Crypto coin company ‘disappears with millions’, leaving one-word message: ‘Penis’

[Zoldor]

Crypto is a viable investment and could be a viable currency. Which one dominates will be interesting, but if you do invest in them you'll probably do well by end of year.

The lack of understanding of what they really are, I don't mean block chain I mean as an investment tool, is the reason so many called it a fraud. It is more like commodity trading that can be used as a currency. If you are a wise investor, aren't overly greedy you can make some decent cash on the Crypto market. Like anything else know your entry point and exit points and do your DD.

Investing in a fraud company comes down to your own DD.

[cparle87]

Crypto can go, or it can stay... I don't really care. Just find a different solution to mining, or leave a few video cards for us gaming folk.

I thought the big thing for mining was CPU not GPU.

[Strawberry]

The company apparently raised $11. Not milions.

[chazus]

(source)

What a bunch of dicks.

Seriously though, is the brief era of meme money over?

Bad source.

They didn't make out with 'millions', and about 8 seconds of googling shows it. They made out with like $15. Fifteen. Not millions. A big lunch. It was clearly a joke, not a scam.

[chazus]

I want this fad to end because it's driving up the price on GPUs for fake totally real "cash" that you can't get real money for.

While I want the fad to end as far as GPU pricing, I'm not sure why you think you can't get real money for it.

[Deleted]

This seems the final year of Cryptocurrency in it's current form. Changes and regulations are on the horizon, people seem to take their reward and run for the hills.

[chazus]

that you can't get real money for.

Well you can get real money for it.

Which one is it?

Besides, why do you have to be able to buy stuff with it? What can you buy with stocks? can you go take your stocks to the grocery store and buy anything? No? If anything, Bitcoin and LTC and ETH are even more useful than stocks, in that regard.

But my point was... You said you can't get real money for it, which you can.

[Deleted]

Cryptocurrencies are here to stay in one form or another and evolve with time.
I don't understand people who believe humanity will continue forever to run on today's middle ages system of cash and gold based banking systems.

Cash and gold are real. You don't need computers, electricity or a network to maintain them.

Cryptocurrencies are not real until you turn them into cash or convert them to an actual official currency. You have very limited options to pay with them actually, but they are not real until then. Most ppl just invest to them, expecting even more profit, while the possibility is always there to blow up the bubble at the end of the pyramid.

Also official currencies have backing, which in some cases is gold or other kind of noble metal, meanwhile cryptocurrencies' only backing is an other buyer who is willing to pay more for them than the previous one. Once it ends, the whole thing becomes totally worthless and all investors will lose their invesments at once.

Travelling via horseback has worked for centuries. I suppose we should get rid of automobiles, trains, aircraft, etc using your logic.

Don't fall to the deception that makes you think that cryptocurrencies are the future. They are not. They are made by smart ppl to fool the masses, because at the end it's just an other pyramid game. Once no one is willing to buy the cryptocurrency (where it's only value lies: one other person will buy my coins, so I can have his money and he can have my coins in the hope that he can sell my coins to an other person for even more profit, and so on), and there will be only sellers, the whole thing blows up.

Or they can just simply act like the one in the OP. Cryptocurrency is a lie.

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But my point was... You said you can't get real money for it, which you can.

But most of the investors won't, because they always expect more and more profit.

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This seems the final year of Cryptocurrency in it's current form. Changes and regulations are on the horizon, people seem to take their reward and run for the hills.

Good. Otherwise it would stay as a legal pyramid game.

[Deleted]

People fell for that? Using cryptocurrency to somehow "label" vegetables? What would that even mean?

You would be surprised what people will fall for if they see a chance at quick profit.. Hell Bitconnect and BitconnectX is probably one of the best cases of this.

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This makes me very happy. I can't wait for this bitcoin nonsense to eat itself and everyone involved in it. The more smoke and flames involved in the crash, the better.

I really can´t fathom how pathetic a human you have to be, to hope something that has 0 effect on you goes up in flames and potentially ruins other peoples lives. I guess you really have to live a shitty bum life if you derive pleasure from the misery of others who have never harmed you in any way.

[Machismo]

That's a nice No True Scotsman fallacy. Loads of people have made a lot of legitimate money in crypto.

I never said they didn't make money. But, it's off the people entering into the speculation market at a later moment. The product is still almost useless as an actual viable currency.

[Deleted]

Besides selling it to traders can I cash out litecoin, bitcoin etc? It's not a real currency. I can hold stocks. I can sell stocks. I can get real cash from the stock market. Due to being volatile most platforms don't use bitcoin as payment. So besides only traders what good is it? I know bank of America is looking for a way to cash them out. But considering BoA past it'd be a 90\10 split. The only worthwhile thing can can do with cyrpto is buy stuff off the dark web.

Converting your crypto to BTC/ETH and then to Euro/Dollars is quite easy

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Cash and gold are real. You don't need computers, electricity or a network to maintain them.

Cryptocurrencies are not real until you turn them into cash or convert them to an actual official currency. You have very limited options to pay with them actually, but they are not real until then. Most ppl just invest to them, expecting even more profit, while the possibility is always there to blow up the bubble at the end of the pyramid.

Also official currencies have backing, which in some cases is gold or other kind of noble metal, meanwhile cryptocurrencies' only backing is an other buyer who is willing to pay more for them than the previous one. Once it ends, the whole thing becomes totally worthless and all investors will lose their invesments at once.


Don't fall to the deception that makes you think that cryptocurrencies are the future. They are not. They are made by smart ppl to fool the masses, because at the end it's just an other pyramid game. Once no one is willing to buy the cryptocurrency (where it's only value lies: one other person will buy my coins, so I can have his money and he can have my coins in the hope that he can sell my coins to an other person for even more profit, and so on), and there will be only sellers, the whole thing blows up.

Or they can just simply act like the one in the OP. Cryptocurrency is a lie.

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But most of the investors won't, because they always expect more and more profit.

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Good. Otherwise it would stay as a legal pyramid game.

Next time you really don´t have to spend time writing all that.. Just post in big bold letters "I don´t really know what I am talking about"... So much misinformation in your post it´s laughable.

[Deleted]

Next time you really don´t have to spend time writing all that.. Just post in big bold letters "I don´t really know what I am talking about"... So much misinformation in your post it´s laughable.

Unlike you, I won't have sleepless nights, because of the inevitable bubble burst of some pyramid game with no real backing.

[Deleted]

Unlike you, I won't have sleepless nights, because of the inevitable bubble burst of some pyramid game with no real backing.

Unlike you I know something about crypto. You make it quite clear that you do not. Just read some headlines and now think you sound like you know shit. When you actually just demonstrate that you don´t actually know what you are talking about. Ohh hurr durr it´s a pyramid scheme <-- catch phrase of the clueless.

[Deleted]

Unlike you I know something about crypto. You make it quite clear that you do not. Just read some headlines and now think you sound like you know shit. When you actually just demonstrate that you don´t actually know what you are talking about. Ohh hurr durr it´s a pyramid scheme <-- catch phrase of the clueless.

Instead of flaming, educate me then: what is the backing of cryptocurrency, how it is not a pyramid game. Please, I mean it.

[Deleted]

Instead of flaming, educate me then: what is the backing of cryptocurrency, how it is not a pyramid game. Please, I mean it.

Sure. But you have to be more specific. More than 1400 coins don´t all fall under 1 easy description..

Are there scams? Yes certainly.

Are there coins that are pyramid schemes? Yes certainly. (Bitconnect)

Are all coins pyramid schemes? Not by a longshot.

For the first time ever, Cryptos raised more money for startups in 2017 than venture capitalists.. There are many different uses for "coins" and the blockchain tech other than just as a currency.

In regards to Ponzi/pyramid and bitcoin this is a good start https://decentralize.today/bitcoin-i...-why-4d795f0ed

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The problem with cryptocurrency has never been the technology, there's nothing wrong with blockchains or the fundamental idea behind them.

But FFS, if bitcoin or any other crypto ever wants to actually become a valid currency in the world, it has GOT to have more recommending factors for daily use than "really easy to commit crimes with".

Right now people mostly want it for criminal purchases or tax evasion, and the more widespread that becomes the more likely that governments will crack down on it hard.

WRONG!!!!!!

[Deleted]

Sure. But you have to be more specific. More than 1400 coins don´t all fall under 1 easy description..

Are there scams? Yes certainly.

Are there coins that are pyramid schemes? Yes certainly. (Bitconnect)

Are all coins pyramid schemes? Not by a longshot.

For the first time ever, Cryptos raised more money for startups in 2017 than venture capitalists.. There are many different uses for "coins" and the blockchain tech other than just as a currency.

In regards to Ponzi/pyramid and bitcoin this is a good start https://decentralize.today/bitcoin-i...-why-4d795f0ed

Well, after reading the article, you can name it whatever you want, it's still based on speculation, a chain of transactions and investment. Many ppl use it as investment regardless. They expect that their money will worth more over time, by the increasing price of one bitcoin. And this process baits even more new ppl to the game, they also invest money (buy and hold the coins), and wait for it to worth even more.
It's almost like stock exchange, except the entire article says nothing about the backing of bitcoin. What makes it sure, that invested money won't lose it's value at some point as bitcoin? It sounds appealing, that all bitcoin trasactions can be reviewed and followed, but it's not a backing, it's just trasparency.

Old Bitcoin “Hodlers”, the ones that truly held onto their Bitcoins after all these years, are few and far between. Some of them are insanely wealthy today due to the market price of Bitcoin skyrocketing, but their net worth is not realized in fiat currency terms, just accounted for using them for convenient accounting purposes. They measure their net worth in the amount of Bitcoins they hold, not in its fiat value.

And this is the biggest lie of all. Even the article admits that there is still a small minority that holds their coins, meaning they used it from the start (by investing and speculating, and being lucky after all) to become rich. Yet you and the article try to convince me that it's not a pyramid scheme. It is. It's based on new entries, how much they invest and how they influence the price (by selling them after a while, or buying even more - expecting even more profit over time).

And the last sentence: "They measure their net worth in the amount of Bitcoins they hold, not in its fiat value." It's so cute. But what makes it valuable? A bag of napkins can be also valuable, if I can exchange them into food or other goods, products, a real estate (which we call cash basically). But it still needs a backing, a trust that if I take 3 napkins for my used car, then adding 2 more, I can buy a better one for 5 napkins, because car seller is willing to accept my napkins for the car.

What happens when a government sets up the regualtions, laws and say, that you can't pay with crypto (napkin) anymore?

Currently it's value only comes from trade deals, speculations and relying on new investments. It's like making money out of thin air.

[Deleted]

Well, after reading the article, you can name it whatever you want, it's still based on speculation, a chain of transactions and investment. Many ppl use it as investment regardless. They expect that their money will worth more over time, by the increasing price of one bitcoin. And this process baits even more new ppl to the game, they also invest money (buy and hold the coins), and wait for it to worth even more.
It's almost like stock exchange, except the entire article says nothing about the backing of bitcoin. What makes it sure, that invested money won't lose it's value at some point as bitcoin? It sounds appealing, that all bitcoin trasactions can be reviewed and followed, but it's not a backing, it's just trasparency.


And this is the biggest lie of all. Even the article admits that there is still a small minority that holds their coins, meaning they used it from the start (by investing and speculating, and being lucky after all) to become rich. Yet you and the article try to convince me that it's not a pyramid scheme. It is. It's based on new entries, how much they invest and how they influence the price (by selling them after a while, or buying even more - expecting even more profit over time).

And the last sentence: "They measure their net worth in the amount of Bitcoins they hold, not in its fiat value." It's so cute. But what makes it valuable? A bag of napkins can be also valuable, if I can exchange them into food or other goods, products, a real estate (which we call cash basically). But it still needs a backing, a trust that if I take 3 napkins for my used car, then adding 2 more, I can buy a better one for 5 napkins, because car seller is willing to accept my napkins for the car.

What happens when a government sets up the regualtions, laws and say, that you can't pay with crypto (napkin) anymore?

Currently it's value only comes from trade deals, speculations and relying on new investments. It's like making money out of thin air.

Ok not sure if trolling or just stupid. People invested in BTC expecting a profit and those who held longest got the biggest profits?????? Welllll hold the phone. Wow that´s only like how investing works. You really shouldn´t be so opinionated when you clearly fail to grasp a very basic article on the subject. Stay ignorant. You clearly did not wish to be educated on the subject any further than extreme confirmation bias.

[Deleted]

People invested in BTC expecting a profit and those who held longest got the biggest profits?????? Welllll hold the phone. Wow that´s only like how investing works.

It's not about how investing works. It's about the backing of the cryptocurrencies. No one says a word about it. Neither the article, nor you. To convince me, that cryptocurrency is a good and reliable thing, even on a long term, first you have to tell me what is the real backing of cryptocurrency, otherwise it's all just a scam that collapses after reaching a point where it's no longer considered valuable enough to invest into it.

[crewskater]

Unlike you, I won't have sleepless nights, because of the inevitable bubble burst of some pyramid game with no real backing.

Labeling cryptocurrency as a pyramid scheme is a quick way to show everyone you're full of shit. Explain how users are rewarded for bringing new people into the system? Most currencies have no backing so you really have no valid points. Keep trying to spread fake news.

[chazus]

Instead of flaming, educate me then: what is the backing of cryptocurrency, how it is not a pyramid game. Please, I mean it.

Whenever someone tosses out the 'pyramid game' statement, I just want to post the 'lol i dunno what i'm doing' dog meme.

Regardless of how you feel about crypto, it's not a pyramid scheme, literally by definition. If you call it that, you don't know what you're talking about.