Bitcoin Conman Kidnapped In Ukraine: Bitcoin Systems Very Vulnerable To Theft



One of the stupidest scams since the Tulip Bulb mania hundreds of years ago is the fake money, ‘Bitcoin’ and other scams that rely on computer generated data to make ‘money’ appear out of thin air without even a scrap of paper or any realistic backing of this scam.  Well, all the crud is rising to the top now with the news that a shady character in Eastern Europe who runs a bitcoin scam business was ‘kidnapped’ yesterday and if anyone thinks this stupid business is ‘secure’ they are nuts.  It isn’t even slightly secured.


If the kidnapping is real and not a scam and I am betting it is a scam, then the only thing the kidnappers can do with any fake money is quickly convert it to real money but if that happens, this makes bitcoins less rare and thus, less valuable.  Its value is based on never circulating, not like real government money which must circulate.


This negative flow system depends on users buying and holding, not spending.  It is very anti-social and even hostile to economic systems since it is all about hoarding.  All societies vacillate between degrading the value of money as it circulates when it isn’t backed by economic values or hoarding when everyone hides the value base systems like say, gold.


During the Middle Ages, for example, all money circulating would eventually end up in the Papal Palaces in vast hoards.  The Church was the dead zone, the final destination of gold and the only way to fix this was to have an invasion, besiege the huge castles where the Church hoarded the gold and then spend it like Henry the VIII did.


Bitcoin Exchange CEO Kidnapped Leaving Office | Zero Hedge


Being a “Bitcoin Billionaire” just got a bit more complicated after reports surfaced that the CEO of EXMO, a UK-based Bitcoin exchange, was kidnapped in Kiev.  According to The Telegraph, Pavel Lerner (40) was pulled into a black Mercedes Benz by a group of armed men wearing ski masks as he left his office in the Obolon district of Kiev on December 26.


This could be staged or it could be real.  Kiev is run by the Ukrainian Mob which is why they are at war with Putin.  There was a coup there and it could be the government itself that did this snatch and grab, looking for some Black Money to use because the government is going bankrupt.


Adding to the intrigue of the abduction, EXMO’s website suffered a DDOS attack this morning, which knocked trading temporarily offline, just as news of the kidnapping begin to draw public attention.


This is a great fingerprint of the government in Kiev.


Following the news of Lerner’s disappearance, EXMO issued a statement requesting “any information regarding his whereabouts” and assuring customers that he could not be ‘convinced’ to give up their Bitcoin or personal data stored on the exchange.”Any information regarding his whereabouts is very much appreciated.


HAHAHA.  Right, being tortured by men who were trained by former communist bosses…the ‘bitcoin’ is a joke and the people who believe in this stupidity are stupid.  Even I know how to torture someone until they reveal where their hidden toys are…just make him go outside today, naked.  It is below zero right now and the high today will be 4 F.


Despite the situation, the exchange is working as usual. We also want to stress that nature of Pavel’s job at EXMO doesn’t assume access either to storages or any personal data of users. All users funds are absolutely safe.”


HAHAHA…again.  Boy, talk about stupid.  The entire business is stupid so they think their marks who are conned are easily conned with obvious lies.  Hope springs ever eternal with fools.  Nothing is ‘safe’ when it is ON COMPUTERS.  Ever!  The #1 target of attacks are computers.  This is the Achille’s heel of all systems dependent on computers and as time passes, more and more systems are run by computers that are vulnerable.

November 20, 2017: Bitcoin cash ‘CEO’: We won’t need banks anymore – YouTube

This video shows how delusional the fools playing this game are…they think they are so very clever!  Because of this, they make silly choices that look obvious to me but not to them.  All the hoarders of this fake money better be really scared now, they drove this fad to great heights and now it is going in great heists!  Duh!  Everyone wants to raid this out of control freight train scam business.


Here is the website that is this clown’s rip off business: | Cryptocurrency Exchange. Buy and Sell BTC, ETH, DOGE, LTC

They falsely claim to be the most secure bitcoin stash, ever.  And it isn’t even slightly secure!



Filed under .money matters

18 responses to “Bitcoin Conman Kidnapped In Ukraine: Bitcoin Systems Very Vulnerable To Theft

  1. Lou

    Elaine, would you post about ‘The Economist’ 2018 issue?

  2. csurge

    “the fake money, ‘Bitcoin”

    Ahhhh, but then all money is fake, isn’t it? The rulers use fake currency to enslave the masses with interest piled on top of debt. While I agree crypto is not sustainable in it’s current form, I do see a seed of an idea that probably terrifies the rulers.

    “The rabble can’t control their own currency! That would mean the end of our scam!”

    I won’t invest in it, but I am interested to see where the technology goes after the bubble bursts

  3. they say money won’t buy you love in this world
    but it buys a half pound of cocaine and 2 15 year old girls
    and an air conditioned limousine on a hot september night
    and that may not be love – but it’s alright
    —-randy newman

    wikipedia article gives links to free online text of mackay’s famous book

  4. Jim R

    “The Dollar” — fake money. How many dollars should the Fed issue? It’s up to Janet Yellen to make up a number.

    And, it’s a good thing no one ever commited a crime for dollars, eh?


    So the money genius was let go after handing over a million in fake money. HAHAHA. The ‘money’ was probably translated into government money leaving no traces.

    Another fantastic use for bitcoin! Isn’t that really funny?

    The fact here is simple: this magic fake money is weak, it isn’t something wonderful, it is being traded like tulip bulbs within a very small community but for general use, it is mainly for crime stuff including paying ransom.

  6. Oguy

    Real money, fake money? Yes, it IS all a matter of popular consensus regarding which is which, and regarding the value we humans ascribe to whatever is or might become money. And so, any new medium of exchange will take time to establish itself, because society-wide consensus takes time to spread. But then, this same popular consensus is at some fundamental level the basis of all transactions. After all, where would governmental agencies such as NIST be without some underlying consensus regarding how much a thousand cc’s of water weigh, what time it is in Transnistria, etc.? What would the law governing property ownership or contracts be without this same foundation? How would we be able to communicate without a shared language– one that has general rules of grammar, syntax, and interdependent definitions of words? How would societies hold together without shared myths? How would we direct traffic, both vehicular and human, without an agreement as to what constitutes left, right, etc.?

    So every now and then we might have an “extraordinary delusion of crowds”. But even such extraordinary delusions rest upon the shared conventions referred to above, which may in one sense be seemingly abitrary, but in another sense absolutely essential to making life at the human level both possible and practicable. Let’s call these the “ordinary delusions” of crowds. Admittedly, these “ordinary delusions” serve a genuine and valuable purpose– they allow us to agree on “what is what” and let us conduct business and other interactions accordingly. But they’re often confused with reality as such. And therein lies the rub.

    I have no accurate sense of where Bitcoin fits into all of this, but I guess we’ll all find out sooner or later.

  7. JimmyJ

    In US and Canada cryptocurrencies aren’t sanctioned so at any time the Gov can at worst simply arrest anyone who deals in them, or at best tax them at any ridiculous rate they decide to discourage people trading in them. Like a capital gains tax once they are redeemed. So mania or not they are risky from that standpoint. Most likely to my mind is the Govs will sanction a new separate form of crypto and outlaw the existing ones.

    In BC our Securities Commission granted a license to a crypto fund manager, but that isn’t a complete sanction from Gov since it’s not legislative.

  8. Jim R

    Well it looks like Bitcoin has turned bearish. Unfortunately I did not have any money on it when I made that little bet with Buffalo Ken. Coulda, woulda, whatever. It was by no means a sure thing…

    But now, I am planning to convert all my retirement savings into cowrie shells. The seashell market has nowhere to go but up!

  9. Lou

    Jim R, keep us posted. I see the blockchain as the future.

  10. And beach combing is fun and good for the health!

  11. Lou

    10–The block chain may be here to stay. Bitcoin, possibly. Or it can fade.

  12. It is utterly doomed. Already, it is being viewed as ‘old’.

  13. Lou

    Dec 31, 2017–
    Australia’s biggest banks froze the accounts of Bitcoin investors.

  14. Thanks for spending time on the computer (wnigirt) so others don’t have to.

  15. Lou

    12– Already, it is being viewed as ‘old’.

    SO WHAT WILL REPLACE IT? skin chip? eye scan?

  16. Lou, if you read my postings here, you won’t post repeat news that I already post here.

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