A fool and his not-really-money are soon parted
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MoneyTradeCoin, a "new age" cryptocurrency that has raised tens of millions of dollars and has superior return on investment...
https://www.moneytradecoin.com/
... is a scam
Sure this is a dime-a-dozen (which is still worth more than most cryptocurrencies), but the two fun things about this one:
- The leader of MTC was "smart" enough to have fall guys. Once investors started to get all "let's ask questions about where our 20x ROI is", he fled the country. When police showed up to be all "time to arrest folks", there were other people in charge.
- Googling for MoneyTradeCoin still brings up, as the top hits, their website, their twitter, facebook, a whole bunch of articles about the coin being "the next big thing", a github with the supposed code for the coin, the MTC app on Play store, some exchanges-- and then way near the bottom of the first page, a review on some rando crytocurrency site calling it a "scam". Unless you explicitly search for "MoneyTradeCoin scam". This means that even Google's search algorithm is so burned out on crypto scams that it can't be bothered to deal with them, even a month after the raid. Does this mean Google considers all cryptos a de-facto scam unless otherwise stated?
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@topspin said in A fool and his not-really-money are soon parted:
MoneyTradeCoin.
That name alone is so redundantly stupid.
Is it run by Guy Manson?
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takes a quick look at the dead coins list
Damn, I'm too late to invest in YiffCoins!
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@lorne-kates said in A fool and his not-really-money are soon parted:
@blakeyrat said in A fool and his not-really-money are soon parted:
@potatoengineer The concept is here to stay, the real question is "what is Bitcoin's 'stable' value, and will any currencies take the crown from Bitcoin anytime soon?"
If you can answer those, you're a prophet.
"Zero, and no."
Worship meFuck you, give me money.
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@dragnslcr Do you think that giving Lorne some defunct cryptocurrency would count as simultaneously both “fuck you” and “give you money”?
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@dkf Maybe, if you give him YiffCoins.
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@hardwaregeek He seems sweet on sexy cat girl blow-up dolls, too.
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@blakeyrat I just ran across the post you're referring to. Nope!
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@blakeyrat said in A fool and his not-really-money are soon parted:
@hardwaregeek He seems sweet on sexy cat girl blow-up dolls, too.
Eww. Yuck. That's gross, you disgusting pervert. I specifically said a 3d printed model, not a blow up doll!
Filed under: the trick is to get up in there while the filament is still all warm and gooey
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@blakeyrat FOOL UPDATE
I unplugged my B3 for a few days, then my buddy who also owns one send me an IM and said that due to other people unplugging their B3s the amount mined per day has gone up slightly, enough that the machines are still in break-even territory.
Like... 50 cents a day. Whee.
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@blakeyrat Did you make enough profit to make up for the cost of the machine? How much did you earn (or lose?) in total?
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@topspin said in A fool and his not-really-money are soon parted:
@blakeyrat Did you make enough profit to make up for the cost of the machine? How much did you earn (or lose?) in total?
Judging from the numbers in his update from a couple of weeks ago, it seems very unlikely. At that stage he reported he had been mining for 47 days and was only 21.2% of the way to recouping his investment, with a projected 830 days remaining until break-even. (I'm assuming "ROI" in his spreadsheet is the break-even point; it might be some specific positive ROI figure that he had in mind.) I'd be surprised if he wasn't out by at least half the cost of the rig ($1800).
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@scarlet_manuka If you want to get rich during a gold rush, go sell pickaxes.
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@pleegwat said in A fool and his not-really-money are soon parted:
@scarlet_manuka If you want to get rich during a gold rush, go sell pickaxes.
And if you want to get rich during a cryptocurrency boom, be the owner of
crypto.com
. Professor Matt Blaze, known for his work in cryptography, registered thecrypto.com
domain back in 1993 and recently sold it to a shitcoin outfit formerly known as Monaco.Total trading volume of MCO since July 2017 has been USD 5.0 billion.
On December 6, 2017 following listing on 5 exchanges, MCO was the most traded token in the world with 24-hour trading volume of over USD 200 million.
In other news: With great power comes… something something.
The "compiler"/IDE enforces a lot of "security" constraints that can be bypassed simply by writing EVM byte code.
Who could have predicted that running an entire Turing-complete VM to execute a smart contract could, well, execute arbitrary code? It's not like you can write machine code to do some things the C compiler would refuse… oh wait.
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@dcoder said in A fool and his not-really-money are soon parted:
In other news: With great power comes… something something.
Great electricity bills?
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@scarlet_manuka Yeah it's nowhere close to break-even.
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My reaction: only half?
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@blakeyrat Sometimes it takes six months, I guess?
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@blakeyrat What are the comparable numbers for companies using crowdfunding or traditional VC?
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Math is hard, let's go shitcoining!
Some more samples of integer overflow in various Ether-based tokens: https://github.com/VenusADLab/EtherTokens/blob/master/SHARKTECH/SHARKTECH.md
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@topspin It's like +1 but more, because one upvote wasn't enough. It began in the Likes thread, since upvotes don't mean anything there. You'd make an html hex entity based on the post number.
ᾊ
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What a shocker, the Kodak scheme that even the most gullible said was a blatant ripoff is now cancelled.
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DOOT DOOT DOOT...
https://www.facebook.com/hashflareb/posts/234392663858093Entirety of the post, reproduced in non-FB form
Dear users!As you know, the last few months have been a difficult time for the cryptocurrency market, which has also affected the operation of our service.
We have made every possible effort in order to resolve the problem that has arisen – for instance, we have considered a variety of technical solutions, which would have allowed us to lower expenses related to maintenance and electricity. However, due to the general instability of the market, the actions we have taken could not significantly influence the current situation.
For over a month our users encountered a situation when the payouts were lower than the maintenance fees, resulting in zero accruals to the balance. As of 18.07.2018, the payouts were lower than maintenance for 28 consecutive days.
BTC mining continues being unprofitable, in light of which we would like to inform you that on 18.07.2018 we were forced to start disabling SHA hardware and today, on 20.07.2018, stop the mining service of active SHA-256 contracts in accordance with clause 5.5 of our Terms of Service, which are required to be accepted when creating a purchase and are the basis of concluding the contract.
We expect that the cryptocurrency market situation will stabilize in the nearest future and we will be able to offer our users new advantageous solutions.
We will continue to inform you about any changes. Stay tuned for updates!
Respectfully,
HashFlare team
Selected comment highlights:
I need my money back :(
You have a great vacation now with all our invested money.... 🤫
Off they run with our investments 🤬
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@izzion FUCK why did they post that on Facebook is there a more annoying site to use.
Not only did they only put it on Facebook, but they didn't put it on THEIR OWN SITE or email it out to customers. Oh well I was able to withdraw 0.01 BTC from them today (about $75).
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@blakeyrat When you think Twitter oneboxes are bad (apparently more so on mobile than on desktop), and then there's this:
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@topspin
Sorry, added the post to my post. If it's any consolation, the way it got posted on /. was worse, it was quite difficult to figure out where the OG source was or if /. was just posting something that was allegedly from some e-mail somewhere.@blakeyrat
From that same /. source:In an email to active customers, the company added: (blockquote of the contents of the above FB post)
So maybe they didn't disseminate the information solely through FB?
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@izzion Yeah I just got the email about it seconds ago. Still why wouldn't they tell customers FIRST instead of telling randos on Facebook first.
"We posted it on Facebook." "Well great my grandma and aunt know, when you were you planning on telling YOUR CUSTOMERS?"
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@blakeyrat
Given the nature of the mass email space, probably just a matter of their Communications manager not being aware that it would take literal hours for all of the emails to send, compared to 0.5 seconds for a social media post to go viral. So he didn’t even consider that there needed to be a delay and just had his staff do both simultaneously
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@izzion Well thanks for coming here and apologizing to the company stealing a bunch of people's money.
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@greybeard said in A fool and his not-really-money are soon parted:
developed Coint
I can think of a better vowel to put in that name.
Caint
?
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@tsaukpaetra
Count
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men coin where women coin't
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Says it all.
Source: @lordbeef
Original post was deleted, but not before r/bestoflegaladvice caught it:
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@DCoder At no point before has this topic's title been so appropriate.
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At first I thought this was yet another smart contract bug, but apparently no-- the attackers simply obtained the contract's private key and impersonated it.
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A 460 million USD SHORT position:
Would be a shame if something would happen to it....
There's REKT and there's this. I wonder what the likelihood is of the exchange itself manipulating the market so it could liquidate this position? Nah, this is a legitimate financial market and not just Vinnie the local 'businessman' who's learned how to use a computer.
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John McAfee continues to insist he is smarter than all of us, with an "unhackable" crypto wallet called Bitfi:
Source: @officialmcaffee
He is proven wrong in 72 hours:
Source: @ryancdotorg
Source: @ProfWoodward
Source: @cybergibbonsThe company "solves" the problem:
Source: @Bitf6i
Let's ship tamper-evident seals separately from the device they're supposed to protect, what could possibly go wrong?
Previously on "I am John McAfee, the Supreme Intelligence":
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@DCoder I propose an unhackable black hat, possibly made of felted-wool.
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@DCoder That's easy to explain. John McAfee is neither in the security nor in the cryptocurrency business. He's in the crackpot business. And he's probably making a fortune, since he's that good.
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@DCoder well, he did invent cybersecurity, but I wouldn't buy a car from the guy that invented the wheel
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