The call went out on Twitter: “For insane profits come and join the pump.”
It was an invitation to a penny stock-style pump-and-dump scheme — only this one involved Bitcoin, the soaring, slightly scary virtual currency that has beckoned and bewildered people around the world.
While such bid ’em up, sell ’em off scams are shut down in the financial markets all the time, this one and other frauds involving digital money have gone unchecked. The reason: Government authorities do not agree on which laws apply to Bitcoin — or even on what Bitcoin is.
The person behind the recent scheme, a trader known on Twitter as Fontas , said in a secure Internet chat that he operated with little fear of a crackdown. -NY Times Dealbook blog
Just as I have mentioned that James Dale Davidson's CIA Rothschild connected Agora Inc of Baltimore
was behind bitcoin and their money laundering perations foer decades have cenntered on using U.S.penny stock shares that the SEC allows to dump uaudited amounts of on defrauded investors,so too the bitcoin software they promote particularly their boy in Argentina Doug Casey hve no safety nor guarantee that insiders can't crash or pump the price like a penny stock as they fraudulently claim.Note that the zerohedge
website of Max KEISER is part of the CIA Agora Inc crime fAmily and used CIA's and Emir's of Qatar'sAl Jazeera to lie about stocks being 'naked shorted' a few years back before the 2008 crash to promote that City of London CIA-Agora lie to distract from the fact worthless shres of American penny stocks they pumped and dumped collapsed iN price because of 'naked shorting' a completely fabricated lie.I ASKED AT THE TIME HOW ONE SAID 'NAKED SHORT SELLING'IN aRABIC BUT RECEIVED NO ANSWER.
Max Keiser ,Al Jazeera,Qatar promote Naked US Penny Stock Fraud
www.indybay.org/newsitems/2007/06/16/18427977.phpJun 16, 2007 - Does Max Keiser and Al Jazeera in Arabic have a translation for 'naked shorting' or 'naked short selling' (a term used only by and for a U.S. ...
UK Indymedia - Max Keiser ,Al Jazeera,Qatar promote Naked U.S. ...
www.indymedia.org.uk/en/2007/06/373856.htmlJun 17, 2007 - Does Max Keiser and Al Jazeera in Arabic have a translation for 'naked shorting' or 'naked short selling' (a term used only by and for a U.S. ...
CIA Zionist Max Keiser also in turn used indymedia to spread his and Agora Inc.'s et.al.'s 'naked short selling'lie at the time.No surprise he now promotes bitcoin like another penny stock :
Max Keiser for AJE: Market Manipulation, Naked Short Selling and ...
www.indymedia.ie/article/83174Jun 25, 2007 - In Max Keiser's "viewpoint" film for Al Jazeera English, he argues that hedge and mutual funds are manipulated to benefit brokers, bankers and ...
Revisiting boycott & hedge fund campaign against Coke - Max Keiser
Apr 19, 2009 - So what is naked short selling? This is an excellent three ... 18 April 2009 · Max Keiser on Aljazeera English tonight – Inside Story G8 special › ...
wolfblitzzer0: Agora Inc.,Doug Casey:CIA,NSA Behind Bitcoin ?
wolfblitzzer0.blogspot.com/.../agora-incdoug-caseyciansa-behind-bitcoin...Nov 20, 2013 - Why do these Agora newsletter writers and Doug Casey and the others.... use argentina :Liberty Reserve,CIA Rothschild, Agora Inc ,BITCOIN .
use argentina :Liberty Reserve,CIA Rothschild, Agora Inc ,BITCOIN
wolfblitzzer0.blogspot.com/2013/05/use-argentina-liberty-reservecia.htmlMay 28, 2013 - use argentina :Liberty Reserve,CIA Rothschild, Agora Inc ,BITCOINMONEY LAUNDERERS Doug Casey,Porter Stansberry,Bill Bonner,James ...
Guest Post: Argentines Escaping Capital Controls With Bitcoins ...
www.zerohedge.com/.../guest-post-argentines-escaping-capital-controls-...Mar 13, 2013 - We're seeing this first hand by the steady stream of Argentine ..... Why do these Agora newsletter writers and Doug Casey and the others ...
Doug Casey on Bitcoin and Currencies | Casey Research
www.caseyresearch.com/cwc/doug-casey-bitcoin-and-currenciesJun 22, 2011 - It's appropriate, however, that we're talking about Bitcoin – an Internet-driven .... Sort of like when the Argentine peso collapsed ten years ago.
Bitcoins gaining favor in Argentina | Peak Prosperity
Mar 13, 2013 - My friend Sir Charles at PricedinGold.com wrote me this morning fromArgentina's Salta province (near Doug Casey's lovely property in ...
http://dealbook.nytimes.com/2013/12/05/in-the-murky-world-of-bitcoin-fraud-is-quicker-than-the-law/?_r=0
In the Murky World of Bitcoin, Fraud Is Quicker Than the Law
BY NATHANIEL POPPER
Sandy Huffaker for The New York TimesSarah Melkejohn at the University of California San Diego in La Jolla, Calif.
The call went out on Twitter: “For insane profits come and join the pump.”
It was an invitation to a penny stock-style pump-and-dump scheme — only this one involved Bitcoin, the soaring, slightly scary virtual currency that has beckoned and bewildered people around the world.
While such bid ’em up, sell ’em off scams are shut down in the financial markets all the time, this one and other frauds involving digital money have gone unchecked. The reason: Government authorities do not agree on which laws apply to Bitcoin — or even on what Bitcoin is.
The person behind the recent scheme, a trader known on Twitter as Fontas , said in a secure Internet chat that he operated with little fear of a crackdown.
“For now, the lack of regulations allows everything to happen,” Fontas said in the chat, where he verified his control of the Twitter account, which has thousands of followers, but did not give his identity. He added that Bitcoin and its users would benefit when someone steps in to police this financial wild west, and would stop his schemes when they do.
Chinese authorities drew attention to the issue on Thursday when they announced that they were barring Chinese banks from making Bitcoin transactions. The same day, the Bank of France issued its own warning about the potential risks. The news sent the price of Bitcoin tumbling, but it quickly bounced back to near its all-time high of around $1,200.
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Bitcoins are little more than computer code — created according to a set algorithm and traded between online wallets using virtual keys. Some people insist that virtual currencies could become a revolutionary new form of payment in the real world. Bank of America became the first Wall Street bank to release research about Bitcoin on Thursday, noting that it could become “a major player in both e-commerce and money transfer.”
So far, though, Bitcoin has been driven up primarily by people who are betting it will rise and rise because there is a finite supply. The initial computer program established that only 21 million Bitcoins would ever be created.
Because there are no limits on who can buy Bitcoins, they have attracted investors of all stripes. The value of all the Bitcoins in existence is now more than $12 billion after a volatile surge increased the value by more than 1,000 percent over the last month.
But the excitement over this rapid ascent has obscured the fraud, hacking and outright theft that have become an increasingly regular part of the virtual currency world — even for the most sophisticated, legitimate players — and the lack of any visible response from law enforcement agencies.
This has allowed more than 30 episodes in which at least 1,000 Bitcoins — or $1 million at the current rate of exchange — were stolen or transferred illegally, according to a frequently updated list on the most popular online forum for Bitcoin. Of those cases, 10 involved losses of more than 10,000 Bitcoins, or $10 million at the current value. The authorities have only been publicly involved in one of these cases.
This week, the virtual currency world has been abuzz over a heist in which 96,000 Bitcoins — currently worth about $100 million — were said to be taken from an online marketplace known for selling illegal drugs.
Because of the murky nature of the virtual currency, thefts can be hard to verify. But the increasing stream of episodes underscores how quickly con artists can take advantage of new forms of investing and how slow the authorities can be in responding to emerging financial risks.
The association of state securities regulators put digital money on its list of the top 10 threats to investors for the first time this year. At a hearing last month, three federal agencies said they were carefully tracking virtual currencies for illicit activity.
But Judith M. Shaw, the top securities regulator in Maine, said that it was often hard to determine which authority should be cracking down on virtual currency fraud, or even what constitutes fraud in a market that some view as a giant bubble and others as the future of money.
“The jurisdiction has not been clearly established because it’s new uncharted territory,” Ms. Shaw said. “Everyone is just trying to figure out how this is all going to play out.”
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