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Messages - pipthom

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61
Huffington Post General Discussion / Bitcoin: Scam or Currency?
« on: April 18, 2013, 06:07:27 PM »
On the one hand you have legal tender which is established, recognized and sanctioned that you can really spend for real world items. You are taking that money and exchanging it for Bitcoin which has extremely limited uses cases, limited spend venues, questionable exchange rates, limited denominations coupled with low supply, no governmental backing, not being recognized by governments and other authorities and the high probability that it will be used for less than legitimate purposes, and this is presently what Bitcoin is.  Looking at all of this coupled with giving some random entity real money in exchange for ‘Bitcoin’ can be easily seen as a highly speculative scam.  It has a high probability to be or become a scam and, at the same time, make someone (or a few someones) very rich with real legal tender in the process… possibly your supplied legal tender funding violence or other unsavory uses.

On the other hand, you have a possible new digital currency that could succeed if it gains enough traction in various marketplaces.  However, the risk vs reward for Bitcoin is clearly too high for real currency use.  So, that leaves speculation and collectability almost the entire reason to buy into the idea of Bitcoin, if that’s a reason at all.

Read More Here

62
Huffington Post General Discussion / Swiftcoin, Safer Than Cash
« on: April 18, 2013, 06:06:10 PM »
There is only one thing that is safer than cash? Swiftcoin. If you haven't heard of it then you need to watch this video to get ahead.

Click here; Swiftcoin, Safer Than Cash

Watch the full series of Forex Trading videos here; FNIB Youtube Channel

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The First National Innovation Brokers today announced that it is giving away ten Free Swiftcoins ( US$15.00) to all new users who download and install the Swiftcoin eWallet from the BNAK website, http://www.firstnationalbnak.com.

Swiftcoin is electronic money that inhabits your computer just as email and word documents do. You can send Swiftcoin to anybody just as quickly and easily as you would send email and word document attachments.

Cash is regularly lost, stolen or damaged. Currency scares about the fate of the dollar and the euro cause these and other fiat currencies to lose their purchasing power. The perceived safety of bank accounts has eroded and investment accounts have been proven unsafe in the wake of MF Global.

Swiftcoin, on the other hand, is indestructible and stealthy. It is money designed to meet the challenges of the 21st century. It cannot be burned in a house fire. It can not be left in a taxi. It cannot be taken out of your hands. It cannot be removed from your account.

Your Swiftcoin value and spending is private. Keep it on any computer or thumb drive. Swiftcoin does not require a safe, guns or armored cars. The BNAK server does not control, regulate, govern or have access to Swiftcoin. BNAK is unable to over see users or their transactions. Swiftcoin users may have as many Swiftcoin wallets as they please. If FNIB declares bankruptcy or the BNAK web site goes down, Swiftcoin remains unaffected. Transactions proceed as usual.

You can use your Swiftcoin to buy and sell goods and services on the Internet at http://www.Oswift.com or use it to send money to anyone around the world in seconds. A Swiftcoin wallet is all that is needed to receive Swiftcoin.

Swiftcoin is easily available via numerous options at http://www.BNAK.tv

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First National Innovation Brokers is backing the digital currency Swiftcoin over other digital currencies.  According to the market advisory www.FxBoss.info and Daniel Bruno, Chartered Market Technician, the spike in the e money Bitcoin is a classic speculative bubble and is the Achilles Heel of deflationary and volatile digital currency systems.  First National Innovation Brokers, the pioneer in digital currency services, is being opposed on blogs and forums such as Bitcointalk.org, operated by Martti Malmi.

First National Innovation Brokers marketing chief Greg Alexander said that libel and defamation against FNIB.co are a constant challenge as naive bloggers without  any credentials in finance attempt to build a name for themselves by scaring consumers away from www.FirstNationalBnak.com, the Swiftcoin digital currency platform where ten Swiftcoins may be had at no charge for new comers to BNAK.

According to Allen Dodson, business development director, the defamation strategy against FNIB is to scare clients away from Swiftcoin by calling www.FNIB.co a scam even though the firm has never had a single client complain since its founding in 2011.  He said that "Internet users not qualified to give market opinions are attempting to mislead the public. Its a constant public relations headache."

To remedy the ignorance and disinformation,  the Swiftcointalk.org forum was established with the mission to educate the public about digital currency systems, expose scams, unqualified investment advisers and self proclaimed forex gurus.

According to Daniel Bruno, the e money Swiftcoin was designed to provide price stability and alternative to Bitcoin, which in the last two years has collapsed to zero and soared to US$89, making it impractical for commerce in real goods and services and a magnet for get rich quick swindles.  The Swiftcoin wallet can be backed up and saved to a thumb drive or external disc outside one's computer.  Swiftcoins can be purchased easily online at https://www.firstnationalbnak.com/store

Daniel Bruno, a Chartered Market Technician and a Post Graduate in Finance from Oxford University, said that Bitcoin is in the euphoria stage of a dot com type of bubble that will wipe out the savings of naive investors when it inevitably collapses again.  "Those who bought Bitcoin low will profit as distribution of cash moves upwards from a large number of naive latecomers to a small number of early speculators, assuming there is no liquidity crunch at Mt. Gox. Its analogous to musical chairs."  Mr. Bruno can be reached at www.fxboss.info.

Daniel Bruno is qualified to offer professional opinions on option trading strategies, forex trading strategies, optimal trading strategies and high probability trading.  He has partnered with FNIB.co. to offer market opinions to forex and gold traders.

First National Innovation Brokers was the first and continues to be the only forex trading platform to accept the digital currency Swiftcoin and the digital currency Bitcoin as funding methods and has produced draw videos to help consumers understand forex trading and digital currency systems such as Swiftcoin.

https://www.youtube.com/watch?v=ruO_SE6oufU

https://www.youtube.com/watch?v=9K9zaPs1vYs

https://www.youtube.com/watch?v=nc93Vf2dz48

Swiftcoin is e money that inhabits computers just as email and word documents do. You can send Swiftcoin to anybody just as quickly and easily as you would send email and word document attachments.  Swiftcoin also serves as an encrypted mailing service and is free to download and use.

Cash is regularly lost, stolen or damaged. Currency scares about the fate of the dollar and the euro cause these and other fiat currencies to lose their purchasing power. The perceived safety of bank accounts has eroded and investment accounts have been proven unsafe in the wake of MF Global.  Bitcoin has many similarities to a Ponzi scheme.

Swiftcoin, on the other hand, is a stable digital currency.  It is e money designed to meet the challenges of the 21st century. It is not subject to pump and dump schemes.
Your Swiftcoin value and spending is private. Keep it on any computer or thumb drive.

FNIB computer servers do not control, regulate, govern or have access to personal Swiftcoin wallets. The Swiftcoin wallet is not identifiable by name. Surveillance of wallets is not possible. Swiftcoin users may have as many Swiftcoin wallets as they please. Swiftcoin wallets and their contents remain unaffected by events at FNIB. Transactions proceed as usual.

You can use your Swiftcoin to buy and sell goods and services on the Internet at www.Oswift.com or use it to send digitl currency to anyone around the world in seconds. A Swiftcoin wallet is all that is needed to send or receive Swiftcoin.  No registration or fees required.

Swiftcoin is readily available for purchase at https://www.firstnationalbnak.com/store
Ten free Swiftcoins are given to all newcomers who request them. "This serves as a demo.  We hope the Internet haters will try it before they start blogging about it," said Greg Alexander.

65
Huffington Post General Discussion / Don't get bitten by Bitcoins
« on: April 18, 2013, 03:01:52 PM »
In recent days, Bitcoins have enjoyed a media buzz as the value of one Bitcoin jumped on several Bitcoin exchanges to more than $200 per Bitcoin. But by Wednesday, it fell to $105.

Bitcoins are an attempt at creating an electronic currency that is beyond the control of any government. They are created through a digital mining system, in which digital "miners" are granted Bitcoins by using their computers to do computations that verify Bitcoin transactions. Pretty clever.

With allegedly strict rules on the creation of Bitcoins, the money supply is limited. Theoretically, no government can water down the Bitcoin with any type of quantitative easing. As a result, Bitcoins seem to present the best of all possible worlds -- the convenience of modern digital payment technology and the stability of a fixed money supply.


James J. Angel
Quote from: "James Angel"
   Bitcoins have enjoyed a media buzz as the value of one Bitcoin jumped as high as $200
    Bitcoins are an attempt to create an electronic currency
    He says even if the system is not one big scam, it can be hacked like any technology
    Angel: The currency is ideal for drug smugglers, terrorists and money launderers

Editor's note: James J. Angel is associate professor of finance at the McDonough School of Business, Georgetown University. For 2013, he is a visiting associate professor at the Wharton School, University of Pennsylvania.
Fearmongers point out that banks are no longer safe as government authorities in the European Union have signaled their willingness to confiscate funds from even insured depositors. Those fearing the collapse of their local currency or their local banking system won't have to lug around hunks of metal as a way to store their wealth. Why not turn to Bitcoins?

The near anonymity built into the Bitcoin system keeps funds away from the prying eyes of tax collectors, who are getting ever better at shutting down tax havens. This potential for anonymity makes the currency ideal for drug smugglers, terrorists and money launderers, as well as the merely paranoid.

So are Bitcoins the currency of the future? I think not.

No one really knows who is really behind Bitcoins, as the creator is just a pseudonym Satoshi Nakamoto. That in itself should be a huge red flag. I would certainly not trust my life savings to some mysterious computer algorithm created by shadowy anonymous characters in a system that attracts underworld types.

One of the self-proclaimed largest Bitcoin exchanges is Mt. Gox. The name originally stood for Magic: The Gathering Exchange, an online site designed to trade cards used in playing the card game popular with the younger set. An exchange based on trading kiddy cards does not seem like a sound foundation for a monetary system.

There is no government regulating participants in the system to prevent fraud and abuse. I would not be surprised if the Bitcoin mining software becomes a magnet for computer viruses. After all, the tax evaders, drug dealers and terrorists attracted to Bitcoin would not be likely to cooperate with authorities when they have been hacked and robbed.

It would be close to the perfect crime to create a pseudomonetary system that rips off other evildoers. Just be careful when the bad guys find out where you live.

Even if the system is not one big scam designed to enrich its shadowy creators, it can be hacked and can break like any technology. The authorities won't be too eager to help out Bitcoin-based financial enterprises when they get in trouble, just as they were all too eager to punish the depositors of the Cyprus banks storing questionable funds from Russian oligarchs.

Rather than being a safe place to keep money, the exchange rate of Bitcoins relative to other global currencies has fluctuated wildly. The recent jumps on price give all of the impression of being a bubble that could soon pop. If Bitcoin ever could establish itself as a legitimate payment scheme, which I doubt, it's hard to tell what the appropriate exchange rates should be with respect to other currencies.

Bitcoins are not the first attempt to create digital money. Other ventures, such as Cybercash, have come and gone, as well as various attempts to create local currencies. Governments don't like the competition. Managing a currency is a very profitable activity for governments, and they depend on seignorage -- the profit stemming from printing money -- in various degrees to cover budget deficits.

Indeed, one can always pay the troops by printing more almost worthless money, as the U.S. did in the American Revolution and Robert Mugabe did in Zimbabwe. One can expect governments to throw up legal roadblocks to prevent such competition from cutting into the lucrative business of printing money.

Moreover, it would not be good for the global economic system to have a totally fixed money supply. A growing economy needs a money supply that grows at the same rate to keep prices stable. Much as we love to criticize the governmental entities that control the monetary system, it does help to have some human judgment (armed with a checkbook) involved to deal with crises.

Our banking system is as safe as it is because there are lenders of last resort who can create more money in a crisis to protect the entire system from collapsing in a liquidity crisis. Iceland and Cyprus have discovered how painful it is to have a banking system without such a deep pocket lender of last resort.

A financial system based on Bitcoins would have no possibility of there being such a backstop. In short, Bitcoins look like quite a bit of trouble.

The opinions expressed in this commentary are solely those of John J. Donohue.

66
Huffington Post General Discussion / Bitcoin, Blessing or a Trap?
« on: April 18, 2013, 02:55:13 PM »


Bitcoin now stands at $89. It’s the most ridiculous bubble in ages and its bust will be legendary.

Not an extensive analysis this time, just calling the now obvious: Bitcoin is trouble.

Bitcoin was at a mere $6 only 15 months ago and traded at $30 last month. Combined value of outstanding Bitcoins is now almost $1 billion.

As we have analyzed Bitcoin was designed to be deflationary. As a result it suffers from a rising exchange rate, making people hoard it instead of using it for what money was designed to do: exchange goods and services. As it stands now, Bitcoin is just another completely bogus speculative item.

The whole thing is ridiculous, of course: people are paying $89 for just bits and bytes and it is basically no different than speculating with cyberland and ‘avatars’ in on-line computer games. Hardly any serious goods or services can be bought with Bitcoin.

Once reality sinks in, people are going to suffer, not only because of their losses but also because of the dream. And there is a far greater issue here: Bitcoin’s failure will provide regulators with the ideal excuse to clamp down on free market units. The whole thing is starting to look so blatant, it’s probably not unfair to suggest this is just another problem-reaction-solution operation. Considering its shady designer, CIA involvement, recent news that the Government is already looking to get it under control and what is at stake, Bitcoin has become a major liability to free market monetary reform.

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My name is Festus Ndebele.   I am from southern Africa, where poverty is high and wages are low; more reason why I was forced into searching for remote work on the Internet to support my family.  In December of 2012 I saw an advertisement at www.Freelancer.com.  I signed up and was very happy to be hired by a company that needed my skills.   Unfortunately, even though all turned out well with the employer and Freelancer debited his bank account to pay my wages, I did not actually receive any money for all my work.  But I have no quarrel with my employer.  He approved of my work performance and authorized payment.  Instead, there is some disagreement between my employer and Freelancer.com and I am caught in the middle.   I did a search to see if other people had experienced this problem and to my amazement I found hundreds of similar complaints about Freelancer.com not paying the wages it collects from employers. It seems I am the victim of an ongoing scam run by Freelancer.com's multimillionaire CEO Matt Barrie.

When I signed up at Freelancer.com, I reviewed all the terms and conditions and tried to protect myself from dodgy employers by applying for jobs marked as "verified" by Freelancer.com.   I used the Freelancer Milestone System, which is similar to an escrow account to guarantee that the employer has sufficient funds on hand to pay for work done.   I was hired at $2/hour for 52 hours a week and a bonus of $30/week on completed tasks.  I accumulated total earnings of US$636.00

When it was time to collect my money from Freelancer.com they said I could not... I was told that Freelancer.com would not release my money until my employer's source of funds could be determined. They told me to tell my employer that he must comply with Freelancer policies and submit additional photo I.D. or I would not be paid. I replied to Freelancer that there was no legal justification to delay or confiscate my earnings since I have no control over my employer's actions. Freelancer.com had identified my employer as “verified” but had new doubts. Two different Freelancer support persons, Y-na A. and Lance (no second names), sent me the same email – word for word. It said, in part:

Quote
We currently have account issues with your employer that we cannot discuss with you due to the Freelance.com privacy policy. This is already being handled by another department and we are not privy of their information. I advise that you communicate with your client regarding their account status. You will be allowed to withdraw your earnings once they settle their issues.

It‘s now been 12 weeks and I still have not been paid. My experience, along with the experience of hundreds, even thousands of others, leaves one to conclude that Freelancer.com is exploiting people from third world countries. I therefore demand, on behalf of all the workers shortchanged by Freelancer.com, that the Australian authorities open an investigation into this company and its boss Matt Barrie.

ScammedbyMattBarrie@gmail.com
Source: http://http://www.swiftcointalk.org/topic1449.html

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