#Scam Lawsuit filed against DJ Khaled and Floyd Mayweather in Centra Tech Scam Published 3 months ago on October 21, 2018 By Janet F. Sanchez Share Tweet DJ Khaled and Floyd Mayweather have been hit with a lawsuit from individuals who say that the stars were a part of an illegal cryptocurrency scam that screwed investors out of millions of Genuine dollars. The coin at the focal point of the outrage is called Centra Tech – and, as indicated by the legal lawsuit, Floyd Mayweather and DJ Khaled were influential celebrity endorsers who promoted the virtual cash on social media. Spending bitcoins ethereum and other types of cryptocurrency in Beverly Hill https://t.co/q9VZ3MzpK8 pic.twitter.com/BYyOFUnm8W — Floyd Mayweather (@FloydMayweather) September 15, 2017 Actually, social media posts from Floyd urged individuals to purchase the coin and he said he was so energized in regards to it, “You can call me Floyd ‘Crypto’ Mayweather now.” I just received my titanium centra debit card. The Centra Card & Centra Wallet app is the… https://t.co/iIbQwQCwD1 — DJ KHALED (@djkhaled) September 27, 2017 DJ Khaled called the company a “game changer.” The issue … the Securities and Exchange Commission says the company behind the coin was working illegally, deceptive investors and cases a few of the executives recorded on the company website don’t generally exist. Centra Tech raised $32 million in maneuvering amid the initial coin offering in 2017 … much obliged, to some degree, to the celeb supports … the lawsuit claims. The founders of the company were arrested back in April and are dealing with a few indictments including securities fraud, wire fraud, and some conspiracy charges. In the suit, investors are pursuing the company founders and the celeb endorsers for fraud – and they’re trying to recover their millions of dollars in addition to harms. One intriguing note from the lawsuit – investors say the estimation of the coin has dived over the previous year. It was worth generally $1 per coin in February and after the arrests in April, it’s dropped to under $0.02 per coin. Related Topics:centracentra techcentra tech floyd mayweathercentra tech icocentra tech ico scamcentra tech initial coin offeringcentra tech scamdj khaleddj khaled centradj khaled centra techdj khaled icodj khaled lawsuitDj Khaled newsdj khaled scamdj khaled scam icofloyd mayweatherfloyd mayweather centra techfloyd mayweather icofloyd mayweather newsfloyd mayweather scamSECSecurities and Exhcange Commission Up Next Basic Attention Token: BAT on a rise, Should you SELL or HODL? Don't Miss Yobit Pump and Dump Scheme: Everything you need to know Continue Reading You may like Trump Government Shutdown: Impact on Bitcoin ETF, Bakkt and Cryptos. Bitcoin ETF: Bitwise files For New BTC ETF Bitcoin ETF: Reasons why VanEck Bitcoin ETF can be approved soon Security Tokens: The next big thing in cryptocurrency SEC on Bitcoin, ICO and Bitcoin ETF Bull Run: Reasons why Bitcoin can reach 6K very soon 2 Comments 2 Comments Pingback: Lawsuit filed against DJ Khaled and Floyd Mayweather in Centra Tech Scam - Satoshiuncle Pingback: Lawsuit filed against DJ Khaled and Floyd Mayweather in Centra Tech Scam – The Coinage Times Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website #Scam ICOs Keep Failing: How Not to Fall for a Scam Published 3 days ago on January 20, 2019 By Janet F. Sanchez If you have been trading in the cryptocurrency arena for the last few years, no doubt you have come across ICOs. For those of you who aren’t in the know, an ICO is initial coin offering made by new cryptocurrency projects. Typically, these offerings are made by way of crowdfunding as a means to draw investment to kickstart the currency effectively and provide traders and investors with the opportunity to pick up potentially valuable tokens at a discounted rate. The tokens are sold on the premise of a successful launch with investors being able to cash in if the project is successful by selling their tokens in the future. So far so good, ICOs are providing a solid base for investment with the opportunity to make generous returns when the platform is live. The problem is that ICOs are often scams. In fact, it was estimated by ICO advisory group Statis that 80% of all ICOs that went to market was in fact scams set up by fraudulent individuals looking to make a lot of money and disappear as quickly as they had emerged. That does mean, though, that 20% of all ICOs are legitimate and profitable, but with 4 out of 5 being outright scams, how can you tell the good from the bad? And how can you make sure your investment is with an ICO that could yield lucratively in the future? 5 Ways to Identify an ICO Scam To start, it is important to highlight that there is no fool-proof way in determining whether an ICO is a scam or not. In an ideal world, scammers would be easily identifiable, but the problems arise due to the sophistication employed by scammers to get investment. There are, however, 5 good indicators showing whether or not an ICO is a scam, and if these raise alarm bells, it is probably best to find one that doesn’t. Tip #1 – Understanding the Development Team This is critical and should be your first concern when considering whether an ICO is a scam. Development teams for these projects often have good track records that are independently verified through third-party sources. This is primarily because it is very rare that a grass-roots ICO project with no development history or credentials would be legitimate. Familiarize yourself with the team behind the ICO, “google” their head office, check their educational and business history on LinkedIn. If a development team or individuals behind the project have already contributed productively to the crypto world then it might be a key indication that they are legitimate. Tip #2 – Get to Grips with the Whitepaper An ICO whitepaper is very much like a business plan. It should identify the key areas that the ICO is looking to address, how it intends to achieve its goals, and more importantly, it should outline any concerns that the developers have. This last point is something that scammers often overlook as they don’t wish to perpetuate any negative connotations attached to their offering. This is because they want as many people on board as possible. A legitimate whitepaper will highlight areas that the developers are wary of as well as ways in which they intend to combat them. It will show careful planning and contingencies being put in place from the outset. If the whitepaper seems too good to be true, it likely is! Tip #3 – Examine the Token The offering for an ICO will be made through either a token or some tangible currency system. If an ICO has been set up honestly, it will be relatively straightforward for investors to view the system and token performance. This information should be accessible so that you can discern how a token has performed over time as well as view current performance. Marry this information up to the claims and projections in the whitepaper, is it feasible that the token can achieve results in the way that the developers are claiming it can? If you can’t track token’s performance at all, it is a clear indicator that something is not right about the ICO and you should move on to the next one. Tip #4 – Take Everything with a Pinch of Salt Tying back in with the feasibility mentioned in the previous point, always err on the side of caution when evaluating the company’s claims. If an ICO looks very attractive, but after evaluation of its performance you have been discouraged by borderline or poor performance, it is best to steer clear rather than expect a turnaround. Cryptocurrency, in general, is rife with exaggerated claims and hype, only legitimate platforms retain value regardless of this. So it is very important you trust your gut instincts when deciding if a particular project is for you. If something doesn’t look right or doesn’t ring true, don’t make excuses for why that might be and move on instead. Tip #5 – Spread Your Risk Even the most seasoned investors have fallen for ICO scams. This is because they often appear very real. It is worth mentioning that you should never put all of your capital into one ICO but rather look at other offerings and balance out investments to find a dynamic that not only works for you but protects you if one is a scam. If you have been caught out by a scam, think carefully about the process you employed when selecting that ICO, establish where you went wrong or what can be done differently. If you can’t do that, it is perhaps best to steer clear of the ICO market and look to other fantastic opportunities in the crypto world. Some ICOs have had incredible success, but the ICO market is currently littered with poor ICO options that are purely there to rob you. Always be inquisitive, ask questions and make sure you feel comfortable before investing. Continue Reading #Bitcoin France Yellow Vests Bank Run: Fractional Reserve Banking Fraud, Is Bitcoin The Real Solution? Published 6 days ago on January 17, 2019 By Layla Harding The idea of a bank run is where essentially everyone goes to the bank and takes their money out of the bank. The fact is that banks kind of doesn’t have your money and the bank kind of do have your money. If just you go to the bank and withdraw your money, the bank’s got your money but if everybody goes to the bank and asks for their money, the bank might not have your money. That is because banks practice fractional reserve lending. Yellow Vests Bank Run: In response to the Yellow Vests are going to be doing a bank run, the banks in France have been closing up. Maybe this is because they don’t want any violence at their branches. Not only banks but ATMs are also experiencing mysterious glitches where suddenly they are not working anymore. Now if you add in that to the fact that your banks only open from Monday to Friday (9 AM to 5 PM) anyway and that if you want to go to an ATM which has a daily withdrawal limit of say $500, it’s really hard to get your money out of the banks. It’s quite easy to put it in though. This all comes back to the idea of fractional reserve lending. How a bank can take a $1,000 and turn it into $10,000 is a bit of magic when it comes down to it. For eg: A takes $1000 to the bank and you put it in his savings account. Now because of the fractional reserve lending idea, the bank only needs to keep a fraction of that money in a reserve. So they put $100 in the vault and take the other $900 and lend it out to B. Now B takes the $900 and goes to buy a car from C. Now C takes his $900 which he got from B to the bank and puts it in his savings account. Now the bank again put $90 in the vault and again lends $810 to D. This process repeats and continues but let’s just say it stops there. So A goes to the bank and tells the bank that he needs to withdraw his $1000 from the bank but the bank says they have only $190 in the vault because they lent all his money out. That is a very basic example of how it works but essentially, you take that to a large scale and the banks don’t actually physically have everyone’s money. Now its ok if a certain percent of the population goes to the banks every day to withdraw some money as the banks are already prepared that 5% or 10% of the people are going to come and take out their money on any given day. But if everyone went to take their money out of the banks, then it becomes a big trouble for the banks because they simply do not have everyone’s money. Now we add into this a few different factors and we can see some of the real problems of the banking system. One, of course, is that about 10% of the total money supply is in physical bills and coins. Then we have the debt factor. It is very serious because so many people have taken loans from the banks. People don’t actually have any money sitting in the banks, they just owe the banks a lot of money. So that is why it is quite difficult for everyone to do a bank run because a lot of people don’t have any money sitting in the banks at the first place and they owe tens of thousands of dollars to the banks. Looking at 2008, banks crashed the global economy and got bailed out which is a classic situation where there is socialism for the rich and capitalism for the poor. Some countries also have bail in clauses where the banks can take your money bailing in which is another crazy system. Now, all of this fraud is because the banking system is probably a system of fraud, the business model of banks is fraud and it is enabled by the debt system and the fiat money system. The fact that the governments can just keep printing money is insanely broken and every time the government prints new money, your own money becomes worth a little bit less which is crazy again because you just cannot win. The banks and the government are always the winners and that’s a pretty bad game to be playing. The fiat debt backed backing system may be the biggest scam in history and yet we all continue to support that system. The lies are so incredibly big and they are repeated so often that people start to believe them. Money lending and the idea of charging massive amounts of interest on people for buying houses, cars etc. has made people slaves to the banks. Interestingly, the Bible was quite anti-money lending. There are quite a few passages in the Bible about the dangers of money lending and how Jesus was anti-charging interest. Remember when Jesus went to the temple, he didn’t kick out the poor, he didn’t kick out the beggars or anyone else except the money lenders. We have created a society where the money lenders are in charge of everything and that has not given a good result to our society. We understand by the Yellow Vests protestors out in France protesting against the system because the government has supported a system that has enslaved the citizens. A quote by Henry Ford: “It is well enough that people of the nation do not understand our banking and monetary system for if they did, I believe there would be a revolution before tomorrow morning”. It seems that the French are starting to figure this out. They are sitting at a table, trying to play a game where everyone else holds the cards except the regular citizens. That is why the French people think that doing a bank run is a good idea. Although the Yellow Vests have a very big voice and are very prominent, they do not have 100% support of everyone inside of France. A successful bank run would require everyone or near everyone to go and take their money out of the banks but that is not actually happening. Plan Bitcoin: Bitcoin is where the real revolution lies at. Bitcoin is meant to take the power away from banks. Bitcoin encourages people to stop supporting the banks but we are still stuck to this old system. Bitcoin is definitely the money of the future because sound money is powerful. The fact that the governments print money whenever they want is a broken system. The fact that you can only access your money when the banks say so is totally broken as it’s your money and you should have access to it 24X7, be allowed to send it to whoever you want to and whenever you want to send it. That is why the idea of a bank run is incredibly powerful but for a bank run to succeed is very difficult. Jimmy Song has weighed in on the idea of bitcoin as a revolution. Jimmy Song said: Revolutions, we are seeing are aiming at changing who is in charge. However, what they should be doing is taking back the power for themselves. It starts with bitcoin. If people would realize it then violence would not be necessary because they could take power away without the violence. It would be possible to change things for the better without putting lives on the line and risking jail time. It is possible to have peaceful revolutions with bitcoin. These were the thoughts of the writer on can the French Bank Run happen and how does bitcoin play into all of this. Tell us your thoughts in the comments section below. Continue Reading #Exchange Is BitMEX trading against their customers? Foul play at BitMEX? Published 1 month ago on December 12, 2018 By Joyce Lang BitMEX is currently the largest Bitcoin Exchange according to trading volume, and BitMEX research is going pretty good regarding market research, but is BitMEX really that ethical? Let us explore. Registered in Seychelles, BitMEX is not required to report to any regulator. This article is sourced through various articles submitted on Medium, Reddit and social media like Twitter. Does BitMEX trade against its Customers? Before I start to answer this question, let us understand the concept of Market Making. Market makers are the one responsible for filling up the order books. They also buy and sell continuously, proving the necessary liquidity to the market. Market makers quote on both sides of the order book, that means both the buy side and the sell side. If their buy order gets executed, their immediate plan is to execute the sell order as well, thus acting as a neutral market maker. So a market maker profits from a spread instead of up-down movements of the market, in return offering quick liquidity to the users. The question is thus, is BitMEX acting as a neutral market maker (which is a positive service to its customers) or not. On 30th of April, 2018, MitMEX updated its Terms of Service. It says: “BitMEX has a for-profit trading business that, among other things, transacts in products traded on the BitMEX platform. The trading business primarily trades as a market maker” BitMEX also states that its profit does NOT come from trading: BitMEX claims that its goal is to breakeven regarding profit and loss and that they make money by the service fee paid by the business. But unfortunately, there is no way to check BitMEX’s audit report as they have never released an external audit of their business. BitMEX’s legal counsel, Sullivan & Cromwell was silently removed from their blog post from April. It’s earlier post stated this: Later in May 2018, the updated post said this: It is a possibility that Sullivan & Cromwell separated from BitMEX because it had issues with the exchange’s plans. BitMEX’s Desk should not be allowed to trade freely on the exchange Let’s assume the owner (or owner’s employees) of an online casino is allowed to play its own game, can he resist from not looking at everyone else’s cards? Same goes with an online Bitcoin exchange. If BitMEX’s desk is allowed to trade on their own exchange freely, we can expect a similar outcome. This gives “extra information” to the desk, which is not available to all other customers. While some information is available to all the customers, for example, the order book or the past trades, additional information like the degree of leverage of each position or the price at which it will run out of margin is private and is only available to the BitMEX’s desk. In a blog post, BitMEX has denied that it gives this explicit information to its desk, but BitMEX has not agreed to give out equal information to all the customers especially the two mentioned above. Many users suspect that BitMEX gives unfair advantages to its desk. What are your views on the above? Comment below and let everyone know. 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