The Official "Cryptocurrency" DOOM™ thread

[AtW]

"Saudi billionaire Prince Alwaleed bin Talal is the latest senior financier to attack bitcoin with a warning that the digital currency will "implode" and is "Enron in the making".

Comparing the currency to the US energy giant which collapsed in 2001 following one of the biggest accounting scandals in US history, he said: "I just don't believe in this bitcoin thing. I think it's just going to implode one day."

Talking to CNBC on Monday, he added that "this thing is not regulated, it's not unde"

Bitcoin will implode one day, warns Saudi billionaire Prince Alwaleed 

Add more "Cryptocurrency" DOOM™ posts here, the best ones will get official "Cryptocurrency" DOOM™ coins when they are ready!

[AtW]

"Wolf of Wall Street: cryptocurrency ICOs are 'the biggest scam ever'

Jordan Belfort -- the real-life Wolf of Wall Street -- has warned that ICOs (or "token sales" or "coin sales") are "the biggest scam ever" and will "blow up in so many people's faces."

The former stockbroker, who spent nearly two years in prison for fraud and financial scams, says that the Initial Coin Offerings used to raise money for cryptocurrencies are "far worse than anything I was ever doing." His fears seem to stem from the way ICOs differ from the more traditional IPO."

https://betanews.com/2017/10/23/icos-are-a-scam/

[Jog On]

Are they trying to crash it so they can buy the dip as well? That's so last month...

On Sept. 22, JPMorgan Chase & Co.
JPM CEO Jamie Dimon doubled down on his anti-bitcoin rhetoric, but JPMorgan has actually been buying bitcoin on the September dip.

[SunnyInHades]

With Bitcoin..

a) Low fee stalling - seller not paid

"A sender could send a transaction with a deliberately low fee, in the hope it would never be confirmed"
"Transactions that stay unconfirmed for multiple days are generally rejected and funds returned to the sender. However they may also confirm, meaning the trick does not guarantee results — but some may choose to take the gamble."
"Frequent critics of the 1MB transaction block limit, such as entrepreneur Roger Ver, point to the likelihood of transactions being “stuck” in limbo as the bitcoin price increases."

b) RBF (replace-by-fee) scamming - seller not paid

"RBF allows a user to change the transaction fee after sending but before a confirmation, to increase its chances of miners confirming it sooner."
An RBF scammer would first send one transaction with no or a very low fee.
Then, he would send the same transaction to another address with a higher fee. Miners would confirm the larger-fee transaction, thus invalidating the initial one — and its recipient would lose the funds."

[FrontEnder]

Can we put all of Drei's posts here please.

Thanks

[AtW]

Are they trying to crash it so they can buy the dip as well? That's so last month...

But they did not buy bit"coin", did they? They bought shares.

NEXT!!!

[Hobosapien]

But they did not buy bit"coin", did they? They bought shares.

NEXT!!!

Like those buying gold/PM ETFs from companies with no physical stuff, as they'll never need to produce it to the share holder.

Some scams are so good they repeat them in every variation they can find, and the gullible keep on buying.

[TheGreenBastard]

But they did not buy bit"coin", did they? They bought shares.

NEXT!!!

From the prospectus of the ETF that JPM deals:

XBT Provider do not have any market risk. The company always hold bitcoins equivalent to the value of ETNs issued.

[AtW]

From the prospectus of the ETF that JPM deals:

Shares are not bitcoins, ok?

Buying bit"coins" means you got nothing, buying shares gets you a fair few rights, including putting execs to jail if necessary.

[Jog On]

Shares are not bitcoins, ok?

Buying bit"coins" means you got nothing, buying shares gets you a fair few rights, including putting execs to jail if necessary.

They invested money into the price movement of bitcoin - after manipulating the price. Doesn't matter how you dress it up - shares, ETFs, 'paper' whatever. They jumped in on the train (after getting the entry price they wanted).