Crypto Currency Thread

[anonymous-user]

Behemoth said:

Brooking10 said:

I has a chat with one if this guy’s social media drones over the weekend,

The whole operation is clearly based on recruitment, sales and marketing as opposed to financial markets. It seems to be generating decent revenues for its owner/backer.

All that aside and so as not to go down too big a rabbit hole I wa yes to ask a question to the crypto issuance they have planned.

What I can’t fathom is how the the process works. By which I mean they are raising a sum a money (hard to tell how much but 7 figures minimum) but then what ? If, and we should tread carefully, it is designed purely to enrich to the founders how does that work ? I am struggling to see how short of doing a moonlight flit with the money how this works or is he saying that backers funds will be used to “trade” in order to underpin liquidity in the new currency ?

Do a search on Multi Level Marketing (MLM) and Ponzi schemes.

I get that.

I have a reasonable appreciation of this type of thing and was a regular contributor to the binary thread

My question is more specific and more about what the story is with crypto that underpins any such alleged scheme I.e. what does one say to a punter to explain where the cash went ?

[Behemoth]

Brooking10 said:

I get that.

I have a reasonable appreciation of this type of thing and was a regular contributor to the binary thread

My question is more specific and more about what the story is with crypto that underpins any such alleged scheme I.e. what does one say to a punter to explain where the cash went ?

OK. So as you know, it's normal for these scams to exhibit heavy layering of technical obfuscation in order to hide the pyramid that's at the root. I don't have time to go through it and identify where the bullstting is; it's far easier just to spot the red flags for MLM/Ponzi & walk away. After that, if someone is still going to fall for utter nonsense like Bitconnect & ignore the red flags because moon, gainz & lambos, what can you do?

[anonymous-user]

Behemoth said:

OK. So as you know, it's normal for these scams to exhibit heavy layering of technical obfuscation in order to hide the pyramid that's at the root. I don't have time to go through it and identify where the bullstting is; it's far easier just to spot the red flags for MLM/Ponzi & walk away. After that, if someone is still going to fall for utter nonsense like Bitconnect & ignore the red flags because moon, gainz & lambos, what can you do?

Indeed and this scheme seems to be one of the clearest cases of obfuscation out there right now

It's more of a generic question.

Pyramids thus far have been relatively simple, even the very very big ones with the usual get out being "the investments underperformed" being a proxy for "we spent all your money" until, of course proper investigation reveals something different.

I have done lots of work in the aftermath of various of these but am admittedly woefully ill informed when it comes to crypto. What is the fallback position/excuse for a coin/magic beans issuer once all the money has gone ?

[Timmy40]

Brooking10 said:

I have done lots of work in the aftermath of various of these but am admittedly woefully ill informed when it comes to crypto. What is the fallback position/excuse for a coin/magic beans issuer once all the money has gone ?

The "powers that be" sabotaged crypto currencies as they realised true currencies were a threat to their imaginary FIAT currencies. Will be the excuse.

[dimots]

I don't want to encourage anyone to give this clown any more attention than he deserves, but if you read the 'White paper' on Yield coin it is total fluff.

https://myyield.io/wp-content/uploads/2018/02/Yiel...

There is no technical information because they do not have a coin, there is only make believe projection of future profit based on things that have not yet happened and probably will not happen. The money that gets invested in the make believe Yield coin will be frittered away on silly projects that enable the people behind it to live out their successful businessman fantasies.

By all means buy into it if you're an idiot who loves throwing your money away.

Alternatively read the White paper on bitcoin and do a compare and contrast between the two and learn everything you need to learn about what constitutes a 'stcoin'.

[pidsy]

So I’m new to all this - I’ve bern pointed towards CoinMetro as a start. Signed up and verified.

Now what??
The white paper in there seems to be very much for the people, by the people so I guess that’s good but what do I do now?

[dimots]

If you're new to all of this why don't you start with bitcoin?

Personally, I wouldn't touch CoinMetro as I would not touch anything associated with the Forex/Binary Options world. The people behind a forex site - FXPig - are behind CoinMetro. I know nothing else about it and don't really want to

[anonymous-user]

dimots said:

I don't want to encourage anyone to give this clown any more attention than he deserves, but if you read the 'White paper' on Yield coin it is total fluff.

https://myyield.io/wp-content/uploads/2018/02/Yiel...

There is no technical information because they do not have a coin, there is only make believe projection of future profit based on things that have not yet happened and probably will not happen. The money that gets invested in the make believe Yield coin will be frittered away on silly projects that enable the people behind it to live out their successful businessman fantasies.

By all means buy into it if you're an idiot who loves throwing your money away.

Alternatively read the White paper on bitcoin and do a compare and contrast between the two and learn everything you need to learn about what constitutes a 'stcoin'.

I think we are all agreed on all of the above.

My sole interest in this is understanding quite how they will communicate the inevitable non event and what causes a crypto pioneer cites for collapse.

[pidsy]

dimots said:

If you're new to all of this why don't you start with bitcoin?

Personally, I wouldn't touch CoinMetro as I would not touch anything associated with the Forex/Binary Options world. The people behind a forex site - FXPig - are behind CoinMetro. I know nothing else about it and don't really want to

I have no idea what the forex binary world is so that gives me some reading to do - thanks.

I’m being guided by someone who has done extremely well out of bitcoin since it’s inception and this is where he’s headed next.

[dimots]

Brooking10 said:

I think we are all agreed on all of the above.

My sole interest in this is understanding quite how they will communicate the inevitable non event and what causes a crypto pioneer cites for collapse.

They don't need to collapse, they just need to keep drawing in new idiots, make all the idiots partners, 'invest' all the idiot's money in other crypto and keep it rolling until they meet their 'hard cap' of $50,000,000.

It is EXACTLY the same plan as other scammers use. Like the much derided blatant scam Auscoin.

https://www.auscoin.io

The fact is they are likely to never meet their hard cap and therefore never meet the point at which all projects need to be delivered, therefore there is always an out.

Meanwhile...on the road to reaching 50 million they 'invest' the money raised thus far into crypto, keeping half the profit for themselves and paying half to the idiots they have sucked in. These profits they say will raise the value of the coin (but create no actual value, because it's all paid out) and the first idiots in line may make a nice profit should the investments get lucky.

It's just MLM...and it's not even clever enough to hide the fact. You know how these things end...

[Jez m]

And keep on drawing in new naive victims they will... especially when you have have tie-in's with reputable supercar dealers who's IG and social media presence appeals directly to the audience most likely to keep on funding these scams. https://www.instagram.com/john_redline/ I mean, if they are "Yield Coin investors" it MUST be legit right??

[Timmy40]

Jez m said:

And keep on drawing in new naive victims they will... especially when you have have tie-in's with reputable supercar dealers who's IG and social media presence appeals directly to the audience most likely to keep on funding these scams. https://www.instagram.com/john_redline/ I mean, if they are "Yield Coin investors" it MUST be legit right??

Well the founders have a vast 100 years combined experience in Finance and IT. There's 10 of them so that'll be 10 years a piece. Hmmmm.

[anonymous-user]

dimots said:

They don't need to collapse, they just need to keep drawing in new idiots, make all the idiots partners, 'invest' all the idiot's money in other crypto and keep it rolling until they meet their 'hard cap' of $50,000,000.

It is EXACTLY the same plan as other scammers use. Like the much derided blatant scam Auscoin.

https://www.auscoin.io

The fact is they are likely to never meet their hard cap and therefore never meet the point at which all projects need to be delivered, therefore there is always an out.

Meanwhile...on the road to reaching 50 million they 'invest' the money raised thus far into crypto, keeping half the profit for themselves and paying half to the idiots they have sucked in. These profits they say will raise the value of the coin (but create no actual value, because it's all paid out) and the first idiots in line may make a nice profit should the investments get lucky.

It's just MLM...and it's not even clever enough to hide the fact. You know how these things end...

You would think after the BITCONEEEEEECT! fiasco people would be a bit smarter when it comes to these pyramid scams but no. It seems there is literally a never ending line of people willing to believe in these get rich quick without having to do any work scams.

All you need is a video of some YouTube Influencer hanging around the lobby of a flash hotel with some designer carrier bags bragging about how he made $5000 before breakfast and you get thousands of idiots who believe them and think they car do it too.

[dieseluser07]

What do people think about ripple XRP.

Its the only coin i know of thats actual being trialled/used and the ripple company seem to be adopting more and more clients day by day. Im wondering how many of these clients will end up adopting xrapid as a currency transfer scheme and therefore using xrp. And if they did would it even cause an increase in price considering xrp can perform thousands of transactions per second, with such a high coin number i cant see how it is worth more than 30 cents even if mass scale adoption happened??

I like how ripple are pushing for relegation of crypto aswell, they obviously think theirs is legit and not a scam.

[Behemoth]

dieseluser07 said:

What do people think about ripple XRP.

Its the only coin i know of thats actual being trialled/used and the ripple company seem to be adopting more and more clients day by day. Im wondering how many of these clients will end up adopting xrapid as a currency transfer scheme and therefore using xrp. And if they did would it even cause an increase in price considering xrp can perform thousands of transactions per second, with such a high coin number i cant see how it is worth more than 30 cents even if mass scale adoption happened??

I like how ripple are pushing for relegation of crypto aswell, they obviously think theirs is legit and not a scam.

Banks are highly unlikely to adopt a currency that is controlled by a non sovereign third party, especially one with such dubious foundations as XRP. They will buy & use the technology only, on their own terms.

A good critical analysis of XRP, including the latest xrapid claims: https://medium.com/cryptomedication/ripple-review-...

[dieseluser07]

Behemoth said:

dieseluser07 said:

What do people think about ripple XRP.

Its the only coin i know of thats actual being trialled/used and the ripple company seem to be adopting more and more clients day by day. Im wondering how many of these clients will end up adopting xrapid as a currency transfer scheme and therefore using xrp. And if they did would it even cause an increase in price considering xrp can perform thousands of transactions per second, with such a high coin number i cant see how it is worth more than 30 cents even if mass scale adoption happened??

I like how ripple are pushing for relegation of crypto aswell, they obviously think theirs is legit and not a scam.

Banks are highly unlikely to adopt a currency that is controlled by a non sovereign third party, especially one with such dubious foundations as XRP. They will buy & use the technology only, on their own terms.

A good critical analysis of XRP, including the latest xrapid claims: https://medium.com/cryptomedication/ripple-review-...

What about payment transfer companies though? I.e. moneygram etc.

David shwartz has already said xrp isent aimed at banks but mainly remittance companies.

[Condi]

Surprised nobody has mentioned this yet...

HSBC transacts shipment of soyabeans for Cargill using blockchain.
https://www.coindesk.com/banks-ink-blockchain-trad...

its interesting that non of it involved any kind of 'valuable' coin - ie something which you would want to buy or sell. As a few of us on here have been saying since early pages, the use for the technology and the value in the chain is in the speed of transactions, lowering of counter-party risk, ease of document flow etc etc, and not in any perceived value of the underlying coin.

Anyway, not a discussion I really want to have again, just think its interesting how the technology is being deployed.

[anonymous-user]

Xrp makes will make more money off suckers buying there coins than moneygram etc ever using xrp. I did the math a few months back on here, the money transfer market is peanuts against the speculative buyers, period. They, xrp labs are making 100-500 million usd a month just selling xrp to suckers. Forget the rest of the business.

[Behemoth]

Condi said:

Surprised nobody has mentioned this yet...

HSBC transacts shipment of soyabeans for Cargill using blockchain.
https://www.coindesk.com/banks-ink-blockchain-trad...

its interesting that non of it involved any kind of 'valuable' coin - ie something which you would want to buy or sell. As a few of us on here have been saying since early pages, the use for the technology and the value in the chain is in the speed of transactions, lowering of counter-party risk, ease of document flow etc etc, and not in any perceived value of the underlying coin.

Anyway, not a discussion I really want to have again, just think its interesting how the technology is being deployed.

Some corporations are seeing value in some aspects of "blockchain technology". But it's really just the state & consensus aspects. These outputs look much more like a simple evolution of existing database technology than they do Bitcoin. Whilst the evolution might be adding value, it's not something I'd call revolutionary. And it's not cryptocurrency, (as you point out & is the title of this thread).

[Mousem40]

Thesprucegoose said:

Xrp makes will make more money off suckers buying there coins than moneygram etc ever using xrp. I did the math a few months back on here, the money transfer market is peanuts against the speculative buyers, period. They, xrp labs are making 100-500 million usd a month just selling xrp to suckers. Forget the rest of the business.

Correct. Moneygram etc are trialling the product, they are not using it yet. Banks will not use (as opposed to trialling - which is what Ripple are defining as using) XRP due to regulation risk and its centralised nature. XRP isn't even necessary to be used by Ripple. In fact, it's use seems only to fund Ripple and nothing else. Total waste of time.