Self-proclaimed cryptocurrency genius David Smillie of ezBtc fame let his domain expire, so I bought it! I have neither your bitcoin nor your money, just the domain. BC Securities Commission Launches First Public Probe into Bitcoin Exchange; Give the BCSC any information you have about ezBtc’s fraud! News - Sites - EZBTC Sign In. feuerwehr-matzenbach.de is insecure and all personal information, including verification documents, have been exposed. I'm pretty overt and open to discussion, while the opposing party in this reddit post is hiding their identity. It's a tricky situation to try and respond with rationale when the other party makes claims then hides in the dark.
Ezbtc redditDave's not here, man!
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According to your logic, I've now created a deflationary currency. If it were in a closed system, maybe, but the rest of the internet is free to make their own. Bitcoin is the same. There's nothing deflationary about it - you're only gambling on the fact that no one else makes a more useful excel spreadsheet.
Anybody is free to create unlimited forks, that's the whole point of Bitcoin's decentralized nature much like Linux has thousands of forks. If you do not like the route the developers are taking, fork the project. Whether or not the market will accept your fork, or whether miners dedicate hash rate to your chain is another story.
Bitcoin is secure only because it has support. The latest Bitcoin fork of BitcoinSV saw just this. If for instance, the market accepts Bitcoin Cash and all the miner hash rate was moved over to this chain, Bitcoin Cash would effectively become "Bitcoin" gaining it's security hash rate.
This is one reason Bitcoin Cash was created, because Bitcoin is extremely slow and expensive as you said. There are also many other projects trying to compete for the top spot, competition is a good thing. You're confusing ICOs with Bitcoin. Bitcoin didn't have an ICO. This is not an ERC20 token where all tokens are generated in a genesis block. The Proof of Work algorithm is the most secure one we have to date.
If somebody creates a better project, that's excellent. There are quite a few projects today that are "better" than Bitcoin in terms of speed and usability, but nothing is more secure, nor has the branding. And that's generally what people want when dealing with money. Bitcoin has never been hacked since its inception.
The market could have settled with just Myspace but innovation lead to Instagram. The network effect of Bitcoin is strong, much like there are better options than Ebay, Ebay is the original. Bitcoin could lose its dominance in the future, yes, but that's a risk for any stock as well.
If you're worried, just set stop losses. It's not do or die. My friend maxed his line of credit and emptied his savings, walked out of the bank with tens of thousands in cash, and bought bitcoins from a dude in a parking lot. He later sold them for cash in a parking lot, having made a ton of money. There's two guys from my hometown who emptied their savings and put it all on red That doesn't make it a good idea.
Okay sorry. It also doesn't matter that they used a casino instead of gambling in a back alley. The government absolutely does have the ability to regulate and control it. Plus, after all of the seizures the US government itself owns enough crypto to effect their own pump n dumps. Do you not think the RCMP should go after these scammers? Would you like them to go after scammers who use cash instead of crypto? I would like the police to police all illegal and fraudulent activity.
Otherwise crypto capital gains shouldn't be taxed. The problem is there is very little action that can be taken. The RCMP can't prove who owns which "coin" so how could they prove fraud? The government will happily tax your crypto gains and and require your to go through many hoops before you can operate a crypo business. You will need to keep track of anytime you convert between crypto and fiat.
But if you are one guy using your crypto without ever converting it to fiat currencies, you can basically send your crypto anywhere on the planet in a few minutes. Still the big appeal of crypto is not fraudulent stuff anymore. Now crypto can execute code called "smart contract". You can program loans, options and other instruments in the blockchain. And they get executed automatically. You can have tokens representing real estate, acting like a deed. There's a lot of stuff going that makes the traditional financial system start using blockchains.
The "hoops" I am talking about are regulations to prevent money laundering, tax evasion and terrorist funding. I'm not aware of any standard that a custodial crypto exchange has to respect regarding the security of your funds. Many banks have also closed customer's account for receiving deposits from exchanges, or credit cards declined for being a cryptocurrency transaction. Bitcoin isn't some "dark" thing, governments actually love it because every single transaction is public and traceable on the public ledger forever.
Cryptocurrencies are not a scam. But there are a lot of scammers in the cryptocurrency space exchanges, hackers. I hope you don't mean to say that people who invest in cryptocurrency deserve to be scammed when they utilize a registered business to do so.
There are many good and bad people in this space. A crime is a crime. Decentralized or not, the laws of a country reign supreme. Theft is theft, the nature of the goods stolen has no bearing on that. You can have a stock on paper that nobody knows about. You can move it in untraceable, untracked ways. But if you want to put it on an exchange, trade it with retail investors, or run a depository institution you can register your business with a regulator - and start tracking your deposits and liabilities and doing proper KYC and so on.
But yes, they can and do of course heavily regulate crypto exchanges and tax your gains, of course. That's where you are wrong again. What's stopping the US government from hoarding crypto? That directly affects the price. Um, the fact that if they suddenly started buying that the price would increase exponentially, and they'd stop I mean, don't conflate what's technically possible with what's likely. Next to zero, basically.
It's the government. They dont have to buy them. Civil forfeiture and asset seizure, as well as just plain theft would get the government a large amount of crypto. Remember silk road? Who stole the coins? Oh yeah Yes, they do have to buy them, or they have to physically force the keyowners to give up the keys.
Good luck doing that on a wide scale. Yes, I remember Silk Road quite clearly. They busted Ross Ulbricht the founder, and forcibly shut it down - but I'm not sure how that's relevant to acquiring millions of Bitcoins, anyway. Because the FBI is now in possesion of 26, Bitcoins.
Thats just one company. Imagine if the FBI went after Coinbase. Crypto's immergence was to provide an unregulated and untraceable way to provide a payment currency method for illegal activities, primarily on the deep web. Anyone who believes that taxpayer's should just "suck up" the costs of any judiciary proceedings is lacking in brain matter.
Sorry but you have the wrong idea about crypto. There are over different cryptocurrencies with varied use cases. Bitcoin is not anonymous and it is traceable. It enables fiat money to move anywhere in the world in a matter of seconds with a fraction of the cost in the current system. Appreciate the response. The level of anonymity to crypto tx's still creates a preference for illegal and illicit activities, some that would make most normal humans puke or should.
Yes, it is an individual choice for usage and since Gov'ts have difficulty keeping up with the pace of new tech this type of currency will always be a problem. Bitcoin gained popularity long before a more normal tx usage which makes it fairly obvious where the "beginnings" started. What concerns me the most, as always, is what people do not know about. Any currency or like exchange in commerce that lacks full transparency is problematic. While I sympathise with your loss, the fact is your tale is little different than someone investing in USD cash in a bad neighbourhood.
First, when did investing in USD cash get called an investment without people looking at you like you've been hit on the head. Secondly, don't be surprised when you get hit up by the local gang who walk away with a bag of your cash.
Be careful when you put your retirement savings in cash and store them in a bad neighbourhood people! Upvoting for maxim visibility.
Very sorry that this happened to you. Not deterred at all. Cryptocurrencies will evolve past the centralized exchange model in the future. We will eventually see decentralized exchanges so I'm looking forward to that. To anyone downvoting this, check out atomic swaps. No fiat onramp, but will not require you to lose custody of your funds. Just want to warn as many people as people.
You said you would provide them your referral link if they wanted it. You don't need to post it to be pushing it. Offering to send the guy money to get started back up in Bitcoin is faux pas now?
Seemed like a nice thing to do. The rule is not referral links are ok if it's just helping someone out, or if you make a side arrangement, or if the referral is done in a specific way. Canada always gets the short end of the stick, it seems. The oft repeated advice of don't keep funds on exchanges only holds true if the exchange actually sends out your money, lol. I will definitely utilize all legal options available to me.
Just spreading awareness so others don't end up like me and many others. I wish I could but my account isn't old enough. I've paid tens of thousands of dollars in taxes on crypto gains. I'm happy for them to use that money to help OP. The exchange he used is not decentralized and is a registered business.
He made no speculation. He is talking about the fact that a company is holding his money without cause. If so contact me so we can file a lawsuit together maybe class-action.
Not saying this completely removes the risk but could help in weeding out potential scam exchanges. I feel like at some point years from now people will look back and say "member time when everyone bought this scammy shit called crypto like a bunch of morons?
Yeah, good thing it doesn't exist anymore". Risk from cryptocurrency volatility is completely separate from risk being scammed by a registered business. It has nothing to do with cryptocurrencies at this point.
The scam happened the moment I sent the eTransfer. I understand that. My point is more towards the notion that crypto currency isn't really worth anything and whatever worth it carries right now on the market is purely speculative. It's like a dot com bubble over again. They just swapped one "asset" to another and gave it fake value. Yea ezbtc is trash, I almost got scammed from too but I hounded them for months and eventually got paid out almost everything.
I got paid out when btc was still at over 11k Cad so I still pulled more than I originally put in. I was burned by quadrigacx, also oyster pearl. Crypto is never going to be trusted as long as long as this shit keeps happening. It's sad to see all of this unfold.
At least you have warned as many people as possible. Sorry that it happened to You. Buying unregulated "currency" always seemed like a good option to me. Especially because you can't buy it from your standard equity markets, makes it all the better. Thank you for sharing. A lot of people are too embarrassed to share when they get ripped off, so they let others get away it it. Since this is a personal finance subreddit, shouldn't the general advice be to stay away from cryptocurrencies altogether?
From the sidebar:. Cryptocurrencies don't really fit into any of that. It's a bunch of people trading spaces on spreadsheets, gambling on hype cycles. Take the Canadian exchange that recently pulled an exit scam, its founder was involved in scammer circles for the last two decades.
Have a read of this:. My secret? I don't invest in crypto because I like keeping my money. Let the "progressive idealists" lose theirs. My favorite story is the one about people loosing hundreds of thousands if not more because the owner of the exchange died and no one knew the password to his encrypted laptop To be fair if people just used their own wallets as intended, this wouldn't happen.
People misusing technology then having it backfire on them is nothing new, but it's not the technologies fault. If a person other than you can lose your Bitcoin then you never had the Bitcoin in the first place, you had a bank account. This is kind of the point though, Bitcoin allows you to be your own bank. If people continue to trust banks they will continue to lose funds. Holding BTC in your own wallet prevents all of this -- it's even safer than holding assets with a conventional bank.
Literally no one but you has access to it. There are exchanges in the works now that will solve all of this, though. Nash Exchange is one example that has been granted registered security status in Europe, and is planning on acting as an exchange while ensuring users keep funds under their control.
They are hoping to eventually move into the banking-sphere as well. The technology is evolving, what exists today may not necessarily exist tomorrow, but crypto is here to stay. Investing in bitcoins is like putting faith in someone that will keep your mo ey safe under their safety deposit box.
The key is lost your money is gone. It's you who don't know how it works. Crypto is basically a financial security that is not regulated and open to abuse. Before the SEC securities fraud was rampant and blue sky laws had to be enacted to protect people.
You have the superficial and inaccurate knowledge of someone who read mainstream articles on the topic, instead of getting unbiased information from the source. To be clear, I'm not making any recommendations about crypto here, just saying you don't know shit about it. I'm simultaneously sorry for your loss and disappointed you felt the need to post about it, especially in a non-crypto sub.
You know full well that the warnings have been present for over a year and you didn't do your homework. All you accomplish with posts like this is to demonize Bitcoin in Canada and make it seem like it is far more dangerous than it actually is. All that comments like yours accomplish is confirming that everything is a PR campaign to people with a self-interest in the currency.
You can't bring forward real problems to the public - no no, that would be bad for Bitcoin and being critical in public is no good! Unfortunately, outside of the echo chamber of cryptocurrency subs, we're allowed to discuss the problems.
The problems have already been brought forward for over a year, all OP is doing is coming very late to the party and citing many who have come before them. The warning and discussion of the problems already exists, was even stickied in the bitcoin canada sub. What is accomplished by posts like this? It isn't warning. It isn't bringing problems to the public. The warning already existed a year ago.
It isn't any new information. It's a long winded public cry. The number of non-Bitcoin users reading all of it, comprehending all of it, is assuredly very few. All this post serves to do is make OP feel better and make people disengaged with Bitcoin think twice about involving themselves. No one said you aren't allowed to discuss problems. I've said that the discussion has been happening for so long that posts like this serve no purpose but scare mongering for the ill informed.
If bringing forward the facts would give someone pause then Why is that an issue that falls on OP's lap? Isn't that an issue for that community to figure out? Because the facts, when cherry picked, can be misleading and not represent the whole. Just like the news can be misleading. When you select for content the way a victim of fraud might select for only content relevant to their fraud you get a warped version of the truth.
The truth of this post is OP didn't do the simple diligence they knew was necessary to be a responsible bitcoin owner. Is this a post then about the responsibilities of Bitcoin ownership? That's not the message any non-Bitcoin user would take away from this post. Their comprehension of this space is low. The issue is resolved in the sense that the community has done everything they can to inform users - as OP helpfully points out with his many links.
It's a known scam, it's a well discussed scam, and no one following the basic tenants of crypto ownership would fall for it as it would pop up when they look for a review of their exchange of choice. It would be like a user coming here and writing a novel worth of text about how Quadriga scammed them. Yes, it's ongoing. No, it's not useful information. It's strictly cathartic, with the most likely result being users who aren't Bitcoin users having one more mental prejudice against Bitcoin - despite these faults having nothing to do with Bitcoin.
We're not here to present a balanced and fair picture of Bitcoin in every topic posted. We are here to share real stories, even if it's a negative picture, or a positive one. This is just another comment where you're arguing that we need to be cautious about how we present Bitcoin, and be careful to manage the public perception of Bitcoin.
Which is really a whole other story if we want to go there It is important to manage the public perception of Bitcoin because the public perception of Bitcoin is rooted in misinformation. It's a technology, its properties are absolute and strict. It is a defined thing that has been warped in public discussions such as these. You perceive me as trying to downplay the risks?
The risks are inherent. You are your own bank, you take full responsibility for your money without recourse. Posts like OP's can give users a false impression of the risks. Anyone hurt by bitcoin DOES need to see it as their own fault, because it is. Bitcoin is personal responsibility. Why even bother disputing that? It's an indisputable fact of the technology. I have spent a lot of time "evangelizing" as you would put it for people not to buy Bitcoin if they aren't prepared for that responsibility.
I suggest people spend a full year casually learning before their engagement if they eventually choose. I am hardly a rabid dog trying to downplay bitcoins risks or shore up adoption. I'm a technology enthusiast so excited by the things this technology makes possible that I want to talk about it.
Then bring information and discussion, not a plea for OP to stop talking about his negative experience. They are not inherent in a way that is too different from other securities, there is a variety of methods you can protect your investment. It's worth discussing what can go wrong. My point here was more than you're trying to push this discussion to never have happened, because you don't like how it shines a negative light on something you have a self-interest in.
And that's fair, but don't be too surprised if people just trying to learn are skeptical of someone who seeks to censor the bad news. I never said to stop talking about it, I said talking about it the way he is and here does more harm than any good. It has been discussed at length for over a year now and as new developments occur there will be new discussions.
I'm inclined to think OP posted here because if he posted anywhere else he would have been called out by the community as one of hundreds and very late to the party, exactly as I am here. I don't like how it could lead to further misinformation and mistaken impressions. What do I gain, what self interest do you refer to? Do you assume I have some bitcoin I am bag holding and I rely on Canadians to hold the market up?
Do you assume I run some sort of Bitcoin business? My interest is information and truth. I'm not censoring bad news and have no idea how you came to find that meaning. I said I was disappointed OP felt the need to cry about this here. How in the world is that censorship or an advocate for censorship? If Bitcoin is so fragile that public perception has any iota of an effect on it, it has failed as a decentralized currency.
It was designed to thrive with no middle-man, no regulation, and no manipulation. Code is law. Mathematics only. If you honestly think that I alone have the power to swing Bitcoin's price up and down, what havoc do you think the government and institutions will employ if it ever gains traction outside our little sphere? I don't control the news networks and federal policy, they do.
Should we be policing crypto posts to deem which is "acceptable" and "safe space" for worried Bitcoiners? That's why people read these subs to learn more information. Who said anything about price or you swaying it? Either I've done a horrible job presenting my view or those responding have imposed a view on me. I personally believe it's the latter as I make no mention of the things you assume.
I have no heavy bags. I own no Bitcoin business. I care not for the price of Bitcoin.