Re: Theymos: What the fuck is up with BFL and TradeFortress?
Here's how the scam went down along with his admission of what he was doing...
https://bitcointalk.org/index.php?topic=206948
https://bitcointalk.org/index.php?topic=206948.msg2166536#msg2166536
I PM'd him to ask him how he would deal with redeeming IOUs so that anyone could convert his IOUs into BTC. He wrote...
So in summary he misled people, while counting on their ignorance of how Ripple works, into letting him put them in harm's way so he and his confederates could steal their legitimate IOU's from reputable gateways.
https://bitcointalk.org/index.php?topic=206948
Quote from: TradeFortress
I am giving away at least 1 BTC per address on Ripple.
https://bitcointalk.org/index.php?topic=206948.msg2166536#msg2166536
Quote from: TradeFortress
B) I won't defraud/scam you out of any money. Yes, you can convert the BTC I send you to real BTCs. For continued discussion, send me a PM, responses will be deleted from this point.
I PM'd him to ask him how he would deal with redeeming IOUs so that anyone could convert his IOUs into BTC. He wrote...
So in summary he misled people, while counting on their ignorance of how Ripple works, into letting him put them in harm's way so he and his confederates could steal their legitimate IOU's from reputable gateways.