You have to wonder about the motivation of those who buy into something like this. Greed, presumably.
And can we be sure Randall Crater isn't simply a lunar feature?
The founder of now-dead cryptocurrency My Big Coin has been arrested and charged with seven counts of fraud and unlawful money transfers for what is allegedly an extraordinarily blatant scam, even in the shady world of cyber-cash schemes. Randall Crater was nabbed in Florida on Wednesday for his part in persuading investors …
Who invests 100's of Thousands in a Cryptocurrency that no-one has heard of and believes 'Promo Crap' from the company *without* checking it elsewhere !!!
Pure Greed or Stupidity that is off the scale !!!
The real crook is the one who sold this scam to the investors ...... the front man with all the convincing spiel :(
Not sure how this was supposed to end as all ponzi schemes die when the money starts to 'dry up' and unhappy customers start spreading the word that it is all a con.
...and so, as the once-rich slob is hauled away in the back of a paddywagon, glinting gold jewelry jingling and clattering 'round his sweaty neck, he stops staring into the polished reflections and garish frivolity of his accoutrements for one slight moment to jump up in his confines and shout out at the top of his lungs, loud enough for anyone to hear in a ten block radius, even through the thick metal of the armored van as it rumbles out of earshot...
"all ponzi schemes die"
Shhh. All UK state pensions and at least some public centre pension schemes are Ponzi schemes. So, to some extent are large schemes which do have investments, ever since IR/HMRC took a short term view of overfunding and the Brown clown's attempts at managing the economy.
People ask about the motivation for investors. I can't help reflecting that it all comes down to the quick buck and move on mentality. We see it in the slightly longer term in speculative investments in pseudo medical tech businesses recently (remember her and her clueless board members?) but the wary do remember the adage 'no such thing as a free lunch' - if the returns look ridiculously high then chances are they will not be sustained. After all smart investors would have done it before Joe 'money to burn but clueless' Public got involved.
I did make a modest sum of money out of BitCoin - but that was purely because I was intrigued when it was released and spent some idle moments with a GPU at home to mine some chap currency. No intention to use it as a speculative investment, just dumb luck that others did and I decided to cash out (and find out where I had left the keys some years before - backups and archives yore friend)
A friend wouldn't listen to sense about the *amazing opportunity* he was being offered to get in on an Initial Coin Offering for (yetanothergenericstringofnumbers). I pointed out that he didn't understand the investment or the product or blockchains or trading or even the people punting the opportunity... and he *still* went ahead.
You can't save people from themselves sometimes.
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