Some promises are too good to be true. The Securities and Exchange Commission has charged a Texas man with operating an illegal Ponzi scheme using the virtual currency Bitcoin in place of dollars. Trendon T. Shavers took in 700,000 Bitcoins from investors, the SEC alleges, through his unregistered fund Bitcoin Savings & Trust while operating with the ironic alias “pirateat40.” The Bitcoins were worth $4.5 million at the time but would be worth $60 million on the market today due to the virtual currency’s appreciation.

Shavers told investors he could make them a 7 percent return on their investment by arbitraging the currency, but the SEC claims he never made a trade. Instead, he used the money from new investors to pay dividends to previous investors, the definition of a Ponzi scheme. This allowed him to keep up the appearance of impossibly high returns, the SEC says. There was plenty of suspicion around BS&T and other so-called “high-yield investment programs,” but greed was enough to convince some people to buy in. In August 2012, BS&T stopped paying its investors and then abruptly shut down.

Read the Full Article over at The Verge



Tripp Lite 4-Ports USB Over Cat5 Hub With 4 Remote Ports U224-4R4-R picture
Tripp Lite 4-Ports USB Over Cat5 Hub With 4 Remote Ports U224-4R4-R
$41.46


WOW Microsoft Surface Pro 3 Docking Station #1664 + EVGA DP Hub + Extras picture
WOW Microsoft Surface Pro 3 Docking Station #1664 + EVGA DP Hub + Extras
$155.95


Type C USB 3.1 to USB-C 4K HDMI USB3.0 Adapter 3 in 1 Hub For Apple Macbook Hot picture
Type C USB 3.1 to USB-C 4K HDMI USB3.0 Adapter 3 in 1 Hub For Apple Macbook Hot
$0.01


4 Ports USB 3.0 Hub 5Gbps Portable Compact for PC Mac Laptop Notebook Desktop KJ picture
4 Ports USB 3.0 Hub 5Gbps Portable Compact for PC Mac Laptop Notebook Desktop KJ
$6.75


4 Ports USB 3.0 Hub 5Gbps Portable Compact for PC Mac Laptop Notebook Desktop KJ picture
4 Ports USB 3.0 Hub 5Gbps Portable Compact for PC Mac Laptop Notebook Desktop KJ
$6.75


AmazonBasics 7 Port USB 2.0 Hub picture
AmazonBasics 7 Port USB 2.0 Hub
$15.0


5in1 C Hub 3.0 Type-C Adapter USB Charging Data Sync Card Reader for MacBook Pro picture
5in1 C Hub 3.0 Type-C Adapter USB Charging Data Sync Card Reader for MacBook Pro
$19.59


5in1 C Hub 3.0 Type-C Adapter USB Charging Data Sync Card Reader for MacBook Pro picture
5in1 C Hub 3.0 Type-C Adapter USB Charging Data Sync Card Reader for MacBook Pro
$19.59