« prev   random   next »

3
0

Exit scammers run off with $660 million in ICO earnings

By Patrick following x   2018 Apr 13, 10:00am 1,109 views   28 comments   watch   sfw   quote     share    


https://techcrunch.com/2018/04/13/exit-scammers-run-off-with-660-million-in-ico-earnings/

A Vietnamese cryptocurrency company Modern Tech launched an ICO for its Pincoin token, raising $660 million from approximately 32,000 people. The company first ran the Pincoin ICO, promising constant returns to investors, and then launched another token, iFan (a social network token for celebrities). Picoin investors first received cash from their investment and then the team began paying out rewards to Pincoin investors in iFan tokens.

Then the team disappeared.

This so-called exit scam could be that largest in recent memory and is also indicative of what’s to come in the ICO space. The team of seven Vietnamese nationals seem to have left the country while scammed investors massed outside the company’s old headquarters.
2   WookieMan   ignore (0)   2018 Apr 13, 10:05am   ↑ like (3)   ↓ dislike (0)   quote        

$660M. Jesus, some people are just fucking dumb. That's $20k/person. Nuts.
3   SunnyvaleCA   ignore (0)   2018 Apr 13, 11:02am   ↑ like (2)   ↓ dislike (0)   quote        

To be fair, many (most? all?) of these "coins" are likely to wind up worthless anyway. So the "investors" just lost their money immediately instead of over the course of a few years.
4   TwoScoopsOfWompWomp   ignore (2)   2018 Apr 13, 11:07am   ↑ like (2)   ↓ dislike (0)   quote        



We don't need no Fiat Currency, we got Crypto!
5   mell   ignore (1)   2018 Apr 13, 11:17am   ↑ like (1)   ↓ dislike (0)   quote        

Agreed. They will all end like this. Unless they get the Fed and taxpayer to support their scam like the housing market - then they will do well ;)
6   RecentCost   ignore (0)   2018 Apr 13, 12:53pm   ↑ like (0)   ↓ dislike (0)   quote        

I'm glad that cryptocurrency values have decreased recently so I no longer have to hear everyday from everyone and their mother how bitcoin is such a great investment.
7   FortWayne   ignore (2)   2018 Apr 13, 1:06pm   ↑ like (1)   ↓ dislike (0)   quote        

When we said crypto currency is a scam, we got laughed off as know nothing grandpa conservatives.

Oh Well...
8   HEYYOU   ignore (17)   2018 Apr 13, 1:06pm   ↑ like (0)   ↓ dislike (0)   quote        

What a fool believes in!
9   SFace   ignore (0)   2018 Apr 13, 1:22pm   ↑ like (1)   ↓ dislike (0)   quote        

"99.99%" of the money were laundered money anyway

The money gone is not really gone. It just appears gone and the scammed is the scammer.
10   APOCALYPSEFUCKisShostikovitch   ignore (31)   2018 Apr 13, 5:27pm   ↑ like (0)   ↓ dislike (0)   quote        

What happens when everyone is launching an ICO after every bowel movement?
11   WookieMan   ignore (0)   2018 Apr 13, 8:01pm   ↑ like (0)   ↓ dislike (0)   quote        

FortWayne says
When we said crypto currency is a scam, we got laughed off as know nothing grandpa conservatives.

Oh Well...


Sorry, but what does this have to do with conservative or liberal? It’s just idiots trying to get rich quick without having to work. Both sides have been suckered into the scheme. Gotta stop being a one trick pony and realize there’s more nuance in the world outside your point of view.
12   FortWayne   ignore (2)   2018 Apr 13, 8:34pm   ↑ like (1)   ↓ dislike (0)   quote        

WookieMan says
Sorry, but what does this have to do with conservative or liberal? It’s just idiots trying to get rich quick without having to work. Both sides have been suckered into the scheme. Gotta stop being a one trick pony and realize there’s more nuance in the world outside your point of view.


Nothing really.

Just when us old guys were saying that this isn't anything new under the sun, and it's just another scam... some people made it into "liberal" vs "conservative" thing telling us that we dinosaurs know nothing about progress...
13   WookieMan   ignore (0)   2018 Apr 13, 8:40pm   ↑ like (1)   ↓ dislike (0)   quote        

FortWayne says
Just when us old guys were saying that this isn't anything new under the sun,


You do realize I'm a younger board member here, right? I might be one of the biggest bashers of crypto here. Definitely top 5. Anyone turning this into an R or D thing should rethink their point of view. Fact is, some of the admitted older members here have gotten sucked into other lies, yet are so stubborn to realize they've been duped. Albeit not as dumb as crypto, but don't think you're invincible because of your beliefs. A sucker is born everyday.
14   FortWayne   ignore (2)   2018 Apr 13, 8:48pm   ↑ like (0)   ↓ dislike (0)   quote        

WookieMan says
You do realize I'm a younger board member here, right? I might be one of the biggest bashers of crypto here. Definitely top 5. Anyone turning this into an R or D thing should rethink their point of view.


I'm not saying its a D or R thing at all, because I too know that it's not. I just remember telling people that it's a ponzi scheme backed by nothing, and being told certain words in response that sure made it a D and R thing.
15   WookieMan   ignore (0)   2018 Apr 13, 8:53pm   ↑ like (1)   ↓ dislike (0)   quote        

FortWayne says
I just remember telling people that it's a ponzi scheme backed by nothing, and being told certain words in response that sure made it a D and R thing.


I remember you saying this. You were right. My $0.02, ignore the politics in most things. You have strong beliefs and I respect that. It's not just you, or just here, but I think most people could dump the political leanings in their opinions. Would make conversation, well on an internet forum, more palatable.
16   FortWayne   ignore (2)   2018 Apr 13, 8:56pm   ↑ like (0)   ↓ dislike (0)   quote        

WookieMan says
FortWayne says
I just remember telling people that it's a ponzi scheme backed by nothing, and being told certain words in response that sure made it a D and R thing.


I remember you saying this. You were right. My $0.02, ignore the politics in most things. You have strong beliefs and I respect that. It's not just you, or just here, but I think most people could dump the political leanings in their opinions. Would make conversation, well on an internet forum, more palatable.


Thanks WM
17   WookieMan   ignore (0)   2018 Apr 13, 9:00pm   ↑ like (1)   ↓ dislike (0)   quote        

FYI. Totally sober. ;)
18   WookieMan   ignore (0)   2018 Apr 13, 9:04pm   ↑ like (0)   ↓ dislike (0)   quote        

WookieMan says
FYI. Totally sober. ;)


This was meant for another thread, but I'll leave it here. The intended recipient will get it. ;) LOL!
19   WookieMan   ignore (0)   2018 Apr 13, 9:06pm   ↑ like (2)   ↓ dislike (0)   quote        

Shit, I just deleted my own comment in mod. My apologies Patrick for not controlling myself. It's hard...
20   WookieMan   ignore (0)   2018 Apr 13, 9:35pm   ↑ like (0)   ↓ dislike (0)   quote        

Sniper says
WookieMan says
Shit, I just deleted my own comment in mod. My apologies Patrick for not controlling myself. It's hard...


WookieMan says
Looks like the limp boomer went to bed.


Such an appropriate mod to have on the site.


What are you talking about? I deleted my own comment that I realized was in bad taste. I think that reflects on the point that someone can recognize when they're wrong. I think that's a good thing, don't you?
21   WookieMan   ignore (0)   2018 Apr 13, 9:38pm   ↑ like (0)   ↓ dislike (0)   quote        

Sniper says
WookieMan says
Looks like the limp boomer went to bed.


Such an appropriate mod to have on the site.


Just reread this. Are you taking offense to this comment? LOL! This was directed at a generation. Boomers go to bed early and need help down there. That's all that was referencing.
22   WookieMan   ignore (0)   2018 Apr 13, 9:55pm   ↑ like (0)   ↓ dislike (0)   quote        

Sniper says
Such a lack of self control on display.


How?

No need to quote the whole thing either. Clutters up the thread. Have some decorum brah.
23   WookieMan   ignore (0)   2018 Apr 13, 10:09pm   ↑ like (0)   ↓ dislike (0)   quote        

Crickets..... If I offended you let me know. I deleted my lack of self control already. I admitted that like a real man would. Must have touched a special snowflake nerve I guess. Lol.
24   WookieMan   ignore (0)   2018 Apr 13, 10:26pm   ↑ like (1)   ↓ dislike (0)   quote        

Lol. I'll leave other mods to clean that mess up. I ain't touching a thing.
25   Onvacation   ignore (2)   2018 Apr 13, 10:34pm   ↑ like (0)   ↓ dislike (0)   quote        

WookieMan says
 

Shit, I just deleted my own comment in mod. My apologies Patrick for not controlling myself. It's hard...

Since the thread is about bitcoin maybe thats a good thing?
I believe that blockchain currencies are worse than worthless. They take incredible energy to "mine" and all you end up with is some bits in a "wallet" that you hope to sell to someone that is a greater fool. At least with gold and silver mining you get some shiny metal to represent your expended energy.

The end of fiat currency won't be fiat blockchain.
26   Onvacation   ignore (2)   2018 Apr 13, 10:36pm   ↑ like (0)   ↓ dislike (0)   quote        

Onvacation says
bitcoin

I meant blockchain.
27   Goran_K   ignore (2)   2018 Apr 14, 6:37am   ↑ like (0)   ↓ dislike (0)   quote        

Sniper, Wookie. c’mon. Civil and nice!
28   WookieMan   ignore (0)   2018 Apr 14, 6:48am   ↑ like (0)   ↓ dislike (0)   quote        

Goran_K says
Sniper, Wookie. c’mon. Civil and nice!


I think I am, just not to Sniper. Lying and making shit up pisses me off. Sorry. I'll try to keep personal comments about Sniper out of it moving forward. Feel free to nuke or approve any of the posts in moderation. I don't care. They were all justified.




The Housing Trap
You're being set up to spend your life paying off a debt you don't need to take on, for a house that costs far more than it should. The conspirators are all around you, smiling to lure you in, carefully choosing their words and watching your reactions as they push your buttons, anxiously waiting for the moment when you sign the papers that will trap you and guarantee their payoff. Don't be just another victim of the housing market. Use this book to defend your freedom and defeat their schemes. You can win the game, but first you have to learn how to play it.
115 pages, $12.50

Kindle version available


about   best comments   contact   one year ago   suggestions