🌎 Bitcoin scam: Man arrested after making over 1 million selling Chuck E. Cheese tokens as "Bitcoins."

[TerryP]

NEW YORK CITY – A New York man has been arrested after he reportedly made over a million dollars selling Chuck E. Cheese tokens as Bitcoins on the streets.

Marlon Jensen, 36, was arrested a Sunday morning when NYPD stormed his home. NYPD received calls from the fraud victims that someone had sold them “Bitcoins”, only to find out there actually was no tangible bitcoin currency available. NYPD found $1.1 Million of cash inside Marlons home. According to police, Marlon had scratched off most of the Chuck E. Cheese engravements on the coins, and would write “B” on each coin with permanent marker.

As any should know already, Bitcoin is a crypto currency and payment system that has recently received unprecedented popularity and value, with each bitcoin currently worth $18,950 USD. Although Bitcoin isn’t actually a tangible form of currency, that hasn’t stopped some people from successfully selling “bitcoins” to people using irrelevant gold coins, in this case Chuck E. Cheese Tokens.

“People are retarded haha”, said NYPD Officer Michael West, “My 8 year old son would know those weren’t bitcoins and lord knows he’s not the brightest”.

Marlon is currently being charged with fraud and can face up to 5 years in federal prison.

Bitcoin Scam: Man Arrested After Making Over $1 Million Selling Chuck E. Cheese Tokens As "Bitcoins"

 

[rick4bama]

As that guy always said ! "There's a sucker born every minute"

 

[It Takes Eleven]

Since the first transaction using bitcoin was to purchase a pizza, this seems appropriate.

 

[TerryP]

Since the first transaction using bitcoin was to purchase a pizza, this seems appropriate.

Can't say I knew that.

I saw a bit on a kid the other day who was still in his teens and had millions plus. As I recall he was checking their value every 30 minutes...trading perhaps? It was on TV, playing in the background, while my attention was on something else.

 

[It Takes Eleven]

Can't say I knew that.

I saw a bit on a kid the other day who was still in his teens and had millions plus. As I recall he was checking their value every 30 minutes...trading perhaps? It was on TV, playing in the background, while my attention was on something else.

I think it's up around 1,700% this year. Supposedly being driven by foreign interest, particularly China. I've read (but not fully understood) analyses that try to value it as a currency considering the size of the supply and the frequency of its use. The true value is likely less than a thousand dollars. There will be pain. A virtual currency is a lot sexier than tulip bulbs or emu eggs, though.

RTR,

Tim

 

[rocknthefreeworld]

Bitcoin was $968.88 on 1/1/2017. The close yesterday was $19,188.09 (all time high). Today it is down a bit to $18,987.29. Yes a lot of money has been made in it, but I suspect anyone not in the game already will take a bath if they buy in now. There is a bubble, bad one. It first closed over $5,000 on 10/12 and passed $10,000 on 12/1. Speculation is causing this. Reports of people taking out second mortgages and putting everything they own into it are growing. At some point the big investors who started the run up are going to cash out and it will get ugly.

 

[rocknthefreeworld]

Bitcoin was down to $11,000 today. Not sure what the close will be but I expect it might rally and then drop again. Nice gain for anyone who got in at the beginning of the year but a lot of losses are going to happen now.

 

[rick4bama]

How did these thing become so much?

 

[rocknthefreeworld]

Mostly it is speculation by already rich folks and the "get rich quick" folks that drives it higher and higher.

 

[XXL TideFan]

There will be pain. A virtual currency is a lot sexier than tulip bulbs or emu eggs, though.

RTR,

Tim

Less real value than either one of them.

 

[It Takes Eleven]

There will be pain. A virtual currency is a lot sexier than tulip bulbs or emu eggs, though.

RTR,

Tim

Less real value than either one of them.

Perhaps. We were talking it at $11,000 this time last year. It had a run earlier this year, but now below $4,500.

 

[rocknthefreeworld]

I have a little in crypto but I am only down about $80 probably in total.

 

[It Takes Eleven]

I was watching Squawkbox this morning, and Jamie Dimon said, "Bitcoin itself has been a hyped-up fraud, a pet rock."

I was going to start a new thread on this, but it was interesting to update this one. Bitcoin has traveled quite the path since then.

 

[rocknthefreeworld]

Bitcoin is back up around $20K now, but I don't see it ever going a lot higher. The bubble burst and now gains are going to be minimal with losses more likely.