Cryptocurrency Shocker - Fraud and Deceit

FrgMstr

Just Plain Mean
Staff member
Joined
May 18, 1997
Messages
51,868
What happens when you sell virtual shares of companies that require a bitcoin purchase and then sell those bitcoins off on the open market for real dollars and use that money for personal purchases? You are probably going to jail for a while. While we do not know if Jon Montroll is going to jail yet, Reuters tell us he has plead guilty.


NEW YORK (Reuters) - The operator of a shuttered bitcoin-denominated exchange pleaded guilty on Monday to federal charges that he defrauded investors and lied to U.S. securities regulators investigating the theft by hackers of virtual currency now worth about $46 million.
 

Master_shake_

Fully [H]
Joined
Apr 9, 2012
Messages
16,724
tenor-gif.gif


yep.
 

rgraze911

Limp Gawd
Joined
May 12, 2005
Messages
290
I guess I just dont understand how bitcoin is worth that much when you constantly see articles like this.
 

seanreisk

[H]ard|Gawd
Joined
Aug 29, 2011
Messages
1,715
I cannot brain. I R teh guilty.


P.S. "It's just like real money, except you have to pretend it's there."

"So it is pretend money."

"NO, it's real money, but when you have it, you don't actually have a real thing. You just know you have it."

"So I can just pretend to have more, and I'll have more?"

"NO, you idiot, you have to HAVE it to pretend you have some. But if you have it you don't actually have anything, but you spend it like real money."
 
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DPI

[H]F Junkie
Joined
Apr 20, 2013
Messages
11,452
I guess I just dont understand how bitcoin is worth that much when you constantly see articles like this.

Cherrypicked negative headlines will have that effect. The big tectonic shifts happening in cryptocurrency fly under the radar unless you know where to look, because the details aren't very dramatic especually to disinterested casual observers. Things like how the dam has pretty much broken with all the big wall street banks getting involved, most of them doing it quietly after they've spent years denouncing crypto publicly.
 
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mope54

Supreme [H]ardness
Joined
Oct 2, 2004
Messages
7,442
Cherrypicked negative headlines will have that effect. The big tectonic shifts happening in cryptocurrency fly under the radar unless you know where to look, because the details aren't very dramatic especually to disinterested casual observers. Things like how the dam has pretty much broken with all the big wall street banks getting involved, most of them doing it quietly after they spent years bellying up to podiums denouncing crypto publicly.
That's not cherry-picking.

You can be the perfect guest 364 days of the year but the one day you shit in my living room you ain't coming back!
 

Nebell

[H]ard|Gawd
Joined
Jul 20, 2015
Messages
1,960
Cherrypicked negative headlines will have that effect. The big tectonic shifts happening in cryptocurrency fly under the radar unless you know where to look, because the details aren't very dramatic especually to disinterested casual observers. Things like how the dam has pretty much broken with all the big wall street banks getting involved, most of them doing it quietly after they spent years bellying up to podiums denouncing crypto publicly.

Yeah, the news here are biased against cryptocurrency.
No wonder considering most members here are anti-crypto and there's at least one picture of burning fire.
So posting anti-crypto news gets you more clicks.
 

BSmith

[H]ard|Gawd
Joined
Nov 9, 2017
Messages
1,323
Cherrypicked negative headlines will have that effect. The big tectonic shifts happening in cryptocurrency fly under the radar unless you know where to look, because the details aren't very dramatic especually to disinterested casual observers. Things like how the dam has pretty much broken with all the big wall street banks getting involved, most of them doing it quietly after they've spent years denouncing crypto publicly.

Is there something inaccurate in the information? If not, then it simply is news. Period. If news people may not like was ignored, then nothing would ever be said about anything as someone is almost always bent out of shape about something being said.
 

HockeyJon

[H]ard|Gawd
Joined
Dec 14, 2014
Messages
1,416
I guess I just dont understand how bitcoin is worth that much when you constantly see articles like this.

It’s a social movement, so diehards won’t sell regardless of fundamentals. You’re seeing the same thing in Tesla stock right now. The balance sheet is making it look like the company is about to collapse under the weight of its debt, but Tesla fans have vaulted the stock to valuations exceeding even GM under the pretence that “it’s a tech company, not a car company” (what?), “you gotta trust Elon Musk” (why?), “the company is going to be massive one day” (based on what?), and “this is the way to invest in Musk’s other companies like SpaceX” (it isn’t, they’re separate).

The bottom line is that fundamentals don’t matter once emotions take over. Bitcoin diehards will always insist it’s imminently going to replace the US dollar, and minor inconveniences like no one accepting it as payment, fraud at exchanges, massive power requirements to maintain the mining infrastructure, high transaction fees, and long transaction times simply don’t matter.
 

FrgMstr

Just Plain Mean
Staff member
Joined
May 18, 1997
Messages
51,868
So what you're saying is that all the negative news about crypto are coming from the normal members who send emails and not being picked by the staff?
No, that is not what I am saying. That is why I did not type that. I was trying to address you concern that we spend our time "cherry picking" negative stories. Instead of making things up that you know nothing about, how about you address your concern by helping us out with positive crypto stories. That said, I just read one where Bitcoin is up over 8500 for the first time in a while. I passed that along to sing earlier this morning. See how it works?
 
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