There’s an old saying that goes, “a fool and his money are soon parted.” The phrase originates from the Book of Proverbs, which states in chapter 21, verse 20, “There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up.”
I’ve been thinking about this concept a lot recently. As you are aware, the BitConnect ponzi scheme — the most prominent of the crypto scams — collapsed last week. Supposedly, BitConnect will reimburse everyone who lost out, but so far, I’ve yet to find definitive proof that this is the case. Even worse, some people on the blogosphere are defending this scheme.
It’s time that we all wise up to the crypto scams because BitConnect is only the beginning.
Currently, Falcoin coin is the most popular lending exchange platform. You would think that after so many crypto scams have been exposed, people would wise up. Plus, it’s not just BitConnect; Hexabot, Coinreum, BTC Hash, Chain Group, and several more have stopped their lending programs and their “guaranteed” payouts.
Perplexing is the fact that Falcoin coin doesn’t bother to distinguish itself from all other crypto scams. Falcon coin has the same pitch — we have a trading bot that extracts massive profits. From this fortune, we can guarantee daily payouts. More ridiculous, though, is Falcoin coin’s promise of paying 48% monthly returns…gullible much?
Next, we have Davorcoin, or as my friend put it, Devourcoin. It’s the same Ponzi scheme. Trading bots, massive profits, daily payouts. The biggest problem I see with Davorcoin is that its website is mostly written in French, which suggests that if American investors get screwed, they’re up a creek without a paddle.
I think the biggest of the crypto scams is USI Tech. If you did just modest research, you’ll find that USI Tech is headquartered in Dubai…Dubai! Given the current geopolitical climate, I have zero interest in putting any money into the Middle East. Moreover, we have the same problem as Davorcoin: no recourse if things go sour.
And believe me, things will go sour. The only saving grace, if you want to call it that, for Falcoin coin, Davorcoin, and USI Tech is that they haven’t been caught by regulatory authorities. Once they do, though, it’s game over.
Take this to heart. The only people that profit from Ponzi or pyramid schemes are those who got in at or near their inception. Chances are, if you learned about a lending program randomly surfing the internet, you’re not at the top of the pyramid!
Sad thing is fools fall for fancy advertisment ..Remember guys " free cheese only found in rat trap ".
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It seems to be the same guys, who advertised and got caught in bitconnect, shilling those "new" schemes.
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How we know what is scam or real?
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Apparently, people don't learn from the BitConnect ponzi scheme.
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Could not agree more with what you have said (with the possible exception of Dubai, as there is actually a lot of really good projects going on over there....but obviously USI Tech is not one of them). This is a post that everyone, especially those who are new to the space should read, particularly as rather than simply saying that there are scams out there you name them.....Bravo. As a further warning (and I do not have anything concrete to go on here other than my ever active SCAM RADAR, this morning I came across a post on Steemit called TEAM US (us, as in we, not the country going by what the guy was saying) he was raving how he can lead you to great riches through a lending program. Again I commend you for highlighting all things shady and encourage others within the community to not only be vigilant but also to help look after others. Cheers J
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thankfully i only invested $100 in bitconnect and only got $35 back only 3 weeks later. i was a sucker but that's how the human race learns, from mistakes. as long as you don't let it happen to you again. great post tho. i would say investing in lending platforms at the ico stage is the most lucrative but not investing in their platform
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