877500+ entries in 0.684s
Apocalyptic: <Bugpowdr> How do you run a 70M ponzi and only make $165k // you suck really badly at
trading
tiberiusxvi: chaang noi was an active participant in
the fraud acting as a feeder agent
Bugpowdr: He
transferred at least 150,649 Bitcoin
to his personal account at an online Bitcoin currency exchange. Shavers suffered a net loss from his day
trading, but realized net proceeds of $164,758 from his sales of 86,202 Bitcoin
tiberiusxvi: bugpowdr: yes we were discussing chaang-noi being charged
too
ozbot: ASICMINER: Entering
the Future of ASIC Mining by Inventing It
Bugpowdr: I wonder if goat and
the rest will be charged
ozbot: SEC.gov | SEC Charges
Texas Man With Running Bitcoin-Denominated Ponzi Scheme
Rulother_: someone just had
to put in a wall at .003749
tiberiusxvi: they also allowed
tiny wire
transfers which
take up
time
PeterL_: I saw a post showin gthe size of orders, most of
the mtgox orders are on
the 0.01 usd scale, why do
they even allow such small orders?
tiberiusxvi: kept alot of
the low level losers off its exchange which constantly flood
the support queues
tiberiusxvi: mtgox should never have cattered
to low ammount losers, which divert its limited resources
PeterL_: so you admit it is because
they suck
tiberiusxvi: thats becuase of
the wire
transfer problems
PeterL_: mtgox has not always been 5% off from everybody else,
the difference used
to go up and down, + and -, but now it is consistently 5%+
tiberiusxvi: if mtgox put minimum 5k wire
transfer
then alot of its customer support problems would go away
PeterL_: mtgox has been about 5 usd above all
the other exchanges for a while, clearly people do not want
to sell
there as much
tiberiusxvi: mtgox should have put minimum wire
transfer requirements like any other broker instead of dealing with peasants
tiberiusxvi: bitstamp is a shitty exchange
they will never be able
to do a better job
then
the garbage mtgox
jcpham: most likely
true for some
time now
dexX7: it's not about
transaction volume, but
the amount of coins/fiat sitting on gox in
this case
PeterL_: but how much of
the MtGox volume is just
them playing with
their own money
to keep
the volume high?
tiberiusxvi: mtgox has easily 700% more liquidity
then bitstamp
tiberiusxvi: apocalyptic low volume days mean nothing mtgox has a superior order book and during ramped up moves
the volume dramatically surpasses bitstamp.
dexX7: indeed, but bitstamp has way
to little market depth
PeterL_: yesterday
they had about even volumes
Apocalyptic: not with
the past few days volumes
tiberiusxvi
PeterL_: and bitstamp is getting pretty close
to MtGox for
the #1 spot
tiberiusxvi: bitcoin china looks
to overtake btce probably next week as
the 3rd largest exchange
jcpham: WHY I AM EVEN
TALKING
TO FUCKING
tiberiusxvi
jcpham: other
than operate
the passthrough
tiberiusxvi: what dont you understand he setup and ran
the passthrough
jcpham: i don't know anything about
that
jcpham: went from "maybe ponzi"
to yep,
too many coins
to repay"
jcpham: and
the passthrough made
the
thing explode
tiberiusxvi: apocalyptic: he ran a passthrough for
the pirate scam.
jcpham: yes of course. you want
to sell something hang a sold out sign in your window
tiberiusxvi: if i was chaang-noi id stay clear of
the US forever
jcpham: the problem is all of
this was documented in a ridiculous forum
thread
jcpham: but
the
thread is all crickets
jcpham: then about 30 pages into it,
theymos wants an invite
jcpham: but i commented and followed
the btclending
thread
jcpham: that's why
the passthroughs came about entirely
jcpham: no one would refer
theymos
jcpham: theymos didn't get a referral. goat setup
the passthrough
dexX7: no pitchforks.. i'm sure
this was unintentional
tiberiusxvi: he was actively promoting
the scam along with
the forum owner
tiberiusxvi: lol good luck for him
to ever set foot on US soil again
tiberiusxvi: jcpham im asking if one of
the 7 is chaang-noi
tiberiusxvi: 7 others are not named? i wonder if one of
them is chaang-noi
ozbot: SEC Charges
Texas Man With Running Bitcoin Ponzi Scheme | Business Insider Australia
pankkake: pretty much like censorship on
the internet
pankkake: well
that last part makes sense, but I'm not sure how it will work given how international it is
dexX7: the sec was involved in
the pirateat case since
the beginning imo
ThickAsThieves: "I
think
the main message
they are sending is "just because you are in bitcoin, don't
think you can get away with ripping people off"."
pankkake: only
them are allowed
to create ponzis
jcpham: or any unlicensed security must be a ponzi and we're coming
to get you
dexX7: well, it's focused on ponzis, but it seems
their perception now is something like: bitcoin assets = ponzi
dexX7: watch out,
those coins infect your mac and will burn your harddrive and gpu
jcpham: i'm lost. how did i get here? what are
these bitcoins everyone keeps
talking about
dexX7: i bet
they lurk here
jcpham: sec is a little late
to
the show i guess
topace_home: individuals selling investments are
typically subject
dexX7: i see,
the first
time it is officially outspoken so
to say
ThickAsThieves: and it specifically notes
that bitcoin securities are under
their radar
dexX7: that's
the reason we play only virtual share games
dexX7: is
this something new?
ThickAsThieves: of
the seC regardless of whether
the investment is made
dexX7: yes, i
think so
too
dexX7: were you around
that
time? what is your feeling now? happy
that he got busted or angry, because "teh evil state strikes again"?
ThickAsThieves: “Investors should understand
that regardless of
the
type of investment, a promise of high returns with little or no risk is a classic warning sign of fraud.”
ThickAsThieves: “Fraudsters are not beyond
the reach of
the SEC just because
they use Bitcoin or another virtual currency
to mislead investors and violate
the federal securities laws,”