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Hodor

The "Arbitrage Bot" and Other Fairy Tales

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Hopefully regulation will help with this in the US......but I look for it to go on for some time elsewhere, Not everyone who gets into these things is a total dupe. Some people think they can get in and get out before the house of cards comes down. Lots of gamblers in cryptos, world-wide. Ethical behavior is learned and not all people learn it, unfortunately.

The main thing that bothers me is that this kind of stuff makes it hard for legitimate crypto banks to gain acceptance, which is another thing I want to see happen. Something for another thread. Thanks to you and the others who have been calling this stuff out.

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Posted (edited)
1 hour ago, dr_ed said:

Some people think they can get in and get out before the house of cards comes down.

I get this feeling that some of them were thinking that, yes; it's almost like they knew on some level what this was, but still sent money anyway.

I've seen some of the interactions with the individuals running the operation, and it is heart-breaking.  We need to (collectively) find the people responsible, IMO, otherwise they will do this again in some other form or context. 

1 hour ago, dr_ed said:

makes it hard for legitimate crypto banks to gain acceptance

There are definite legitimate crypto interest payors and 'crypto banks' in the works; I hope that they are not colored negatively automatically.  Some innovations are legit, but this one was not, and a minimum of due diligence will reveal it; I think the early payouts to 'some' investors was the aspect that convinced many others. 

Edited by Hodor

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Posted (edited)

So far @Hodor I have not fallen for anything of what you mention in this Blog. Maybe I´m to stupid to do that :D
Might be buying XRP and HODL it, then . . . . . . . . . .  :dash1::focus: :beach:

Thanks for the Blog, educating is always good! But the last fool is not born yet, as the saying goes.

Edited by zenkert

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2 hours ago, Danny said:

Excellent points Hodor. 
I admit I'm one of those who invested in Bitconnect, sold a significant amount of XRP to purchase BCC back then.
It was MY mistake and I've learned from it. 

You an exceptional person for sharing this, @Danny:thank_you2:  Others need to be warned. 

If you can prevent even one person from going through it, you have done something incredible to help them!

I hope you are able to get some part of it back through bankruptcy proceedings / court.  I'm sorry it happened to you: crypto is a tough area for investors, because it involves 'fintech' innovations, which by definition are "financial" innovations as well as technological.  But that makes crypto a fertile area for very questionable 'projects.'

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1 hour ago, zenkert said:

Thanks for the Blog, educating is always good!

Hopefully Thomas can identify the responsible parties along with the help of the exchanges that were used. 

My goal with the blog was to get the information out there as fast as I could (hence my 'double feature' today) with what I knew. 

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"This has the effect of making the earlier investors feel like the enterprise is legitimate and profitable.   This has the insidious result of motivating the earlier investors to naturally - and without any intentional malice - promote the opportunity to others in their close circle.   This normally includes the very people they'd never think of intentionally duping, such as friends or family. "

The above paragraphs are eerily similar to what happened when my XRP investment rocketed 12x in late 2017 and I excitedly relayed the info on to family and friends.. They were late to that particular party and are now rather wary of my financial advice !!

Cheers,

Rob

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Great blog @Hodor  Thanks for a great educational blog.  If it's too good to be true it probably is. That saying has been around for decades for a reason, snake oil , magic beans,  whatever those charlatans are trying to pedal. I posted "Scam alert " back in December because it pi**ed me off scammers were trying to get what good people had invested their hard earned money in. I think it's our duty to post, tweet or voice any scam we see, if it stops anyone from being ripped off ,even one, it's worth it. 

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3 hours ago, Sponger101 said:

They were late to that particular party and are now rather wary of my financial advice !!

I went through that as well.  I remember some conversations that, looking back on it after the long bear market, were not grounded in reality. 

But I think the market is better for it now; hopefully we can post sustainable growth based on a combination of utility-based demand and speculative demand. 

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7 hours ago, dr_ed said:

Hopefully regulation will help with this in the US.

Agree hopefully sooner rather than later. 

https://youtu.be/9lF2_jVa0xw

This is a link for Councillor Craig Phillips US department of Treasury , where he said the one thing there is no compromise on is the ability for digital assets to be used by the criminal element if this can't be sorted they won't back it. I laughed out loud when I heard him say this , I was thinking of the USD , counterfeiting, drug cartels currency of choice , treasury(Govt cartel) printing of money https://www.treasury.gov/resource-center/faqs/Currency/Pages/edu_faq_currency_production.aspx . When you look at digital assets (transparency) comes to mind. 

 

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