Bitcoin price could possibly be $500,000 by 2030, first

[Confidential] Planning for F*-Day

Guys, we should start detailed planning for F*-day.
Below is a very rough draft of the script for the upcoming bit-coin fork, as proposed by the Field Op managers at last week's meeting. Read it carefully and bring any suggestions etc. to the next meeting [Note 0]. Special Agents Neckbeard, SwampThing, NakaTuring, and BitSavior will be receiving additional details through the usual channel (if the backlog clears in time).
All times are UTC of F*-day. You must all have received a Chinese fortune cookie at the Friday brunch with the date; please keep it secret. (Harry, the janitor says that you left yours on the table; please see him ASAP.)
[Note 0] The next Field Ops meeting may be delayed since His Scaliness the Sub-Vice Lizard showed up for a snack and we are now looking for a replacement Secretary. Please keep your cochlear implants tuned for further announcements.
[Note 1] All values and coin amounts in these minutes have been computed with a javascript implementation of the Solidity bistromathics library, with sinking-point arithmetic, in order to confuse any enemy agents who may be reading this forum.
submitted by jstolfi to Buttcoin [link] [comments]

Since you asked: Bitcoin, and a scam you can spot a mile off

Since you asked: Bitcoin, and a scam you can spot a mile off submitted by AndreKoster to bitcoinxt [link] [comments]

MMM Global Republic of Bitcoin

Anyone else concerned that "MMM Global Republic of Bitcoin" will leave a bad taste in peoples' mouth about bitcoin?
https://www.facebook.com/MMMGlobalRB
Some of my friends in South Africa are really into it. It is a rerun of a ponzi scheme run by Sergei Mavrodi in the 1990s. It was Russia's biggest Ponzai scheme, defrauding thousands of people out of billions.
https://en.wikipedia.org/wiki/MMM_(Ponzi_scheme_company)
Now Mavrodi's back. He's targeting people in South Africa, India, and globally. He's promising 30% to 100% MONTHLY returns. And he's using bitcoin. Coindesk just reported that Bobby Lee attributes the current bull run to MMM.
http://www.coindesk.com/bitcoin-price-breaks-260-to-hit-two-month-high/
My thoughts: thousands of people are getting sucked in. They are getting exposed to bitcoin. They will love it as long as MMM keeps running. Then the pyramid will collapse, they will loose everything, and possibly blame it on bitcoin. Your thoughts?
EDIT: I just blogged about MMM here:
https://letstalkbitcoin.com/blog/post/mmm-global-republic-of-bitcoin-cryptos-next-scandal
submitted by williamsuk to Bitcoin [link] [comments]

MMM founder claims credit for Bit-coin spike

MMM founder claims credit for Bit-coin spike submitted by SixLegsGood to Buttcoin [link] [comments]

My post was removed from /r/bitcoinmarkets

I'll repost it here.
It's always important to comprehend that most Bitcoins are not in circulation and may have simply been lost. As a result, the true market cap of Bitcoin is smaller than we imagine it to be. It's estimated that 20% of bitcoins have been lost. This means the true market capitalization of Bitcoin is closer to 147 billion dollar, than to 184 billion dollar.
Of the 147 billion dollar worth of Bitcoin, most have been gobbled up by a small minority of early adopters. Estimates are that 4.8 million bitcoin are held by 1000 individuals. The rest of the population competes over ownership of a fraction of the total supply. As a result, comparatively minor changes in demand for Bitcoins, lead to tremendous explosions in price.
If you take the above facts into consideration, you will understand that the various scams that operate in this market can execute tremendous influences on the price of a bitcoin. If you think carefully, you'll also understand that this will prevent genuine widespread adoption. Eventually you run out of people who want to participate in a project where their perpetual subservience to a small minority of early adopters is guaranteed from the start.
A number of Ponzi schemes are based on Bitcoin, or have migrated to Bitcoin to escape regulatory hurdles. Consider Bitconnect. A significant number of people who buy Bitcoins, buy Bitcoins to buy Bitconnect coins with them. If your Ponzi scheme doesn't depend on banks willing to work with you, the Ponzi scheme is less vulnerable to being shut down. A few months ago, the market capitalization of Bitconnect was estimated at 2 billion.
Now consider the market in Africa. People in Africa buy Bitcoins, because multilevel marketing schemes in Africa have migrated to using Bitcoin. This is an enormous market, that largely escapes our Western eye. Most of us don't understand how people end up stepping into Bitconnect either, it seems absurd to us. Your Google searches however are based on your search history and as a result, you effectively find yourself thinking and functioning in a different world from the rest of the population.
In addition to these Ponzi schemes, we have a number of exchanges that hold Tethers, which they imagine to be somehow backed by US dollars. There is no evidence whatsoever that any of these dollar reserves actually exist. Tethers have the mysterious habit of being issued whenever the price of Bitcoin is at risk of going down. If you believe this market behaves irrational, consider the possibility that it is simply being manipulated through schemes like these.
It's worth considering that most of the exchanges end up functioning as fractional exchange reserves. Hackers steal from the hot wallet, your software is bugged and accidentally sends out too many bitcoins, the exchange operators can't keep their fingers from the honey pot, etcetera. What do you do when you find you don't have your customer's bitcoins? You inflate the value of Bitcoin, to keep your operations going. That's what Mt. Gox did in 2013, to keep their fractional reserve exchange functioning. This works fine, as long as the value of Bitcoin can keep rising.
Bitfinex, an exchange that has been hacked multiple times and has been shut off from the banking system, came up with Tether to solve their problems. Through use of Tether, you can continually increase the value of Bitcoin. According to Bitfinex employees, Tethers are created when people convert other cryptocurrencies into Tether. In other words, Tethers come into existence because people buy cryptocurrencies, then the Tethers are used to buy more cryptocurrencies with leverage. This can last for a while, but it can't last forever, because eventually it becomes clear the Tethers are not backed by anything.
This whole scheme can't be sustained in the long term, but in the past few months the market has started to behave irrational. Whenever the system is about to fail, new Tethers are issued and the price crash comes to an end. It's clear however that this can't be sustained forever. There are a number of problems you run into. Bitcoin's 1 MB block limit leads to an eventual limit to the number of people who can move their currencies, which ensures transaction fees will keep rising. When Tether fails, the exchanges that are using Tether fail too as a consequence. Other Bitcoin merchants in turn depend on these exchanges, to buy and sell bitcoins. You would be a fool to try to short-sell Bitcoin, because you fail to understand the simple fact that the exchanges will cease to function when the value of Bitcoin starts to go down. It's best to take profit, get out while you still can and watch the building burn down from a safe distance.
submitted by moresourdough to btc [link] [comments]

Bitcoin Price Is ‘Like MMM Ponzi Scheme’: Russian Economic Minister

The head of Russia’s Ministry of Economic Development has compared Bitcoin to the infamous Ponzi scheme MMM.
Speaking at the Federation Council, Maksim Oreshkin repeated the theme of “unqualified investors” buying into cryptocurrency being “dangerous.”
“Because if you look at the dynamics of the Bitcoin price, they’re very like the price of MMM,” he said quoted by local news outlet RIA Novosti.
MMM originated in Russia in the late 1980s as the product of serial fraudster Sergey Mavrodi. Law enforcement shut the scheme down and arrested Mavrodi in 2003, but in 2011 MMM resurfaced and is now aggressively targeting consumers in Africa.
“There are very high risks here for those who are interested [in Bitcoin],” Oreshkin continued.
“It’s clear the state cannot protect these people; their actions come entirely at their own risk. I’m simply calling for everyone to be very careful with this issue.”
The minister’s comments continue the increasingly contradictory position Russian authorities have taken on Bitcoin.
A similar offer to restrict Bitcoin to “qualified investors” came from the country’s deputy finance minister Alexey Moiseev earlier this month, while central bank head Elvira Nabiullina said she was “categorically against” allowing it on the Moscow Stock Exchange.
At the same time, state-sponsored efforts to involve Russia in mining continue to gather speed as China’s supremacy seemingly becomes cause for envy.
submitted by ctmediagroup to Bitcoin [link] [comments]

MMM - Bitcoin's undesired killer app? /r/btc

MMM - Bitcoin's undesired killer app? /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

[uncensored-r/BitcoinMarkets] Bitcoin's price rise is caused by Ponzi schemes, inflated expectations and money created out of t...

The following post by moresourdough is being replicated because the post has been silently removed and some comments within it have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ BitcoinMarkets/comments/7h2gtt
The original post's content was as follows:
It's always important to comprehend that most Bitcoins are not in circulation and may have simply been lost. As a result, the true market cap of Bitcoin is smaller than we imagine it to be. It's estimated that 20% of bitcoins have been lost. This means the true market capitalization of Bitcoin is closer to 147 billion dollar, than to 184 billion dollar.
Of the 147 billion dollar worth of Bitcoin, most have been gobbled up by a small minority of early adopters. Estimates are that 4.8 million bitcoin are held by 1000 individuals. The rest of the population competes over ownership of a fraction of the total supply. As a result, comparatively minor changes in demand for Bitcoins, lead to tremendous explosions in price.
If you take the above facts into consideration, you will understand that the various scams that operate in this market can execute tremendous influences on the price of a bitcoin. If you think carefully, you'll also understand that this will prevent genuine widespread adoption. Eventually you run out of people who want to participate in a project where their perpetual subservience to a small minority of early adopters is guaranteed from the start.
A number of Ponzi schemes are based on Bitcoin, or have migrated to Bitcoin to escape regulatory hurdles. Consider Bitconnect. A significant number of people who buy Bitcoins, buy Bitcoins to buy Bitconnect coins with them. If your Ponzi scheme doesn't depend on banks willing to work with you, the Ponzi scheme is less vulnerable to being shut down. A few months ago, the market capitalization of Bitconnect was estimated at 2 billion.
Now consider the market in Africa. People in Africa buy Bitcoins, because multilevel marketing schemes in Africa have migrated to using Bitcoin. This is an enormous market, that largely escapes our Western eye. Most of us don't understand how people end up stepping into Bitconnect either, it seems absurd to us. Your Google searches however are based on your search history and as a result, you effectively find yourself thinking and functioning in a different world from the rest of the population.
In addition to these Ponzi schemes, we have a number of exchanges that hold Tethers, which they imagine to be somehow backed by US dollars. There is no evidence whatsoever that any of these dollar reserves actually exist. Tethers have the mysterious habit of being issued whenever the price of Bitcoin is at risk of going down. If you believe this market behaves irrational, consider the possibility that it is simply being manipulated through schemes like these.
It's worth considering that most of the exchanges end up functioning as fractional exchange reserves. Hackers steal from the hot wallet, your software is bugged and accidentally sends out too many bitcoins, the exchange operators can't keep their fingers from the honey pot, etcetera. What do you do when you find you don't have your customer's bitcoins? You inflate the value of Bitcoin, to keep your operations going. That's what Mt. Gox did in 2013, to keep their fractional reserve exchange functioning. This works fine, as long as the value of Bitcoin can keep rising.
Bitfinex, an exchange that has been hacked multiple times and has been shut off from the banking system, came up with Tether to solve their problems. Through use of Tether, you can continually increase the value of Bitcoin. According to Bitfinex employees, Tethers are created when people convert other cryptocurrencies into Tether. In other words, Tethers come into existence because people buy cryptocurrencies, then the Tethers are used to buy more cryptocurrencies with leverage. This can last for a while, but it can't last forever, because eventually it becomes clear the Tethers are not backed by anything.
This whole scheme can't be sustained in the long term, but in the past few months the market has started to behave irrational. Whenever the system is about to fail, new Tethers are issued and the price crash comes to an end. It's clear however that this can't be sustained forever. There are a number of problems you run into. Bitcoin's 1 MB block limit leads to an eventual limit to the number of people who can move their currencies, which ensures transaction fees will keep rising. When Tether fails, the exchanges that are using Tether fail too as a consequence. Other Bitcoin merchants in turn depend on these exchanges, to buy and sell bitcoins. You would be a fool to try to short-sell Bitcoin, because you fail to understand the simple fact that the exchanges will cease to function when the value of Bitcoin starts to go down. It's best to take profit, get out while you still can and watch the building burn down from a safe distance.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Has someone tried to find Mavrodi's wallets related to MMM Global?

It's really interesting for me to find out if mavrodi's pyramid has such big influence on bitcoin prices at the moment. I don't believe that there are no people that tried to investigate the blockchain to find core wallets. But quick googling finished with no results. Can you help me?
submitted by logblpb to Bitcoin [link] [comments]

Bitcoin resistance - Current Bitcoin Price [May 18th 2020] Bitcoin Rising With The Tide?! July 2020 Price Prediction & News Analysis Bitcoin Price Predictions BITCOIN PRICE LIVE - YouTube MMMBSC Pays: 23rd May 2020

In November 2015, it was reported that bitcoin’s price surge was caused by a rush of Chinese people buying bitcoins to join MMM. At the time, bitcoin reached its highest price in a year as a result of the rush. Mavrodi claimed, “If I refuse using bitcoin tomorrow, it will fall down.” Mavrodi received a four and half years prison sentence. The MMM scheme was re-established immediately after his release, with Africa as the primary target. MMM South Africa was set up in 2015, where MMM was put under criminal investigation. The scheme opted for bitcoin as the primary payment method. Mavrodi Mundial Moneybox (MMM) is one of the oldest and largest Ponzi schemes in the world. Founded by Sergei Mavrodi, Bitcoin Wallet has taken advantage of the current bitcoin price boom and used it as an opportunity to promise unsuspecting investors 100 percent profits on their investments. The MMM website is popular in China and has allegedly driven large amounts of cryptocurrency. In November Mavrodi expressed confidence that it was the popularity of MMM that caused the uprise of bitcoin price. This statement of the MMM founder drew the attention of officials, including the Russian Federal Service of Financial Monitoring. “I invested somewhere between $3,000-4,000 and doubled it,” Khodorych said via Skype in 2015. This was a tiny fortune at the time. “I bragged about it,” he says.

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Bitcoin resistance - Current Bitcoin Price [May 18th 2020]

Bitcoin The Price Is RIGHT! June 2020 Price Prediction & News Analysis - Duration: 38:19. Krown's Crypto Cave 8,287 views. 38:19. Bitcoin WHEN REFUND SIR?! Bitcoin Price in 2020.Learn about Bitcoin with the most watched Bitcoin video.Whether or not it's worth investing in, the math behind Bitcoin is an elegant solution to some complex problems ... Bitcoin price predictions: 1 target $19.000 +80%, 2 target $35.000 +230%, in the next 1.500 days! DON'T CLICK THIS: https://bit.ly/2CfXa6Q If you are a trader, then is this the right trading ... BTC price is converging on the apex of 3 separate patterns at the same time. As bitcoin gets squeezed into this area, many people are now thinking that a big btc move is coming. The current prices of Bitcoin $9,538.49 The current prices of Ethereum $212.04 The current prices of Dash $75.50 The current prices of Litecoin $44.65

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