News Crypto Exchange Founder Disappears with $2 Billion

[Admin]

Turkish crypto exchange goes bust, $2 billion vanishes into thin air.

Crypto Exchange Founder Disappears with $2 Billion : Read more

 

[Co BIY]

The first of many I believe. I think it is wrong to quote the value of these "coins" in terms of US dollars or Euros or any other traditional currency.

How about "4 Billion in Dogecoins vanish along with Turkish exchange founder"

"Houses of Cards" at least have a physical component.

 

[kjohn034]

The first of many I believe. I think it is wrong to quote the value of these "coins" in terms of US dollars or Euros or any other traditional currency.

How about "4 Billion in Dogecoins vanish along with Turkish exchange founder"

"Houses of Cards" at least have a physical component.

Anybody who thinks using a Turkish exchange is a good idea gets what they get. You need some common sense to play this game. It says so right in the rules on the back of the box.

 

[Makaveli]

Anybody who thinks using a Turkish exchange is a good idea gets what they get. You need some common sense to play this game. It says so right in the rules on the back of the box.

When it comes to people trying to make a quick buck through crypto no one has time for common sense or to look at the risk.

 

[InvalidError]

You put your money in pyramid scheme with no credible investment guarantees or protections of any sort, expect to get conned. This isn't the first time that crypto exchange operators have raided the bank and it won't be the last either.

 

[JamesJones44]

The first of many I believe. I think it is wrong to quote the value of these "coins" in terms of US dollars or Euros or any other traditional currency.

How about "4 Billion in Dogecoins vanish along with Turkish exchange founder"

"Houses of Cards" at least have a physical component.

Right... because quoting it in another digital currency makes sooo much more sense...

In general there is no such thing as a static currency so no matter what you convert it to, its value is relative to whatever those two currencies were at that moment. If they quoted in bitcoin or ethereum today and bitcoin and ethereum drop 75% like it did after it's last high or doubles from this point, then the value in the story will just as wrong as if they did it in fiat currency.

Crypto at this moment is way to volatile for just about anyone to get their head around for day to day values. A sample example, how much is a loaf of bread in bitcoin, ethereum, X0, etc. 99% of the people in the world would have no idea and I would put money down in Vegas depending on the day they would be off by at least 20%. However, I bet at least 50% of the people in the US/Europe could tell you what it was worth in their local fiat currency within 5% every day for an entire year.

 

[helper800]

Even if you do everything "Right" we have many examples like the 2008 financial crisis that will lead to companies making billions at the expenses of the people who got them there with their pensions and home values evaporating into nothing. Bailouts typically only enable this activity. Turkey, USA, Europe; It doesn't matter where or in what form money takes, there will always be shady compounding tactics going on in the background that nobody has the full scope of until something terrible happens. The idea that any individual person can make an informed investment decision on just about anything without the previously mentioned risks is nigh impossible.

 

[TheJoker2020]

Surely this should be in the "entertainment" section

 

[helper800]

Surely this should be in the "entertainment" section

Lmfao!

 

[kjohn034]

You put your money in pyramid scheme with no credible investment guarantees or protections of any sort, expect to get conned. This isn't the first time that crypto exchange operators have raided the bank and it won't be the last either.

Look into Cardano before you cast your vote. So much genius level work by Charles Hoskinson and his team should be recognized. Not all cryptos are even close to being the same.

 

[zodiacfml]

right. even in our country, least people i'd expect is into crypto. some even urge the local exchange to have dogecoin. history has repeated itself though in 2017-2018.

 

[passivecool]

Anybody who thinks using a Turkish exchange is a good idea gets what they get.

Unless of course you live in Turkey, for example, and choose a mid-sized local provider. In which case it would be a sound decision.

Just because a founding father of a now pubescent nation named it's favourite bird after a country, (the Anatolian Peninsula has been inhabited for 40.000 years),
does not mean that it is not a sound principle to do business there (of any type).

Now whether crypto currency speculation is bird brained or not is a completely different issue.

 

[Lycanthus]

Turkish crypto exchange goes bust, $2 billion vanishes into thin air.

Crypto Exchange Founder Disappears with $2 Billion : Read more

When are the Law Enforcement agencies going to start treating ALL crypto currencies as what they are, a money laundering scheme. All they have to do is just announce that all digital currencies are going to be investigated as a criminal enterprise and no one would take them as real money thus rendering them what they are really worth...Nothing

 

[InvalidError]

When are the Law Enforcement agencies going to start treating ALL crypto currencies as what they are, a money laundering scheme.

They will, just need to wait for governments to try taxing crypto and realize that it is easier said than done since people can own any number of anonymous wallets and have multiple hard to trace ways of cashing out anywhere in the world.

Other reasons why I think crypto will inevitably fail are how easy it is to lose crypto wallets, how it is effectively impossible to recover them once lost and how there is no practical way of undoing an unauthorized transaction should any of your wallets get compromised.

 

[lvt]

Surely this should be in the "entertainment" section

Agreed, this should be in the hardware forum with title asking "Why my computer can't connect to Thodex website in Turkey anymore?"

 

[watzupken]

You put your money in pyramid scheme with no credible investment guarantees or protections of any sort, expect to get conned. This isn't the first time that crypto exchange operators have raided the bank and it won't be the last either.

I agree. This is indeed not the first time and during the last crypto surge, there were actually a few cases that's similar to this. The saying, easy come easy go, applies here. Crypto currencies are loosely governed and so not surprising the risk of losing all of it is also very high.

 

[askyron]

Turkish crypto exchange goes bust, $2 billion vanishes into thin air.

Crypto Exchange Founder Disappears with $2 Billion : Read more

Ok, I keep reading where Bitcoin is being used for this illegal transaction and that illegal transaction, and it brings up a question. Doesn't all transactions become a part of the blockchain? Wouldn't this make any bitcoin used in an illegal transaction become evidence against those involved?

 

[InvalidError]

Doesn't all transactions become a part of the blockchain? Wouldn't this make any bitcoin used in an illegal transaction become evidence against those involved?

The main problem is attaching names to crypto wallets. Yes, the block chain is fully traceable but you can easily create any number of burner crypto wallets with no need to provide any identification. Unless you can put names on every wallet between wallets criminal payments were made to and wherever someone attempted to cash out such as by buying a shiny new Model X, you can have plausible deniability.

It is basically digital money-laundering: once a large enough fraction of bills with known serial numbers from a bank heist have been mixed into the economy, you can plausibly claim that you acquired stolen bills incidentally through normal transactions and that evidence cannot be used against you anymore.

 

[g-unit1111]

This is why I say that the people who are actually getting rich off of Bitcoins are the people who you wouldn't trust with 15 cents let alone millions or even billions of dollars.

 

[helper800]

The only people I know getting rich are people that mined a crap ton a decade ago when bitcoin, ethereum, and dogecoin came out and are now selling it off.

 

[King_V]

"I want a currency where the government can't see it, track it, or tax it!"

"Done!"

"Hey, somebody robbed me! Why isn't anyone doing anything about it??"

 

[g-unit1111]

"I want a currency where the government can't see it, track it, or tax it!"

"Done!"

"Hey, somebody robbed me! Why isn't anyone doing anything about it??"

Gee, why did I get my account hacked into? Lol.

 

[Phaaze88]

Geezus. The more I read about this...

If it's too good to be true, it usually is.

"I want a currency where the government can't see it, track it, or tax it!"

People should be asking themselves, "Who the fudge benefits from that, and why is it desired?!"

"Done!"

"Hey, somebody robbed me! Why isn't anyone doing anything about it??"

Blockchain is the future, huh?
With the way it's currently being used and abused... the world isn't ready for it.

 

[Vyrvelata]

They will, just need to wait for governments to try taxing crypto and realize that it is easier said than done since people can own any number of anonymous wallets and have multiple hard to trace ways of cashing out anywhere in the world.

Other reasons why I think crypto will inevitably fail are how easy it is to lose crypto wallets, how it is effectively impossible to recover them once lost and how there is no practical way of undoing an unauthorized transaction should any of your wallets get compromised.

The world is build on money laundering, fiat is the biggest pyramid scheme and the biggest laundering machine, crypto is a joke compared to the scope of fiat wealth transfer and robbing the everyday person.
Losing your wallet is about responsibility....through history there is ever increasing demand on personal responsibility....and it will grow exponentially as the faith in the outdated exploiting political system continues to fail.
Not taking responsibility for your wallet is like blaming your computer for losing your photos, because you were lazy to make backup and you formatted (it failed) your disk by accident.
If crypto becomes somewhat standard (not that I care or want to), the next generation will get educated how to avoid losing their wallet and it will become uncommon.
Undoing an unauthorized transaction problems....hmmm that never happens with modern banks!!! Oh wait it does!
Anyway I'm not against/for jack s***... just don't like when people see only one side of everything all the time.... its the same everywhere, for example with religion..... if you ask Christian, Christianity is the key everything else is evil, if you ask Muslim.... Islam is everything...all else is evil....
We have to find a way to co-exist in many levels... and if something exist.... there must be a reason for it... try to understand it, not quickly label it.

 

[digitalgriffin]

The first of many I believe. I think it is wrong to quote the value of these "coins" in terms of US dollars or Euros or any other traditional currency.

How about "4 Billion in Dogecoins vanish along with Turkish exchange founder"

"Houses of Cards" at least have a physical component.

Not to be ego centric, but the us dollar is the established defacto currency for the world based on the sheer gdp of the usa. (This despite China's vast efforts to take over with the yuan)

If it weren't the usa $ I would choose the swiss franc as the standard as it is the most stable currency in the world. Or possibly the Euro. But the EU is falling apart slowly through bad policy. (Not here to get into politics. Just stating facts that a number of EU countries like Greece are in terrible economic status)