AuthorTopic: P O O F ! Goes The Crypto  (Read 18452 times)

Offline roamer

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Re: P O O F ! Goes The Crypto
« Reply #120 on: May 03, 2019, 08:09:23 AM »
Hmmm given that BTC has been fair indicator of dollar liquidity in past and we are headed towards USD liquidity crunch I might have to investigate some shorts...

Offline Eddie

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Re: P O O F ! Goes The Crypto
« Reply #121 on: May 03, 2019, 08:33:59 AM »
Hmmm given that BTC has been fair indicator of dollar liquidity in past and we are headed towards USD liquidity crunch I might have to investigate some shorts...



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Offline azozeo

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P O O F ! Goes The Crypto - CONgress bans Crypto, prices SOAR
« Reply #122 on: May 12, 2019, 12:11:16 PM »


U.S. Congressman Proposes Bill to Outlaw Cryptocurrency Purchases

https://www.cryptoglobe.com/latest/2019/05/u-s-congressman-proposes-bill-to-outlaw-cryptocurrency-purchases/
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Offline RE

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💸 Bitcoin price tanks less than a day after trading above $8,000 level
« Reply #123 on: May 17, 2019, 05:33:24 AM »
I wonder how Eddie's Crypto investments are doing?

RE

https://www.cnbc.com/2019/05/17/bitcoin-prices-after-earlier-trading-above-8000-level.html

Bitcoin price tanks less than a day after trading above $8,000 level
Published Fri, May 17 2019 1:22 AM EDTUpdated an hour ago
Eustance Huang
@EustanceHuang
   
   

Key Points

    As of 12:59 a.m. ET Friday, the price of bitcoin was at $7,215.79 apiece, according to data from Coindesk — a 10.1% drop in the last 24 hours.
    Similar losses were seen in other major cryptocurrencies over the same period. The price of Ethereum fell 7.97% to $241.33, while XRP plunged 15.4% to $0.399378.
    In the 24 hours from 12:42 a.m. ET Friday, data from Coinmarketcap.com showed the total market capitalization of the cryptocurrency industry falling more than 8%, with more than $21 billion wiped out in that time period.

GP: Bitcoin 181120
A visual representation of the cryptocurrency Bitcoin on November 20, 2018 in London, England.
Jordan Mansfield | Getty Images News | Getty Images

Bitcoin prices plummeted less than a day after the world’s largest cryptocurrency traded at levels above $8,000.

As of 12:59 a.m. ET Friday, the price of bitcoin was at $7,215.79 apiece, according to data from Coindesk — a 10.1% drop in the last 24 hours.

Similar losses were seen in other major cryptocurrencies over the same period. The price of Ethereum fell 7.97% to $241.33, while XRP plunged 15.4% to $0.399378.

In the 24 hours from 12:42 a.m. ET Friday, data from Coinmarketcap.com showed the total market capitalization of the cryptocurrency industry falling more than 8%, with more than $21 billion wiped out in that time period.

“This last drop was likely caused by a combination of profit-taking and also algorithmic trading compounding the swift fall,” said Jehan Chu, co-founder of Kenetic Capital. “We can expect these types of steep rises and drops to continue for some time until institutional investors grow market volume.”

“The key takeaway from the past few weeks is that with each of these surges, the overall interest and investment continues to expand around a growing core of real blockchain use and adoption,” Chu said.

The moves came just days after bitcoin more than doubled in price for 2019. Amid sizzling tensions between the U.S. and China in their protracted trade war, some even made the case that bitcoin was emerging as a global hedge against stock market movements.

The cryptocurrency industry, in general, has struggled to return to its levels from when a frenzy of interest from retail investors drove prices to all-time highs in late 2017 — before dramatically falling in 2018.

— CNBC’s Arjun Kharpal contributed to this report.
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Offline azozeo

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Re: P O O F ! Goes The Crypto
« Reply #124 on: May 21, 2019, 01:58:01 PM »

Why Outlawing Cryptocurrency Purchases is a Terrible Idea

A member of the U.S. House of Representatives last week called for a bill outlawing Americans from making cryptocurrency purchases, aligning with anti-cryptocurrency policies in countries such as Iran and Egypt. There is no language for this potential bill or any explanation of whether such a bill would ban Americans from buying cryptocurrencies, using cryptocurrencies to make other purchases, or both. Nonetheless, it’s a good moment to remind everyone why a bill outlawing cryptocurrencies is a terrible idea.

Attempts to ban cryptocurrencies are often rooted in fundamental misunderstandings.

Attempts to ban cryptocurrencies are often rooted in fundamental misunderstandings. One common refrain is that criminals use cryptocurrencies to facilitate illegal activity, and thus we should ban cryptocurrencies to hamper that illegal activity. This is wrong for several reasons: first, it ignores the many entirely legal uses for cryptocurrencies that already exist and that will continue to develop in the future. Cryptocurrencies have been used for a decade to store and transfer value with near-zero transaction costs and no need for intermediaries like banks. As more applications make holding and exchanging cryptocurrencies easier, everyday consumers are using cryptocurrency regularly for innocuous activities like buying furniture on Overstock.com and sending money to family members overseas. And innovation related to cryptocurrency technology is giving rise to more use cases: for example, some cryptocurrencies enable programmers to write computer programs (so-called “smart contracts”) that automatically transfer cryptocurrency to others upon certain conditions being met. These are just a few examples of the many potential uses of this technology that a ban on cryptocurrency would undermine.

The fact that a technology could be used to violate the law does not mean we should ban it. Notably, criminals have long used cash—which, like some cryptocurrencies, allows for greater anonymity—to aid in committing crimes. But we don’t call for a ban on cash as a result, and we don’t blame Ford when one of its cars is used as a getaway vehicle in a bank robbery. Nor would such a law likely stop criminals from using cryptocurrency, since criminals are, by definition, more willing to violate existing laws. Ultimately, banning cryptocurrencies would rob Americans of opportunities to access potentially significant technologies, and have no real impact on criminals abusing these tools.

We’ve seen this line of reasoning before. Critics of end-to-end encryption and Tor have claimed criminals can hide behind the privacy-protective functions of such technologies. But the increased anonymity and privacy-enhancing features of some cryptocurrencies are part of what make the technology so potentially important. To date, many cryptocurrencies are not terribly private; transactions are recorded on permanent public ledgers, and while users are identified with pseudonymous public keys, this is far less privacy-protective than using cash. There are promising new approaches to developing more private cryptocurrencies. However, none of those tools has yet reached the widespread popularity of Bitcoin or Ethereum. As the rise of privacy-protective cryptocurrencies begins to gain traction, it’s important we don’t let regulatory backlash prevent these tools from reaching people.

Our financial transactions paint an intimate portrait of our lives, often exposing our religious beliefs, family status, medical history, and many other facets of our lives we might prefer to keep private. Yet American laws do not adequately secure financial privacy. Rather, there is a patchwork of limited protections. These include the Gramm-Leach-Bliley Act (which requires banks to notify you about their information-sharing policies and give you some opportunity to opt out); the stronger California Financial Information Privacy Act (if you happen to be Californian); and the Fair Credit Reporting Act (which is primarily focused on credit and not financial transactions). That’s why new tools that people can use to protect the privacy of their own financial transactions are so appealing: they offer a technological solution to protecting consumer privacy when the legal rights aren’t as robust or enforceable as we would like. A bill banning cryptocurrency would cut off this pro-privacy innovation, chilling the development of new technologies that might protect financial privacy before they have any chance of being developed and widely adopted.

Cryptocurrency innovation also holds the promise of righting other power imbalances. There are millions of people living in the United States who cannot obtain a bank account because they don’t have appropriate government-issued identification, don’t have a permanent physical address, fear exposing their home address for safety reasons, or have a history of unpaid bank fees. The Fair Credit Reporting Act requires banks to tell consumers why they are denied an account, but doesn’t guarantee them a bank account. Cryptocurrency may eventually help many of these unbanked individuals get access to financial services.

Cryptocurrency is also naturally more censorship-resistant than many other forms of financial instruments currently available. At EFF, we’ve tracked numerous websites engaged in legal speech that faced financial censorship, often with little recourse. These include a social network for kinky people, a nonprofit supporting LGBTQ fiction, an online bookseller, and most famously the whistleblower website Wikileaks. Cryptocurrencies provide a powerful market alternative to the existing financial behemoths that exercise control over much of our online transactions today, so that websites engaged in legal-but-controversial speech have a way to receive funds when existing financial institutions refuse to serve them.

These ideas are not new. Censorship-resistance and privacy are attributes of cash, which people have enjoyed for thousands of years. Cryptocurrencies offer a pathway for bringing those attributes into our online world.

This is not to imply that cryptocurrency has achieved all of these goals. In fact, many watching the space have expressed frustration and skepticism about whether cryptocurrency can ever execute on some of the hopes of early adopters. But even the staunchest cryptocurrency critic should be concerned about how misguided regulation in this space might constrict the legal rights of coders.

As with many new technologies, the cryptocurrency ecosystem faces serious challenges. These include fraudsters taking advantage of people’s ignorance about technology to scam them, problems around achieving true decentralization of control, strong security in the applications built on top of cryptocurrencies, and the opportunity for entities holding cryptocurrency keys to abuse that access. These problems likely require responses that are technological and community-driven. In some instances, laws may be appropriate. But thoughtful laws regulating cryptocurrencies must focus on those who abuse the technology for fraud, not everyday consumers.

Crafting such laws requires a lot of care. Any such law would need to provide a significant on-ramp for emerging technologies, clear protections for anyone engaged in non-custodial services that technically aren’t able to exchange or take cryptocurrency from users without their participation, and strong protections for people who are merely writing and publishing code. These laws must also be technologically neutral, to avoid enshrining one particular cryptocurrency into law in ways that have unexpected consequences for projects with similar functionality.

Finding the right balance for regulating cryptocurrency requires that lawmakers protect consumer rights and foster innovation. Banning Americans from cryptocurrency purchases is short-sighted and anti-consumer, and falls far short of that standard.



https://www.eff.org/deeplinks/2019/05/why-bill-banning-cryptocurrency-purchases-americans-terrible-idea
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Offline azozeo

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Re: P O O F ! Goes The Crypto
« Reply #125 on: June 04, 2019, 12:25:49 PM »




ICOx Innovations Inc., which designs, builds and manages digital currencies so organizations can grow their businesses by attracting, engaging and retaining customers through the creation of their own digital currency, announced today a new customer, Cathio. Cathio is a public benefit corporation founded specifically in service of the Catholic economy.

Cathio is applying blockchain technology to offer an easy-to-use payment solution that responds to the needs of the Catholic community, non-profits, and institutions.

    Cathio was founded in 2018 and is working to transform the way the Catholic community moves money. By bringing innovative technology and best practices from the tech world, Cathio is providing a turnkey solution for Catholic organizations to bring their financial transactions into alignment with their beliefs. Cathio was created to address the needs of the Catholic church. –Cathio‘s website

    5 Ways the Catholic Church Can Use Blockchain Technology to Better Carry Out Her Missionhttps://t.co/4awA6jZwDv#blockchain#ethereum #bitcoin

    — Catholic Blockchain (@cathblockchain) June 3, 2018

    A blockchain-based charity and non-prot cryptocurrency, Catholiccoin seeks to provide an all-in-one solution to how we donate transparently on the Ethereum Blockchain. We are aware of the disruptive power of Blockchain technology and that the adoption of cryptocurrencies will significantly influence how we donate to charity in the future. As a result, Catholiccoin aims to play a tremendous impact on this innovative period of fundraising. –Steemit

“We are excited to announce our new customer Cathio, which will provide the first of its kind payment, remittance, and funding platform that will enable the Catholic economy to save money and position it to provide greater transparency of financial transactions and to connect the Catholic community,” said ICOx Innovations President Bruce Elliott according to anICOx press release.

    Through our ecosystem of services with a user-friendly interface, Catholiccoin connects the non-prot and charity community while enabling traceability and full transparency of donations. –Steemit

That’s a pretty big step for an entity as wealthy as the Catholic Church. While Cathio is attempting to make it very clear that this cryptocurrency will make payments and donations easier for Catholics worldwide, one can’t help but wonder just why they need more money, to begin with.

No one really knows how much wealth the Catholic Church controls, and the organization’s secrecy and obfuscation of the facts surrounding its wealth continue to confuse many. The Vatican’s cash flow is in the hundreds of millions a year, individual holdings in the Vatican Bank total perhaps $15 billion, property held by the Vatican may be worth over a billion dollars, and the Church owns the largest store of the world’s most priceless art.




https://www.shtfplan.com/headline-news/catholic-church-jumps-head-first-into-blockchain-technology-and-cryptocurrency_06032019
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Offline azozeo

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Re: P O O F ! Goes The Crypto - It's ZUCK BUCKS TIME !
« Reply #126 on: June 18, 2019, 02:04:59 PM »

FACEBOOK’S LIBRA

Facebook has officially announced details of its cryptocurrency, which it’s calling Libra.

The idea, like with pretty much every other cryptocurrency ever, is that it can be used to buy and sell products or services without having to rely on a credit card or bank account. It’s a huge step for blockchain visibility — not for any technological reason, but because Facebook is by far the biggest online network of people in the world, which means it can strongarm them into jumping on board.

At least, that is, if it has any user trust left after a spate of privacy violations, leaks, and election meddling scandals.
ZUCK BUCKS

To buy or sell Libra, you’ll have to go to a local exchange point, like a participating nearby store, third party resellers or via Calibra, the partnering app that will take care of Libra transactions. Facebook wants to “enable a simple global currency and financial infrastructure that empowers billions of people,” according to its white paper.

Facebook aims for Libra to be a “stable digital cryptocurrency,” backed by a reserve of real assets including bank deposits and securities to ensure that Libra’s value won’t fluctuate wildly like Bitcoin.

Facebook is also throwing its weight around with corporate partners including Uber, Spotify, PayPal, Visa, and Mastercard — each of which are investing $10 million, and which could offer a powerful network of entities that could actually accept the new currency.

Even big investment banks are excited about the prospect of an international digital currency.

https://wordpress.futurism.com/facebook-libra-cryptocurrency/
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Offline azozeo

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Re: P O O F ! Goes The Crypto - Witches & Crypto, you can't make this up
« Reply #127 on: June 18, 2019, 02:08:16 PM »
<a href="http://www.youtube.com/v/OqlxEmhGDKs&fs=1" target="_blank" class="new_win">http://www.youtube.com/v/OqlxEmhGDKs&fs=1</a>
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Offline azozeo

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Re: P O O F ! Goes The Crypto - Libra is Shady as HELL !
« Reply #128 on: July 01, 2019, 05:51:43 PM »

What is Libra?

It’s an excellent book by Don DeLillo, the American master. Published in 1988, it is a fictional account of the life of Lee Harvey Oswald, President John F. Kennedy’s eventual assassin. It’s better than White Noise but not as good as Underworld.

Liz.

Fine. It’s Facebook’s new cryptocurrency. The point is that you can send money all over the world with lower fees than if you were to engage, say, Western Union.

It’s shady as hell, though. You remember Tyler and Cameron Winklevoss? The twins from whom Mark Zuckerberg ripped the initial idea for Facebook? Yeah, so they have a cryptocurrency exchange called Gemini. As any astrology buff will tell you, both Libra and Gemini are air signs, and Geminis are stereotypically scarier than Libras. Gemini is the sign of twins and is associated with two-faced-ness. Plus, it’s a mutable air sign, which makes it somewhat unstable. Libra, as a cardinal sign, is somewhat more stable. Libra sees both sides; Gemini tries to be both sides.


https://www.theverge.com/2019/6/26/18716326/facebook-libra-cryptocurrency-blockchain-irs-starbucks
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Offline azozeo

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Re: P O O F ! Goes The Crypto
« Reply #129 on: July 09, 2019, 03:47:44 PM »

Buying and selling cryptocurrencies like bitcoin (BTC) is illegal in Iran, a senior government official declared, according to a report by local news agency Tasnim News on July 8.

Nasser Hakimi, deputy governor for new technologies at the Central Bank of Iran (CBI), said that bitcoin trading is not legal in the country, citing a related prohibition by a local anti-money laundering (AML) authority, the Supreme Council of Combating and Preventing Money laundering and Financing of Terrorism Crimes.

In an interview with Tasnim News, Hakimi warned the public against legal and investment risks associated with cryptocurrency trading, outlining a high level of bitcoin’s volatility. Alongside, the official also expressed concerns about crypto advertisements, bringing awareness of promoted bitcoin pyramid schemes in the public.

The official has also reportedly raised the issue of the need to draw a distinction between the production of cryptocurrencies and its trading.

In late June, Iranian authorities announced that they start cutting power to cryptocurrency mining until new energy prices are adopted, with a local energy official reporting an abnormal spike of electricity consumption allegedly caused by increased mining of crypto. As such, local prosecutors seized around 1,000 bitcoin miners from two now-defunct farms in late June, BBC reported.


https://cointelegraph.com/news/trading-bitcoin-is-illegal-in-iran-central-bank-official-warns
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Offline RE

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I wonder if Eddie got "the letter" from the IRS? ???

RE

The IRS is warning thousands of cryptocurrency holders to pay their taxes
Published 2 hours ago Updated an hour ago
Kate Rooney @Kr00ney


GP: Bitcoin logo is seen on an android mobile phone
Omar Marques | LightRocket | Getty Images

Key Points

    The Internal Revenue Service is sending letters to 10,000 digital currency holders who potentially failed to pay the necessary taxes or improperly reported taxes on their digital assets last year.
    In some cases, the IRS says taxpayers could be subject to criminal prosecution.
    “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” says IRS Commissioner Chuck Rettig.


If you own bitcoin or other cryptocurrencies, you might want to check your mailbox.

The Internal Revenue Service is in the process of sending letters to U.S. citizens who own virtual currency and potentially failed to pay the necessary taxes and to those who improperly reported taxes on digital assets last year, the agency announced Friday.

“Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” IRS Commissioner Chuck Rettig said in a news release. “The IRS is expanding our efforts involving virtual currency, including increased use of data analytics.”

The agency said it started sending out letters last week that by the end of August will reach 10,000 taxpayers. The list of names was obtained through “various ongoing IRS compliance efforts.” In some cases, the IRS said taxpayers could be subject to criminal prosecution.

Last year, popular trading platform Coinbase alerted 13,000 customers that it was complying with a court order to provide the IRS with information on accounts worth at least $20,000 from the years 2013 to 2015. The IRS did not say whether its mailing list was a result of the Coinbase disclosures.

Based on guidance issued in 2014, the IRS treats all virtual currencies — including bitcoin, ethereum and XRP — as property under U.S. tax law. That means that like real estate, the sale or exchange of tokens for other goods is a taxable event. And similar to stockholders, digital currency holders are required to report capital gains and losses from cryptocurrency trades.

Most trades count as short-term capital gains, which can be taxed at as high as 39% depending on income bracket. Those who hold bitcoin for more than a year and then sell it, however, are only liable for a long-term capital gains tax, which is levied at a significantly lower rate of 15% to 23.8%.

Rep. Warren Davidson, R-Ohio, a member of the House Financial Services Committee, is one of the relatively few lawmakers pushing for blockchain legislation that includes changes in the tax code. He and his co-sponsors introduced a bill earlier this year to exempt cryptocurrencies from federal securities laws that apply to traditional equities. The cryptocurrency tax issue has gained more attention recently in light of Facebook’s proposed digital currency Libra.
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Offline azozeo

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Re: P O O F ! Goes The Crypto
« Reply #131 on: July 31, 2019, 09:42:49 AM »




How bout' that shit. Pirate Bankster's hate cash  :coffee:
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
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Offline azozeo

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Re: P O O F ! Goes The Crypto
« Reply #132 on: September 15, 2019, 04:35:27 AM »


During the crypto bull market of 2017, everybody was happy. It wasn’t just the BTC maximalists, BCH enthusiasts, or proponents of ETH. Privacy coins like monero were doing great, and even charity-supporting “comic relief” coins like doge were riding high. Since that enchanted time, however, the diverse class of tokens known as altcoins has somehow faded into obscurity. Just recently though, the tectonic plates of alt-crypto deadlock appear to be rumbling, and change might be just on the horizon for the spare change of the crypto world.


The Lost Altcoin Conversation


https://news.bitcoin.com/cryptos-forgotten-altcoins-re-emerge-a-look-at-whats-happening/
I know exactly what you mean. Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world.
You don’t know what it is but its there, like a splinter in your mind

Offline RE

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💰 Five charged in alleged $722 million cryptocurrency Ponzi scheme
« Reply #133 on: December 11, 2019, 03:43:37 PM »
More POOF...IT'S GONE! for the Crypto Archives.

<a href="http://www.youtube.com/v/-DT7bX-B1Mg" target="_blank" class="new_win">http://www.youtube.com/v/-DT7bX-B1Mg</a>

RE

https://www.nbcnews.com/news/all/five-charged-alleged-722-million-cryptocurrency-ponzi-scheme-n1099511

Five charged in alleged $722 million cryptocurrency Ponzi scheme
"We are building this whole model on the backs of idiots," one of the alleged conspirators said of the purported multilevel marketing scheme.
Dec. 10, 2019, 7:22 PM AKST
By Andrew Blankstein

LOS ANGELES — Five men were charged Tuesday in connection with what federal prosecutors called a lucrative cryptocurrency scheme that fleeced investors out of $722 million in a business model that one of the defendants described as built "on the backs of idiots," according to court documents.

The 27-page indictment, unsealed in U.S. District Court in Newark, New Jersey, names Matthew Brent Goettsche, 37, of Lafayette, Colorado; Jobadiah Sinclair Weeks, 38, of Arvada, Colorado; and Silviu Balaci, whose age and residence were not immediately known, as part of a conspiracy to commit wire fraud. They were also charged with conspiracy to offer and sell unregistered securities.

"What they allegedly did amounts to little more than a modern, high-tech Ponzi scheme that defrauded victims of hundreds of millions of dollars," U.S. Attorney Craig Carpenito said.

Prosecutors allege that BitClub Network, which operated from April 2014 to this month, was built on soliciting money from individuals in exchange for shares of purported cryptocurrency mining pools and on rewarding investors for bringing in new clients. The group did not register shares sold with the U.S. Securities and Exchange Commission, the indictment alleges.

To bolster their business, Goettsche, Weeks and others conspired to solicit investments by providing false and misleading figures described as "bitcoin mining earnings," prosecutors alleges. Weeks and a fourth man, Joseph Frank Abel, 49, of Camarillo, California, created videos and traveled around the country and the world to promote BitClub Network, describing their firm as "the most transparent company in the history of the world that I've ever seen" and "too big to fail," according to prosecutors.

But behind the scenes, they appeared to combine greed, contempt for their investors and, at times, doubt about sustaining the scheme, according to prosecutors.

In February 2015, Goettsche directed Balaci to "bump up the daily mining earnings starting today by 60%," according to the indictment, to which Balaci is alleged to have warned "that is not sustainable, that is ponzi teritori [sic] and fast cash-out ponzi ... but sure."

Balaci told Goettsche not long after launching the company that their target audience would be "the typical dumb MLM (multi-level marketing) investor," according to the court filing. Months later, the complaint alleges, Goettsche told Balaci that "we are building this whole model on the backs of idiots" and that to "prove the mining ... just means convincing the morons Q."
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In September 2017, Goettsche sent an email to another alleged conspirator, suggesting that BitClub Network "[d]rop mining earnings significantly starting now" so he could "retire RAF!!! (rich as f---)," according to the indictment.

But court documents indicate that cracks were showing. Weeks remarked in an email to Goettsche and another accused conspirator in June 2017 that BitClub's selling shares and not using the money to buy mining equipment was "not right."

Four of the men were scheduled to make court appearances Tuesday. Authorities also are seeking a fifth man, whose identity was redacted pending his arrest.

If convicted, the defendants face maximum penalties of 20 years in prison and fines of up to $250,000 on the fraud conspiracy count. The charge of conspiracy to sell unregistered securities carries a maximum sentence of five years with a $250,000 fine.
Andrew Blankstein

Andrew Blankstein is an investigative reporter for NBC News. He covers the Western United States, specializing in crime, courts and homeland security.
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