Pewdiepie Pokes Fun at Youtubers Who Shilled Bitconnect

Pewdiepie Pokes Fun at Youtubers Who Shilled Bitconnect

Pewdiepie may be late to the Bitconnect bashing party, but he’s made up for it in a searing 15-minute sketch. “Finally I can quit making Youtube videos, this is the answer BITCONEEEEEECT!” the world’s most popular Youtuber cries to his 60 million subscribers. In “How I Made My Millions! (and so can you)”, Pewdiepie also takes aim at the Youtubers who were responsible for promoting the cryptocurrency.

Also read: Bitconnect Shuts Down Its Exchange Citing a String of Excuses

Bitconnect Gets the Pewdiepie Treatment

“It’s a great meme,” begins Pewdiepie, acknowledging Carlos’ Bitconnect scream that has been parodied and remixed countless times. Mocking Bitconnect has been fashionable for some time now, and as Pewdiepie concedes he’s “the last one to the meme”. The sketch opens with a montage of various Youtubers who were pivotal in driving Bitconnect’s pyramid scheme. When the house of cards collapsed, the videos were hastily deleted but not before they had been saved and re-uploaded by users, because the internet never forgets.

“The thing about cryptocurrency is everyone’s just shilling it for their own benefit so who can you really trust?” ponders Pewdiepie before proposing his own Brofist Coin. There’s not much to be gleaned from Pewdiepie’s latest video in terms of how the Bitconnect scam unfolded; the Swedish vlogger is more interested in goofing around and interspersing clips of Carlos with his own attempts at the Bitconnect scream. He does succeed in pointing out the ridiculousness of the scheme, however, and expresses incredulity that people were seduced by it.

Pewdiepie Pokes Fun at Youtubers Who Shilled Bitconnect

Too Little, Too Late

It’s a shame Pewdiepie hadn’t caught on to Bitconnect earlier. If he had, his influence may have helped steer some people away from it. For the millions who watch Pewdiepie’s channel, this introduction to cryptocurrency will not have been a particularly positive one; they’re not to know that most cryptocurrencies are nothing like Bitconnect. The crypto Youtube community could use its own Pewdiepie to make light of the more ridiculous aspects of the space and point out suspected scams. Pewdiepie isn’t the most intellectual of Youtubers, but he’s the perfect buffoon for highlighting the buffoonery of Bitconnect and all who sailed on her.

Who are your favorite crypto Youtubers and what do you make of Pewdiepie’s Bitconnect sketch? Let us know in the comments section below.


Images courtesy of Shutterstock, and Youtube.


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The post Pewdiepie Pokes Fun at Youtubers Who Shilled Bitconnect appeared first on Bitcoin News.

If You’ve Been Scammed Out of Cryptocurrency It’s Probably Your Fault

Scammers are a dastardly, low down bunch. Preying on the gullible, extorting the vulnerable, and hoodwinking the hoodwinkable with their promise of free bitcoin if you send a little first and daily interest on your Bitconnect loan. It’s an indisputable fact that if the cryptocurrency space were cleansed of scammers, the web would be a better place. It’s also a fact that if you’ve been scammed of cryptocurrency, it’s probably your fault.

Also read: SEC Suspends Trading of Three Companies With Ties to Cryptocurrency

Who You Gonna Call?

If You’ve Been Scammed Out of Cryptocurrency It’s Probably Your FaultThe biggest cause of crypto scams isn’t shady operators from impoverished countries. It isn’t Russian hackers with leet phishing skills and it isn’t conniving con artists pawning spammy links. No, the biggest cause of cryptocurrency scams is greed. And not their greed – yours. If you lost money in Bitconnect or Davorcoin or to an email phishing scam or to “Vitalik Buterin” promising you free ETH on Twitter, you’re not the victim – you’re the culprit.

If people didn’t keep taking the bait, scammers wouldn’t keep scamming. If no one bought into Bitconnect, Bitconnect couldn’t have exited with millions of dollars. If you want to get rich off crypto, put some money into three major cryptocurrencies you believe in, store them on a hardware wallet and forget about it for five years. Come 2023, you could be rich, you could be poor or you could be somewhere in between but one thing you won’t be is scammed.

Unfortunately, many crypto investors seem to have adopted the 50 Cent mantra of “Get rich or die tryin’”. When the shit hits the fan, instead of recognizing their foolishness and wising up, they lash out, blaming anyone and everyone. It’s Twitter’s fault for permitting lookalike accounts. It’s regulators’ fault for not cracking down on these chancers. It’s ICOs fault for allowing scammers in their channel. It’s the media’s fault for causing FUD, forcing Bitconnect to withdraw their stellar lending service. No, it’s your fault. No one else’s. Yours.

If You’ve Been Scammed Out of Cryptocurrency It’s Probably Your Fault

A Plea of Mitigation

If You’ve Been Scammed Out of Cryptocurrency It’s Probably Your Fault
BITCONEEEEEEEECT!

Let’s be clear though: victims of cryptocurrency scams – no matter how naive or avaricious they may have been – don’t deserve ridicule. There is no poetic justice in watching the greedy get deprived of the very thing they crave, and there is no satisfaction in watching scammers walk away with millions of stolen ether. It’s possible to feel a twinge of sympathy for victims whilst also feeling that they brought it on themselves. But sympathy won’t get their money back. Nor will encouraging them to go crying to their Congressman. The only way to stop this sort of stuff from happening is to tell it like it is. So here goes:

Stop taking the bait. Stop buying into schemes that look too good to be true. And stop encouraging your friends and relatives to buy into them too. Cos if there’s any subset of victims who don’t deserve the fate, it’s those who were lured into the Ponzi scheme by people they trusted. There’s a steep learning curve with cryptocurrency. Anyone entering the space for the first time can be forgiven for feeling overwhelmed and ill-informed. That’s why it’s important to get the lie of the land before jumping in with both feet. Buy some bitcoin. Purchase a Crypto Kitty. But don’t, under any circumstances, enter into coins, schemes, and ICOs you don’t understand and haven’t researched.

If You’ve Been Scammed Out of Cryptocurrency It’s Probably Your Fault

Astonishingly, a vigilante group set up to track down the Bitconnect scammers is now seeking to fund its operations by holding an ICO for its own Justice Coin, which features a “daily profit bot” promising 2% daily returns. Less astonishingly, some of the victims of Bitconnect will buy into it and get scammed again – possibly by the very same people behind Bitconnect. In an information age where the answer to “Is this a scam?” is never more than a google away, there’s no excuse for getting duped. If you’ve been scammed out of cryptocurrency, it’s probably your fault.

Do you think scam victims bring it on themselves or should the blame fall squarely on the scammers? Let us know in the comments section below.


Images courtesy of Shutterstock, and Twitter.


This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.

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Bad Code Has Lost $500 Million of Cryptocurrency in Under a Year

Bad Code Has Lost $500 Million of Cryptocurrency in Under a Year

Cryptocurrency can be lost in a variety of ways, from hacking to forgotten passwords and failed flash drives. But in dollar terms, one of the biggest causes of crypto losses is bad code, and it’s not usually the fault of the coin’s developers. Instead, third parties, including shoddy smart contract developers and shady exchanges, are to blame for losses that have reached half a billion dollars in the last seven months.

Also read: Cryptocurrency Exchange Bitgrail Suspends Operations After ‘Losing’ $170 Million of Nano

Bitgrail Gets Railed for Dodgy Code

Last week, news.Bitcoin.com reported on the demise of Bitgrail, which contrived to lose $170 million of nano cryptocurrency. While the precise sequence of events that caused the catastrophic collapse of the exchange with the assets of thousands of customers is still being confirmed, poor code is being blamed. As reported at the time:

There are rumors that Bitgrail became insolvent following a withdrawal bug that was discovered by some users and then shared in Discord and other chat groups, causing the wallet balance to gradually diminish. One user explained: “There was a bug on Bitgrail where if you placed two orders you got double balance added to your account. You could then withdraw while the orders were up and steal the coins. You had negative balance in the end but you could just make a new account.”

Bad Code Has Lost $500 Million of Cryptocurrency in Under a Year

In the aftermath of the incident, this theory has been bolstered by allegations that a bug was indeed responsible, and not in nano’s code, but in Bitgrail’s. One source asserted: “There was a bug, on the withdraw page. But this check was only on java-script client side, you find the js which is sending the request, then you inspect element – console, and run the java-script manually, to send a request for withdrawal of a higher amount than in your balance. Bitgrail delivered this withdrawal. How many people did this? Who knows.”

There was another bug, you could request a withdrawal to your address – from another user-id, from another user-account. That would cause the other users balance to have “missing funds” or “negative balance”. Bitgrail bomber solved this bug by manually entering the “correct” numbers in his database. This is what you get for using a PHP website coded by same skill-level as CfB of IDIOTA.

Even the Best Cryptocurrencies Aren’t Immune to Poor Code

The cryptocurrency most commonly associated with catastrophic bugs is ethereum. That’s not due to its underlying code, but on account of the smart contracts that can be built on top of the ethereum framework. First there was the DAO, which led to ethereum being forked right out the gate, and then there was the Parity bug that caused 150,000 ETH to be stolen, followed by the other Parity bug that caused $168 million of ETH to be locked up.

In the past couple of weeks, ethereum bugs have surfaced once more, albeit on a smaller scale. Proof of Weak Hands (PoWH) was a joke scamcoin which turned into an actual scamcoin after a bug led to the loss of 900 ether worth $1 million that had been sent to the contract address. The developer then disappeared after receiving death threats from investors aggrieved to discover that the joke Ponzi they were buying into was even less legitimate than it had seemed.

Bad Code Has Lost $500 Million of Cryptocurrency in Under a Year
After a smart contract bug led to the loss of 900 ETH, the PoWH website looked like this in the days afterwards

PoWH has since spawned a new scamcoin called ethpyramid which is for “strong hands only”. To the question “Is Ethpyramid secure?” the site responds “Yes. Our dev team put a lot of time into refining and testing this contract to make sure your tokens are safe. Internal functions of the contract are not accessible to the end user.” There’s also PoWH420, “the world’s dank autonomous and self-sustaining 420 pyramid scheme”.

Bad Code Has Lost $500 Million of Cryptocurrency in Under a Year
PoWH 420

Even if joke coins and their joke developers are taken out of the equation, it’s evident that cryptocurrencies are only as strong as their weakest link. While altcoins such as ethereum and nano have undoubted potential, like every other crypto they’re hostage to bugs lurking in wallets, smart contracts, and exchanges. One bad line of code is all it takes.

Do you think Bitgrail was brought down by a withdrawal bug or is there more to this story? Let us know in the comments section below.


Images courtesy of Shutterstock, and PoWH420. Katie Webster assisted with this article. 


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