Ok. I admit I was wrong. Sadly now is too late for buying :(
Trump Becomes First Sitting U.S. President to Enter North Korea: In Pictures https://www.bloomberg.com/news/photo-essays/2019-06-30/trump-is-first-sitting-u-s-leader-to-enter-north-korea-photos
Wow. Gonna be an interesting week.
Huawei off the list......
Bitcoin investment scam steals tens of thousands from couple as cryptocurrency losses skyrocket
By Jordan Hayne
Updated 27 minutes ago
Photo: The Yeomans family had invested tens of thousands of dollars in cryptocurrency, but it was all a lie. (ABC News: Jordan Hayne)
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Nick Yeomans and his wife Josie thought they had hit the jackpot when a Bitcoin investment they made tripled in six months.
ACCC says Australians are losing more money to cryptocurrency investment scams
Canberra couple warns they were drawn into a sophisticated scheme over more than a year
The couple were able to withdraw thousands of dollars, but lost tens of thousands more
To the amateur investors, the cryptocurrency trader they had found, Coinexx.org, seemed too good to be true.
Slowly, they poured more money into their account, and were met with greater returns. They convinced a family member to match their investment of more than $20,000.
But once they had no more money to give, their fees grew, their returns shrunk, and roadblocks were placed between them and their money.
Then they got a message.
"Let me save you the stress, cus (sic.) you've been through a lot already. Coinexx is a scam. Everything and everyone involved are the same," it said.
"Don't bother about trying to get back your money. Just focus on getting money to take care of your family."
Photo: After sinking into debt to pay account fees, Mr Yeomans received this message. (Supplied)
Immediately afterwards the company ceased all communication with them.
"I doubled over, and I just felt sick. I was like, 'we're f***ed'. That's it. That's all I thought," Mr Yeomans said.
"We're left here with nothing, with no income, and with lots of debt, the debt has high interest, I thought 'how are we going to get out of this?'
"I just wanted to cry."
The Canberra couple are among a growing number of Australians falling victim to investment scams lurking behind the volatile cryptocurrency market.
According to the Australian Competition and Consumer Commission (ACCC)'s Scamwatch, investment scams involving Bitcoin and other cryptocurrencies have increased markedly in 2019.
By May 31 Australians had reported more losses to investment scams mentioning cryptocurrency than they had for all of 2018.
Everything seemed fine at first
Mr Yeomans said he was initially sceptical when introduced to Coinexx.org (not to be confused with Coinexx.com) through a Facebook group.
He decided to risk money on what he was "expecting to be a scam".
But, to his surprise, Coinexx took a $1,400 payment and delivered more than $3,700 within six months.
After creating an account, Mr Yeomans was given a login to the company's website, where he could ostensibly monitor his investment's growth.
Photo: The Coinexx.org website appears to offer eye-watering returns on investment. (Coinexx.org)
While at first glance the website appears legitimate, closer inspection raises red flags — pricing plans contain grammatical errors, and the small investment company lists the building that houses the London Aquarium as its headquarters.
But over several months the couple became reliant on payments from the company, Mr Yeomans quit his job, and they restructured their finances around Coinexx.
"From previous experience and what you expect to see or recognise as a scam, a lot of things weren't there," Ms Hamill Yeomans said.
"I really didn't expect it to happen for such a long period of time.
"In terms of energy, just putting so much into it. Having the energy to speak to you every day, let you know what's going on, especially when nothing really is going on. It's such an incredible amount of detail to go into."
'It's hard to believe it's a scam if they're paying you'
As it turned out, the Yeomans family were likely caught up in one of the oldest scams in the book: The Ponzi scheme.
"The description of the scam and text message exchange provided by the victims have the appearance of a Ponzi scheme," a spokeswoman for the ACCC said.
However she said the ACCC had received no complaints about Coinexx.org.
Photo: The couple were given a login where they could track their "investment". (ABC News: Jordan Hayne)
Instead of taking their money and growing it legitimately by trading Bitcoin, Coinexx.org instead would likely have paid them a share of other peoples' investments.
"They build up trust by doing the right thing — by keeping their word up to that point, but it was just such a long period of time," Mr Yeomans said.
"It's hard to believe that it is a scam if they're paying you."
Like many similar schemes, Coinexx.org's account manager encouraged them to join up friends and family members, with the goal of sourcing more money to flow through the scam.
Do you know more about this story? Email email@example.com
But the couple said, to them, it appeared as though an emerging business was simply trying to generate more customers.
"We were living this lifestyle, that this investment had given us, of course, why wouldn't you want to be able to share that?" Mr Yeomans said.
Once the couple were bled dry, the scam stung
The couple and a family member had invested more than $43,000 with Coinexx.org, and become reliant on its payments by the time they were suddenly blocked from their money.
It started with a request for an additional withdrawal fee "to comply with regulations".
"It all sounded above board, they said 'so that we can comply with the law', and I thought 'that sounds fine, you're complying with the law, I respect that'," Mr Yeomans said.
The couple, having already sunk their savings into the investment, took out a loan, believing they could pay it back instantly once the fee was paid.
It was the first of several excuses provided by Coinexx.org, and the first of several requests for additional payment — many of which were met.
Could this be your online lover?
"Hey baby!" The screens light up and the scammers start their day, swapping sex and sweet nothings for money.
"When it has become your main source of income, and it's been so reliable as well, you're just trying to think of how you can solve this problem that you're faced with, because you're trying to provide for your family, you're just trying to secure your income," Ms Hamill Yeomans said.
By the time they learned they had been sucked into a scam, the family had sold possessions, were behind on their rent and bills, and taken out short-term loans.
They were notified of the scam after the couple sent an email, begging for their funds to be released.
"She sent me a message and said look, 'I just want to save you the stress, this whole thing's a scam, you've been scammed, you're not getting your money back, just try and look after your family'," Mr Yeomans said
"It's not just the money that we lost … it's the whole future that we had built on this thing.
"We were building our business, we were expanding, everything was looking really good, it was looking like we were going to be able to take our family on a trip to Japan, and we were going to be able to be self employed and be able to provide an abundant life for our kids.
"That whole future collapsed."
The ABC contacted the WhatsApp accounts the Yeomans family dealt with, but did not receive a response. One of the scammers deleted Coinexx branding from their profile after being contacted.
Mr Yeomans said he and his wife had since taken moves to get back on their feet financially.
"We don't have time to feel sorry for ourselves, we've got other people relying on us, we've just got to get to work," he said.
"So that's what we did."
Topics:fraud-and-corporate-crime, internet-culture, information-and-communication, law-crime-and-justice, corruption, canberra-2600, act, australia
Yes 1000 $ day swings the norm
A Tokyo-based cryptocurrency exchange, Remixpoint, reported losing more than US$32 million in an apparent hacking attack. It said its subsidiary, BITPoint Japan, discovered the digital currencies had gone missing overnight. The cryptocurrency disappeared from a so-called "hot wallet".
BTC rocket stall warning flashing..... TP9K
Bitcoin vs Libra: Here are the key differences between the two cryptocurrencies
PUBLISHED FRI, JUL 19 2019 12:30 AM EDT
Libra and bitcoin are different in a lot of ways, from the technology behind them to the way they’re used.
CNBC runs through the key differences between the two.
GP: Facebook Libra 190718
A visual representation of a cryptocurrency coin on display in front of the logos for Facebook and Libra.
Chesnot | Getty Images
Facebook has made headlines of late with its plans to create a cryptocurrency.
The social media company has been forced to defend the project on Capitol Hill, amid regulatory concerns around data privacy and potential illegal usage, while the G-7 has warned it poses “serious” legal risks.
It’s an experiment in monetary systems for the digital age, and has inevitably been compared to popular cryptocurrencies like bitcoin. However, many experts question whether Libra can even be called a cryptocurrency.
Other than the fact that they both come with a white paper and are referred to as cryptocurrencies, Libra and bitcoin are actually very different. Here’s a rundown of the key differences between the two.
One of the biggest differences lies in the underlying technology behind both currencies.
With bitcoin, transactions are recorded anonymously on a public ledger known as the blockchain. It’s essentially a database maintained by a network of computers, on which transactions are secured in such a way that makes it virtually impossible to tamper with.
Libra also uses a form of blockchain, or distributed ledger technology. But unlike bitcoin, Libra’s blockchain is permissioned — at least for now — meaning that transactions can only be added to it by a group of trusted parties.
That’s where the Libra Association, a Switzerland-based consortium of companies including Visa and Uber, comes in. Each of the nonprofit organization’s members have invested a minimum of $10 million into the project.
“Libra will create a centralized structure governed by an unelected ‘association’ composed exclusively of large institutions who have purchased their voting rights,” said Ido Sadeh Man, founder and president of the Saga Foundation, a cryptocurrency firm that counts J.P. Morgan Chairman Jacob Frenkel as an advisor.
It’s different to bitcoin’s network, which can be accessed and maintained by anyone with decent enough hardware and access to the internet.
“Cryptocurrencies are defined by their lack of reliance on trusted intermediaries,” Peter Van Valkenburgh, director of research at the cryptocurrency policy think-tank Coin Center, said in a recent blog post.
“We believe that Libra is not a cryptocurrency because of its use of a permissioned ledger and its reliance on a trusted issuer to hold and manage a fund of assets that back the currency.”
Different use cases
Bitcoin’s white paper describes the virtual currency as a peer-to-peer payment system, allowing people to exchange money without going through a bank.
It’s commonly used today as a form of investment, with the term “HODL” being a common slang phrase in the industry to describe buying and staying invested in the cryptocurrency for the long term. It’s frequently been referred to as “digital gold. ”
Libra’s primary purpose is to be used in cross-border payments and money transfers. The currency is tied to a basket of government-backed currencies and other assets, to avoid the volatile swings often seen in cryptocurrencies like bitcoin and ether.
Referred to by many in the industry as a “stablecoin,” Libra is aimed at maintaining a stable value. David Marcus, the Facebook executive leading the blockchain initiative, has previously said it will work “more like a traditional currency” than a cryptocurrency.
“Bitcoin and Facebook’s Libra both represent stages in the evolution of currency but in starkly different ways,” Charles Hayter, co-founder and CEO of digital currency comparison platform CryptoCompare, told CNBC.
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“Bitcoin is permissionless, fully decentralized, deflationary and volatile. Libra is permissioned, more centralized, governed by supply and demand and pegged to fiat currencies.”
What Hayter means by “governed by supply and demand” is that Facebook and its partner companies can adjust the supply to match a quantity of other assets held in reserve, effectively maintaining a stable price even when demand changes.
Bitcoin on the other hand has a fixed supply. The total number of bitcoins that will ever be minted is “hard-capped” at 21 million.
“Bitcoin supply is fixed and cannot react to the market’s demand,” the Saga Foundation’s Sadeh Man said. “Libras are created or burned when one of Libra’s authorized resellers deposit or withdraw money from its reserve.”
Different regulatory questions
Facebook’s currency has taken the spotlight when it comes to talk of regulating cryptocurrencies. But some worry the company’s blockchain project could be lumped in with other digital assets by regulators.
That would be problematic given the difference between Libra and a digital currency like bitcoin. Whereas bitcoin rules out the need for financial intermediaries, Libra’s model is reliant on the entities which form the Libra Association, Coin Center’s Van Valkenburgh said.
“A system without intermediaries is a system without intermediary risk, and thus no need for regulation aimed at safeguarding against the types of risk presented by intermediaries,” he said.
The Libra Association currently consists of 28 founding members, according to the Libra white paper, and is hoping to reach 100 members by the time the currency launches. The token is slated for launch in the first half of 2020.
Though bitcoin’s network involves so-called “miners” who record transactions, it wouldn’t make sense to regulated them as they aren’t trusted custodians of user funds, Van Valkenburgh said. Cryptocurrency exchanges and wallets on the other hand do require regulatory oversight, he added.
Facebook faces grilling in House committee hearing on Libra
Questions around how Libra would fit into existing financial regulations were raised at Wednesday’s hearing. Facebook’s Marcus was grilled on whether Libra could be considered a financial security, which he said could not be the case. But Marcus said it could possibly be considered a commodity.
Securities and Exchange Commission Chairman Jay Clayton last year told CNBC that cryptocurrencies like bitcoin could not be viewed as securities. Cryptocurrencies are “replacements for sovereign currencies” like the dollar and the euro, he said.
Regardless, if Facebook and its partners do manage to overcome the regulatory hurdles that have accompanied Libra, the currency “will undoubtedly have an enormous impact on the global economy — possibly eclipsing that of bitcoin,” CryptoCompare’s Hayter said.
For Andy Bryant, chief operating officer of cryptocurrency exchange bitFlyer’s European business, Libra could start to convince people there are “other ways” of storing value than using fiat currencies like the U.S. dollar. “If that’s all that Libra achieves, I think it will be a great step forward,” he said.
Fed's Bullard sees cryptocurrencies shifting U.S. financial system
2 MIN READ
FILE PHOTO: St. Louis Federal Reserve Bank President James Bullard speaks at a public lecture in Singapore October 8, 2018. REUTERS/Edgar Su/File Photo
NEW YORK (Reuters) - Cryptocurrencies are changing the U.S. currency system in ways that may facilitate illegal activity and instability in prices, St. Louis Federal Reserve President James Bullard said on Friday.
“The current situation could be described as a drift toward a non-uniform currency in the U.S.,” Bullard said in a presentation prepared for delivery at an academic conference. “One suspects that consumers and businesses will not like a non-uniform currency in which many types of currency trade simultaneously at a variety of prices in a local market.”
While it is possible for multiple currencies to exist simultaneously and lead to more voluntary transactions, “in the real world, some of these now-enabled transactions may be illegal or quasi-legal,” he said.
He added: “Cryptocurrencies may unwittingly be pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange.”
Bullard’s comments come as regulators are struggling with how to address a wave of newly created digital “currencies” being used to raise funds for businesses, among a host of other uses.
Fed Chairman Jerome Powell said earlier this month that plans by Facebook Inc to build a digital currency called Libra “cannot go forward” until serious concerns are addressed, comments that pressured the project and dented the price of the original cryptocurrency bitcoin.
Reporting by Trevor Hunnicutt; Editing by Andrea Ricci
Our Standards:The Thomson Reuters Trust Principles.
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Interesting comparison of BTC and Libra. I guess if Facebook really knows how crypto work.
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Isn't the last post spam?
on mover again 10400
i dont think so digital age is unfolding up %300 since xmas