The real danger of bitcoins.

Over the past several years, thermal imaging cameras have become a trusted tool in the war on drugs. That’s logical enough, right? The combination of aircraft and infrared is a great way to spot grow ops.

A house that’s growing weed tends to stand out from its neighbors rather dramatically. Big red blotches raise eyebrows. So do high electricity bills.

https://www.adelaidenow.com.au/news...p/news-story/bd936a9dd57eb7a0343908437232ec60

 

http://fortune.com/2019/03/04/quadriga-fbi-bitcoin/

Meanwhile, the Globe & Mailreported on Thursday that the man who co-founded Quadriga along with Cotten is a convicted felon who served time in the U.S. for his role in an identity theft ring. The Globe also said that the man, Michael Patryn, had been living under another identity at the time of his American crimes, which included dealings with Liberty Reserve, a now-shuttered website that used digital currency to launder money. Despite the Globe presenting him with seemingly incontrovertible evidence that he is the same person who went to prison for those crimes, Patryn told the paper he disagreed with its conclusion.

 

https://www.coindesk.com/bitfinex-ny-prosecutors-tether-850-million-allege

The New York Attorney General’s office has alleged that crypto exchange Bitfinex lost $850 million and subsequently used funds from affiliated stablecoin operator Tether to secretly cover the shortfall.

According to a press release issued Thursday, NYAG Letitia James announced that she had obtained a court order against iFinex Inc., which operates both Bitfinex and Tether, ordering them to cease violating New York law and defrauding New York residents.

James said that an investigation by her department determined that iFinex “engaged in a cover-up to hide the apparent loss of $850 million of co-mingled client and corporate funds,”

 

https://www.wired.com/story/alleged-bitcoin-scam-like-pyramid-scheme/

The world of cryptocurrency has no shortage of imaginary investment products. Fake coins. Fake blockchain services. Fake cryptocurrency exchanges. Now five men behind a company called BitClub Network are accused of a $722 million scam that allegedly preyed on victims who thought they were investing in a pool of bitcoin mining equipment.

Federal prosecutors call the case a “high-tech” plot in the “complex world of cryptocurrency.” But it has all the hallmarks of a classic pyramid scheme, albeit with a crypto-centric conceit.
...
The crypto world is rife with scams. The grift reached a fever pitch in 2017, when bitcoin prices spiked and scammers lured victims to invest millions in cryptocoins or blockchain-based products that would never come to exist. Schemes around participation in mining pools are also popular to scammers who sell customers on the narrative of participating in business ventures that effectively amount to printing money. That’s become all the more tantalizing now that mining is mostly out of reach for many stay-at-home miners. (The selling point is that large mining “pools” enjoy greater efficiencies—and thus returns.) In January, a man in Hong Kong was accused of a similar mining pool scam that allegedly included an advertising stunt that involved throwing money off of a skyscraper.

 

https://news.bitcoin.com/hundreds-darknet-listings-selling-masks-ppe-bitcoin/

Hundreds of Darknet Listings Are Selling Masks and PPE Products for Bitcoin



According to a recent research report written by the blockchain surveillance firm Elliptic, there’s been a massive influx of darknet market (DNM) vendors selling personal protective equipment (PPE) like masks and coronavirus test kits. The spike in medical equipment sales on the invisible web during the month of March, follows Ebay and Amazon’s decision to remove all third-party PPE suppliers who sell masks and disinfection products on the websites.

 

Life finds a way.

 

https://www.cbc.ca/news/business/osc-quadriga-gerald-cotten-1.5607990

The Quadriga cryptocurrency exchange that saw millions of dollars disappear just as its founder died was a "fraud" and Ponzi scheme, according to the Ontario Securities Commission.

The regulator said Thursday that Vancouver-based Quadriga's late founder Gerald Cotten committed fraud by opening accounts under aliases and crediting himself with fictitious currency and crypto asset balances, which he traded with unsuspecting clients.

Cotten, the OSC said in a new report, ran into a shortfall in assets available to satisfy client withdrawals when the price of the crypto assets changed. He started running a Ponzi scheme that covered the shortfall with other clients' deposits, the agency determined.

"What happened at Quadriga was an old-fashioned fraud wrapped in modern technology," the OSC said.

 

https://thecorrespondent.com/655/bl...ution-for-almost-nothing/84495599980-95473476

Why are they deciding to stop? Enlightened – and thus former – blockchain developer Mark van Cuijk explained: “You could also use a forklift to put a six-pack of beer on your kitchen counter. But it’s just not very efficient.”

 

I'm late to the party but I am now officially invested in Bitcoin and Doge. I'm having more fun with the latter - up 50% since I got in a week ago - and I like some aspects of Dogecoin that feel "wrong" about the more popular Bitcoin.

My only regret so far is that I only made a toe-in-the-water investment of $100 each. I funded my account with more but just didn't want my first trade to be any significant amount. Rats. It's done nothing but skyrocket ever since. Could've made $5K instead of $50.

 

I'm late to the party but I am now officially invested in Bitcoin and Doge. I'm having more fun with the latter - up 50% since I got in a week ago - and I like some aspects of Dogecoin that feel "wrong" about the more popular Bitcoin.

My only regret so far is that I only made a toe-in-the-water investment of $100 each. I funded my account with more but just didn't want my first trade to be any significant amount. Rats. It's done nothing but skyrocket ever since. Could've made $5K instead of $50.

Just remember, that when it comes to investment: there's room for bulls, and there's room for bears, but there's no room for pigs. I hope you're good fortune continues.

 

Not invested but my original $50 bitcoin ATM purchase experiment is doing pretty good. Got it in spring of 2013

 

I hope you're good fortune continues.

DOGE at 13¢ this morning. Bought more yesterday at 9¢. Pretty fun overnight return!

 

DOGE at 13¢ this morning. Bought more yesterday at 9¢. Pretty fun overnight return!

Don't bet more than you can afford to lose, and just remember to take some profits off the table from time to time.

 

Don't bet more than you can afford to lose, and just remember to take some profits off the table from time to time.

Yup, it's pretty much pure gambling at this point. Currencies don't create wealth and have zero inherent value. They're only worth what people agree they're worth. Until they're not. Like tulip bulbs that don't even bloom.

 

 

 

Still having fun. DOGE hit 60¢ this morning! The chart I grabbed yesterday is quickly obsolete.

 

Last chance before Elon Musk hosts SNL tomorrow!

 

Last chance before Elon Musk hosts SNL tomorrow!

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https://www.cnbc.com/2021/05/08/dogecoin-price-plummets-as-elon-musk-hosts-saturday-night-live-.html

Dogecoin plunges nearly 30% during Elon Musk’s SNL appearance

 

Yup. I bought more on the dip. Much wow, very DOGE.

I thought Elon did fine and his performance really shouldn't have had an impact. It didn't in the short term. The bump surrounding 4/20 was very similar: Lots of chatter, gain and volatility and then a slump beginning before reality even hits.