Bitcoin Trump and the US Dollar

a reply to: putnam6


Sorry Putnam, it ISN'T perception. It's fact. Sam Friedman convicted of 10 billion dollar fraud, it's nothing to scoff at. But there are multitudes of cases of cryptocurrency fraud.

HyperFund - Baltimore, Maryland – Three individuals are charged in U.S. District Court in Maryland for orchestrating a $1.89 billion cryptocurrency fraud scheme.

A federal grand jury has returned an indictment charging Sam Lee, age 35, an Australian citizen residing in the United Arab Emirates for allegedly co-founding HyperFund, also known as HyperTech, HyperCapital, HyperVerse, and HyperNation. The indictment was returned on January 25, 2024, and unsealed today. Co-conspirator Rodney Burton, a/k/a “Bitcoin Rodney,” 54, of Miami, Florida, is charged by criminal complaint for his role as an alleged promoter of HyperFund. Co-conspirator Brenda Chunga, 43, of Severna Park, Maryland, pleaded guilty today to her role in the fraud scheme.

www.justice.gov...

OneCoin - OneCoin was described by The Times as "one of the biggest scams in history". US prosecutors alleged the scheme brought in approximately $4 billion worldwide. In China, law enforcement recovered 1.7 billion yuan (US$267.5 million) while prosecuting 98 people.

But before everyone jumps off the fiat train onto the crypto wagon,

MONEYWATCH
Cryptocurrency fraud is now the riskiest scam for consumers, according to BBB
moneywatch
By Khristopher J. Brooks

Edited By Aimee Picchi

March 6, 2024 / 6:28 PM EST / CBS News


Cryptocurrency and other investment scams are now the riskiest type of cons in the U.S., with crypto fraudsters frequently cheating their victims out of thousands of dollars, the Better Business Bureau said.

Scammers have found creative ways to cheat investors out of their money, the BBB said in its annual report about the biggest scams of 2023, which is based on 67,000 reports of scams.

About 80% of Americans targeted in crypto and investment scams last year lost money, the BBB reported. The median dollar amount lost was $3,800, "but many people lose much more than that" in crypto scams, said CBS News national consumer investigative correspondent Anna Werner.

www.cbsnews.com...

a reply to: putnam6

Truth be told, there was enough bad case studies with banks the government had to insure checking accounts to keep public confidence.

That amount got increased in the last few years because of renewed distrust.

So, your money is likely safe in a bank so long as you don’t exceed the threshold. But you still lose money by sitting on it.

If you just put thousands into a savings account over decades and sat on the threshold, it would disgust people to learn what they lost in inflation alone. If you compared that to investing into safer options, it’s gross what the disparity is.

I’m not saying banks are perfect, or crypto is salvation. I’m saying we’re our only advocates, and if we’re not educated we’re likely to get screwed no matter the route.

originally posted by: StoutBroux
a reply to: putnam6


Sorry Putnam, it ISN'T perception. It's fact. Sam Friedman convicted of 10 billion dollar fraud, it's nothing to scoff at. But there are multitudes of cases of cryptocurrency fraud.

HyperFund - Baltimore, Maryland – Three individuals are charged in U.S. District Court in Maryland for orchestrating a $1.89 billion cryptocurrency fraud scheme.

A federal grand jury has returned an indictment charging Sam Lee, age 35, an Australian citizen residing in the United Arab Emirates for allegedly co-founding HyperFund, also known as HyperTech, HyperCapital, HyperVerse, and HyperNation. The indictment was returned on January 25, 2024, and unsealed today. Co-conspirator Rodney Burton, a/k/a “Bitcoin Rodney,” 54, of Miami, Florida, is charged by criminal complaint for his role as an alleged promoter of HyperFund. Co-conspirator Brenda Chunga, 43, of Severna Park, Maryland, pleaded guilty today to her role in the fraud scheme.

www.justice.gov...

OneCoin - OneCoin was described by The Times as "one of the biggest scams in history". US prosecutors alleged the scheme brought in approximately $4 billion worldwide. In China, law enforcement recovered 1.7 billion yuan (US$267.5 million) while prosecuting 98 people.

But before everyone jumps off the fiat train onto the crypto wagon,

MONEYWATCH
Cryptocurrency fraud is now the riskiest scam for consumers, according to BBB
moneywatch
By Khristopher J. Brooks

Edited By Aimee Picchi

March 6, 2024 / 6:28 PM EST / CBS News


Cryptocurrency and other investment scams are now the riskiest type of cons in the U.S., with crypto fraudsters frequently cheating their victims out of thousands of dollars, the Better Business Bureau said.

Scammers have found creative ways to cheat investors out of their money, the BBB said in its annual report about the biggest scams of 2023, which is based on 67,000 reports of scams.

About 80% of Americans targeted in crypto and investment scams last year lost money, the BBB reported. The median dollar amount lost was $3,800, "but many people lose much more than that" in crypto scams, said CBS News national consumer investigative correspondent Anna Werner.

www.cbsnews.com...

Where did I say suggest or infer there weren't any other scams involving cryptocurrency companies?

I only suggested the Sam Bankman Fried TRX was the most notorious, AND for me, as an outsider, there was a distinct change, in the perception around crypto after that particular case.

When it comes to money there will always be scams, crypto, or traditional banking services, somebody is always looking to squeeze you.

originally posted by: CriticalStinker
a reply to: putnam6

Truth be told, there was enough bad case studies with banks the government had to insure checking accounts to keep public confidence.

That amount got increased in the last few years because of renewed distrust.

So, your money is likely safe in a bank so long as you don’t exceed the threshold. But you still lose money by sitting on it.

If you just put thousands into a savings account over decades and sat on the threshold, it would disgust people to learn what they lost in inflation alone. If you compared that to investing into safer options, it’s gross what the disparity is.

I’m not saying banks are perfect, or crypto is salvation. I’m saying we’re our only advocates, and if we’re not educated we’re likely to get screwed no matter the route.

Yes but now you are addressing the nuanced field of investing instead of traditional savings. I didn't learn of the advantages of simple 6-month or 12-month CDs till my 30s. Being in commissioned sales you never have a consistent flow of capital and you wind up re-investing any extra funds back into your business gambling it will pay off. For us, it pretty much did for my 25 years till getting slammed with the rioting and COVID and lockdowns on the heels of the riots.

Most Americans have no savings, most Americans would struggle if they missed one or two paychecks. Right now unfortunately I'm like most Americans.

How many bitcoin do you own/ can you afford?

Now how many bitcoin do millionaires/billionaires and mega corporations own/afford?

We would basically be giving the rich more purchasing power and widening the gap between poor and upper class.

Also look back to the price of bitcoin after Russia invaded Ukraine. The price was slashed in half. Very unstable.

Too bad there's nowhere in the constitution that allows us to mint real coins of value from something physically tangible like precious metals...

originally posted by: TinfoilTophat
How many bitcoin do you own/ can you afford?

You can purchase fractional amounts of Bitcoin - anybody can buy 10-100 bucks worth if they wanted to.
I wouldn't - but I could.

Same with any crypto they're not like shares on the stock market.

We are already enslaved because we're chained to the current system. We'll be chained to the new system, too but it will be way more restrictive.

trump is a fool and anyone who supports the existence of crypto currency are also fools, all it does is create instability to the economy and the main draw of crypto, encryption, is no longer unbreakable like it used to be, and its only getting easier especially with ai and quantum computers and light based chips that emulate quantum computers and such.

I'll say it now, crypto will cause a great depression if its allowed to become too big, its a trap that will ruin America and should be shut down before its too late.

originally posted by: namehere
trump is a fool and anyone who supports the existence of crypto currency are also fools, all it does is create instability to the economy and the main draw of crypto, encryption, is no longer unbreakable like it used to be, and its only getting easier especially with ai and quantum computers and light based chips that emulate quantum computers and such.

I'll say it now, crypto will cause a great depression if its allowed to become too big, its a trap that will ruin America and should be shut down before its too late.

Have you seen Bitcoin die yet in all these years?

Crypto is only bad if the Gov can control it and run it like the pack of thieves they tend to be once given powers to make laws.

I buy 5 bucks a month in Bitcoin and Etherium. Plus, I have hundreds in FREE coins that I earn for taking quizzes and stuff on Coinbase. I also own Hoge, Dodge and 1 million in Shiba coins. I figured a small amount over a long period of time isn't going to hurt or be anything I care about. I have staked most of my coins so I earn more on them. I'm not in deep enough to care. If I ever decide to sell some, it'll cost a lot because of gas fees, etc. Funny thing is, I had the opportunity to buy into Bitcoin when it started for 200 bucks...back then, I didn't have an extra 200 bucks to drop on something I knew nothing about. I'd be rich if I had bought a few.


a reply to: 5thHead

I bet crypto will be the savior