Why are all these bad things happening at nice exchanges?
Einstein Exchange in Vancouver disappeared last week. Website down, a note on the door telling visitors to “make an appointment” to discuss their holdings. The owner Michael Gokturk is apparently MIA and now the securities agencies and authorities are “beginning an investigation”.
Not so long ago, Einstein had a logo clad Lamborghini patrolling the streets of Vancouver showing the great unwashed how the crypto savvy roll.
This comes on the heels of another Canadian exchange Quadriga CX disappearing under “strange circumstances” last year. Millions of dollars of bitcoin locked on a laptop and a dead owner who “misplaced” the keys to access.
All this will make for a fine movie one day. For now, we have more average folks who were dreaming of being part of the Lambo crowd hoping for at least part of their missing money back.
But what of the poor stakeholders whose funds are now missing? Puzzled you bet. Einstein has a nice office in the financial heart of Vancouver. Beautiful people, big screens showing the prices of this brand-new asset class. It’s sexy and young and it feels like an upscale kind of bank or investment house.
You had to show your passport to sign up and at one point there was a waiting list to even join. You had to be “APPROVED” to SEND them money. You had PAPERWORK.
Wow, how lucky you were to just be a part of it all.
Could it all have been an elaborate scheme? All this glass and stainless steel and desks and forms to sign and staff and really nice computers and………… They say 16 million is gone. At today’s price that is about 1600 bitcoin. (I predict it will be more)
I don’t know. I certainly don’t know if the Einstein or QuadrigaCX owners are criminal or just clumsy and quite frankly I don’t care.
THE REALITY IS THIS.
There will only ever be 21 million bitcoin. Some people believe that this will be the greatest wealth transfer in history. Right now, if you believe in this asset the name of the game is accumulation.
Land grab, gold rush, whatever you like to call it, you need to get it now when it is still available. If this thing catches on and the world starts to demand bitcoin, it will be practically IMPOSSIBLE to own a single Bitcoin.
The bitcoin acquired today by illegal means may well be the ticket to generational life-changing wealth and respectability. (The families that profited from prohibition come to mind.)
So, is it surprising that certain people may be going to extraordinary means today to obtain bitcoin by ANY MEANS?
After the long and confusing investigation, there may be charges laid and perhaps even a trial. With a plea deal and good behavior, how much time in a minimum-security does a white-collar defendant really face? It wasn’t like they robbed an actual BANK for god’s sake.
The news will barely notice, and in a few years, no one will question how that family became so wealthy. A decision to act today may change generations to come.
Think of the grandkids and for god’s sake get your bitcoin secured safely.