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The Duke finance prof in this article must be likewise.Quote:
Originally Posted by sonatine
http://www.wsj.com/articles/do-crypt...ure-1425269375
Granted, I think the prof from the other school would probably agree with you, but the blanket notion that only criminals will be the substantial users of Bitcoin in the future is a bit presumptuous.
Someday Sonatine will be on the cover.
But until then, Rolling Stone did a pretty good piece on a Mark Karpeles & the largest online heist in history.
http://www.rollingstone.com/culture/...ngpin-20150827
Karpeles was always a social misfit and never knew his father. He got involved in some online theft as a teen to impress and gain social acceptance from his peers. People never really change. He's dirty but he was also an inept retard. I cannot decide the thief:victim ratio.
For me, this feels like the last great online crime with an offbeat defendant. I know I subconsciously lump the Bitcoin crooks with the online poker rascals. I don't know why. Maybe it's the larger than life personalities. These guys remind me of Tzvetkoff and the others.
I have read various reports and articles on the internet claiming Karpeles is a genius and has an IQ of 190.Quote:
Originally Posted by Sanlmar
On the internet, you say?
Well then.
Right enough- bet you he wishes he was as clever as you. We all do!Quote:
Originally Posted by sonatine
In the last PFA Radio show, Tradersky mentioned that "smart" VC money is investing in Bitcoin-related businesses. Be careful not to interpret this to mean that these VCs are bullish on Bitcoin. As explained in this Forbes article from earlier this summer, those VCs are investing in the technology behind Bitcoin, not Bitcoin themselves.
http://www.forbes.com/sites/robertro...ts-technology/
Here's the closing passage:
Quote:
Bitcoin owners may be in for a bumpy ride to nowhere. But the cocktail of cryptography, web, peer to peer, and other ideas that support bitcoin will perhaps become the most disruptive technology in decades: a new kind of internet that can revolutionize the domains of money and government.
Perhaps there is little value in the currency, but plenty of potential in the underlying technology.
Mark "Totally a genius according to articles he clearly didnt sponsor on the internet" Karpelès formally charged with embezzelment on Friday after Japanese forensic accountants found he had simply transferred over $1m to personal accounts to pay for a really cool custom bed and a bunch of 3D rendering software and a other incredibly stupid shit.
The former head of defunct bitcoin exchange Mt Gox, Mark Karpelès, has been charged with embezzlement by Japanese prosecutors, according to reports from the Japanese media.
Karpelès is alleged to have embezzled ¥321m (£1.7m) from the bitcoin exchange, which collapsed in 2014 after revelations of a massive shortfall in customer funds.
He is alleged to have transferred money from Gox’s bank account to other accounts in October 2013, where it was mainly spent on buying licenses for 3D-rendering software, according to Jiji Press. Some of the money was also allegedly used on an “expensive custom-built bed”, Jiji added.
Karpelès was arrested in August in connection with the loss of hundreds of millions of pounds worth of bitcoin when the exchange collapsed.
At the time, a spokesman for the Tokyo police said French-born Karpelès, 30, was suspected of accessing the exchange’s computer system in February 2013 and inflating his cash account by $1m.
He has denied the charges, saying he had intended to pay back the money, according to the Yomiuri Shimbun newspaper.
In January this year, Yomiuri said that, contrary to reports from Mt Gox, the vast majority of missing bitcoins from the company’s stash were stolen by an insider, with just 7000 bitcoins, or 1% of the shortfall, attributable to hacking attacks from outside the company.
Power corrupts, absolute power corrupts absolutely
your face corrupts absolutely
seriously though mark karpeles what a dumbass rofl
mom has said it a hundred times.......oh well, beauty is only skin deep but ignorance takes the cake
CAKE SO IGNORANT
Trendon Shavers pleaded guilty today to operating a Ponzi scheme using the virtual currency bitcoin. The 33-year-old McKinney, Texas native started his own company, Bitcoin Savings & Trust, in 2011 and used it to collect bitcoins from prospective investors over the internet, claiming he would pay investors 1 percent interest on their investment every three days, or 7 percent a week. Instead, Shavers used most of the bitcoins to pay back older investors — a hallmark Ponzi scheme maneuver — while spending the rest on a used BMW M5, a $1,000 Las Vegas steakhouse dinner, and a series of casino outings. Shavers pleaded guilty in Manhattan court to one charge of securities fraud in what is considered the first ever US criminal fraud case related to bitcoin.
Shavers amassed more than 750,000 bitcoins worth around $4.5 million when he stopped paying back investors and abruptly shut down Bitcoin Savings & Trust in 2012, inciting backlash from unpaid investors and eventually a SEC investigation. The SEC charged Shavers in July of last year and later in September ordered him to pay back $40.7 million in a civil lawsuit. Because of bitcoin's volatility as a digital currency, Shavers' scheme cost investors more like $150 million, leading the SEC to settle on a price point somewhere in the middle to account for the exchange rate fluctuations. He was arrested in November, two months after losing his civil case and unable to pay the $40.7 million.
SHAVERS OWED $40.7 MILLION WHEN HE WAS ARRESTED
Shavers, who operated under the pseudonym "pirateat40," said in court today, "I know what I did was wrong, and I'm very sorry," according to Reuters. Prosecutors said Shavers controlled around 7 percent of all public bitcoins at the peak of his operation and misappropriated nearly 150,000 of them, netting himself $164,758. His sentencing is scheduled for February 3rd, where under the terms of a plea deal he will not be to appeal any sentence at or lower than 41 months in prison.
Its a good thing Justin wade Smith conned Micon, or Micon might have lost his bitcoins to Shavers.
Micon was pretty much the first guy to call him out. He played a big role in stopping this guy. Micon actually spent significant time exposing aa bunch of these bitcpin scams.Quote:
Originally Posted by zealanddonk
Micon was aggressively going after bitcoins scams because if there were continued issues like this, it would ruin the legitimacy and credibility of bitcoins, which would then undermine the potential success of his bitcoin poker fiefdom.
I would HIGHLY DOUBT he was doing that out of the goodness of his heart.
Actually, I think he did it because he wanted it to be his niche in the bitcoin community (well, that and running Seals).Quote:
Originally Posted by DRK Star
One of the times we were arguing on the phone post-breakup, he made reference to some bitcoin scam he was exposing, and said, "Have you seen what's going on? You would so want to have been in on this", referring to his belief that our terminated friendship prevented me from joining him as a bitcoin scambuster.
Keep in mind that calling out scammers in poker was always my thing, and he joined in on it after I took NWP/DD in that direction. So he pretty much copied that whole routine from me and used it in the bitcoin world. Prior to meeting me, Micon was never into exposing scams.
Spot onQuote:
Originally Posted by Dan DruffActually, I think he did it because he wanted it to be his niche in the bitcoin community (well, that and running Seals).Quote:
Originally Posted by DRK Star
One of the times we were arguing on the phone post-breakup, he made reference to some bitcoin scam he was exposing, and said, "Have you seen what's going on? You would so want to have been in on this", referring to his belief that our terminated friendship prevented me from joining him as a bitcoin scambuster.
Keep in mind that calling out scammers in poker was always my thing, and he joined in on it after I took NWP/DD in that direction. So he pretty much copied that whole routine from me and used it in the bitcoin world. Prior to meeting me, Micon was never into exposing scams.
http://www.potcoin.com/
I am Micon's tortured, twisted conscience.
Tine, do an honest refective appraisal and answer this question: How much is your disaster prediction for Bitcoin driven by your reaction to Micon's obsessive promotion/belief in it versus it's actual potential?Quote:
Originally Posted by sonatine