The anatomy of another scam.

Monday, 12 August, Year 5 d.Tr. | Author: Mircea Popescu

Step 1. Get a scammy "exchange" owner and some anon Chinese scammer guy toghether.

Step 2. "IPO" emerges, in the form of a blog replete with stolen images. This counts as a "multi million business" for a good chunk of the retards "involved" in Bitcoin.

Step 3 Buy your own shares over and over because the illusion of volume is all that's needed to get a bunch of retarded mommentum traders trading the way you want them to trade.i

Step 4.1 If "IPO" takes off split with the loot.

Sadly this didn't work in practiceii and so there's need for

Step 4.2 If "IPO" fizzles just buy back "everyone's" shares, which is to say all those shares you've sold to yourself repeatedly and go home. This created a slight loss in terms of all the time spent pumping the "stock" in those venues where retards gather but has perhaps created some appearance of value in the sense that if you wash trade a lot perhaps you could claim you have volume, just like MPEx.iii

As a bonus, if you "close" sufficient fake IPOs you might perhaps inflate your otherwise appaling record into looking more like MPEx's. Surely if you scam ten noobies out of half a bitcoin a piece and then create and close fake IPOs worth a few thousand Bitcoins you can claim you're under 2% too. Who's to say what's fake and what's not, right ? Which brings us right on to

Step 5. Busted yet again. Time to re-read the old article on BFL :

And more generally, a notice to all the scumbags circling BTC : I don’t care that you’re poor, I don’t care if you’re desperate, I don’t care if you’re ‘Ndrangheta or the Gambinos or the Bonanos or the Russians or whoever the fuck else. Pack it and move. This is your only warning, and quite frankly I have no ideea why warnings are even necessary. Bitcoin is not for idiots. That means you.

It's not changed since last year. It's never changing. Get lost.

  1. Here's a thought, dear aspiring investor : you make money investing not for any reason than because you add value. What value do you add following a crowd ? []
  2. Because that one guy every scammer hates said so every time someone asked for his opinion. Who knew his word carries enough weight to crush an entire coven of scammers!! Unfair! Scandalous!! []
  3. How this reminds of good ole GLBSE. This is exactly what the Pirate pass-throughs were all about. []
Category: Bitcoin
Comments feed : RSS 2.0. Leave your own comment below, or send a trackback.

2 Responses

  1. [...] compare this to the LabCoin scam, which Trilema covered in August. In the months after Trilema covered LabCoin “AMAZING COMPANY” became something of a [...]

  2. [...] full description of the usual way IPO scams are made, with the illustration provided by [...]

Add your cents! »
    If this is your first comment, it will wait to be approved. This usually takes a few hours. Subsequent comments are not delayed.