Post
Topic
Board Speculation
Re: Chinese Exchanges:
by
ajareselde
on 17/02/2015, 21:19:37 UTC
Chinese Bitcoin banking service kipcoin.com lost 3000+ bitcoin

https://www.reddit.com/r/Bitcoin/comments/2w84el/kipcoincom_lost_3000_bitcoin/

"Kipcoin, which went online this May, sets its fundraising cap at 10,000 btc and pays an interest of 0.0137% daily. Media coverage indicates that the site makes money in two ways: 1. Arbitrage – buying from exchanges where prices are lower and sell at others where prices are higher. 2. Lend the coins to miners."

http://www.forbes.com/sites/ericxlmu/2014/07/12/major-chinese-exchanges-rolled-out-bitcoin-banking-services/

Its same story over and over again, and ill say the same i always say; they "lost" coins in their wallets, stole from themselves and now blaming others.
They can mask their bussines anyway they want, in the end its all the same, classical ponzi scheme that works well and pais out until they have enough funds to run away.