzi scheme. Digital fiat. Case closed
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Old 07-26-2013, 12:27 PM   #2
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You are just linking to a Ponzi Scheme that happened to use Bitcoin?

I can tell you to invest in my toilet paper because I have a fool proof way of making millions. If you are a stupid investor and believe stupid claims then you might invest in it. I will use some of the new investors money to pay out the old investors, this will attract more investors. When there are no more stupid people left, the scheme will fail & I will run away with most of the money.

This is a Ponzi Sheme.
You can start one with literally anything.
This guy claimed to have a fool proof way to make money trading Bitcoin.

The fact that you somehow thing this relates to Bitcoin itself is strange.



When currencies fail people aren't going to trust governments and are going to want something with no counter-party risk.

Obviously this is gold.

But when it comes to doing business online, it's hard to use gold as you have to trust whatever E-Gold type system/currency has the real gold somewhere to back up the digital transaction - this is counter party risk.
What people won't want. So that is where Bitcoin comes in. IMO it will be huge when the bank bail-ins start.
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Old 07-27-2013, 02:33 AM   #3
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I personally think bitcoin is a pyramidal game. It's worse than fiat.

It looks nice, looks modern and it's fashionable. Toy money.

Like poker chips.

Check the bitcoin price bubble - historical charts.

PS: I am no stupid investor, so I don't believe in fiat and nor in the bitchcoin
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Old 12-30-2013, 05:16 AM   #4
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I beg to disagree with you guys. I'm no expert but I believe that crypto currency has a big potential in the mainstream market. It's clear that BTC is volatile; it has its disadvantages but not a fatal one.
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Old 12-30-2013, 08:16 AM   #5
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I like the theory of it, but until it something like that is more mainstream (which will be difficult when governments want to be involved, if some sort of tax is introduced, etc.) is going to be very difficult. Saying that a government "backs" a currency, does very little for me. Either a currency is going to be worth something to someone or it is not. Same with BTC and the rest of them. The difference is, is that BTC is that I could not go to the store and buy groceries with BTC, litecoin, etc.

I will say that my understanding of this type of currency is minimal at best.
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Old 12-30-2013, 08:27 AM   #6
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cashed mine in for real silver
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