At the beginning of the year, Netflix offered us a documentary “crypto parano: investigating the limits of the virtual”, a look back at the bankruptcy of the bitcoin platform (BTC) QuadrigaCX (Quadriga Coin Exchange) and the premature death of its part. founder Gerry Cotten at the age of 30.
Bitcoin (BTC) was born in 2009. In the early days, it was reserved for some computer and technology-savvy insiders. Then we saw the birth of several platforms that suffered attacks and exit scams over the top for the most part. Who doesn’t remember MtGox (2009-2014) and its genius creator (would have 190 IQ) Mark Karpeles, captured and then finally released after hacking his platform.
He was born in 2013 QuadrigaCX in Canada, a boon for bitcoin (BTC) fans who finally see the possibility of holding and trading their cryptocurrencies. For the most greedy, it’s an opportunity to get rich quick, regardless of the innovative or ideal technology of bitcoin creator Satoshi Nakamoto. With the value of bitcoin rising from $ 100 in 2013 to $ 20,000 at the end of 2017, it was a big temptation for investors. But greed seems to be a very bad adviser and the few hundred thousand users paid the price a few years later: in 2018 bitcoin fell, dragging it down. Foura platform that really only existed ponzi scheme.
Netflix Documentary » paranoid encryption its English title is probably clearer (“ One Trust: The Quest for the Crypto King“, Trust anyone: the hunt for the cryptos king tells us about the birth of this new platform: the enthusiasm around bitcoin (btc) and the dream of wealth. At the beginning of the documentary, a victim tells us about his painful experience (and puts our bank overdraft into perspective, etc.). Panic ensues, numerous questions from aggravated users who develop all sorts of theories and finally the official complaint and investigation by the Canadian authorities. Finally nothing very original, a diagram that could not be more classic to describe a scam that is also quite classic. The strange death of Gerry Cotten at 30 years old it adds a bit of mystery and spark and yet sparks the craziest rumors, some people will even seek the autopsy of the young man.
What audience for “paranoid encryption”?
This documentary can evoke fear and mistrust among individuals who remain cautious, especially in France, about technologies and areas of which they are unaware. Not to mention cryptocurrencies, the French media and banks have never been more forthcoming in communicating the “danger” of investing in bitcoin (btc) and its little brothers and sisters.altcoins, highlighting money laundering, mafia and terrorism (which the author of the documentary also fails to do). In short, this documentary is likely to comfort some viewers in the idea that it is better to stay away from bitcoin (BTC).
As for the others, more seasoned, well they will only see one ponzi scheme as in all areas of finance, the most famous of which is undoubtedly that Bernard Madoff which lasted about fifteen years with an embezzlement of 65 billion dollars, and this time with no trace of bitcoin (BTC)…
Gerry Cotten regularly at Ponzi schemes
Anyway Gerry Cotten he was probably not a genius, but a prudent trickster who, according to the Canadian authorities’ investigation, was not his first attempt. With his partner Michael Patryn (who will leave the company in 2016), he already had experience with Ponzi schemes. There is little chance that Four which, from the outset, was so intended. Canadian authorities have discovered this Where is … fromhe never kept any books of account, and did not consider it useful to declare his income regularly, and, on the rare occasions when he did, did not mention any from Four . Where is … fromhe would mix his personal finances and personal finances cheerfully Four. With the fall of bitcoin (BTC), which was trading at $ 4,000 in December 2018, it would use its users ’accounts to trade and perform more catastrophic operations than others. In any case, according to a balance sheet from the Ontario Securities Commission (OSC), the total loss is $ 169 million.
Jennifer Robertson married to Where is … from a few months before her death, she claimed she knew nothing about the affairs of her late husband and in particular did not have the private keys of her wallet. She returned a few million in miscellaneous assets and then moved to a discreet place with her new companion. Jennifer Robertson her short idyll tellsGerry Cottenin a bookBitcoin Widow“.
Ponzi schemes have been around since 1919 when Charles Ponzi created this pyramid scheme in the United States. There are numerous examples of this in the world of bitcoin (BTC), such as Bitconnect, Onecoin, Coinsignals, and more recently in France with crypto RR and estimated losses at around fifty million euros.
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Subprime, financial crises, galloping inflation, tax havens … Bitcoin was designed for greater transparency and possibly to eventually change the situation. I try to understand this new environment and I try to explain it to myself. The road is long, no doubt, but it’s worth it.