Comment by Analemma_
2 days ago
Cryptocurrency is so completely run-through with scams, top to bottom, that frankly it needs to become a criminal violation of fiduciary duty to go anywhere near it if you are managing other people's money (and they have not explicitly consented to invest in crypto stuff). Do you manage a bank, and you touch crypto? Arrested. Do you manage a pension fund, and you touch crypto? Arrested. Are you in charge of a trust, or in some other way a caretaker of someone else's money, and you touch crypto? Arrested.
This needs to be done loudly and often to make it very clear to everyone involved in the business of managing others' money that they should treat everything even remotely cryptocurrency-related as radioactive.
First, I agree with you. Dealing in nearly all crypto-currencies is financially irresponsible whether it's your own money or other people's.
That said, perhaps Hanes would have been duped by an similar non-crypto scam. It seems that all he needed was some online contacts and a fake web page with numbers on it.
Ultimately, it wasn't the crypto that was the problem. The problem was that he stole other people's money. He didn't mismanage it; he stole it.
But if it wasn't crypto, it's much more likely they would have been able to track down and prosecute the scammers, and claw the money back.
so true.
which is why crypto increases the lucrativeness of scammers.
Fun fact: north korea is dabbling very much in crypto hacks , north korea is possible for so many of crypto hacks. (not scams though , but who knows ? )
So true.
Generally speaking cryptocurrencies are a scam for the purpose of sending currencies because their prices fluctuate.
They can't be an investment because they are a speculation.
They can't be a speculation because even before doing the speculation like gambling , you would most likely be scammed.
Its a scam.
And this is me after I have created something on top of Nano cryptocurrency just recently. Though I did with 0.000001 nano which I got from some one time captcha. Basically nanotimestamps.org (still not created the website because I am so lazy and I have only done it with the server client model , not sure how can I do with real people funds and without a server / wasm in client) where it creates blockchaine-d timestamps which you can verify. I have created another where you can store data on the nano blockchain by routing some transactions (like 3-4) (but you don't lose any nano 0 nano lost in process , inefficient can work for only 3-4 characters) I have created another where you can store data on the nano blockchain by losing 10^-30 that is the lowest point of nano , something which you get a lot of , even from a free faucet that you don't have to do another captcha again and it moves it up to 32 characters)
I think this is the purpose of blockchain and this and this only. I don't want to create / work on this because I feel that just because I am writing this on nano , people are going to get all hyped up on nano and I buy it and indirectly I become part of some scam.
I am okay with if a cryptocurrency is equal to so people don't buy more than 1$ but for anything more , I genuinely wonder.
Also I think I like the concept of monero from the process of anonymous transactions and that only. But still I won't treat it as a store purpose but rather temporary.
I hope that these stay stable and scams go away.
I have 0.000002 nano that I got by doing two captchas and I won't ever "invest" in crypto , only if I want to buy something anonymously or sell it , will I ever use monero and that too I would mine it myself,
I would invest only & only in index funds.
If you are going to mine monero, try p2pool. It is better for the decentralization of the network, is capable of even smaller payouts and has no fees.
This didn't have anything to do with cryptocurrency at all. It sounds like the "victim" never even touched an actual blockchain. He was induced to send money to to a scammer, using the traditional banking system.
Read the text, he transferred the money to Kraken, presumably to buy cryptocurrency that he then sent to the scammers.
According to the article, he first sent the money to Kraken to presumably purchase cryptocurrency there and was later convinced to move the cryptocurrency to a different Hong Kong based platform. The supposed platform in Hong Kong may have just been a front though.
My mistake. I had assumed that the first exchange was also a fake website put together by the scammers with no crypto behind it.
Not true at all. The reason that these scams have become a larger industry than the entire world-wide illegal drug trade is because of how easy and lucrative they are, and that's entirely on cryptocurrency.
By revenue, cryptocurrency is for crime. The couple of anecdotes about someone getting money out of Venezuela with crypto only help to legitimize a wealth transfer to criminals of historic proportions.
We both wish, the president of america is running a crypto-scam.
Half scam, half money laundering for favor
Crypto seems to be purpose built to enable laundering of massive amounts of money under the guise of a bad investment.
I opened a new bank account recently
I had to make several promises that I would not let crypto currency anywhere near it
I have bank accounts and crypto and most of the banks don't want to deal with crypto or money that has come from crypto, or are very wary.
And the whole thing is propped up by dubios financial engineering by the likes of Tether and Microstrategy who are complicit with the sketchy exchanges.
ETH is the stock market of the 1920's. Rugpulls and blatant pyramid schemes everywhere you turn.
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