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Confessions Of a BitCoin Scammer

Confessions Of a BitCoin Scammer

http://nerdr.com/bitcoin-exchange-sca...
THE BITCOIN EXCHANGE SCAM:

"Hi Nerdr, I could not find an email address to contact you and have some information for you.

Let me first say who this message is from. I own and run a Bitcoin trading exchange. Here many users buy Bitcoins and sell Bitcoins for dollars. As you know it has been a great time for Bitcoin trading with a large rise in value over a very short period of time.

First I started like the others. I wanted to trade the bitcoins for the dollars on the Bitcoin forum like others. Then I started my own Bitcoin website to do this. Some people from the Bitcoin forum used it and were happy. Some told their friends and so on and so on. It grew like a mushroom. I want to say again, first it was all good and clean, no mess, very honest.

Then I had my big idea. I wanted to make more money. The number on the exchange. A number. I could change it in the programming. Not too much, because their are other exchanges to balance, but a little would be okay to do. So I did it. I increased the Bitcoin value a little. Say from $1 to $1.05. No one noticed and many were happy to see it go up. I was making people happy and the forum enjoyed the fun times with many dreaming big money! haha.

Now I change the Bitcoin price by hand nearly everyday now. I increase the number and more people give me money. Sometimes I let the files do this. It is a miracle like I have a bank haha. I give them numbers and they give me money. I thank god everyday.

They are greedy. I don't care if I cheated them. I wonder is it bad? I have a nice life now and will marry soon. We will buy our first house soon with my Bitcoin money the greedy have gave me.

I am blessed to be alive."



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Nothing to see here, just free markets at work.

Sounds like more of free market than a scam. Obviously, he has to change the ask/bid spread according to the buyers and sellers approaching his exchange.

If he changes it too much than he'll lose buyers and sellers. So he can do all the fraud he wants to. If people don't like the price spread, then they'll just go to a different exchange.

Nothing to see here, just free markets at work.

FUD : Confessions Of a BitCoin Scammer

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

Unclear

The person in this video doesn't have a clear thought process, continually stutters, goes back and forth in his "Argument" when it comes to the "Reliability" of Bitcoin prices.

I'll sit back and wait for the Dump on this one, it's coming real quick.

"Never be afraid to raise your voice for honesty and truth and compassion against injustice and lying and greed. If people all over the world...would do this, it would change the earth. "
— William Faulkner
twitter.com/@Battleforce3327

WTF is this incoherent BS?

If anything, this video makes me want to buy Bitcoins...whoever made this video is a demogouge. NEWSFLASH: The DP knows BS when it sees it. Get a life, bro.

Senator Peter Schiff 2016

sum it up

one big straw man. don't waste your time.

elaborate? some of the arguements:
1) if you use bitcoin, you're a scumbag doing something illegal.. like tax evasion.
2) no centralization, thus you don't have the wonderful protection that other 'legitimate' currencies (note: i did not say money) afford you such as the SEC, the Federal Reserve, court system, et al
3) it's a ponzi schene.. don't worry about the definition of a ponzi scheme as i don't mean it in a literal sense, only to scare you
4) don't put your life savings into an emerging, totally experimental, digital currency (which only a person with no "life savings" would ever dream of doing)

the anonymous blogger and the GTNT were totally disingenuous and made no attempt at assembling a coherent, logical argument against the currency other than it is a currency and not "money."

which would be cool.. but they never distinguished the two. which i view as an incriminating omission.

one can't overlook the vested interest one may have in doing such a thing if say, they were competing against it.

As I mentioned elsewhere.....the best thing to buy is at

Walmart. It is those little cans of pineapple with the ring pull-tops. They have no sugar added, will keep forever, and are just the right size for a mid-night snack or a breakfast bite.

I don't have any bitcoin....I have bits of pineapple.

SequoiaTrees4RonPaul

I'm confused as to how this is a 'scam'

All exchanges of all things have a bid-ask spread, and exchanges can make it whatever they want. If he's lying about spot price, that may be fraud and it makes him a douche, but people can check multiple exchanges and root out the liars.

Seriously, you want to talk about a scam: a handful of banker scum on a conference call fix the price of gold twice a day. How about another scam: physical silver prices track the price of faux paper silver.

The writer quoting this letter he (supposedly) received is just a bitcoin hater. He's full of shit. I'm a critic of bitcoin, but not a hater.

Take back the GOP and Restore America Now.

OK. this video marks a turning point for me...

Without having ever met him, I thought very highly of Chris until this video.

The scam which this article refers to is equally possible on any exchange for any product anywhere in the world. Including gold and silver exchanges.

So his solution? More regulation? More laws? More government? Brilliant Chris! Perhaps we can get those nice fellows who regulate those "corruption-free", banks, COMEX and stock exchanges to regulate Bitcoin exchanges for us? Then everything will be fine. Maybe Obama can create another 3 character agency for our protection?

The best "force" to keep exchanges honest are market forces, ie: competition.

Chris has a lot of good material, but when it comes to Bitcoin he has lost the plot. That is not to say that Bitcoin is infallible, nor that everyone should rush in and put all your savings in Bitcoin.

For reasons unknown to me, Chris is emotional charged on this topic and as a result this video is his intellectually weakest.

www.SuccessCouncil.com
Protect your assets and profit from the greatest wealth transfer in history.

oh one more thing

i'm so glad the silver market can't be manipulated. that would never happen. don't put all your eggs in one basket and don't buy "rare" coins from scam artist like duane and beck. keep stacking.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

Chris Duane is a scam artist

this dude has suckered so many member of his cult it's scary. he is literally a scam "artist" except he is not the actual artist. this guy and his crew premeditatedly set out to scam his cult followers by minting a bunch of silver coins and selling them as rare at a massively inflated price. he minted some coins and convinced his cult member that they are rare and they would get rich if they bought them. same problem he has against bitcoins. it's fine if you want to spend $30,000 on 5oz of silver that his crew is selling on ebay but i think i'll pass lol. i wonder how long his ponzi scheme can last? i wonder how many of these "rare" coins he has stashed back and is selling on ebay. i wonder how long before he starts secretly minting 1000's of these rare coins and selling them on ebay. brilliant scam chris, for not one in a thousand could figure it out and when the lemmings do there is always plausible deniability. at least they will still hold there silver value just like the stuff glen beck sells. talk about a ponzi scheme.

i'll take $30,000 in bitcoins over 5oz of sbss silver any day.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

I never paid much attention to his silver coins....

I prefer eagles.

Are idiots really buying them above spot?

www.SuccessCouncil.com
Protect your assets and profit from the greatest wealth transfer in history.

how are you buying bullion

how are you buying bullion at/below spot?

Just like the US Dollar!

Wow, weird, this video and everything they say about Bitcoin sounds exactly like the dollar. Why do people trust the dollar? All it is, is paper, and most of the time the dollar itself is represented in digital form in a bank accounts just like the Bitcoin... The only difference is, Bitcoin doesnt have a government hell bent on destroying it through inflation. There will only be 21million Bitcoins EVER created and no government will be able to change that. Do your research on Bitcoin, to me it seems like it could become a good alternative to fiat currency, and it will be in the control of the people not government like our founding fathers intended with gold and silver. Limited supply so the government cant get out of control, like it currently is. This idea was thought of over 250 years ago, and I think people are just now realizing what they were talking about. The people should control the currency and the government should work for us!

"Do you want to know who you are? Don't ask. Act! Action will delineate and define you."
Thomas Jefferson

www.LibertySpammer.com

Chris Duane

Is making this stuff up. Try to raise any argument whatsoever on his channel and he blocks you.

He sells silver, sees bitcoin as competition to his business therefore takes all his time now telling people why Bitcoin is bad.

Noone is telling people to get out of Silver and Gold. They are a great store of wealth. Noone is saying store all your wealth in Bitcoins that would be crazy, since its so young.

This tale is as old as time.....

It can be done with any commodity. It first played out as far as I'm aware with Gold. Once civilization advanced to the point coinage was replaced with certificates of gold then bankers had this same temptation. They began to lend out gold that they did not have. It was a calculated gamble that there would never be withdrawals more than the physical gold they really had.

The temptation is really great with Bitcoin. If an exchange gets caught with its pants down it can claim it was hacked and move on. Because it is not regulated there is no punishment for fraud, deceit, or outright theft. The good news is as the technology advances it will be very easy for anyone to audit an exchange. That will take a few more years.

The best thing to do is call the bluff of the exchange. sell or buy and then get your bitcoins or dollars out of there.

I'm highly suspicious of the very thing going on right now!
If it is legit, it will continue an upwards pattern that I think will astonish everyone and then slowly deflate to a reasonable and fair price. If it is not the crash will be equal to or greater than the blast off. My opinions of course.

“I’m fully diversified. I’ve got some under the mattress, some under the floor boards, some in the backyard.”

Bitcoin screams scam in plain

Bitcoin screams scam in plain sight. That is the best type of scam. Bitcoin is not gold. It is not a coin. It is a series of digital ones and zeros. So, why does Bitcoin use a logo of a gold coin and have "coin" in its name? The deception is in plain sight!

As a Bitcoiner...

The argument placed here in this post seems possible, but the reasoning behind it sounds more to me like the logic behind many conspiracy theories. That is, it's not convincing (non of the premises of this argument are backed by any real evidence- other than a he-said-she-said bs).

Bitcoin exchange companies are definitely playing a big part throughout the beginning implementations of this currency.

These exchange companies are NOT needed at all. They are attractive for people that are new to bitcoin and are finding an easy way to exchange. As the market grows the bitcoin exchange companies will remain valuable only to individuals that I personally consider intellectually lazy. There are many ways to do currency exchanges with bitcoins. Soon there will be bitcoin atm machines available throughout the world- The real network of exchange for bitcoin depends on a P2P interaction; the possibilities of exchanging bitcoins are endless...

I personally have never used an exchange company and I don't think I ever will. I don't need an intermediary.

In spite of the cheesiness of this argument, I am still taking it seriously and doing research on it.

In a way I thank you for the post; I just wish it actually had some actual evidence or proof.

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

lol... before you down vote some more...

Bring some actual substantial arguments, with valid premises, to back up the claim of this post. Please do so... I implore you. You will be doing me a huge favor if you guys are right.

Thus far non of your claims are convincing; for they lack in actual evidence and logic.

As you can see from the posts I have made, I even give you guys the benefit of the doubt; and in spite of doing so- I find no valid arguments on your behalf to enlighten me otherwise.

Please bring more substance into this conversation...

===============================================>}]>

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

His video made zero sense to me.

Zero.
I up-voted your comments.
Here:

Isn't it a little strange

Isn't it a little strange that all of the sudden, when Bitcoin is skyrocketing, that this guy decides to "come clean"?

"Oh yeah, I scammed people when Bitcoins were chump change enough to buy a house. But now that Bitcoin is booming, and I could make more money now running a legit exchange than I ever could have before. I just want to jolt your confidence in my business by telling you I'm scamming you and will continue to scam you greedy people."

First, how is it greedy to move wealth out of the dollar?

Second, is what this guy "confessing" to really even a scam? To me it would be analogous to a merchant raising the price tag on his $20 product to $25. If someone is willing to buy at that price, then isn't that what helps define the market price?

Third, even if this guy were doing this, if his customers were unhappy with his services they would go elsewhere and he would be missing out on a great opportunity to make money. If they were happy with his services, then who is he to say that his price raising "scam" is not just smart entrapraneurship in getting the most out of his services?

Forth, the hypocracy in his post is enough to dismiss any legitimacy. "I scammed people and bought a house with their money. I don't feel bad because THEY were greedy." Really?? Are people on the daily Paul buying into garbage like this?

I'm brand new to understanding bitcoin. I've known about it for a couple years, but never saw enough about it to form a serious opinion (though I'm sure I dismissed it as silly).
I've been studying Austrian economics for 7 years now. I consider my self an expert on Austrian monetary theory. What I've lately learned about Bitcoin fundamentals is revolutionary. I don't think it violates Austrian theory. It's different, but its also a brand new technology. New technologies (such as ASIC) have been invented specifically for bitcoin. I don't think it violates Mises' regression theorem, I think the regression theorem may have been worded with a bias against money created out of thin air, but theory itself is sound. If I want to buy LSD online, I can't use dollars, but I can use bitcoins. If that is my goal, then there is value to me in exchanging things for bitcoins so I can exchange them for drugs. Regardless of the previous actions of bitcoin, this transaction alone gives bitcoin a direct exchange value. From this transaction forward, bitcoin can remain in strict compliance with the regression theorem. I'm very excited, direct competition with our arch-rivals, the Federal Reserve. Bitcoin is legit, posts like this are badly done in opposition.

"Tu ne cede malis, sed contra audentior ito."

Great comment:

My friend, since you're a fellow Austrian check out the work by Peter Surda. Also check out themisescircle.org
Peter Surda wrote a thesis that will be soon published into a book published I think by laisezz fair.

Meet Peter Surda:

“Economics of Bitcoin: is Bitcoin an alternative to fiat currencies and gold?”

dev.economicsofbitcoin.com/mastersthesis/mastersthesis-surda-2012-11-19b.pdf

http://www.youtube.com/watch?v=yzMgiAJ1b-E

As a counter argument to Peter look up Patrick Korda.

Peace!

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Even if it were true....

Dont you wish you were the sucker who bought Bitcoin's at $1.05. At $90, I would prefer to be that sucker than the muppet who sold them for $1.05

www.SuccessCouncil.com
Protect your assets and profit from the greatest wealth transfer in history.

Bitcoin system learns a new trick!!!

Historically charts and graphs showing trade volume of bitcoin versus price have been in lockstep. As the trade volume rises and falls so has the price. Until recently...

In the past few weeks several major rapid crashes in price have been followed by a practically instant restoration to the pre-crash price. At least two of these crashes were accompanied by the EXCHANGES SHUTTING DOWN MOMENTARILY and the price being restored to pre-crash level within ONE HOUR.

This is NOT natural behavior!!! Bitcoin freaks rant on and on about how the software is open source. The software running the exchanges (and which sets the prices) is NOT open source. They have perfected their scam (for now). When the price crashes they can just quickly tweak the price back to whatever they want (pure fraud),

.
~wobbles but doesn't fall down~

And then perhaps one day they

And then perhaps one day they can raise the price to $1M and people will be forced to buy it at that price.

If the scam is so big, Why are people willing to buy? And if people are willing to buy, then how are they being scammed? A scam implies deception. If I offer you a bitcoin at $5k right now, that is not a scam, it's just extremely overpriced. If you voluntarily buy at that price, then clear terms of agreement are laid out and a fair transaction takes place.

If I offered you a Bitcoin at $90 and then charged you $5k, well that would be a scam.

"Tu ne cede malis, sed contra audentior ito."

what's up weebles...

thanks for your skepticism and input... always welcomed!

although I haven't found any evidence of this price fixing by exchange companies being true, I am always cautious of whats going on.

www.coinabul.com is always a click away ;)

Like I said above, Exchange companies are bs in my opinion... I encourage people to stay away from them.

The good thing is that new exchange companies keep popping up around the world for people that desire to use them. again, they are not necessary.

also keep in mind that in worst case scenerio, the exchange companies could influence the price (of which there is no evidence) but not totally manipulate it.

Another thing weebles, tone down on the insults man they are not necessary.

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Pull my Ponzi

I just traded all my gold for BTC! JK. It wouldnt surprise me if this vid is true. Truthfully, its all funny money. BTC, FRN, EURo, YEN, GOLD, TULIPS, & ALPACA'S. Everything is a ponzi scheme.

The goal is to find someone who wants what you have and is willing to trade anything or nothing for anything or nothing. "Marketing" I call it influencing the wants & desires of that person in order to negotiate a trade in your favor...

Even atoms trick each other with a pump & dump electron transfer. Its gets dangerous so they forego their identity and band together as molecules with new & improved pyramid schemes to capture energy.

It just builds & compounds as trillions of ponzi schemes become stacked on top of biological systems all in a race to capture enough energy to ensure their safety. All of this occurs in a simple state of positive/negative charges.

Funny apes that we are, we recognize these ponzi schemes, but fail to recognize that it lies within the very fiber of our existence.

Is there a way to change it for the better? I doubt it. But I just laid out the ideology necessary to justify the actions of every electron in the blockchain we call the universe(That'd be a Win in my book).

If you read this, you may think I just derailed off topic. But if you spend some more of your energy on my thought, you just might agree...

& if you really thought about what I put down in this post, you missed the fact that I just ponzied 15seconds from your life (Something) for $h!tZ & giggles (Anything).

I ask you all to please bring some actual proof

what what you all claim.

You are not going to convince anyone by using conspiracy theorist "logic."

Seriously guys, if you are against bitcoin please state your arguments clearly with sound evidence... not just your opinions...

posts like these just take away from the credibility of anyone who is skeptical of bitcoins.

I really appreciate your skepticism; please bring more substance to back up your arguments.

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

You missed it dude

Granted, this is a thread about BTC & not the philosophy of an underlying current that dictates the behavior of all things that I am aware of containing matter.

My PROOF AGAINST BTC: I have none

I like BTC. It may very well become more than a novelty for most & capture 9% of the forex years from now. But a lot of things must occur before then. And even after that happens, so what? Forex is ponzi too. A ponzi construct can exist within anywhere. It may not be the BTC that has the problem. Its how people perceive they are/can be used.

FOR ME: BTC can store value(although in a volatile form). I GIVE it value because it appears transparent. It looks prettier than the crusty 1's & 0's from my bank. Thats it. The only value for me... until a better value ponzies along.

For this currency to survive infancy, it must feed the emotions of the masses. There has been a heavy push this past decade to educate the young in austrian theory. But the old will never go for it. They are fine slow boiling their frog. They want 'stability(predictable loss)' not volatility.

Here are a few ?'s though:

What will be the market forces that bring about less volatility?

What are the causes of the extreme volatility in BTC?

If the currency vehicle is finite, then wont it return to zero?

Is there a way to determine which BTC have been destroyed?

My apologies man bad placement.

I was reffering to all of the passionately anti bitcoin people.

1 more user friendly software; less dependency on exchange companies; and more vehicles of adaptability in my humble opinion

2 possibly the constant influx of data into such an organic system. I think we are used to controlled currencies.

3 every single bitcoin can be sub decided into one quadrillionth satoshi.

4 bitcoins don't have individuated " identities". It is the " accounting ledger" of the block chain that corresponds to the wallets that identifies the location and quantities of bitcoins.

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Fake

The Internet really makes many idiots excited beyond their cognitive control. Rather than eat sh{i}t in gay bathhouses, they want to be important by fabricating fake stories. Progressive schools and youtube clips do serious mental damage to the current generation.