I am a recent 2017 high school graduate and received some bitcoin as a gift. I thought what a unique gift to receive for graduation and decided to look at ways to increase my bitcoin to help me pay for college.
I came across an investment to double my bitcoin in 90 days. I could double my bitcoin even faster if I signed up other people on the binary network to receive a bonus.
I talked to some bitcoin investors and they were actually in the Gladiacoin program and had made real bitcoin off of their investments. I was hooked when I heard that information and jumped in with my 1.5 bitcoin gift under them since they had received multiple payouts on their investment. I was super pumped and ready to make some quick money for college in the fall. That was three weeks ago.
Now, I went back to my account and found this posted on my account: Due to the low volume of deposits in recent days, we are suspending trading activities from Saturday until next Friday.
What? Isn't that the definition of a Ponzi scheme? If you need future investors in order for your business model to work and pay the people who are already invested, then there is a big issue with your business model. As far as I understand from my high school economics class, that is the true definition of a Ponzi scheme.
Did I lose my bitcoin? Or is it truly a temporary stoppage? If the stoppage is to make more money to start paying the people in the investment, then I probably just lost my bitcoin to a Ponzi scheme. Why would I invest more money in Gladiacoin so it can start paying out again in a week? My mind is racing a mile a minute since I am uncertain now how I will pay for my second year of college.
Is there a better way to make money with my bitcoins if and when I get my bitcoin back from Gladiacoin?
This is my question for cryptocurrency investors like Jeff Berwick of The Dollar Vigilante or other seasoned, professional investors in the Steemit or bitcoin world. PLEASE HELP!!
Thanks from a concerned high school graduate.
The promise to double your BTC pretty much guarantees that it is a ponzi scheme or exit scam.
If it is a scam:
I'm guessing that you have to exchange gladiacoin back into BTC in order to withdraw your funds? That's how BitConnect and other ponzi's work; they force you to use a coin and an exchange which they control.
Best bet is to hope other people want to buy into it and you can recover your BTC. Good luck!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I don't know if it is worse to know that people are taken every day by Ponzi schemes or if this is just a horrible and expensive lesson that I learned. Thanks for sharing the information with me.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Gladia Coin is a big scam, stay away! I personally put in money, and lost over 4 Bitcoin. They had promised to repay the initial investment, and over 1 month later I am still stuck with big losses. Very disappointed.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I got a call two weeks ago from someone who had bought around $30,000 worth of Bitcoin and then invested it entirely in GladiaCoin. He asked me to take a look to see what I thought.
When I visited the GladiaCoin site, I was horrified. It is very clearly a ponzi scheme. The pyramid structure appeals to a lot of people interested in multilevel marketing, so you can find a lot of multilevel marketing people on the internet promoting GladiaCoin.
My advice to the person that called me: Do not deposit anymore bitcoins there, and do not reinvest the payouts that you've already received. (A lot of people were reinvesting their payouts.)
The safest way to "make money" with your bitcoins is just to hold it, preferably in some form of offline storage. If you want to earn interest, you can loan it out to traders on exchanges (but if exchange ever gets hacked, you could lose your bitcoins). You can also try to trade on the market volatility by trading back and forth between Bitcoin and a well-established alt-coin (like Ethereum), but that is risky.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I had a little left and I am trying the trading back and forth with Ethereum. I have made a few bucks going back and forth with the bitcoin and Ethereum trades. I wish I would have looked into it more closely before I jumped in with the majority of my bitcoin. Thanks for your information.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
GladiaCoin site is a big scam, stay away! I personally put in money, and lost over 4 Bitcoin. They had promised to repay the initial investment, and over 1 month later I am still stuck with big losses. Very disappointed to say the least. I hope a class action law suit starts up.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @tonester1795! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPBy upvoting this notification, you can help all Steemit users. Learn how here!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @tonester1795! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPDownvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @tonester1795! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPDownvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @tonester1795! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit