Bitcoin involved in Ponzi Scam

Moderators: Prof, Judge Roy Bean

Number Six
Hereditary Margrave of Mooloosia
Posts: 1232
Joined: Fri Aug 29, 2008 6:35 pm
Location: Connecticut, "The Constitution State"

Bitcoin involved in Ponzi Scam

Post by Number Six »

http://www.zerohedge.com/news/2013-07-2 ... nzi-scheme

This is probably just the tip of the iceberg in Bitcoin related schemes and scams.
'There are two kinds of injustice: the first is found in those who do an injury, the second in those who fail to protect another from injury when they can.' (Roman. Cicero, De Off. I. vii)

'Choose loss rather than shameful gains.' (Chilon Fr. 10. Diels)
Top
notorial dissent
A Balthazar of Quatloosian Truth
Posts: 13806
Joined: Mon Jul 04, 2005 7:17 pm

Re: Bitcoin involved in Ponzi Scam

Post by notorial dissent »

Well, it had to happen, just didn't think it would be quite this spectacularly.

I wonder if the currency exchanges are abiding by the money transfer laws, I'm really sure they fit in there somewhere, bet they aren't, and bet that won't last too much longer before they start getting shut down.
The fact that you sincerely and wholeheartedly believe that the “Law of Gravity” is unconstitutional and a violation of your sovereign rights, does not absolve you of adherence to it.
Top
morrand
Admiral of the Quatloosian Seas
Admiral of the Quatloosian Seas
Posts: 401
Joined: Sat Jan 28, 2012 6:42 pm
Location: Illinois, USA

Re: Bitcoin involved in Ponzi Scam

Post by morrand »

The investor alert referred to in the article is posted on the SEC site here.
---
Morrand
Top
JamesVincent
A Councilor of the Kabosh
Posts: 3096
Joined: Sat Oct 23, 2010 7:01 am
Location: Wherever my truck goes.

Re: Bitcoin involved in Ponzi Scam

Post by JamesVincent »

One of the things that get me on the SEC page is a warning for this:
Overly consistent returns.
Investments tend to
go up and down over time, especially those seeking
high returns. Be suspect of an investment that
generates consistent returns regardless of overall
market conditions
It would seem to me common sense that anytime someone "promises" a return greater then, say, 4% or so, all the time, you would pretty much guess their pulling your lariat.
Disciple of the cross and champion in suffering
Immerse yourself into the kingdom of redemption
Pardon your mind through the chains of the divine
Make way, the shepherd of fire

Avenged Sevenfold "Shepherd of Fire"
Top
Judge Roy Bean
Judge for the District of Quatloosia
Judge for the District of Quatloosia
Posts: 3704
Joined: Tue May 17, 2005 6:04 pm
Location: West of the Pecos

Re: Bitcoin involved in Ponzi Scam

Post by Judge Roy Bean »

More bitcoin fun:
SHERMAN, Texas (CN) - A Texas man accused of running a bitcoin Ponzi scheme cannot dodge securities fraud claims by denying that the virtual currency is money, a federal judge ruled Tuesday.
http://www.courthousenews.com/2013/08/06/60044.htm
The Honorable Judge Roy Bean
The world is a car and you're a crash-test dummy.
The Devil Makes Three
Top

Return to “US”