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This will probably not make in the news anywhere else in the world but today CEO one of the Shitcoin/Crypto exchanges in Turkey bailed out to Thailand by stealing wallets of everyone. There are some numbers but it's been estimated at $2 billion worth of crypto got stolen. The reason why that random exchange had that much money is Turkey was going through a massive economic collapse for the last two years and crypto became the only investment that wasn't taxed by the government (because they couldn't, not because they wouldn't). For perspective, 1 Turkish moonbucks = 0.12 dollars, 1 Dogecoin = 0.33 dollars. I'm not sure if the 2 bil is correct but even conservative estimates are around hundreds of millions.
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Apr 22, 2021 02:22
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| # ¿ Apr 16, 2024 10:52 |
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Lmaoing at the people  -ing for the government to bail them out on the forums/social media. Also, added bonus: The CEO also stole critical id data of all users including scans of their national id cards of like hundreds of thousands people.
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Apr 22, 2021 02:49
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"The exchange, which has been operating since 2017, said in an undated statement on its website that it decided to allow outside investment to serve clients better. Services will remain shut for about five working days while the share transfer is completed, but users needn’t worry about their investments, it said." Funds are safe bro, don't worry just gonna restart the computer and be back in 5 days. Bloomberg has a very short English coverage if you want to have a look: https://www.bloomberg.com/news/articles/2021-04-21/crypto-users-bicker-after-turkish-exchange-abruptly-goes-silent
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Apr 22, 2021 02:59
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Was referencing to that video lmao. Welp, it's official that the guy made a runner. Exact amount stolen is unknown but the users are numbered at 310k. People before they got robbed: Crypto is the future maan, I quadrillioned my money, government can suck a fat one for trying to tax and regulate this poo poo. People after got robbed: The government has to send secret service agents to Thailand to bring back this man and our money How did this absolutely unregulated shitcoin "exchange" found by a guy who looks like he was an ice cream seller could do this to us. Also people saying things like "You should've used something trustworthy like Binance" or "You should've used [another scam exchange] here's a link to free dogecoins" is just 
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Apr 22, 2021 12:23
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Hello Sailor posted:they sold in the middle of a buying frenzy, idiot Lmao was going to post that yesterday. It seems like the first one caused people to cash in or transfer their wallets en-masse and suprise suprise the "exchanges" simply don't have the normie cash or legit (lol) to pay out people. The teeth gnashing from the true believers "this is not the fault of crypto " is just supernova critical and more exchanges are expected to follow.
Galewolf fucked around with this message at 14:47 on Apr 24, 2021 |
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Apr 24, 2021 14:41
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Also, congrats to the brother cashed out with a very tangible gain in expense of rubes.
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Apr 24, 2021 14:43
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xtal posted:What makes them different to the other rubes? Not much except a fully paid house.
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Apr 24, 2021 14:54
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Paladinus posted:It's Canadian dollars, people. Come on. The screencap shows USD, not funny money?
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Apr 24, 2021 14:55
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More like...shitcoin,amirite? 
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Apr 24, 2021 17:39
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Another "exchange" is reported to make a runner in Turkey. Current count is two confirmed, one "possible" and another one being under maintenance for two months.
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Apr 24, 2021 18:47
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EorayMel posted:I didn't know turkey is/was apparently a relatively large crypto hub, wtf is going on I'll try to be brief but it's basically a perfect storm of hyper-fast inflation, political instability and pure greed. So, Turkish moonbucks started to tank after friction between the US and Turkey over some political and strategic issues which were catalyzed by a tweet from Orangeman (and a "leaked" letter from him to Erdogan, ending with "Don't be a tough guy, don't be a fool!"). For reference, the exchange rate in Apr 2018 was 4 TRY = 1 USD, currently it's around 8.7 TRY = 1 USD. This caused the traditional investments instantly go full on red for everyone including the stock exchange so everyone started buying dollars which simply fueled the fire. The government then imposed taxes on purchase of foreign currencies as well as rumors of confiscating people's USD/EURO holdings which made people panic even more. Around these times, shitcoins became an alternative investment because a-) it was untaxed (tax system in Turkey is highly incompetent/corrupt that they simply don't check sudden surges of money due to inefficient bureaucracy), b-) the returns were so high that it legit protected your money against inflation rate of 20% (probably more due to living costs also skyrocketing due to USD) and c-) people simply heard other people making shitloads of money and confirmation bias kicked in. The problem was/is that Turkey clamped down on non-bank transactions such as banning Paypal so these "exchanges" started popping up. They usually offer ponzi-like deals such as if you enrolled more people they'd give you more shitcoins. The ability to invest in fractions and idea of tax free super gains of course attracted both desperate and greedy people. Currently there are 33 coin exchanges in Turkey that are not Binance and they are absolutely not ready for the massive spikes in gains so they are all in the poo poo due to people suddenly making 400% on Dogecoins. The news of government banning shitboins to be used in transactions also caused a massive withdrawal since people cannot buy poo poo instead of getting taxed. I want to feel sad about my fellow countryman trapped in a financial and social SAW movie but also maybe not buy 2 billion USD fake internet coins from a highschool dropout guy looks like he should be serving shisha in Blue Mosque cafes: 
Galewolf fucked around with this message at 20:36 on Apr 24, 2021 |
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Apr 24, 2021 20:34
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EorayMel posted:Thanks for the explanations. Also that guy reminds me of this: I honestly cannot tell if that's a satire or real, like at all.
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Apr 24, 2021 20:48
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Also, no scam is complete without sexy instagram influencers wearing provocative dresses in front of luxury cars.
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Apr 24, 2021 20:49
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BigBadSteve posted:Just like how it's saving Turkey currently. People posting "this is the best time to buy, it'll hit 75k after correction" on the forums while peoples entire life savings vanished during today's dip (dive?). If people panic sell, more "exchanges" will enter "technical maintenance" because USD is skyrocketing so people will switch to that. Off hours currency trade is always heavily spread by the banks to discourage buying frenzies but Monday opening can cause a wild ride if people  about exiting shitcoins and lmao all their money are on literal jpegs. I don't know if "legit" (lmao) bitcoin exchanges work like this but Turkish ones simply update your online wallet but don't actually buy crypto and hold small amounts as "active". That's how the 2 billion dude was able to haul everything because the numbers users saw were literally bunch of real-time updating charts and they never had the actual shitcoins. (I mean, it can be argued how actual banks work but, for example in the UK you are protected up to 85k by the government if your bank does a runner) We are talking about people who don't know English or a little so they are following bunch of people who read reddit crypto boards, which is psychotic now it's written down. Galewolf fucked around with this message at 23:19 on Apr 25, 2021 |
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Apr 25, 2021 23:17
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Year 2037, the worlds polar caps melt and the surface of earth is ravaged by scorching bushfires to power the bitcoin mines. One last goon falls into a Parisian catacombs full of skulls and a skeleton arm touches his shoulder: "My man, it's just the market correction...."
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Apr 27, 2021 11:28
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Lmao I thought MTG Online and it's variants are dumb and you literally paid real money for jpegs but paying jpegs of jepgs of cards is just some next level.
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Apr 29, 2021 08:41
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"Uhm, guys, maybe we shouldn't funnel gigawatts of electricity generated through burning of fossil fuels to have NFTs of Sexy Garfield with Boobs  ""You boomers just fear the change, the future is now, old man "Jesus H Christ, we're all going to die. 
Galewolf fucked around with this message at 12:10 on Apr 29, 2021 |
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Apr 29, 2021 12:08
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Enjoy hyper tornados consuming the east coast, boomer, while I book a ticket to Mars on E-LON 1 rocket with Dogecoins I mined by burning the last oak tree in the world
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Apr 29, 2021 13:01
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Lol
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Apr 30, 2021 13:22
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Can you even talk about shitcoins unless you are personally saving dolphins from fishers nets??? Dumb Goons = 0 Bitcoin = 1
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Apr 30, 2021 13:23
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Lmao, I can't believe someone actually, unironically making "so what do YOU do for the environment?" in tyool 2021 about bitcoins holyshit.
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Apr 30, 2021 13:27
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I'm bitcoinly active and now have a rash in my dick.
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Apr 30, 2021 15:42
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Welcome back, xtal, your 24 probe saved some carbob emissions allowance so you can shitpost about shitcoins for exactly 0.34 hours.
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May 3, 2021 15:15
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Lmao, nice avatar change from your crypto gainz.
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May 3, 2021 15:16
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The world makes absolutely no sense anymore, jfc.
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May 4, 2021 18:35
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I mean, yeah, the stock exchange is equally make-believe money that ruins the lives of everyone in the world in like 20 year intervals but at least there is like an iota of "cause and effect" is there such as oil prices, political stability and whatever. This is pure nonsense and it hurts my caveman brain.
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May 4, 2021 18:46
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I recycle my cans and in return directly dump toxic waste into the mouths of humpback whales, choose your battles guys!
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May 4, 2021 21:32
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Bitcoiners multiplying like a hydra, goddamn.
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May 4, 2021 21:32
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Stanley Pain posted:i'm paying off my mortgage. how's your day going? Congrats on funding the objectively heinous crimes in the world,.
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May 10, 2021 15:39
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Cirrhosis Johnson posted:No matter what happens, my life will be infinitely more fulfilling and successful than yours, and that makes me very excited. I guess we all have things to look forward to. Two pages late but lmao what a fuckin weirdo holy poo poo crypto literally gives people brain worms.
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May 17, 2021 09:17
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Melon Tusk is such a dweeblord that it hurts my brain.
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May 19, 2021 19:17
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I mean, close the thread guys. If it's rising, it's "U jealous poors?" if it's taking a dive "I made seven trillion by putting shorts / it's a sale!". Like, goddamn.
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May 19, 2021 19:19
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kw0134 posted:Have you ever used a wire transfer? I had to do it to move large sums of money and let me tell you, it's a very nerve wracking experience knowing you can totally send $texas into a random account with essentially no recourse. Oh, hey, I don't get to buy a house because I sent it to Belize by accident. A Turkish guy got robbed like two days ago a cool $100k because his gmail got hacked and they spoofed his phone number binance key generator. Like, it's gone...that's it. No FSCS cover up to 85k, no transaction rollback or hell, no one will call you to say "ayo did you approve this sudden transaction".
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May 19, 2021 22:58
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"Bitcoin expert"
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May 20, 2021 19:18
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I just wanted to say without the brain damaged crypto goons, this thread would be less funny. Lmao, cryptographer.
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May 25, 2021 10:57
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vonManstein posted:https://www.theguardian.com/media/2021/may/26/time-to-buy-bitcoin-adverts-banned-uk-asa Also, isn't the literal worst time to buy shitcoins (which is all the time bjt for the sake of the arguement) if you see it on the ads like thin in London?
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May 28, 2021 09:14
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Funds are safu.
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Jun 11, 2021 13:52
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Mercury_Storm posted:How the hell is putting Tether on anything not a "THIS IS FRAUD" black mark a this point I'll only have organic dollars so I'll be passing on that one.
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Jun 11, 2021 22:18
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punishedkissinger posted:Can you imagine being a company that accepts BTC as payment? How much revenue did we pull this month? $400k, no wait, $200k, no wait Lmao @ Tesla sold cars when Bitcoin was at 65k.
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Jun 22, 2021 12:27
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| # ¿ Apr 16, 2024 10:52 |
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I don't know how the real situation with Musk but his ~*Master of Coin*~ saying "Yeah, let's just hold because this poo poo is going to the moon bro" when it was at 60k and that poo poo dropping to 30k is never not going to be funny.
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Jun 22, 2021 12:35
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