patrick.net

Microsoft Employee Gets Nine Years in Prison for Bitcoin Fraud

According to IRS Special Agent Ryan Korner, this is the first case in the United States related to bitcoin and tax fraud. He noted that now the IRS has all the necessary competencies to track cryptocurrencies:

“Simply put, today’s verdict shows that you can’t steal funds over the Internet, run them through bitcoin and think that it covered up your crime.”
https://tutx.net/2021/04/09/microsoft-employee-gets-nine-years-in-prison-for-bitcoin-fraud/

Don't get scammed!

Are people still gambling in crypto?

Onvacation says

Are people still gambling in crypto?

I am still HODL'ing my Bitcoins (1.9), and my ETH, and my Litecoin and my Ox, ADA, link, Tezos

I did sell my Binance coins and Dogecoins. Not at the very peak but i can live with 11x :) :)

Bitcoin might go to 350k this bull cycle, so, I will continue to HODL it.....its only at 55k or so.....But i cant complain. 6 Month ago when I bought it was at 15k :) :)

https://www.bbc.com/news/world-europe-56871403

On Friday, Vebitcoin announced on its website it had stopped all activities "in order to fulfil all regulations and claims". It was not immediately clear how many people had been affected.

"Due to the recent developments in the crypto money industry, there was a much higher density in our operations than expected. We would like to state with regret that this situation has led us to a very difficult process," it said.

Meanwhile, Turkey has issued an international arrest warrant for the Thodex founder, Faruk Fatih Ozer, who reportedly fled to Albania with an alleged $2bn (£1.4bn) from investors.

Peter Thiel: “Bitcoin can become a financial weapon of China against the United States"

Co-founder of the payment company PayPal and bitcoin enthusiast Peter Thiel (Peter Thiel) said that the first cryptocurrency can act as a financial weapon of China in the fight against the United States.

During the virtual conference, Thiel stressed that most of the miners of the first cryptocurrency are located in China. And in the event of a further deterioration in relations between the world’s two largest economies, bitcoin could be used to counter the US dollar.

“I am somewhat of a cryptocurrency advocate and bitcoin enthusiast, but there is a thought that bitcoin can be seen as part of China’s financial weapon against the United States,” said the co-founder and former CEO of PayPal.

Bitcoin can be dangerous for any fiat currency, but it is especially dangerous for the US dollar as the reserve currency of the world. Therefore, US politicians and strategists need to take into account the state of affairs in the cryptocurrency market when analyzing the geopolitical landscape.

https://tutx.net/2021/04/14/peter-thiel-bitcoin-can-become-a-financial-weapon-of-china-against-the-united-states/


#CCPcoin

FuckCCP89 says

Bitcoin can be dangerous for any fiat currency

Since crypto is valued in fiat. Crypto is fiat. Or maybe fiat fiat because you need to use fiat to buy it and when you sell it you get fiat.

But it's still a good way to launder money internationally.

Onvacation says

Crypto is fiat. Or maybe fiat fiat because you need to use fiat to buy it and when you sell it you get fiat.

Fiat squared.

FuckCCP89 says

#CCPcoin

Lol. I don't think people realize that warfare isn't lobbing missiles at people anymore or shooting the enemy. Everything has always been about wealth extraction. If you're dead, there's no money to get from you, so war makes little sense now. We're in a new era and the common person is way behind in understanding this. I think we're currently in WWIII and most people don't even know it. Crypto is a tool to extract money and gain power.

Between Covid and crypto, someone is trying to devalue the dollar bigly. They're doing it at an accelerated pace. People are paying other people for fucking digital numbers. There's no explaining this, it's what crypto is. Why? Who in the flying fuck wants a digital file and then thinks it's worth something? I think it was Misc or another user, but there's more crypto "currencies" then major stocks/companies on our big indexes.

You can make money off it, but people have to start asking the question, why? A digital currency comes out of nowhere that no one knows about, by a person with an Asian name. #FuckChina

Patrick start selling patnet coins lol. If everyone can just invent currencies, why not us?

There was this old movie name of which I forgot. But it was some ethnic country and every village had its own invented currency. And the new guy going through would get suckered into trading his goods or horses for this made up currency. Then in next village his money was useless so he had to trade away again. It was a comedy. I feel like that’s real life right now.

Fortwaynemobile says

Patrick start selling patnet coins lol. If everyone can just invent currencies, why not us?

I tried that. Patnet readers are too smart for that.

Onvacation says

I'm starting a new cryptocurrency. I am selling them at a discount while I set up the blockchain (a free open source technology where a continuously growing list of records, called blocks, are linked and secured using cryptography).

If you send me a dollar now I will send you a unique (kinda) sequence of bits (0s and 1s) when I start mining the blockchain.
GetRichQuickCoins, the currency of the future!

Onvacation says

Fortwaynemobile says

Patrick start selling patnet coins lol. If everyone can just invent currencies, why not us?

I tried that. Patnet readers are too smart for that.

@Patrick, onvacation,
how about this: We create a penny-stock type of coin that has some catchy name that caters to super leftist people. I wouldnt want to create a coin to screw Patnetters but I would love a coin to attract investors that support Antifa/BLM.

Here are some suggestions that would sucker in the right crowd:

AntifaCoin
BLMCoin
DefundPoliceCoin
BanGunsCoin
BlackMoonCoin
BlackPowerToken

the names actually dont have to have "coin" or "token" in it.

Bitcoin says

AntifaCoin
BLMCoin
DefundPoliceCoin
BanGunsCoin
BlackMoonCoin
BlackPowerToken

Now you gonna sucker all the BLM kids with these names.

All right guys let’s do BLM coin. Let’s see where it goes! Who is into this thing?

Fortwaynemobile says

Now you gonna sucker all the BLM kids with these names.

All right guys let’s do BLM coin. Let’s see where it goes! Who is into this thing?

100% in here.

not just BLM kids, but also antifa and all the other leftists.
"Support our movement by holding BLMcoin. Buy BLMcoin and start changing America now."

We'll pump the living shit out of this coin on all BLM, Antifa websites/forums.

Lol, I like this!

Patrick says

Lol, I like this!

Well, we are going to be fuckin rich on this. I've got everything we need....a software engineer that can write the code, me doing the marketing, etc,
We just need to coordinate on a private forum........

who else is in?

Bitcoin says

Patrick says

Lol, I like this!

Well, we are going to be fuckin rich on this. I've got everything we need....a software engineer that can write the code, me doing the marketing, etc,
We just need to coordinate on a private forum........

who else is in?

I’m in

@Patrick @Onvacation
@Socal2 @WookieMan

who else? what better way to get rich then pulling money from Antifa scum?

Come to think of it, isn’t all “crypto” just an elaborate confidence scheme? Like a spreadsheet makes it any less ridiculous than selling the Brooklyn Bridge.

What a great storehouse of value.

Imagine in the USD dropped 7% in an hour, then gained 10% a few hours later.

MisdemeanorRebellionNoCoupForYou says

What a great storehouse of value.

Imagine in the USD dropped 7% in an hour, then gained 10% a few hours later.

Great payment vehicle too: the cost of every transaction is unpredictable and it can take hours to complete.

https://www.cnbc.com/2021/04/26/turkish-bitcoin-exchange-vebitcoin-collapses-amid-crypto-crackdown.html

A second bitcoin exchange collapses in Turkey amid crackdown on cryptocurrencies

Patrick says

https://www.cnbc.com/2021/04/26/turkish-bitcoin-exchange-vebitcoin-collapses-amid-crypto-crackdown.html

A second bitcoin exchange collapses in Turkey amid crackdown on cryptocurrencies

Noooooooo!

Bitcoin says

@Patrick @Onvacation
@Socal2 @WookieMan

who else? what better way to get rich then pulling money from Antifa scum?

I appreciate that you're finally admitting what crypto is. Problem is Antifa "participants?" don't make any money. Hard to extract money from people with none.

So,

To get rich on crypto you need fools to buy it. Who would be that foolish?

Onvacation says

Who

Tesla bought 1.5B USD worth of Bitcoin.....they HODL 90% of it and only sold 10%.

Smart. Thanks Tesla! I am 100% HODL'ing my BTC.....i did sell my Binance coin, Dogecoin....:)

https://twitter.com/TikTokInvestors/status/1385365742506364929

TikToker makes ‘scamcoin’ as a joke and within an hour it’s worth ~$70mln lmao.

Patrick says

https://twitter.com/TikTokInvestors/status/1385365742506364929

TikToker makes ‘scamcoin’ as a joke and within an hour it’s worth ~$70mln lmao.

I am pretty sure we can make lots of money by creating BLMcoin and selling it to antifa and other liberals.

Bitcoin says

I am pretty sure we can make lots of money by creating BLMcoin and selling it to antifa and other liberals.

I'm just happy you're admitting what crypto is finally. It's not a store of value per your own comment quoted here. MAKE money, not a store of value. AKA take money from others.

WookieMan says

MAKE money, not a store of value. AKA take money from others.

Eric Holder says

AKA take money from others.

thats what trading is. A transfer from dumb money to smart money. 90% of traders lose in the stock market for instance.
In Crypto, a ton of dumb money will buy into shitcoins and their portfolios will go up significantly (temporarily). The majority of shitcoin holders will ride the ship up and down because greed kicks in and they fail to DCA out of their positions.
Bitcoin is not a pump and dump to me. But its a waste of time to argue about it.....either you like investing in BTC or you dont. My holdings in Bitcoin and Altcoins have been mega profitable on paper. At some point I will start taking profits on my larger holdings. I already sold all of my Binance coin and Dogecoin.

FBI Puts Warning Signs on Bitcoin ATMs in This US County Following a Scam

The Cuyahoga County Scam Squad in Cleveland and the FBI are collaborating to alert the public about scams involving bitcoin, News 5 Cleveland reported this week. Old scams ranging from grandparent’s scam, explained Sheryl Harris, Director of the Cuyahoga County Department of Consumer Affairs.

FBI Special Agent Vicki Anderson warned that once the victims sent bitcoin, “it’s almost impossible to get it back so the best we can do is prevention and that’s why we’re trying to get the word out.”

The news outlet described that “Signs will soon be put up on bitcoin ATMs across the county,” noting that “The signs are intended to make people think twice before going through with a transaction because they could be caught in a scam.”

https://otcpm24.com/2021/05/07/fbi-puts-warning-signs-on-bitcoin-atms-in-this-us-county-following-a-scam-regulation-bitcoin-news/

If you fall for this type of scam, you deserve to be scammed:

https://otcpm24.com/2021/05/07/fbi-puts-warning-signs-on-bitcoin-atms-in-this-us-county-following-a-scam-regulation-bitcoin-news/
"A man who almost became a victim of a scam asking for bitcoin told the news outlet that he got a call from someone who sounded just like his son, who said he was hurt in a car accident, got thrown in jail, and needed bond money.

The man and his wife were instructed to withdraw $9,000 in cash, go to a bitcoin ATM, then use the QR code the scammer provided to deposit the cash. The man said that the shopkeeper where the ATM resided came up and said “can I help you?” When he explained that he needed to send money to an attorney with the bitcoin ATM, the shopkeeper told him that he was getting scammed. The couple then called their son and confirmed it was a scam."

bawahahah

Bitcoin says

bitcoin ATM

I had never heard of this, so I looked it up.

https://99bitcoins.com/bitcoin/atm/

Do Bitcoin ATMs Give Cash?

Some BTMs work both ways – meaning they can dispense Bitcoin in exchange for cash and they can also dispense cash in exchange for Bitcoin. However, most models work only for buying Bitcoin.

How much fee do Bitcoin ATMs charge?

Bitcoin ATMs charge an average fee of 8.93%. However, this is a rough average and the fees vary between ATMs. Make sure to read the instructions on the machine before starting the process.

Two screaming problems there:

1. Most just take cash and don't give cash? Hmmm, makes it sound like they really prefer cash over Bitcoin.
2. 8.93% is ridiculous.

Patrick says

Do Bitcoin ATMs Give Cash?

Some BTMs work both ways – meaning they can dispense Bitcoin in exchange for cash and they can also dispense cash in exchange for Bitcoin. However, most models work only for buying Bitcoin.

a Bitcoin ATM is not an ATM.

A Bitcoin ATM has nothing to do with a bank/bank account. Its a standalone device/kiosk for people that do not have a bank account or want to deposit cash to purchase Bitcoin without a bank involved.

Why would I want to provide this service? Only if I can generate revenue. High fees should be expected.

There is only limited supply of digital gold....we are in the midst of gold rush 2.0 (hint: high inflation environment)

Bitcoin Mining Expert Explains why Generating “Clean” BTC Blocks Can Be Extremely Challenging

He points out that many BTC addresses have been matched with “real-world identities” but “all or even most certainly have not.” This means that choosing certain transactions “based on who the senders might become little more than a guessing game,” Voell adds.

He also notes that the only way “to guarantee that all transaction fees in a block are ‘clean’ is to mine zero transactions unless the miners opts to only process transactions from a whitelist of Bitcoin addresses.” He explains that any transaction that “may later be discovered to have connections to a criminal or sanctioned entity ruins the entire ‘clean’ block effort.”

As noted by Voell:

“Simply avoiding addresses on a blacklist is insufficient. Without an address whitelist, only empty blocks can be clean blocks. Even after including zero transactions, a ‘clean’ block still isn’t safe. The address that receives the coinbase transaction with the block’s mining subsidy is, of course, public and can receive transactions.”

Voell further notes that any other BTC wallet that sends even the smallest amount of Bitcoin to the coinbase address “taints the bitcoins and sabotages the entire endeavor.” He explains that “unlike the transaction problem, where a miner can simply opt to exclude all transactions, preventing ‘tainted’ bitcoins from being sent to the coinbase address is impossible.”

https://www.crowdfundinsider.com/2021/05/175453-bitcoin-mining-expert-explains-why-generating-clean-btc-blocks-can-be-extremely-challenging/

Bitcoin still depends on all of you HODL'ers buying the dip.

Miners gotta eat.

Onvacation says

Bitcoin still depends on all of you HODL'ers buying the dip.

Exactly! HODL is the best strategy. I remember when people were happy about Bitcoin being under 20k! It will never go to 20k again!!! Look at it now....over 40k :)

PeopleUnited says

Come to think of it, isn’t all “crypto” just an elaborate confidence scheme? Like a spreadsheet makes it any less ridiculous than selling the Brooklyn Bridge.

Pretty much.

The waters have been muddied because US currency is fiat. I guess the young dupes figure if the government can back dollars with nothing why can't the cryptos.

I'm still selling getrichquick coins but am considering renaming them to something more subtle.

Bitcoin rises to reclaim the $40,000 level as the cryptocurrency tries to recover from brutal selloff