Post
Topic
Board Bitcoin Discussion
Re: SEC charges Joshua Garza for conducting a Ponzi scheme and defrauding investors
by
alexhiggins732
on 02/12/2015, 04:08:46 UTC
Okay.. even more:

Quote
First, from approximately August through December 2014, GAW Miners’ website, and other promotional materials, described Hashlets as always profitable and never obsolete. Garza also claimed on numerous occasions, including in a Hashtalk.org post in August 2014, words to the effect that “there will never be a time a Hashlet costs more to run than you make, and they will always make money.” GAW Miners also claimed, on its website, that Hashlets would never break down or expire and this “guarantees your investment is protected and secure, so you can enjoy many years of owning the world’s most advanced miner.”

What entrepreneur is going to say otherwise? You could certainly state that (without the claim of always being profitable) make similar claims. "Host your data with us. It will be protected for ever and will never be obsolete. You can't say that about your current cell phone or PC. Just think a decade ago people were storing images and videos on zip drives and floppy drives... now obsolete. Hard drives and SD cards in the same way will be obsolete in another decade... File formats will change, Image compression algorithms will go by the wayside all part of planned obsolescence....."

For the claim about "always making money" really need to dig in specifics... Sure make that claim and if at some point for some reason you can't profitably mine one currency then mine another. If all mining is unprofitable then shutdown shop and return the deposits for the mining contract. This claim by no means spells fraud or intent to defraud.