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Bitcoin: Does it have a future ?
Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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Museveni wrote:Kenyans gamble millions in high risk Bitcoin trading craze
Quote:Trading clubs
The Business Daily attended one of the Bitcon traders’ meeting in Nairobi, which has about 1,000 members.
Each member pays a minimum of Sh70,000 for membership and a starter trading deposit, which translates to a conservative minimum of about Sh70 million invested in the little-understood digital currency.
Mining pools 
Quote:The initial joining fee of Sh70,000 covers membership fee and one share, from which the new member starts earning a slice of the mining income of BitClub Network, which has 150,000 members drawn from 90 countries.
Those bringing in new members also earn a commission. In Kenya, the idea of a referral for commission raises comparisons with multi-level marketing or pyramid schemes, the latter having caused untold pain to the public.
One share to what ?
Refferal fees ?
SMH
As one comment in the article, the reporters need to differentiate between mining and trading in Bitcoins. This multilevel crap has nothing to do with bitcoin.How about signing up on BTCC or any other credible site and trading from there?
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Rank: Member Joined: 5/27/2016 Posts: 274 Location: Pub
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kayhara wrote:Ryko wrote:kayhara wrote:Someone hacked something and stole some coins, and the coin graph in on the downward trajectory.
I personally think Bitcoin is a product that most people are dealing in and not a currency since very few would be willing to be paid in bitcoins,and now that Kenyan mining club is being setup like a pyramid scheme with referrals, but question is how long will it take to recoup the 70k, who does it go to? Really? Wait until congress clears the bill to convert bitcoin in to a currency which may happen in Q1 2018. Bitcoin will be a currency acceptable even in coffee shops, and you will have no option than to own a Satoshi. The other day Japan accepted it as a currency ...google The coins hacked were for USDT and they are unusable, this are challenges in the digital world... I just read your statement above and i remembered a pal of mine we were discussing and i told him to consider bitcoin compared to a piece of land in katani,syokimau. My pal came back to me after some days and told me " i dont want anything to do with bitcoin since China just banned bitcoin" i told her that actually was the best time to buy the bitcoin, such crashes are heaven sent. Time will tell..... Paying 70K for joining clubs does NOT make sense, looks scammy My attempted entry in to bitcoins is always cut short by some negative news on bitcoin eg in the news instead of saying bitcoin lost they say bitcoin crashed, just how high is the value expected to top I can assure you bitcoin has lots of negative news, infact on a monthly basis. Assume you are buying land, and forget about it.. You should prepare for bad news. Let me give you some examples in the past months The damn coin goes to 5200 and above then we wake up one day to 3000 crash - china banned it. Remember China has banned Bitcoin about 4 times before Damn fork and the coin drops from 7600 to 6400 flash crashes like the USDT are damn normal... Rumor Japan is banning ICO it affects bitcoins Rumor Russia is banning bitcoin Top exchange is shut for few hours another flash crash... This are just some, basically just know the price will go lower of what you purchased, prepare for a zigzag wave up and down but the good news IT ALWAYS GOES UP.......pick some bro Infact only buy during negative/crash/bad news I will not be amazed if tomorrow i wake up to 9200 USD, right now all my other coins are booming meaning it might just go down tonight because they have an inverse rship. I work so I can afford the amount of alcohol required to continue going to work
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Rank: Member Joined: 8/16/2012 Posts: 661
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whiteowl wrote:Museveni wrote:Kenyans gamble millions in high risk Bitcoin trading craze
Quote:Trading clubs
The Business Daily attended one of the Bitcon traders’ meeting in Nairobi, which has about 1,000 members.
Each member pays a minimum of Sh70,000 for membership and a starter trading deposit, which translates to a conservative minimum of about Sh70 million invested in the little-understood digital currency.
Mining pools
Quote:The initial joining fee of Sh70,000 covers membership fee and one share, from which the new member starts earning a slice of the mining income of BitClub Network, which has 150,000 members drawn from 90 countries.
Those bringing in new members also earn a commission. In Kenya, the idea of a referral for commission raises comparisons with multi-level marketing or pyramid schemes, the latter having caused untold pain to the public.
One share to what ?
Refferal fees ?
SMH
As one comment in the article, the reporters need to differentiate between mining and trading in Bitcoins. This multilevel crap has nothing to do with bitcoin.How about signing up on BTCC or any other credible site and trading from there? It is always sad to see people being scammed. If it is mining one is interested in they should prepare to buy and run some pretty good hardware and be prepared to pay the electricity bills for the free bitcoins If it is trading in bitcoins they should dive in and buy the coins on their lows and flip on the highs. Live and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: Member Joined: 5/4/2015 Posts: 241 Location: Kahno
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"Conspiracy", BFIU & localbitcoins.com members. Unrolled: https://threadreaderapp....read/933342008529256448
Thread:
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Rank: Member Joined: 8/16/2012 Posts: 661
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Ryko wrote:kayhara wrote:Ryko wrote:kayhara wrote:Someone hacked something and stole some coins, and the coin graph in on the downward trajectory.
I personally think Bitcoin is a product that most people are dealing in and not a currency since very few would be willing to be paid in bitcoins,and now that Kenyan mining club is being setup like a pyramid scheme with referrals, but question is how long will it take to recoup the 70k, who does it go to? Really? Wait until congress clears the bill to convert bitcoin in to a currency which may happen in Q1 2018. Bitcoin will be a currency acceptable even in coffee shops, and you will have no option than to own a Satoshi. The other day Japan accepted it as a currency ...google The coins hacked were for USDT and they are unusable, this are challenges in the digital world... I just read your statement above and i remembered a pal of mine we were discussing and i told him to consider bitcoin compared to a piece of land in katani,syokimau. My pal came back to me after some days and told me " i dont want anything to do with bitcoin since China just banned bitcoin" i told her that actually was the best time to buy the bitcoin, such crashes are heaven sent. Time will tell..... Paying 70K for joining clubs does NOT make sense, looks scammy My attempted entry in to bitcoins is always cut short by some negative news on bitcoin eg in the news instead of saying bitcoin lost they say bitcoin crashed, just how high is the value expected to top I can assure you bitcoin has lots of negative news, infact on a monthly basis. Assume you are buying land, and forget about it.. You should prepare for bad news. Let me give you some examples in the past months The damn coin goes to 5200 and above then we wake up one day to 3000 crash - china banned it. Remember China has banned Bitcoin about 4 times before Damn fork and the coin drops from 7600 to 6400 flash crashes like the USDT are damn normal... Rumor Japan is banning ICO it affects bitcoins Rumor Russia is banning bitcoin Top exchange is shut for few hours another flash crash... This are just some, basically just know the price will go lower of what you purchased, prepare for a zigzag wave up and down but the good news IT ALWAYS GOES UP.......pick some bro Infact only buy during negative/crash/bad news I will not be amazed if tomorrow i wake up to 9200 USD, right now all my other coins are booming meaning it might just go down tonight because they have an inverse rship. For an unregulated markets the joys in trading are the speculations. The up and down movements are guaranteed, that is for sure. It is a roller-coaster and one should learn to enjoy the ride. However, it pays handsomely to understand a bit of the technical side behind the "virtual currencies". Most are purely scams propagated and promoted by exchange houses keen to scam members through dubious 'hacks'. Bitcoin (the 'original' BTC) has its downsides too like; - it is not instant ( a big misconception by many) - here are transaction fees (in bitcoin) and they may seem pretty high with the price soaring higher (BTC/USD $8,090 currently) Live and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: Member Joined: 8/16/2012 Posts: 661
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 Good of you Mic Following keenly. Live and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: Member Joined: 5/27/2016 Posts: 274 Location: Pub
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Museveni wrote: Good of you Mic Following keenly. 10 Million stolen from I & M bank and used to buy bitcoins in Localbitcoins.com via Equity bank etc Its very sad, bigup to the blockchain association of kenya for assisting and follow up. Congrats!! Looks like Bitcoin fraud Unit/CID maybe KRA ninjas are an itch. Imagine buying bitcoins and ending up in a Cell, eff'd up, police being hongwad 200k continuously. But then again who uses Localbitcoin, those prices are outta this earth if trusting normal kenya traders is this bad then if someone needs to liquidate over 5M, 10M bitcoins there are alternative at least better & safer ways out there from the prying eyes of KRA (tax), CID, Bitcoin Fraud Unit , sleeping in cells, prying eyes of your neighbours, haters i.e. 1. If you moving over 5M just go for holiday to Dubai or Thailand (infact its cheaper than Mombasa) exchange your bitcoins on those streets exchanges in to US Dollars, wire some to kenya bank carry the rest home and do your projects 2. If below 1M just get a bitpay card (USD denominated) register in your relative number/address in US/EU and let them send you to kenya you can withdraw from ATM huge amounts a day.  I work so I can afford the amount of alcohol required to continue going to work
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Rank: Member Joined: 8/16/2012 Posts: 661
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Ryko wrote:Museveni wrote: Good of you Mic Following keenly. 10 Million stolen from I & M bank and used to buy bitcoins in Localbitcoins.com via Equity bank etc Its very sad, bigup to the blockchain association of kenya for assisting and follow up. Congrats!! Looks like Bitcoin fraud Unit/CID maybe KRA ninjas are an itch. Imagine buying bitcoins and ending up in a Cell, eff'd up, police being hongwad 200k continuously. But then again who uses Localbitcoin, those prices are outta this earth if trusting normal kenya traders is this bad then if someone needs to liquidate over 5M, 10M bitcoins there are alternative at least better & safer ways out there from the prying eyes of KRA (tax), CID, Bitcoin Fraud Unit , sleeping in cells, prying eyes of your neighbours, haters i.e. 1. If you moving over 5M just go for holiday to Dubai or Thailand (infact its cheaper than Mombasa) exchange your bitcoins on those streets exchanges in to US Dollars, wire some to kenya bank carry the rest home and do your projects 2. If below 1M just get a bitpay card (USD denominated) register in your relative number/address in US/EU and let them send you to kenya you can withdraw from ATM huge amounts a day. From the available information on that thread.. The first statement is debatable. Quote:10 Million stolen from I & M bank ... Who stole ? When ? How? As for KYC, it applies 1) For transactions above 1M 2) In regulated space Selling virtual currency IS NOT a crime. And who the $#@& is this person: Quote:Michael Kimani @pesa_africa
17h17 hours ago
Emma's account had received 500k from an Equity Bank account linked to I&M electronic paper trail. 500 k from a Mr. Richard Wambugu Maina, account number 1150174811XXX 6/ Isn't that the person of interest ? This is an interesting story that MAY be relevant: Stealing bitcoins with badges: How Silk Road’s dirty cops got caughtLive and learn; and don’t forget, nothing ventured, nothing gained.
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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Museveni wrote:Ryko wrote:Museveni wrote: Good of you Mic Following keenly. 10 Million stolen from I & M bank and used to buy bitcoins in Localbitcoins.com via Equity bank etc Its very sad, bigup to the blockchain association of kenya for assisting and follow up. Congrats!! Looks like Bitcoin fraud Unit/CID maybe KRA ninjas are an itch. Imagine buying bitcoins and ending up in a Cell, eff'd up, police being hongwad 200k continuously. But then again who uses Localbitcoin, those prices are outta this earth if trusting normal kenya traders is this bad then if someone needs to liquidate over 5M, 10M bitcoins there are alternative at least better & safer ways out there from the prying eyes of KRA (tax), CID, Bitcoin Fraud Unit , sleeping in cells, prying eyes of your neighbours, haters i.e. 1. If you moving over 5M just go for holiday to Dubai or Thailand (infact its cheaper than Mombasa) exchange your bitcoins on those streets exchanges in to US Dollars, wire some to kenya bank carry the rest home and do your projects2. If below 1M just get a bitpay card (USD denominated) register in your relative number/address in US/EU and let them send you to kenya you can withdraw from ATM huge amounts a day. From the available information on that thread.. The first statement is debatable. Quote:10 Million stolen from I & M bank ... Who stole ? When ? How? As for KYC, it applies 1) For transactions above 1M 2) In regulated space Selling virtual currency IS NOT a crime. And who the $#@& is this person: Quote:Michael Kimani @pesa_africa
17h17 hours ago
Emma's account had received 500k from an Equity Bank account linked to I&M electronic paper trail. 500 k from a Mr. Richard Wambugu Maina, account number 1150174811XXX 6/ Isn't that the person of interest ? This is an interesting story that MAY be relevant: Stealing bitcoins with badges: How Silk Road’s dirty cops got caught It's mandatory to declare any cash above USD 5,000 at any PoE in Kenya If Obiero did it, Who Am I?
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Rank: Member Joined: 8/16/2012 Posts: 661
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Swenani wrote:Museveni wrote:Ryko wrote:Museveni wrote: Good of you Mic Following keenly. 10 Million stolen from I & M bank and used to buy bitcoins in Localbitcoins.com via Equity bank etc Its very sad, bigup to the blockchain association of kenya for assisting and follow up. Congrats!! Looks like Bitcoin fraud Unit/CID maybe KRA ninjas are an itch. Imagine buying bitcoins and ending up in a Cell, eff'd up, police being hongwad 200k continuously. But then again who uses Localbitcoin, those prices are outta this earth if trusting normal kenya traders is this bad then if someone needs to liquidate over 5M, 10M bitcoins there are alternative at least better & safer ways out there from the prying eyes of KRA (tax), CID, Bitcoin Fraud Unit , sleeping in cells, prying eyes of your neighbours, haters i.e. 1. If you moving over 5M just go for holiday to Dubai or Thailand (infact its cheaper than Mombasa) exchange your bitcoins on those streets exchanges in to US Dollars, wire some to kenya bank carry the rest home and do your projects2. If below 1M just get a bitpay card (USD denominated) register in your relative number/address in US/EU and let them send you to kenya you can withdraw from ATM huge amounts a day. From the available information on that thread.. The first statement is debatable. Quote:10 Million stolen from I & M bank ... Who stole ? When ? How? As for KYC, it applies 1) For transactions above 1M 2) In regulated space Selling virtual currency IS NOT a crime. And who the $#@& is this person: Quote:Michael Kimani @pesa_africa
17h17 hours ago
Emma's account had received 500k from an Equity Bank account linked to I&M electronic paper trail. 500 k from a Mr. Richard Wambugu Maina, account number 1150174811XXX 6/ Isn't that the person of interest ? This is an interesting story that MAY be relevant: Stealing bitcoins with badges: How Silk Road’s dirty cops got caught It's mandatory to declare any cash above USD 5,000 at any PoE in Kenya Point of entry - Customs. Nothing to do with Bitcoin Live and learn; and don’t forget, nothing ventured, nothing gained.
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