Bitcoin

[eric]

and here's another bitcoin MLM ponzi scheme that has had some success in Canada.
https://www.onecoin.eu/en/
OneCoin/OneLife is just another ponzi scheme selling "educational packages" and depending what you buy you receive a certain number of cryptocurrencey tokens. Found out about this one since Kevin Kumar/Ty Griffith's protege, Shawn Vibert is involved in it. Not too successful, I might add, Shawn is sort of homeless right now. Here is an explanation of the scheme:
https://behindmlm.com/mlm-reviews/oneco ... ocurrency/
or in more detail:
https://news.bitcoin.com/beware-definit ... oin-ponzi/
btw. the Ken Labine mentioned in the article above works out of Edmonton and Vibert is his buddy.

[morrand]

I was out grocery shopping this evening on my way home from work, and noticed a little sign hanging off the Coinstar machine. Apparently some Coinstar machines—the big green ones that offer to count and redeem your loose change at 88.1¢ on the dollar, and a fixture at many supermarket chains—now sell Bitcoin as well.

Checking the website, it appears that this is a joint venture with "a worldwide leader in cryptocurrency financial services," in which certain Coinstar machines will sell you Bitcoin up to $2,500 worth per day, using only a phone number for identification (although their website does mention that you'll get your Bitcoin only after "completing the KYC process," suggesting that they are checking something at the point of redemption, which is good). The "worldwide leader" keeps 4.9% off the top as service fees.

Ironically, they do not accept coins as payment. Paper currency only.

I don't suppose this does much to help with the scam-facilitation problem eric mentions upthread, though the limit of $2,500 in 24 hours, and the need to then go home and redeem the slip from the Coinstar online, at least slows down the cash flow a little.

[JamesVincent]

So not only has Facebook become the land of the intellectually weak, cat videos and females with improbably sized breasts I have noticed an increasing number of individuals who claim their profession is "forex trader" and who's profile is nothing but adverts for bitcoin. Since I'm not really active there I don't get a lot of friend requests. However, in the past week I've gotten 5 requests from such individuals. As a comparison I've gotten not quite 10 requests this whole year

[Arthur Rubin]

So not only has Facebook become the land of the intellectually weak, cat videos and females with improbably sized breasts I have noticed an increasing number of individuals who claim their profession is "forex trader" and who's profile is nothing but adverts for bitcoin.

I haven't see any "forex trader"s on Facebook....

[Chaos]

So not only has Facebook become the land of the intellectually weak, cat videos and females with improbably sized breasts I have noticed an increasing number of individuals who claim their profession is "forex trader" and who's profile is nothing but adverts for bitcoin.

I haven't see any "forex trader"s on Facebook....

you just don't know the names of the ponzis that they use the guise of "forex trader" under

[JamesVincent]

Well, who didn't see that coming.

A Turkish cryptocurrency exchange is offline and its CEO has reportedly gone missing, leaving thousands of investors worried that their funds have been stolen.

Thodex, a crypto firm based in Turkey, said its platform has been “temporarily closed” to address an “abnormal fluctuation in the company accounts,” according to a translated statement on its website.

Local media reports say that Faruk Fatih Ozer, Thodex’s founder, has flown to Albania, taking $2 billion of investors’ funds with him. Demiroren News Agency published a photo of what it said was Ozer leaving Istanbul Airport.

https://www.cnbc.com/2021/04/23/bitcoin ... 1619186768

[The Observer]

He fled to Albania? Is there something we need to know about Albania being the safe haven for embezzlers and scammers?

[JamesVincent]

He fled to Albania? Is there something we need to know about Albania being the safe haven for embezzlers and scammers?

That was a really good question so I decided to start looking at it. Within 15 seconds of looking at Albanian extradition laws I found this. Doesn't really have any bearing on Albania but definitely interesting.

Countries With No Extradition Treaty With US: The Best Places To Disappear Completely

https://www.offshore-protection.com/off ... -to-run-to

Some other little tidbits.

In the event that you need to leave the country and find somewhere safe to lay low, where would you run?

Jason Bourne is not the only one who might need a place to disappear. It is very possible to find yourself in a position where you would need to find another place in the world to call home. Any number of infringements can have the government after you.

When planning out your perfect escape, one of the first things you should check is which countries you could run to where you are not at risk of being extradited back to the United States as the U.S. has bilateral extradition agreements with over 107 countries.

This means that if you make the mistake of landing up in one of these places, you run a high risk of being sent packing straight back to The Land of the (not so) Free. Therefore, it makes sense to choose a country that does not have an extradition treaty with the US.

I still don't know the answer to your question Obs. While looking I did notice that the extradition procedures do not allow Albanian nationals to be extradited unless by treaty. Maybe he's such a national? I did notice that there were multiple instances of Albania either refusing to extradite Turkish citizens or that there were issues with extradition between the two.

[notorial dissent]

Of all the places I can think of to flee to, extradition treaty or not, Albania isn't even close to being on the list.

[The Observer]

Of all the places I can think of to flee to, extradition treaty or not, Albania isn't even close to being on the list.

Ok, let me ask you if Somalia is a better choice?

Well, looking at Jame's link, I think Vatican City is probably the best place to go.

[AnOwlCalledSage]

Well, looking at Jame's link, I think Vatican City is probably the best place to go.

Don't you need to get through Italy first? Pontiff International Airport can't take most flights.

Unless, maybe, if you are helicopter flying parachuting Pope?

[notorial dissent]

I would think Vatican City would be right out since their resident population is pretty select, and I can't really seeing them harboring a fugitive.

[JamesVincent]

And it keeps going.....

A second cryptocurrency exchange has collapsed in Turkey amid a crackdown on the industry.

The platform, Vebitcoin, said in a brief statement on its website that it has ceased all activities after facing financial strain and that it would update clients on the situation as soon as possible.

https://www.cnbc.com/2021/04/26/turkish ... kdown.html

Apparently Turkey had banned the use of cryptocurrency as a payment method after multiple scams emerged using Bitcoin.

Earlier this month, Turkey’s central bank banned the use of digital assets for payments. And President Recep Tayyip Erdogan has called for swift regulation, warning of pyramid schemes emerging in the crypto markets.

[Arthur Rubin]

Not to speak of those who consider all cryptocurrency to be pyramid schemes.

[JamesVincent]

The wild swings in crypto prices this year have enthralled and disheartened investors, alarmed Wall Street and focused the attention of regulators and lawmakers who already had cryptocurrency in their sights.

https://www.protocol.com/fintech/bitcoi ... egulations

Looks like the US may be getting closer and closer to regulating the crypto market. Other countries already have been and there's been agreements going but so far we hadn't really done much.

[Jeffrey]

I still identify as a skeptic/detractor of Bitcoin and crypto-currency but it's still rough to reflect on the fact that since this thread started the price of bitcoin has increased 345%.

[Pottapaug1938]

I still identify as a skeptic/detractor of Bitcoin and crypto-currency but it's still rough to reflect on the fact that since this thread started the price of bitcoin has increased 345%.

Same here; but what goes up can also come crashing down. I just don't trust cryptocurrency.

[AnOwlCalledSage]

I've got some tulip futures that I'd like to sell.

[AndyK]

So, let's see: The US dollar is backed by the full faith and credence of the United States government. Bitcoins, on the other hand, are backed by the faith and incredulity of investors in Confederate currency, believers in 'drop the coin', and other lunatics.

Bitcoins are subject to manipulation by anyone who has an excellent knowledge of the innards of a computer and are about as reliable as investments in mid-East currency.

[JamesVincent]

I still identify as a skeptic/detractor of Bitcoin and crypto-currency but it's still rough to reflect on the fact that since this thread started the price of bitcoin has increased 345%.

I self identify as a skeptical of anything that doesn't have a value based on a tangible return. Crypto value is based on entirely what someone believes its worth. There is no upside to me since the market will change by what people believe it to be worth. People have already "lost" millions in it with robberies of online "banks" and with several of the trading houses closing down.

One of the things I had talked about early on was that there was no intrinsic value. People compare it to gold but gold has a value outside of just investments. It can actually be used as a product and is universally accepted as having worth. No crypto is universally accepted and, indeed, are being regulated more and more. You can't "sell" them in the normal sense, there is no product and any gains made mean nothing unless you can find a buyer. As has happened in the past if someone does sell off a big chunk the price plummets. It's so easy to manipulate the value that its a joke honestly.