Bitcoin involved in Ponzi Scam

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Number Six
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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.
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notorial dissent
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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.
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morrand
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Re: Bitcoin involved in Ponzi Scam

Post by morrand »

The investor alert referred to in the article is posted on the SEC site here.
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JamesVincent
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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.
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Judge Roy Bean
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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
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