Hong Kong Monetary Authority Uses MyCoin.hk Debacle To Troll Consumers

Amid the confusion over whether MyCoin.hk ever held any bitcoin and in what amount or if it was as it appears to be an elaborate ponzi scheme dressed up in non-existent bitcoins, flash cars and cash prizes, Reuters reports that the Hong Kong Monetary Authority has seized upon the uncertainty to warn consumers of the dangers of Bitcoin.

In a statement made earlier today, the HKMA said:

"Given the highly speculative nature of Bitcoin, we have all along urged the public to exercise extra caution when considering making transactions or investments with Bitcoin."

It's not the first time that the HKMA has warned of the dangers of Bitcoin, having instructed financial institutions to exercise prudent risk management back in January of 2014. The following day, a Hong Kong treasury official warned consumers that Bitcoin was highly speculative and that it would be closely monitored.

This latest attempt by the HKMA to link fraud, pyramid schemes and loosely affiliated Bitcoin companies with Bitcoin itself might at first glance appear to have enjoyed some level of success as the story currently enjoys widespread coverage, but readers hip to the elitism memory hole effect clearly know better.

One thought on “Hong Kong Monetary Authority Uses MyCoin.hk Debacle To Troll Consumers

  1. Yeah, this notion that con men defrauding "investors" by promising but not actually having Bitcoins somehow relates to Bitcoin is a pinnacle of unintentional comedy. Might as well say the Enron fraud reflects badly on… energy. Not the bankers and accountants that enabled it, not the politicians and law enforcement officers that covered it up, but… energy!

    The fiat state is by now indistinguishable from a parody of itself.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>