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Ooops......We lost all of your MONEY.......we are SORRY.

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  • Ooops......We lost all of your MONEY.......we are SORRY.

    Leverage is fun when it magnifies your profit.....Sucks, when it magnifies your loss.
    One day you eat the day the left-over five days you eat chicken feathers, head and feet.

  • #2
    Just read that one of the bit-coin systems is in trouble. The operator 'dropped dead', and no-one can find the password(s) to access ~ $150 Million encrypted in his digital vault...


    • #3
      Slightly off topic, but does any-one remember an old Scifi tale set on a semi-terraformed Venus, where a previously associated cabal of investors are trying to get access to VERY valuable, certainly embarrassing data etc in a decades-old vault ?

      No keys or dials, the vault design required you to place a highly radio-active Radium source against the sensor box before activation. It had to be Radium, and it had to have a close-tolerance radio-activity level. Time-locking severely restricted attempts. The 'window' on this vault was set tight, and very, very high. The matching source would be hard to get, hard to handle, and extremely valuable in its own right. Of course, it was only 'borrowed' / hired for the occasion...

      Turned out to be a total scam, set up to steal that valuable Radium source...

      This incident was, IIRC, a side-plot in a long-running revenge tale but I cannot remember more...

      Any takers ?


      • #4
        "The operator 'dropped dead', and no-one can find the password(s) to access ~ $150 Million encrypted in his digital vault."

        Latest news, IIRC, is that those digital wallets are empty.

        Not 'we cannot access them', but 'lint & cobwebs', the expected contents gone, gone, gone...

        So, was it a pyramid scheme ? Operator didn't seem to be living 'beyond his means'...


        • #5
          Maybe his dropping dead wasn't so "natural". $150mil is a whole lot of reason for someone to have an accident...
          I can explain it to you, but I can't understand it for you!


          • #6
            I suppose another possibility is they're empty to foil a 'Black & Decker' hack, and the real vault's drive is some-where else...

            Security by obscurity but, if you die without leaving a treasure map, it is still lost, lost, lost...


            • #7
              You couldn't make it up...
              fair-use quote:
              The bonds on offer from London Capital & Finance looked highly seductive: the interest was a table-topping 6.5% to 8%; they were authorised by the Financial Conduct Authority; and HMRC had granted the bonds tax-free ISA status. Yet, after more than 11,000 investors poured £236m into the bonds – only for the company to collapse earlier this year – the FCA is now accused of its worst failure as a regulator for more than a decade.
              Little of the money went into safe interest-bearing investments. As little as 20% of the money may ever be recovered...


              • #8
                London Capital & Finance...
                Now appears that their brokers were taking 25% commission from investments, so those bonds would have to make all that back before breaking even. And, what a bonus incentive for their sales-team to close deals !!
                What could possibly go wrong ??


                • #9
                  Another investment scandal developing in UK where 'acclaimed stock-picker' has blocked further withdrawals from his investment fund.
                  BBC TV fair-use quote: ( £1 == $1.3-ish)
                  Neil Woodford said after "an increased level of redemptions", investors would not be allowed to "redeem, purchase or transfer shares" in the fund.

                  Investors have withdrawn about £560m from the fund over the past four weeks.

                  Kent County Council also wanted to withdraw its £263m investment, but was unable to do so before trading halted.
                  Smaller investors' £ 6k ~ 10k also hamstrung...


                  • #10
                    Can anyone tell me how it all ended up?