Fact check: Website uses false recommendations from TV personality Deborah Meaden to promote bitcoin scheme

A website has used fabricated recommendations from businesswoman and television personality Deborah Meaden to promote a bitcoin investment.

Reuters Fact Check. REUTERS

An article on the website claims that Meaden announced on ITV This Morning that she made £11.5 million using a bitcoin scheme (tinyurl.com/y4qku2rr) .

The piece claims that during the live interview, co-host Holly Willoughby was given £190 to invest in the system. The website features a photograph of her jaw dropping “as she began making a real profit” on live television.

However, the image actually shows Willoughby reacting as a viewer explained how he took “revenge on a cheating boyfriend.” (A Hilariously Naughty Tale Of Revenge Shocks Holly And Phillip | This Morning) .

The image that purportedly shows Meaden during the interview with This Morning has been taken from an episode of Dragons’ Den (here) .

On her website, Meaden confirmed that the claims made by the website are false: “There are several websites and internet/social media articles claiming that investments have been made in one or more bitcoin trading platforms (including Bitcoin Trader). These claims are entirely false and I have made no such investment(s) and have no such association(s)” (here) .

Action Fraud, the UK’s national reporting centre for fraud run by the City of London Police, has warned the public not to assume such websites are authentic as criminals can exploit the names of well-known brands or individuals to make their scams appear legitimate (here) .

It said that people shouldn’t be rushed into making decisions, and that anyone thinking about making an investment should seek impartial advice from an independent financial adviser.

VERDICT

False. The quotes used on the website are fabricated and are used to promote a bitcoin scheme.

This article was produced by the Reuters Fact Check team. Read more

A Major Bitcoin Exchange Is In Even Worse Trouble Than Thought

The bitcoin and cryptocurrency world was rocked last week by news U.S. authorities had levied charges against major bitcoin and crypto exchange BitMEX and its leadership team.

BitMEX executives Arthur Hayes, Benjamin Delo and Samuel Reed were indicted by the U.S. government on October 1, accused of flouting U.S. banking laws while serving American customers.

Now, in a further blow to the controversial Seychelles-based bitcoin and cryptocurrency exchange, the influential blockchain data company Chainalysis has branded BitMEX a “high-risk” exchange—with external data showing investors have removed almost 50,000 bitcoin tokens from BitMEX since last week.

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On Monday this week, Chainalysis warned its clients that BitMEX, which rose to prominence throughout bitcoin’s massive 2017 bull run and was up until recently the largest bitcoin-derivatives exchange, would be considered a “high risk exchange” from October 13.

“Any transfers from October 1 and later should be considered high risk,” Chainalysis told clients in an email that was first reported by bitcoin and cryptocurrency news and analysis outlet The Block, adding BitMEX transfers will trigger alerts for those using the Chainalysis monitoring tool.

The Chainalysis warning compounds data from blockchain analytics firm Glassnode that shows around 45,000 bitcoin tokens have been withdrawn from BitMEX since the start of the month, representing a 27% drop in the total bitcoin on the exchange.

“On Friday 2 October, the day after the announcement, BitMEX saw its largest ever day of net outflows as investors rushed to remove their funds

A Major Tesla Investor Has Predicted Bitcoin Will Be Worth More Than $1 Trillion In Under 10 Years

Bitcoin has had a strong start to the decade, adding over 40% to its price so far this year—and taking its market capitalization to around $200 billion.

The bitcoin price, which began the year at around $7,000 per bitcoin token, has been on a roller coaster through 2020, crashing to under $4,000 in March before rebounding to well over $10,000.

With a raft of established investors turning to bitcoin this year as a potential hedge against the inflation they see coming as a result of unprecedented government spending and money-printing, a prominent investor in electric car-maker Tesla
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has said it expects bitcoin’s total value to balloon to between $1 trillion and $5 trillion during the next five to ten years.

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“Bitcoin offers one of the most compelling risk-reward profiles among assets, as our analysis suggests it should scale from roughly $200 billion today to $1-5 trillion network capitalization during the next five to ten years,” Ark Invest’s director of research, Yassine Elmandjra, wrote in a report out last month, adding that investors shouldn’t ignore bitcoin as an asset class.

Ark is best known for its wildly optimistic price target for Tesla—a bet that has somewhat paid off this year as the Tesla price increased fourfold.

Bitcoin was by far the best performing asset of the last decade, with its price increasing from almost zero to highs of around $20,000 per bitcoin token in late 2017 before falling back somewhat. But, despite this massive run, Ark remains very bullish on bitcoin.

“Our analysis suggests bitcoin is early on its

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Serious Warning Issued Over $300,000 Bitcoin Stock-To-Flow Price Model

Bitcoin is on track to be one of the year’s best performing assets, despite a recent retraction—but that’s not stopped bitcoin bulls from fighting on Twitter.

The bitcoin price has climbed through much of 2020, adding some 40%, with the bullish stock-to-flow model—that predicts a massive $288,000 bitcoin price before 2024—working “like clockwork,” according to its anonymous creator.

However, a number of high-profile bitcoin analysts and entrepreneurs have clashed over the stock-to-flow model this last week, with the anonymous PlanB accusing his critics of trying to unmask him and his model derided as “absolutely useless.”

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“The [stock-to-flow] model is based on the most fundamental errors which render it absolutely useless,” warned Alex Kruger, an economist and cryptocurrency analyst, speaking over the phone.

The stock-to-flow pricing model, created by anonymous Twitter user PlanB, who claims to be a Dutch institutional investor with a legal and quantitative finance background that manages around $100 billion in assets and tweets from the handle @100trillionUSD, calculates a ratio based on the existing supply of an asset against how much is entering circulation.

Commodities such as gold–with the largest stock-to-flow ratio of 62, meaning it would take 62 years of gold production to get the current gold stock–have a higher stock-to-flow ratio and are valued by investors for their scarcity. Silver has a stock-to-flow ratio of 22 years for its production to reach the current silver stock.

Bitcoin’s stock-to-flow ratio is now 50 following bitcoin’s third halving earlier this year, which saw the number of