World’s Largest Cryptocurrency Platform Bleeding Red Ink: Fake Liquidity Turns To Blood

10,039 (BTC/USD) Bitfinex – Bitcoin, Litecoin and Ethereum Exchange and Margin Trading Platform is running blood red ink like crazy.

 

Sorry about all the stories today but I find this endlessly fascinating how people fool themselves and each other.  Notice how this scam site provides ‘margin funding’ for lunatics trying to game this wretched system.  People with real money can invest in this site’s system of lending (at wildly fluctuating rates!) real money to wild gamblers playing the fake money game.  This is now in a state of chaos as everyone is selling.  I keep finding more information of this scam.  Thanks to the internet, crooks can cook up all sorts of ‘official looking’ stuff to fool people.  At least this site does give real information of the ongoing collapse of the latest rip off schemes.

According to this site, Rip Off Ripple had a trade volume of just under seven billion this last month.  I have to caution people about this scam: the ‘value’ of most of it is not in real money.  It is often fraud money buying and selling each other’s frauds and then monetizing how much this is via translating it into dollars.

 

The actual amount of real money being played here is not that significant compared to the numbers.  The game here is simple: since the vast majority of fake money doesn’t ever circulate, claiming the entire scheme is worth ‘x’ number of dollars is false.  Only the fraction being traded might be the basis of this money transfer.

 

That is, people stupidly giving real money for fake money…this is why the total value of this scam is false.  If people cease giving any real money for fake money, all the fake money held by the con artists will be zero value but were never purchased for any money in the first place, ergo, there was no financial exchange going on.

 

The percentage of fake money tokens on the market that did get bid up DUE TO RARITY do represent real losses to the last victims who bought it.  But the original items cost nothing, never were sold because the creators hoped it would go to the moon so they hung on hoping for billions in profits in this scheme.

 

The financial pain for the poor schmucks who ran into this scam last will be real, they face bankruptcy.  This, in turn, will cause others financial losses including anyone who lent to these fools.  A number of lenders in this scam were the con artists who will never collect on their loans (paid out in crypto creep money) because no court will force anyone to pay back crypt loans, these are pretty much dead and buried in the long run.

 

So no loss to general markets or humanity when this finishes.  I am happy that the crypto clowns lent their fake money to buy fake money hoping their foolish customers would pay them in real money.  The sooner this collapses, the better.

Above is today’s list of con games.  Good lord, there are endless games.  Names are revealing: Golem, for example, is precious!  Worth $165 million if one could translate this trash into real money!  Good luck with that now that even Golem can’t lure any Hobbits into his cave.

 

SpankChain sounds like S&M time.  Buy this fake money and then whip yourself silly!

 

Zcash: ‘Give me zee cash or I shoot’.  Bitcoin cash is still listed as having value when it has totally vanished and the con artists on the run.  Shows us how information in this business is so poorly run or useless.

 

The above website is the world’s largest fake money trading hub on earth.  They are most eager to teach people (for a fee) how to play this game.  This site even teaches people how to set up a con game!!!

This is exactly why all governments must stop this stupid junk.  It is proliferating rapidly because all the smart alecks have latched onto this to sell to their more dimwitted neighbors.  The people running this site are advertising for more young computer programmers so they can run more scams.

 

Sense of Ownership
You are accountable and recognised for you work, leading a project from conception to launch.

 

This is the first item in their job search: the people applying for jobs with these clowns are ACCOUNTABLE for their activities!  Ahem: note that, please.  So when the government comes with handcuffs, you are complicit in any crimes.

 

Our team is composed of many enthusiastic individuals with an ownership mentality; no one waits to be told what to do. Each member of the team is a highly motivated self-starter that is comfortable with autonomy and believes in lifelong learning. In other words, when we’re not working, we’re dreaming about it. We place our egos aside and thrive within a culture that fosters one another from birth of a concept to launch of a product.

Bitfinex is a remote culture environment with team members globally distributed across Asia, Europe, and North and South America.

Communication is critical within a remote culture and our team is in constant contact with one another in order to develop, support, and deliver the best platform possible to our users.

 

Word of warning to these people: international banks have international cops and they will hunt you all down. Of course, if one is hiding in a country with a crippled government, one can exploit people online to cheat them out of real money.  But even that has dangers.  Despots desperately need people to loot and if you are in a weak government country, that is an open invitation for looters in the real world who don’t use computers but instead, use guns.

14 Comments

Filed under .money matters

14 responses to “World’s Largest Cryptocurrency Platform Bleeding Red Ink: Fake Liquidity Turns To Blood

  1. Sunger

    Rating: 3.75 YGG

    YGG= YouGoGirl- a positive rating

    Useful stuff.

  2. Lou

    WHERE IS JIM R??
    John McAfee Tweets–“Everyone Relax! The Crypto dip was caused by Mike Bell of JP Morgan claiming Governments could ban cryptocurrencies. Well … how? This is the same company that called BTC a fraud. It’s a bank FFS. They are rightfully terrified of what we are doing. But it can’t be stopped”
    #iota #btc

  3. Lou

    This is exactly why all governments must stop this…..

    EMS, The Bankers who control Gov Inc are probably behind it.

  4. Lou

    real money ??? If real is 200 trillion in debt and bombs to back it up.

  5. ziff

    chart -wise its not over yet , curve can still be parabolic , but i think gov has pulled the plug .

  6. If real money isn’t ‘real’ why do all the stupid crpyto money creeps want to convert their junk into this ‘fake real money’????

    LOGIC is important here.

  7. ziff

    If they had issued stock over a blockchain patent and provided a money exchange service it might have been something.

  8. Jim R

    Elaine, your faith in government is charming. It’s a good thing Obama arrested all those home mortgage crooks back in 2009, right? I mean, it would have just compounded the crime if he printed up several tens of trillions to bail them out.

    But it seems Mr. Market disagrees with us, at least for today. BTC neither fell to zero nor dipped to $2,250. Instead it bounced back above $11,000.

    So there’s that.

  9. Lou

    8–Welcome back, Jim. Have you or do you own Cryptos?

    Me, my faith in Gov is none at all. Bombs make the dollar powerful.
    Ask Saddam.

  10. Lou

    The banks are here, they are quite quick!
    Bank of America has just filed 43 blockchain related patents.

  11. Yup. AND read my next story as I patiently explain why governments DO work (and sometimes refuse to work!) and the consequences of all this.

  12. Jim R

    “patiently explain”, LOL!

  13. I think I should use a hammer instead. Might work. Of course, people imagine they are in chaos and fear when from my point of view, it is really safe, having lived outside the law and in horrible circumstances.

    I firmly believe in the power of armed citizens.

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