Mavrodi entered the world market: MMM bitcoin pyramid is ...

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Ethereum’s Popularity Problem: Fees are Surging

By Andy Boyan
There’s a common gripe among Ethereum users these days —gas is too damn high. Transaction fees are surging as Tether continues to move to the second-largest blockchain network.
Fees paid on the Ethereum network have surpassed 500 ETH every day since April 15, according to Etherscan. That’s the longest stretch since three months at the height of the latest crypto bubble, between December 2017 and March 2018. What’s more, total daily fees paid have breached 2,000 ETH three times in May, a level that’s been crossed a few dozen times in all of Ethereum’s five-year history. The average for the past week was at 1,700 ETH.

Image source: Etherscan
Tether (USDT) is the main culprit. Users have paid almost $1.4M in the past 30 days for using the stablecoin, according ETH Gas Station. Much of that activity is coming from exchange-to-exchange transfers, which signals arbitrage trading. There are also several ponzi scams that make up the top seven spots including noted pyramid scam MMM, which continues its long program of ponzi scheming.

Financial Layer

While frustrating for end-users, higher fees are a sign the network is getting used as a financial settlement layer. Dexes and stablecoins account for about half of the top 25 projects.
Another positive: high fees are a sign Ethereum’s transition to proof-of-stake will be sustainable. Fees are higher than expected rewards for PoS validators, Vitalik Buterin said earlier this week. Building an attractive staking yield is critical to maintaining decentralized and robust network security, according to a March report by Delphi Digital.
Read more
submitted by Shudip_477 to DefinityLabs [link] [comments]

CNY - USD spread is completely due to MMM. The Russian Mavrodi is the only one who is evading capital controls via Bitcoin.

Chinese citizens have been duped into this MMM scheme. The Chinese buy Bitcoin on all the Chinese exchanges in order to participate in this 100% returns a month MMM ponzi. The operators of the ponzi are Russian. Him and his friends do not want CNY in a Chinese bank that is useless and stuck there. That is why the scammers move the Bitcoins to an exchange like Bitfinex and BTC-e who do not do proper KYC and sell into USD and withdraw it there.
That is why BTC is 10% more expensive in CNY trading at $420 than it is in USD at Bitfinex / BTC-e where it's trading at $380. There is no mass wave of Chinese looking to escape capital controls through Bitcoin at a loss of 10%. Nor is there a ton of Chinese who suddenly wanted to HODL BTC. The only person moving money out of China is this one guy / group who are taking the ponzi profits out and couldn't not care less about losing 10%.
The spread between CNY and USD has been increasing from 2% premium to 10% because the ponzi has been growing in China, while at the same time the guy cashing out has become more aggressive in selling on the USD exchanges known for soft KYC with his exit. You can't find these criminals on the Chinese exchanges. There, it's many people buying a little bit of bitcoin. But you can find these disgusting criminals by checking the wires out of the USD exchanges where he and his group are now cashing out.
The reason the price rallied was because Chinese people kept buying Bitcoin during the day in order to enter the MMM. The coins went to these operators who HODL'ed. And now the price is collapsing is because these operators are dumping quickly as this scheme hits the media globally.
So the whole Chinese people evading capital control thing? No there's nothing there. This is due to one guy who wants to avoid capital controls and because he's foreigner running a ponzi scheme in China and wants to get the money out in USD. The Chinese people probably quite enjoy living in China at 7% GDP growth, and are liking the country's rise in the world.
submitted by cnyusdspread to Buttcoin [link] [comments]

[Confidential] Planning for F*-Day

Guys, we should start detailed planning for F*-day.
Below is a very rough draft of the script for the upcoming bit-coin fork, as proposed by the Field Op managers at last week's meeting. Read it carefully and bring any suggestions etc. to the next meeting [Note 0]. Special Agents Neckbeard, SwampThing, NakaTuring, and BitSavior will be receiving additional details through the usual channel (if the backlog clears in time).
All times are UTC of F*-day. You must all have received a Chinese fortune cookie at the Friday brunch with the date; please keep it secret. (Harry, the janitor says that you left yours on the table; please see him ASAP.)
[Note 0] The next Field Ops meeting may be delayed since His Scaliness the Sub-Vice Lizard showed up for a snack and we are now looking for a replacement Secretary. Please keep your cochlear implants tuned for further announcements.
[Note 1] All values and coin amounts in these minutes have been computed with a javascript implementation of the Solidity bistromathics library, with sinking-point arithmetic, in order to confuse any enemy agents who may be reading this forum.
submitted by jstolfi to Buttcoin [link] [comments]

My post was removed from /r/bitcoinmarkets

I'll repost it here.
It's always important to comprehend that most Bitcoins are not in circulation and may have simply been lost. As a result, the true market cap of Bitcoin is smaller than we imagine it to be. It's estimated that 20% of bitcoins have been lost. This means the true market capitalization of Bitcoin is closer to 147 billion dollar, than to 184 billion dollar.
Of the 147 billion dollar worth of Bitcoin, most have been gobbled up by a small minority of early adopters. Estimates are that 4.8 million bitcoin are held by 1000 individuals. The rest of the population competes over ownership of a fraction of the total supply. As a result, comparatively minor changes in demand for Bitcoins, lead to tremendous explosions in price.
If you take the above facts into consideration, you will understand that the various scams that operate in this market can execute tremendous influences on the price of a bitcoin. If you think carefully, you'll also understand that this will prevent genuine widespread adoption. Eventually you run out of people who want to participate in a project where their perpetual subservience to a small minority of early adopters is guaranteed from the start.
A number of Ponzi schemes are based on Bitcoin, or have migrated to Bitcoin to escape regulatory hurdles. Consider Bitconnect. A significant number of people who buy Bitcoins, buy Bitcoins to buy Bitconnect coins with them. If your Ponzi scheme doesn't depend on banks willing to work with you, the Ponzi scheme is less vulnerable to being shut down. A few months ago, the market capitalization of Bitconnect was estimated at 2 billion.
Now consider the market in Africa. People in Africa buy Bitcoins, because multilevel marketing schemes in Africa have migrated to using Bitcoin. This is an enormous market, that largely escapes our Western eye. Most of us don't understand how people end up stepping into Bitconnect either, it seems absurd to us. Your Google searches however are based on your search history and as a result, you effectively find yourself thinking and functioning in a different world from the rest of the population.
In addition to these Ponzi schemes, we have a number of exchanges that hold Tethers, which they imagine to be somehow backed by US dollars. There is no evidence whatsoever that any of these dollar reserves actually exist. Tethers have the mysterious habit of being issued whenever the price of Bitcoin is at risk of going down. If you believe this market behaves irrational, consider the possibility that it is simply being manipulated through schemes like these.
It's worth considering that most of the exchanges end up functioning as fractional exchange reserves. Hackers steal from the hot wallet, your software is bugged and accidentally sends out too many bitcoins, the exchange operators can't keep their fingers from the honey pot, etcetera. What do you do when you find you don't have your customer's bitcoins? You inflate the value of Bitcoin, to keep your operations going. That's what Mt. Gox did in 2013, to keep their fractional reserve exchange functioning. This works fine, as long as the value of Bitcoin can keep rising.
Bitfinex, an exchange that has been hacked multiple times and has been shut off from the banking system, came up with Tether to solve their problems. Through use of Tether, you can continually increase the value of Bitcoin. According to Bitfinex employees, Tethers are created when people convert other cryptocurrencies into Tether. In other words, Tethers come into existence because people buy cryptocurrencies, then the Tethers are used to buy more cryptocurrencies with leverage. This can last for a while, but it can't last forever, because eventually it becomes clear the Tethers are not backed by anything.
This whole scheme can't be sustained in the long term, but in the past few months the market has started to behave irrational. Whenever the system is about to fail, new Tethers are issued and the price crash comes to an end. It's clear however that this can't be sustained forever. There are a number of problems you run into. Bitcoin's 1 MB block limit leads to an eventual limit to the number of people who can move their currencies, which ensures transaction fees will keep rising. When Tether fails, the exchanges that are using Tether fail too as a consequence. Other Bitcoin merchants in turn depend on these exchanges, to buy and sell bitcoins. You would be a fool to try to short-sell Bitcoin, because you fail to understand the simple fact that the exchanges will cease to function when the value of Bitcoin starts to go down. It's best to take profit, get out while you still can and watch the building burn down from a safe distance.
submitted by moresourdough to btc [link] [comments]

1st Monthly Unitus Community Update! (October/17)

Welcome to the 1st Official Unitus Community Update! The community update will be released during the 1st week of every month from now on.
Intro
What is Unitus?
Unitus is about bringing together smaller crypto-currencies and the communities that support them into a larger group capable of greater change, influence and innovation, whilst allowing each to maintain their own unique identities.
Who is Unitus?
Unitus is compromised of a bunch of passionate individuals who really want it to succeed. It is not one single person or entity. It is whoever is apart of it. The developers, team members, volunteers, investors, community and whoever else. We are all equal here and everybody is treated as such.
What is the direction of Unitus?
The direction is all about improving UIS in any fashion possible. The development, mining, marketing, exchanges, branding, the community and anything/everything else.
Development
Things on the current roadmap have been going smoothly. Core Wallet Update
We are happy to officially announce that the major project for 2017, an update of the codebase of Unitus is complete! Unitus was initially based on bitcoin core 0.9.3 , which is now 3 years old. We've been working hard to rebase Unitus on bitcoin core 0.14.2, which brings some significant updates including:
Some of these changes are immediate, others are network level changes that will be introduced as more people adopt the new client. Key to all of this is compatibility with existing wallets and network nodes, thus major new features that are available in Bitcoin have not yet been enabled. We will evaluate in the future what features to enable, depending on what occurs upstream.
Release of the new wallet, including pre-compiled binary files for Windows, MacOS, Ubuntu, Raspbian are out now!
We're also working on a major re-styling of the wallet, to give us a unique identity.
Paper Wallet Generator
Just released a little while ago, this is now available at https://paper.unitus.online
Electrum Wallet
Preliminary work on an Electrum port for Unitus has started. This will give people a faster and light-weight option instead of the full core wallet.
Other development projects
All of these are included in our current roadmap, work on these is on-going:
A new, updated roadmap will also be published soon with other projects for the future.
Mining
Unitus Mining Pool - http://mine.unitus.online
Always popular with Argon2d miners, the mining pool has been encountering a few growing pains recently, but we're working hard on that to ensure high uptime and maximum rewards!
We are glad to announce that MasterZeus, has just updated and released the UIS Argon2d calculator.
We've also implemented merge mining support, allowing us to mine other coins that share on of our proof-of-work, and then exchange those coins for more UIS. This has proven to be popular for Skein miners, and we're looking to add additional coins across the spectrum of algorithms.
What is merge mining?
Merge mining is what sets Unitus apart from many other cryptocurrencies. It allows us to essentially get free hashrate to secure the network, with no additional workload for miners. The miner does nothing extra. He just works away looking for those good hashes. The brains of the operation is in the pool, but the result is the same work for the miner with higher rewards, coins coming from both wallets, and network security for Unitus at no extra cost. Everyone wins!
Coins you can currently merge mine with Unitus
Adzcoin (ADZ) ArcticCoin (ARC) Artex (ATX) AuroraCoin (AUR) Beach (SAND) Beonpush (BOPS) Bitcoin Planet (BTPL) Bolivar (BOLI) Bows (BSC) CannabisCoin (CANN) Centurion (CNT) Coexist (COXST) Coino (CNO) CopyPasta (CTRLV) Dash (DASH) Digibyte (DGB) Eryllium (ERY) Fal (FAL) GlobalBoost-Y (BSTY) Granite (GRN) Happy (HPC) Influxcoin (INFX) Join (J-x-11) Kash (KASH) Kurrent (KURT) Linked (LXC) Marijuana (MAR) Marx (MARX) Mavrodi (MMM) Mind (MND) Monetary Unit (MUE) Myriad (XMY) Ofw (OFW) OGN (OGN) Ozzie (OZC) PIZZA (PIZZA) Prime-XI (PXI) Seven (SEV) StartCoin (START) Vault (VLTC) Verge (XVG) VertCoin (VTC) VirtaPlus (XVP)
And growing!
Branding
You may have noticed that there are a few different colored UIS logos floating around the internet. Black chains and multi colored chains. Well, we are officially announcing that in a branding effort, the color Grey will be our main color. The official Unitus logo will be Grey on white. We feel that it is clean and neutral look. Grey on black will also be used for other UIS related headers, images and such. Other promotional material that is already out may still be used.
Marketing
Unitus has had solid development for years, but has lacked a bit in the marketing department. Now that we have committed on the branding, we can ramp up the marketing. We have just hired a new member to the team ~6 weeks ago, and he has been doing a good job on twitter getting attention and followers in the mean time prior to the news announcements in this thread.
In a marketing effort, we would like to officially announce the creation of the United Crypto Alliance (UCA)! It will consist of Unitus and other cryptocurrencies that are merge mineable with UIS. The goal of the (UCA) will be to promote each other, therefore creating a synergistic effect that will benefit everybody involved. We would like to formally introduce Myriad (XMY) as the 1st member of the (UCA) besides Unitus! Stay tuned for more information regarding this!
Community
The community has been growing at a very good rate recently. Ever since we picked up our social media activity last month, we have been accruing a good amount of Slack members and Twitter followers. Right now we have over 400 total Slack members and over 1100 twitter followers. The Slack channel has been a lot more active recently as a result. You can get a pretty fast response to a question asked there. We currently have some very intelligent and friendly members. You can currently reach us at these places and we are also currently expanding to other platforms which will be announced.
Website: http://unitus.online/home Twitter: https://twitter.com/UnitusCoin Reddit: https://www.reddit.com/Unitus/ ANN Thread: https://bitcointalk.org/index.php?topic=1121974.0 Slack: http://unitus.herokuapp.com/
submitted by Beechochen to Unitus [link] [comments]

Bitcoin Price Is ‘Like MMM Ponzi Scheme’: Russian Economic Minister

The head of Russia’s Ministry of Economic Development has compared Bitcoin to the infamous Ponzi scheme MMM.
Speaking at the Federation Council, Maksim Oreshkin repeated the theme of “unqualified investors” buying into cryptocurrency being “dangerous.”
“Because if you look at the dynamics of the Bitcoin price, they’re very like the price of MMM,” he said quoted by local news outlet RIA Novosti.
MMM originated in Russia in the late 1980s as the product of serial fraudster Sergey Mavrodi. Law enforcement shut the scheme down and arrested Mavrodi in 2003, but in 2011 MMM resurfaced and is now aggressively targeting consumers in Africa.
“There are very high risks here for those who are interested [in Bitcoin],” Oreshkin continued.
“It’s clear the state cannot protect these people; their actions come entirely at their own risk. I’m simply calling for everyone to be very careful with this issue.”
The minister’s comments continue the increasingly contradictory position Russian authorities have taken on Bitcoin.
A similar offer to restrict Bitcoin to “qualified investors” came from the country’s deputy finance minister Alexey Moiseev earlier this month, while central bank head Elvira Nabiullina said she was “categorically against” allowing it on the Moscow Stock Exchange.
At the same time, state-sponsored efforts to involve Russia in mining continue to gather speed as China’s supremacy seemingly becomes cause for envy.
submitted by ctmediagroup to Bitcoin [link] [comments]

Of Wolves and Weasels - Day 745 - Weekly Wrapup #100!

Hey all, GoodShibe here!
This was your week in Dogecoin:
(Note: We now have a Weekly Wrapup Time Capsule that collects all 100+ Weekly Wrapups!)
This Week’s oWaWs
Top Images/Memes of the Week
Announcements
HELP WANTED
ACTIVE BOUNTIES
Community Chest: Seeking Community Feedback
Other Dogecoin Communities
Dogecoin Attractions – Neat or interesting things to check out/ Take part in this Week
Other Interesting Stuff
Did I miss anything? Do you have a Dogecoin community you want featured? Let me know!
It’s 8:45AM EST and Sunday is FunDay, right? Right? Our Global Hashrate is holding at ~1430 Gigahashes per second and our Difficulty is holding at ~16674.
As always, I appreciate your
submitted by GoodShibe to dogecoin [link] [comments]

Sergei Mavrodi of MMM fame is using bitcoin in his latest Ponzi scheme.

Coindesk post: Bobby Lee, CEO of Chinese exchange BTCC, told CoinDesk his platform has seen a significant volume increase, though he dismissed much of his competitors' volume as "artificial".
Those behind the volume, he said, are not traders but consumers sucked into a Russian ponzi scheme, MMM.
"We have posted warnings on our site and on our social media to warn users to be careful, but they have been coming to our exchange and buying out like crazy," he said, adding:
"This time it's not speculative trading but based on them getting sucked into this ecosystem."
MMM mastermind: https://en.wikipedia.org/wiki/Sergei_Mavrodi
News mentioning MMM and bitcoin: http://mg.co.za/article/2015-09-10-rich-pickings-for-russian-con-artist
Ponzi site: http://rsa-mmm.net/
MMM rules: "There are no rules. In principle! The only rule is no rules. At all! Even if you follow all of the instructions, you still may "lose". "Win" might not be paid. Without any reasons or explanations. And in general, you can lose all your money. Always remember about this and participate only with spare money. Or do not participate at all! Amen. :-))"
Facebook: https://www.facebook.com/MMMGlobal.SouthAfrica
Additional proof he is using BTC to fund his Ponzi: http://i.imgur.com/g47OEq4.png and http://i.imgur.com/CgI6mMa.png
MMM's user finance page with BTC conversions: https://www.youtube.com/watch?v=jVJuSGNykBM
submitted by jron to Bitcoin [link] [comments]

[uncensored-r/BitcoinMarkets] Bitcoin's price rise is caused by Ponzi schemes, inflated expectations and money created out of t...

The following post by moresourdough is being replicated because the post has been silently removed and some comments within it have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ BitcoinMarkets/comments/7h2gtt
The original post's content was as follows:
It's always important to comprehend that most Bitcoins are not in circulation and may have simply been lost. As a result, the true market cap of Bitcoin is smaller than we imagine it to be. It's estimated that 20% of bitcoins have been lost. This means the true market capitalization of Bitcoin is closer to 147 billion dollar, than to 184 billion dollar.
Of the 147 billion dollar worth of Bitcoin, most have been gobbled up by a small minority of early adopters. Estimates are that 4.8 million bitcoin are held by 1000 individuals. The rest of the population competes over ownership of a fraction of the total supply. As a result, comparatively minor changes in demand for Bitcoins, lead to tremendous explosions in price.
If you take the above facts into consideration, you will understand that the various scams that operate in this market can execute tremendous influences on the price of a bitcoin. If you think carefully, you'll also understand that this will prevent genuine widespread adoption. Eventually you run out of people who want to participate in a project where their perpetual subservience to a small minority of early adopters is guaranteed from the start.
A number of Ponzi schemes are based on Bitcoin, or have migrated to Bitcoin to escape regulatory hurdles. Consider Bitconnect. A significant number of people who buy Bitcoins, buy Bitcoins to buy Bitconnect coins with them. If your Ponzi scheme doesn't depend on banks willing to work with you, the Ponzi scheme is less vulnerable to being shut down. A few months ago, the market capitalization of Bitconnect was estimated at 2 billion.
Now consider the market in Africa. People in Africa buy Bitcoins, because multilevel marketing schemes in Africa have migrated to using Bitcoin. This is an enormous market, that largely escapes our Western eye. Most of us don't understand how people end up stepping into Bitconnect either, it seems absurd to us. Your Google searches however are based on your search history and as a result, you effectively find yourself thinking and functioning in a different world from the rest of the population.
In addition to these Ponzi schemes, we have a number of exchanges that hold Tethers, which they imagine to be somehow backed by US dollars. There is no evidence whatsoever that any of these dollar reserves actually exist. Tethers have the mysterious habit of being issued whenever the price of Bitcoin is at risk of going down. If you believe this market behaves irrational, consider the possibility that it is simply being manipulated through schemes like these.
It's worth considering that most of the exchanges end up functioning as fractional exchange reserves. Hackers steal from the hot wallet, your software is bugged and accidentally sends out too many bitcoins, the exchange operators can't keep their fingers from the honey pot, etcetera. What do you do when you find you don't have your customer's bitcoins? You inflate the value of Bitcoin, to keep your operations going. That's what Mt. Gox did in 2013, to keep their fractional reserve exchange functioning. This works fine, as long as the value of Bitcoin can keep rising.
Bitfinex, an exchange that has been hacked multiple times and has been shut off from the banking system, came up with Tether to solve their problems. Through use of Tether, you can continually increase the value of Bitcoin. According to Bitfinex employees, Tethers are created when people convert other cryptocurrencies into Tether. In other words, Tethers come into existence because people buy cryptocurrencies, then the Tethers are used to buy more cryptocurrencies with leverage. This can last for a while, but it can't last forever, because eventually it becomes clear the Tethers are not backed by anything.
This whole scheme can't be sustained in the long term, but in the past few months the market has started to behave irrational. Whenever the system is about to fail, new Tethers are issued and the price crash comes to an end. It's clear however that this can't be sustained forever. There are a number of problems you run into. Bitcoin's 1 MB block limit leads to an eventual limit to the number of people who can move their currencies, which ensures transaction fees will keep rising. When Tether fails, the exchanges that are using Tether fail too as a consequence. Other Bitcoin merchants in turn depend on these exchanges, to buy and sell bitcoins. You would be a fool to try to short-sell Bitcoin, because you fail to understand the simple fact that the exchanges will cease to function when the value of Bitcoin starts to go down. It's best to take profit, get out while you still can and watch the building burn down from a safe distance.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

MMMGLOBAL Bitcoin - YouTube Сергей Мавроди - MAVRO или BITCOIN? how to trade Mavrodi Coin ? Сергей Мавроди о Bitcoin (криптовалюте). - YouTube В чем сила биткойна Bitcoin - YouTube

This signifies that you would change your Bitcoin to Litecoin without using a crypto exchange. Which is great as a result of crypto exchanges charge charges and aren’t as protected as buying and selling on blockchains. 20172,621 USD45.33 USDDec 17, ,528.93 USD318.89 USDMarch 18, 20187,720.85 USD148.14 USDAs you’ll be able to see, both cash reached their highest value up to now, in late ... In mid-November, the bitcoin exchange rate, trading at prices ranging from $ 200 to $ 300, rose to $ 502. Later, the rate dropped, according to data on November 23, 2015, it amounts to 319 dollars. The Financial Times links this jump with Sergey Mavrodi’s activities in China, where the entrepreneur promises participants of MMM up to 30% per month of the investment and bonuses for advertising ... Sergei Mavrodi at a press conference in 1994. If this story sounds like a one off—the kind of thing that only happens at the fringe when an economy is emerging from collapse, or that the world ... MMM Kenya, a local affiliate of MMM Global, is in a limbo after the death of its founder Sergey Mavrodi. Mavrodi, who had been operating the dubious money doubling scheme online, reportedly passed away after a heart attack last Sunday, leaving thousands of his victims with worthless “mavros” and hundreds of millions of shillings lost. In the Twitter account who died in March this year, the Creator of the financial pyramid "MMM" Sergei Mavrodi has announced the launch of "Mauro office" where people can exchange c

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MMMGLOBAL Bitcoin - YouTube

This video is unavailable. Watch Queue Queue MMMGLOBAL Bitcoin Videos; Playlists; Channels; Discussion; About; Home Trending History Get YouTube Premium Get YouTube TV Best of YouTube Music Sports Gaming ... Не зря биткоины уже облюбовал всеми известный в 90-х годах Сергей Мавроди, создатель нашумевшей МММ. Новая ... This video is unavailable. Watch Queue Queue. Watch Queue Queue Queue #mavro #mmmglobal #mmm #mavrodi #mavrocoin #bitcoin #ethereum #ether #mavrodicoin Show less Read more Uploads Play all. 4:40. MAVRODI COIN ICO COIN ...

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