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ExtraTorrent.cc > Articles > American Court Shut down Fake Mining Activities

American Court Shut down Fake Mining Activities

American Court Shut down Fake Mining Activities

Added: Wednesday, October 1st, 2014
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2013, www.extratorrent.cc
A court of the United States has recently shut down Butterfly Labs, a Missouri firm which, according to the decision of the Federal Trade Commission (FTC), deceptively marketed PCs designed to mine (produce) Bitcoins, a popular cybercurrency.

The Federal Trade Commission complained against Butterfly and its corporate officers, claiming that the firm charged consumers thousands of dollars for its Bitcoin-mining “farms” called BitForce, and then failed to provide the machines until they were almost obsolete. In fact, in many cases the company simply didn’t provide any computers at all.

As opposed to traditional currency (“fiat money”), Bitcoins aren’t issued and distributed by a central bank or backed by physical assets like gold. The cybercurrency is created from the thin air – it is “mined” by users who, with the help of computers, calculate increasingly complex algorithmic formulas.

In short words, once a user solves a formula, the Bitcoin network awards them a set number of Bitcoins. When more Bitcoins are mined, the process of “earning” new currency becomes more difficult, as the codes become more complex and the process requires more powerful computers to solve them.

According to the FTC’s Bureau of Consumer Protection, it is not surprising that with a new and little-understood opportunity like Bitcoin, scammers will always find ways to capitalize on the people’s excitement and interest.

So, a Missouri-based company was selling its machines at $149 to $29,899, based on their purported computing power. The Federal Trade Commission pointed out that over 20,000 consumers still hadn’t received their computers they bought as of September 2013, with the defendants in the case including Butterfly Labs, Darla Drake, Nasser Ghoseiri and Sonny Vlesides.

Posted by:  SuperAdmin
Date:  Wednesday, October 1st, 2014

Comments (1) (please add your comment »)

posted by ET babyET lover (2014-10-02 15:01:23)
eNdEmiOn avatarMost "regular" currencies aren't backed by physical assets like gold anymore. Every time a mortgage in the western corrupt banking system is created money is created out of thin air. Most people don't even realize this. It's not an accual loan but a number created out of thin air which you then have to pay for with real money multiple times over. That is also how banks can have less than 10% of the money they have "loaned" accually available as they just make up a bunch of numbers and then act like it's a (loan with interest). In the moslim world interest is not allowed but now they are getting stuck with western banks as well. That is a big part of all the turmoil mostly created by westen influences (like IS was weaponized and trained by the CIA) to ultimately get things like this achieved.

(We really need anarchy, which has nothing to do with chaos (which isn't something we should fear), is is a society that has no rulers, which doe not mean there won't be rules, quick explanation youtube.com/watch?v=3tldXVcleTE#t=35)

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