Ponzi schemes shut down.

[Tommy T.]

6 minutes ago, Jack Peterson said:

To a large degree, I can (said with tongue in cheek) understand the aforementioned unsophisticated and again to a degree Partially Educated or uneducated people  Doing the wrong thing BUT Educated and prime Job holders getting caught out with their trousers down, Unbelievable  

One of L's co-teachers made a lot of money with KAPA. Then he was later telling others - including L - that it was a good "investment" but that there were risks. In other words, he was pushing it but trying, at the same time, to cover his ass with his comments.

Think of all those educated, etc. individuals in USA who got caught pants down by Meinhoff? Then there was one of the biggest scams possibly of all with the 2008 Great Recession brought on largely by "investment" in derivative securities based on sub-prime loans. The system was so convoluted that even professionals got caught up in it and many were confused.

But, to me, what bothers me the most is when someone - like that co-teacher - tells fellow teachers, who earn somewhere between 18-30k/month (approx), that he made millions... you can feel their eyes widen and nostrils flare as they sense a way to get rich... so sad...

[Jack Peterson]

2 minutes ago, Tommy T. said:

he was pushing it but trying, at the same time, to cover his ass with his comments.

  True pyramid style where only the very early ones get a good bite at the cherry But...............................

[Tommy T.]

5 minutes ago, Jack Peterson said:

  True pyramid style where only the very early ones get a good bite at the cherry But...............................

Yup... exactly... For everyone else, it's the pits (pun intended!).

[hk blues]

22 minutes ago, Jack Peterson said:

 Tom you may remember that early on in this Topic I told of a consortium of Coworkers of my Wife Paid in a Little over 1 Million pesos to the Kapa issue and now Bank Accounts are closed they are never going to get any return, Thing is, that 4, of the 8 concerned have really over stretched themselves in Investing, ( if you can call it that) that foreclosures notices have been issued as they are so far behind that there was no hope of Recovery, To a large degree, I can (said with tongue in cheek) understand the aforementioned unsophisticated and again to a degree Partially Educated or uneducated people  Doing the wrong thing BUT Educated and prime Job holders getting caught out with their trousers down, Unbelievable  

I agree that educated people are also susceptible to "get-poor-quick schemes"  and in some ways even more so because they are likely to have access to more funds to invest and also more likely to want a better return on their cash.  That said, it beggars belief that people continue to fall for such schemes despite all the negative publicity around.   

[Tommy T.]

15 minutes ago, hk blues said:

despite all the negative publicity around.

I noticed lately - at least where I read most Philippine news - that there has been little to no news about KAPA at all, or the people involved. The last I saw was that they were to be arrested, then there were some pleas to allow more time for them to explain themselves... Anything new of interest?

Edited July 26, 2019 by Tommy T.

[Dave Hounddriver]

8 minutes ago, Tommy T. said:

little to no news about KAPA

The wheels of justice turn very slowly in the Philippines.  Here is the latest I can find. Funny how "grease" can actually slow the wheels so that it can take a decade or more to arrive at a decision. I am not saying that is definitely happening here but it is normal for justice to be slow.

[Tommy T.]

9 minutes ago, Dave Hounddriver said:

The wheels of justice turn very slowly in the Philippines.  Here is the latest I can find. Funny how "grease" can actually slow the wheels so that it can take a decade or more to arrive at a decision. I am not saying that is definitely happening here but it is normal for justice to be slow.

Thanks for the update, Dave. Yeah... you are right... the wheels are turning slowly. I already noticed that here. Interesting some of the language used (guise being one of them)...

But they do seem to be turning. I would like to see some of the "investors" who lost out at the last step up to complain. Hopefully they won't be bribed into silence? At least that scheme is shut down...for now.

[Mike J]

18 hours ago, robert k said:

I don't like the way the bitcoin exchanges handled the situation after they were hacked. Taking a little from everyone's account, doing it before letting anyone know they were doing it

Interesting, I was not aware of this.  Can you point me to a source for additional information?

[robert k]

11 minutes ago, Mike J said:

Interesting, I was not aware of this.  Can you point me to a source for additional information?

I was speaking of Poloniex. I believe the claimed repayment was the issue of a "chip" that if bitcoin ever grew it's way out of the loss, you would get your value back, but didn't include the years of earnings you would have made from your bitcoin in the exchange. This is a place to start to learn about bitcoin hackings. https://coinsutra.com/biggest-bitcoin-hacks/ The exchange lost 12.5%!

[earthdome]

On 7/26/2019 at 6:16 PM, robert k said:

I was speaking of Poloniex. I believe the claimed repayment was the issue of a "chip" that if bitcoin ever grew it's way out of the loss, you would get your value back, but didn't include the years of earnings you would have made from your bitcoin in the exchange. This is a place to start to learn about bitcoin hackings. https://coinsutra.com/biggest-bitcoin-hacks/ The exchange lost 12.5%!

That is why any crypto currencies you have on an exchange which are not being actively traded by you should be moved to a private wallet that you control the keys for rather than leaving it on an exchange. As the saying goes for crypto currencies. Not your keys not your crypto. Of course there are risks to holding your own keys where you can lose them so best do your research and understand the risks of both and how best to protect your crypto assets.