Hundreds of Millions of Dollars Vanish After Bitcoin Exchange Close

[EE_]

I know some of you bitcoin guys would like to think you have power to fight the system by using these virtual payment systems, but I'm here to tell you, you ain't got a chance! The ptb can crush you and your bitcoins anytime they want. They are in control, always have been.

Cash and PM's are the only tools, imo that we have, to hang onto any freedom we have left.
The bankers want you in their digital system...they hate the anonymity of cash and PM's, they've planned for a long time to remove them from you/us.

Bitcoin is no safe heaven.

Hundreds of Millions of Dollars Vanish After Bitcoin Exchange Closes © Flickr/ Antana
ASIA & PACIFIC
23:25 10.02.2015(updated 15:39 11.02.2015)
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Bitcoin exchange MyCoin has closed its doors, locking out more than 3,000 investors and leaving around $387 million in investor funds unaccounted for.
Bitcoin is a decentralized form of digital currency, created and held online all over the world. The cryptocurrency is used to buy things electronically.

The Hong Kong-based virtual company filed for bankruptcy one year after the world’s largest Bitcoin exchange, Tokyo-based Mt. Gox, closed without warning.

Around 30 MyCoin clients will be filing reports with local authorities, claiming a Ponzi scheme may have been at play, reported the South China Morning Post on Monday.


© AP PHOTO/ KIN CHEUNG
A staff member from a travel agency displays a Bitcoin logo as they accept bitcoins for payment in Hong Kong Friday, Feb. 28, 2014, after the world's first bitcoin retail store opened in Hong Kong, despite the virtual currency facing much scrutiny.

“No one seems to know who is behind this,” said Ms. Lau, an investor. “Everyone says they too are victims. We were told by those at higher tiers [of the scheme] that we can get our money back if we find more new clients.”
Customers were given no written document or receipt for their investments, according to Zero Day. They were promised HK$1 million in return for HK $400,000 Bitcoin contract investment within four months.

Investors were also promised monetary prizes and Mercedes-Benz cars for luring others into the program.

Last December, MyCoin changed its trading rules, forbidding customers from withdrawing their virtual currency unless they recruited other investors. The office in Tsim Sha Tsui was also closed during that time, due to “renovations.”


© FLICKR/ CHRIS POTTER
Creator of Underground Black Market Silk Road Faces Life in Prison
MyCoin has not commented on the allegations.

The value of Bitcoin has dropped from $1000 per BTC last year to $220.68 per BTC at the time of this writing.

The Hong Kong Monetary Authority on Tuesday issued a statement warning investors to evaluate all investment schemes carefully, especially Bitcoins, due to their “highly speculative” nature.

"We would like to remind members of the public to stay vigilant and guard against unscrupulous practices when participating in any investment plan, regardless of whether the products are Bitcoin … or any type of financial or non-financial assets."

Read more: http://sputniknews.com/asia/20150210/1018073547.html#ixzz3RWzWYuvL

[Ares]

I know some of you bitcoin guys would like to think you have power to fight the system by using these virtual payment systems, but I'm here to tell you, you ain't got a chance! The ptb can crush you and your bitcoins anytime they want. They are in control, always have been.

You do know what an Exchange is right? It's like the stock market where people bet on the price of Bitcoin. Exchanges have ALWAYS been known as a weak point in the system. I do some trading but I don't keep enough in it to get hurt by having the Exchange collapse.


Cash and PM's are the only tools, imo that we have, to hang onto any freedom we have left.

That's pretty sad to think about. Using tools that have been under banker control since at least the 1600's as a means to "freedom".


The bankers want you in their digital system...they hate the anonymity of cash and PM's, they've planned for a long time to remove them from you/us.

Bitcoin is no safe heaven.

Obviously you don't know about the serial number on that cash you hold so dear. It gets tracked as well. They want you in their digital system, that's for sure. But it would be a system that THEY themselves control. There is no control over the Bitcoin network as a whole. Exchanges are entry / exit points into the Bitcoin ecosystem.

Cash and PM's are no safe haven. If they were we would of been free a long time ago. Instead they dilute the value of the cash, while hoarding the gold in quantities that neither of us could ever manage to get our hands on. Or don't you remember what happened to the Hunt Brothers when they cornered the Silver market?

Yeah good luck with PM's and cash.

[EE_]

You do know what an Exchange is right? It's like the stock market where people bet on the price of Bitcoin. Exchanges have ALWAYS been known as a weak point in the system. I do some trading but I don't keep enough in it to get hurt by having the Exchange collapse.

Yes, it's like a stock market, but it's not their stock market...it's a market that can be wiped/crushed at the will of the bankers.


That's pretty sad to think about. Using tools that have been under banker control since at least the 1600's as a means to "freedom".

Yes, sad...we're almost finished no matter which way we turn. Only by our blood can this change.


Obviously you don't know about the serial number on that cash you hold so dear. It gets tracked as well. They want you in their digital system, that's for sure. But it would be a system that THEY themselves control. There is no control over the Bitcoin network as a whole. Exchanges are entry / exit points into the Bitcoin ecosystem.

I can still pass their counterfeit currency anonymously in many places.
They can wipe every exchange from the planet at any moment they choose, just like they can confiscate gold, or call in their script. The only difference is I can hide gold, digital exchanges are very visible.


Cash and PM's are no safe haven. If they were we would of been free a long time ago. Instead they dilute the value of the cash, while hoarding the gold in quantities that neither of us could ever manage to get our hands on. Or don't you remember what happened to the Hunt Brothers when they cornered the Silver market?

Agreed, only slightly safer then digital. Sure, they've already crushed PM's. All we can do is hope their system is eventually overwhelmed by China, India, Russia and their central banks hoarding gold.


Yeah good luck with PM's and cash.

Definately need luck. I can only hope to get to the end of the life game with anything left.

[Ares]

Definately need luck. I can only hope to get to the end of the life game with anything left.

Don't we all.....

[madfranks]

I can still pass their counterfeit currency anonymously in many places.
They can wipe every exchange from the planet at any moment they choose, just like they can confiscate gold, or call in their script. The only difference is I can hide gold, digital exchanges are very visible.

Gold is material embedded value, digitally independent. Bitcoin is digital embedded value, material independent. There are good reasons to have both.

[chad]

i've said this a thousand times, but i'll say it again: any currency, money whatever system that requires electricity to function is RETARDED.

[Dogman]

i've said this a thousand times, but i'll say it again: any currency, money whatever system that requires electricity to function is RETARDED.

Amen Bro !

[Ares]

i've said this a thousand times, but i'll say it again: any currency, money whatever system that requires electricity to function is RETARDED.

Does that go for the dollar as well since over 95% of it is digital? Do you really think you can withdraw money, go to a bank, or even purchase anything if the grid goes down?

[chad]

i have a pile of hundreds in a can on my desk. if there is an ice storm tonight and the power goes out, my friend tim will take it at his general store and give me stuff.

[Ares]

i have a pile of hundreds in a can on my desk. if there is an ice storm tonight and the power goes out, my friend tim will take it at his general store and give me stuff.

That is also situational. I moved to Charlotte NC area a little over a year ago. A relatively large city. While I do have physical commodities for investments, and cash on hand for emergencies. I noticed the last time it snowed (last February) this place shut down, and when the power was out in large parts of the city it ground to a halt.
You couldn't buy anything even if you wanted too.

[Carl]

Does that go for the dollar as well since over 95% of it is digital? Do you really think you can withdraw money, go to a bank, or even purchase anything if the grid goes down? There is no such thing as a 'digital dollar'. There is private credit denominated in dollars that is digital, as in data entry points maintained electronically.

There are only $1.33-T in actual dollars available for hording and anonymous use, get some while you can, it couldn't hurt.

[Ponce]

To proud to say......"If you don't hold it, you don't own it" ?

I still hold my silver, I still hold my gold, I still hold my tp and I still hold all my loose coins.

Anything that is floating out there is simply doing that......floating out there.

V

[Dogman]

To proud to say......"If you don't hold it, you don't own it" ?

I still hold my silver, I still hold my gold, I still hold my tp and I still hold all my loose coins.

Anything that is floating out there is simply doing that......floating out there.

V

Lets hope the creek behind you and the river in front of you never do the biblical flood thing!

Then you would need to float your boat !

Be prepared for it happening and have a very stout boat stable enough so you will not lose any of your "treasures" ! Would not do for you to post that all you held precious went down in a "boating accident" !


;)

[mick silver]

."If you don't hold it, you don't own it"ponce ........ one reason to get it now so you can hold it when you need it ....... mick

[madfranks]

i've said this a thousand times, but i'll say it again: any currency, money whatever system that requires electricity to function is RETARDED.

I dunno, so much of modern life requires electricity (communication, business, finance, etc) so I don't think having a commodity that depends on electricity for sending/receiving is a deal breaker.

Plus, there is such a thing as bitcoin cold storage, in which your bitcoins are offline and disconnected from the grid, including electricity. So unless electricity disappears forever, once the power comes back on, your coins are still there.

[Ponce]

Hahahhahahhaha Franks, you are funny...... (once the power comes back on)?....... if the power comes back on it will be a different world where you will be able to use only that which you hold and not something from La La land.

Hey guys? don't worry, the creek is a mile from my home and is all down hill, elevation of 1,620 feet. I feel soooooooooo lucky to be getting my water from that creek, specially since I have two water rights and also my land patent.....I hold it, is MINE.

V

[madfranks]

Hahahhahahhaha Franks, you are funny...... (once the power comes back on)?....... if the power comes back on it will be a different world where you will be able to use only that which you hold and not something from La La land.

Hey guys? don't worry, the creek is a mile from my home and is all down hill, elevation of 1,620 feet. I feel soooooooooo lucky to be getting my water from that creek, specially since I have two water rights and also my land patent.....I hold it, is MINE.

V

You always talk about having a plan, behind a plan, behind a plan. What if one of the possible TSHF scenarios requires one to escape to somewhere safe? Try crossing any national or tax border with a suitcase full of gold and silver, and tell me how much luck you'll have. I can store all my BTC in the cloud, get to where I need, then access it on the other side, nobody the wiser.

[Dogman]

Hahahhahahhaha Franks, you are funny...... (once the power comes back on)?....... if the power comes back on it will be a different world where you will be able to use only that which you hold and not something from La La land.

Hey guys? don't worry, the creek is a mile from my home and is all down hill, elevation of 1,620 feet. I feel soooooooooo lucky to be getting my water from that creek, specially since I have two water rights and also my land patent.....I hold it, is MINE.

V

But you get your water from up the creek that is higher than you, Gravity flow downhill, right ! ;)

[midnight rambler]

leaving around $387 million in investor funds unaccounted for.

No, it's accounted for somewhere, just not accessible to those who clung to their cherished delusions.

[Ponce]

Well Franks, and that's why I hold on to my 15 gold coins and like I said before they are my "Run like hell Ponce", I do hold other goodies elsewhere......also some special decals for my RAB4, no one will want to get near it. I'd rather hold it than to just think that I hold it.

Yes Pluto, 35 lbs pressure, I can even run my 18V water wheel with it......

V

[Dogman]

Well Franks, and that's why I hold on to my 15 gold coins and like I said before they are my "Run like hell Ponce", I do hold other goodies elsewhere......also some special decals for my RAB4, no one will want to get near it. I'd rather hold it than to just think that I hold it.

Yes Pluto, 35 lbs pressure, I can even run my 18V water wheel with it......

V

At that head pressure a Pelton wheel turbine would work great, even with a low volume flow.

[Cebu_4_2]

That is also situational. I moved to Charlotte NC area a little over a year ago. A relatively large city. While I do have physical commodities for investments, and cash on hand for emergencies. I noticed the last time it snowed (last February) this place shut down, and when the power was out in large parts of the city it ground to a halt.
You couldn't buy anything even if you wanted too.

If it snows in Tennessee the whole state shuts down. If the power goes out you have no clue what's going on unless you venture out.

[Horn]

Here I thought this one of the many other threads stating a huge Bitcoin theft, that were dug up..

The only thing Bitcoin seems to be a viable form of, is as an expression of how much monkeys can't be trusted.

At least when someone steals all the gold he is slowed down by it.

[Ponce]

And what is the difference between the US dollar and Bitcoin? NOTHING they are both created from thing air and out of nothing, the only thing that makes them "valuable" is the trust that people put on them.

V