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Bitconnect Slapped with Securities Emergency Cease and Desist Order

Goldhedge

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Bitconnect Slapped with Securities Emergency Cease and Desist Order

On Thursday the Texas Securities Commissioner (TSC) signed an Emergency Cease and Desist Order to stop Bitconnect from operating. The mysterious company is a popular bitcoin lending platform with a 4.1 billion USD market capitalization, and is long accused of being a scam.
 

anywoundedduck

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I don't want to sound like a broken record, but, how many more are scams?
Answer:
All of them. Bitcoin is the biggest of them all.
Creating entries in a ledger, and selling the entries in the ledger for thousands of dollars, that you put in an electronic wallet, that has been proven to be hackable. It is one big cluster fuck.
This is the biggest scam since The Federal Reserve Act.
Bunch of lemmings, getting closer to the edge.
Reminds me when Elmer Fudd stuck the barrel in the rabbit hole, only to be redirected out another hole and up Elmer's ass. BOOM!
 

Mujahideen

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Creating entries in a ledger, and selling the entries in the ledger for thousands of dollars, that you put in an electronic wallet
How is it a scam? It’s just a ledger. Supply and demand work this way.

People want to pay that much so it goes for that much.
 

anywoundedduck

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How is it a scam? It’s just a ledger. Supply and demand work this way.

People want to pay that much so it goes for that much.
Ok then. What is being supplied? A means to sloppily make a payment.

One day soon, people are going to start getting it, and when they do, it will be a sort of revealation, and Cryptos will go the way of the tulip Mania.

What event causes Cryptos to become worthless? A government edict? A war? A culling of the internet? An EMP? An EMP could wipe your wallet forever, and could cause the internet to be down for months, if not years.
The bits and bytes on your ledger go poof.

In the mean time, my stack is safely resting in a place that I can put my hands on no matter what. If you don't hold it, you don't own it.
 

Mujahideen

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A scam worse than the Fed dollar printing
No one is forcing anyone to use bitcoin. If you want to pay 10k for a spot on a ledger and store it in a hackable wallet, that doesn’t make it a scam. You can say it’s not wise, but it’s not a scam. Is the ledger not telling the truth? Has the ledger been hacked? how is it a scam?

But it is practically impossible to not use government money. We are forced to be robbed by our government.
 

anywoundedduck

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No one is forcing anyone to use bitcoin. If you want to pay 10k for a spot on a ledger and store it in a hackable wallet, that doesn’t make it a scam. You can say it’s not wise, but it’s not a scam. Is the ledger not telling the truth? Has the ledger been hacked? how is it a scam?

But it is practically impossible to not use government money. We are forced to be robbed by our government.
I agree it is not wise. It's still a scam, selling nothing for mucho dollars. Scam in my book.
 

nickndfl

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#9
Whoever bought 1 BTC @ $20k thinking they were going to be millionaires by Christmas are in for a big surprise.
 

GOLDZILLA

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Look what happened to the pm.s today. Maybe this caused it?