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A crypto scam funded by Sam Altman. buzzfeednews.com/article/richardnieva/worldcoin-crypto-eyeball-scanning-orb-problems Also, uBiome was a YC backed scam. As

A crypto scam funded by Sam Altman. buzzfeednews.com/article/richardnieva/worldcoin-crypto-eyeball-scanning-orb-problems Also, uBiome was a YC backed scam. As crowdfunding becomes more popular it's possible YC backed companies will lead to retail losses. There are many YC companies that have raised on WeFunder. Everyone is vulnerable. It's not just crypto.

kodah 4y ago
That's crazy. I literally have a message sitting in my LinkedIn mailbox that's a recruitment ad for WorldCoin.
mrosett 4y ago
Does the article mention worldcoin?
- prvit 4y ago
  It does not. Article has nothing whatsoever to do with worldcoin.
- yieldcrv 4y ago
  I have no idea what this article is about except that the guy didnt lose his house because he only used pensions funds, so therefore he is lucky
trashtester 4y ago
However, the Old School financial system has had hundreds of years of regulations aimed at making it more difficult to scam people. Crypto is a fantastic technology for people who want to rid themselves of those regulations, so that they can repeat all those scams that were made impossible for banks or other financial companies. For instance, when Celsius offers interest rates of 18%, people should understand that something is wrong. My understanding is that regulators had started making demands, but it seems clear that collateral requirements for lending had dramatically underestmated the currency risk. This is the Morgage Backed Securities scandal of today. If it is too good to be true, it is not true.
- woah 4y ago
  There was nothing involving cryptocurrency in the article. What are you talking about?
paxys 4y ago
What does the article have to do with Sam Altman?
baobabKoodaa 4y ago
> A crypto scam funded by Sam Altman. Someone casually reading this thread might think Sam Altman had something to do with the scam reported in OP. Please stop spreading disinformation.
lupire 4y ago
The article is about a fake investment Ponzi like Madoff, not actual crypto purchases.
- ceejayoz 4y ago
  Which one does "Invest your stablecoin, which is always worth a dollar, for 20% returns!" count as?
  - quickthrower2 4y ago
    A crypto scam is a regular scam with a Merkle tree thrown in.
- formerkrogemp 4y ago
  It's not true crypto. It's just a scam using the word crypto. That scammer is no true Scotsman. A real Scotsman wouldn't scam people using the word crypto.
  - prvit 4y ago
    I think we can agree that cryptocurrencies are a real thing that exist. This article is about the usual options/forex/cryptocurrency brokerage scam, where a fake brokerage takes your money to trade on their fake trading platform. So yeah, the scam doesn't involve actual cryptocurrency purchases.
    - deleted 4y ago
      [deleted]
rmbyrro 4y ago
> Everyone is vulnerable. It's not just crypto. That's the truly educational take. Many will jump the crypto hate wagon. I hate fraud and fraudsters. But the reality is crypto is just another excuse for the to defraud people. Interestingly, the same BBC article features links to other two frauds in contexts totally unrelated to crypto: Romance scam: NI woman swindled out of £112,000 life savings [1] International students in NI scammed out of £105,000 [2] [1] https://www.bbc.com/news/uk-northern-ireland-61241596 https://www.bbc.com/news/uk-northern-ireland-61241596 [2] https://www.bbc.com/news/uk-northern-ireland-61378430 https://www.bbc.com/news/uk-northern-ireland-61378430
- martin_a 4y ago
  I guess the difference is that YC is not funding romance scammers.
  - ushakov 4y ago
    *yet
  - thatguy0900 4y ago
    Someone just needs to find a great way to scale them.
  - FabHK 4y ago
    Dating apps have been sued for using fake profiles; not sure they were funded by VCs and probably not YC. https://www.pcmag.com/news/ftc-sues-dating-site-over-fake-profiles https://www.pcmag.com/news/ftc-sues-dating-site-over-fake-pr... https://www.ftc.gov/news-events/news/press-releases/2019/09/ftc-sues-owner-online-dating-service-matchcom-using-fake-love-interest-ads-trick-consumers-paying https://www.ftc.gov/news-events/news/press-releases/2019/09/...
- ericbarrett 4y ago
  It's crazy, looking back, how the world has changed. Just a few decades ago, even a scam phone call was nearly unheard of, and it was national news when a few-million-dollar ponzi scheme blew up. Now? We're all playing Eve Online IRL: https://wiki.eveuniversity.org/Scams_in_EVE_Online https://wiki.eveuniversity.org/Scams_in_EVE_Online
tromp 4y ago
Crypto scams don't even need to involve any actual cryptocurrency. Such as in the case of Onecoin [1] where there was only the illusion of one, used as an excuse for promising great returns. [1] https://en.wikipedia.org/wiki/OneCoin https://en.wikipedia.org/wiki/OneCoin
- yieldcrv 4y ago
  Onecoin perplexes me so much because all they had to do was launch the blockchain or just launch a coin on an existing blockchain They intentionally did the harder thing that made it the illegal thing!

kodah 4y ago

That's crazy. I literally have a message sitting in my LinkedIn mailbox that's a recruitment ad for WorldCoin.

mrosett 4y ago

Does the article mention worldcoin?

prvit 4y ago
It does not. Article has nothing whatsoever to do with worldcoin.
yieldcrv 4y ago
I have no idea what this article is about except that the guy didnt lose his house because he only used pensions funds, so therefore he is lucky

trashtester 4y ago

However, the Old School financial system has had hundreds of years of regulations aimed at making it more difficult to scam people. Crypto is a fantastic technology for people who want to rid themselves of those regulations, so that they can repeat all those scams that were made impossible for banks or other financial companies. For instance, when Celsius offers interest rates of 18%, people should understand that something is wrong. My understanding is that regulators had started making demands, but it seems clear that collateral requirements for lending had dramatically underestmated the currency risk. This is the Morgage Backed Securities scandal of today. If it is too good to be true, it is not true.

woah 4y ago
There was nothing involving cryptocurrency in the article. What are you talking about?

paxys 4y ago

What does the article have to do with Sam Altman?

baobabKoodaa 4y ago

> A crypto scam funded by Sam Altman. Someone casually reading this thread might think Sam Altman had something to do with the scam reported in OP. Please stop spreading disinformation.

lupire 4y ago

The article is about a fake investment Ponzi like Madoff, not actual crypto purchases.

ceejayoz 4y ago
Which one does "Invest your stablecoin, which is always worth a dollar, for 20% returns!" count as?
- quickthrower2 4y ago
  A crypto scam is a regular scam with a Merkle tree thrown in.
formerkrogemp 4y ago
It's not true crypto. It's just a scam using the word crypto. That scammer is no true Scotsman. A real Scotsman wouldn't scam people using the word crypto.
- prvit 4y ago
  I think we can agree that cryptocurrencies are a real thing that exist. This article is about the usual options/forex/cryptocurrency brokerage scam, where a fake brokerage takes your money to trade on their fake trading platform. So yeah, the scam doesn't involve actual cryptocurrency purchases.
  - deleted 4y ago
    [deleted]

rmbyrro 4y ago

> Everyone is vulnerable. It's not just crypto. That's the truly educational take. Many will jump the crypto hate wagon. I hate fraud and fraudsters. But the reality is crypto is just another excuse for the to defraud people. Interestingly, the same BBC article features links to other two frauds in contexts totally unrelated to crypto: Romance scam: NI woman swindled out of £112,000 life savings [1] International students in NI scammed out of £105,000 [2] [1] https://www.bbc.com/news/uk-northern-ireland-61241596 https://www.bbc.com/news/uk-northern-ireland-61241596 [2] https://www.bbc.com/news/uk-northern-ireland-61378430 https://www.bbc.com/news/uk-northern-ireland-61378430

martin_a 4y ago
I guess the difference is that YC is not funding romance scammers.
- ushakov 4y ago
  *yet
- thatguy0900 4y ago
  Someone just needs to find a great way to scale them.
- FabHK 4y ago
  Dating apps have been sued for using fake profiles; not sure they were funded by VCs and probably not YC. https://www.pcmag.com/news/ftc-sues-dating-site-over-fake-profiles https://www.pcmag.com/news/ftc-sues-dating-site-over-fake-pr... https://www.ftc.gov/news-events/news/press-releases/2019/09/ftc-sues-owner-online-dating-service-matchcom-using-fake-love-interest-ads-trick-consumers-paying https://www.ftc.gov/news-events/news/press-releases/2019/09/...
ericbarrett 4y ago
It's crazy, looking back, how the world has changed. Just a few decades ago, even a scam phone call was nearly unheard of, and it was national news when a few-million-dollar ponzi scheme blew up. Now? We're all playing Eve Online IRL: https://wiki.eveuniversity.org/Scams_in_EVE_Online https://wiki.eveuniversity.org/Scams_in_EVE_Online

tromp 4y ago

Crypto scams don't even need to involve any actual cryptocurrency. Such as in the case of Onecoin [1] where there was only the illusion of one, used as an excuse for promising great returns. [1] https://en.wikipedia.org/wiki/OneCoin https://en.wikipedia.org/wiki/OneCoin

yieldcrv 4y ago
Onecoin perplexes me so much because all they had to do was launch the blockchain or just launch a coin on an existing blockchain They intentionally did the harder thing that made it the illegal thing!