Is anyone else starting to become a bit worried? mod note in first post

el diablo wrote: »

Anyone got the full article? I don't want to give my email address away..

Here ye go...



Gardai are monitoring a scheme to sell an almost worthless cryptocurrency, which has been heavily promoted at events in hotels and GAA clubs.

The force’s National Economic Crime Bureau is aware of public meetings at which DasCoin, which has been rebranded as GreenPower (GRN), has been sold. Poland’s national police force last week seized €10m as part of its investigation into whether money has been obtained by deception through the sales process.

The cryptocurrency has lost at least 90% of its original value. It is not listed on CoinMarketCap.com, a reputable trading platform for digital money. The Sunday Times was unable to contact those involved in the scheme.

Jon Walsh, a London expert on digital currency schemes, said he believed DasCoin was worthless. “It was valued at €0.21 at one time but is currently languishing at €0.0003 on the trading platforms. There is a hardcore community of people still holding out for its value to rise but that won’t happen,” he said.

Walsh added DasCoin was similar to OneCoin, a cryptocurrency which was marketed across the world until its eventual collapse in 2017. The OneCoin scheme generated hundreds of millions for its founder Ruja Ignatova, a Bulgarian, who vanished in 2017 when police forces began receiving complaints from investors. It is now the subject of investigations by police forces around the world.

“The story is always the same. Investors are encouraged to leave their money in the scheme until the price recovers, which it never does,” said Walsh. “The organisers earn the real money, as in euros, while the investors are left with a worthless digital currency.

“Most of the people who have invested in this probably don’t realise they are victims just yet. People find it hard to accept they have thrown away their money and even harder to accept they convinced their friends and family to do likewise.”

A large number of people in Galway have invested in DasCoin or GreenPower, according to sources. David Cunningham, a fintech entrepreneur in Galway, said he was aware of experienced business people who had invested amounts ranging from €5,000 to €25,000. “The people who were recruited to sell this didn’t really understand the technology,” he said.

grindle wrote: »

You posted this, surely?

I love how up until five days ago all of his posts were on /r/memes and now he's a fúcking monarch.

The Dude did a good job of highlighting the preposterous nature of neckbeard libertarianism. Most of those sorts would struggle to buy a ticket at the airport to their utopia.

Deleted User wrote: »

Well if any of the airlines would accept crypto..

On a somewhat related note, did anyone listen to the BBC onecoin podcast?..I don't know how anyone would buy anything off anyone speaking broken English with a shady eastern European accent..even if she was doubling your coins..

There were definitely moments where I was reminded of discussions I've had with crypto enthusiasts..

It's worth a listen though.. unless maybe if you're still invested in onecoin..

I found the last episode of the podcast difficult to listen to. Uganda is one of the poorest countries in the world, and there was all the same stuff that people in Ireland fell for in 2017.



- Roadmaps
- Whitepapers
- people who had doctorates, or who had attended elite universities. As if that gave those people gravitas.

- A belief in the 'blockchain' as a way to make yourself rich by only having to put your money into the system, and get massive returns on the other side.

- the mixture of despair, hope, and belief

- banking the unbanked
- trying to get other people to invest
- that really greedy thing that humans do where they feel they are somehow worthy of being successful - as they interpret it.

Deleted User wrote: »

Yeah, hearing some of it a part of me was going "These people were ripped off..", and then another part of me was going "Well, if they were stupid enough to fall for it, with the flashing lights, the whooping and the techno.. well, tough ****.. you dope.. what did you expect?.."

As an aside; Ethereum will go down as one of the greatest scams/acts of gross incompetence of all time. A disaster of theology and computer science. It's like a load of neckbeards took 35 year old research into zero-proof cryptography and distributed systems, and came up with this:




It's the ultimate in complexity by design. And it does not a single thing to solve the 'who do we trust' issue.



Blockchain is dreadful technology. Like anyone with a grounding in computer science or maths should be able to see it.

JohnnyFlash wrote: »

Blockchain is dreadful technology. Like anyone with a grounding in computer science or maths should be able to see it.

Unlike a lot of other posters on this forum, I actually like your presence here and your posts, sometimes stirring sh1t and what not.

But you are letting yourself down with that latest contribution. Blockchain is a beautiful technology. I agree with some of your previous posts though where you argue there isn't really much "use case" for it (hate that expression BTW)

sabat wrote: »

I read the piece on reuters about carrefour's system-it doesn't really improve the traceability of the food so much as the sticker on the food though does it? Some dastardly criminal genius rogue cypherpunks could mount an attack by peeling off the sticker and sticking it on a cheaper grapefruit from the next shelf.

If blockchain has improved the efficiency of their logistics and you think it will increase their bottom line then why not buy shares in them instead of random worthless tokens that no company will ever incorporate into their systems?

The gains on those random tokens can potentially be far larger. Not to mention the movements are often irrational, meaning you don't need an intimate knowledge of the market or finance to throw money at it.

That's the allure of the whole thing.

sabat wrote: »

I read the piece on reuters about carrefour's system-it doesn't really improve the traceability of the food so much as the sticker on the food though does it? Some dastardly criminal genius rogue cypherpunks could mount an attack by peeling off the sticker and sticking it on a cheaper grapefruit from the next shelf.

You made a statement and it's been dispelled as nonsense. So now you're coming back with secondary nonsense? If blockchain doesn't have a role to play in supply chain, why is it being used by a broad range of private companies in supply chain?

sabat wrote: »

If blockchain has improved the efficiency of their logistics and you think it will increase their bottom line then why not buy shares in them instead of random worthless tokens that no company will ever incorporate into their systems?

Eh, I'll place my btc where I want thank you very much. Your 'random worthless tokens' jibe is your own deal.