What Happened With Bitconnect And OneCoin? Ponzi Schemes In CryptoSphere!
What Are The Signs Of A Crypto Ponzi Scheme?
While there are a few different strategies that scammers have used to entice gullible and naïve investors to hand over their hard-earned dollars a hard-fast rule is “if it’s too good to be true…it is.”
Offers of low risk, high reward investments should always set alarm bells ringing. Scams often make claims that look great on paper, sometimes even the promise of “guaranteed ROIs” are tossed around, but unfortunately that just isn’t really how the financial world works. More often than not high risk equals high reward and low-risk investments get you low returns. Government bonds are low risk with low returns, while lottery tickets are high risk with high returns. Anyone telling you different warrants higher scrutiny.
Another theme that many of these schemes use is consistent returns, often times regardless of market conditions. This just doesn’t make any sense. There is no way that anyone can predict the future of any markets, let alone the highly volatile crypto market. To make promises that ROI will remain steady despite the natural variations inherent in speculative markets is a major red flag.
Other Signs To Look Out For
One thing that any legitimate project will have is a clearly defined explanation of the machinations of the token. A detailed and fully available white paper is standard across the industry with many projects using fully open-source code. Any project that obscures how their token operates, only offering vague promises of functionality, is hiding something and should be avoided. One of the cornerstones of the cryptosphere is transparency and the ability for users to thoroughly investigate new projects.
All legitimate projects should have clear and simple guidelines on how to divest from them and any push back or difficulty in selling out and claiming your cash is almost a sure sign that it is a scam. Unfortunately for most victims of these operations by the time this last red flag is noticed it’s too late to do anything about it. That’s why it is of the utmost importance to properly vet all potential investments and learn from the mistakes of those less scrupulous investors that came before us.
One more indication that a project is not what it appears to be is mention of “referrals” and “new contacts”. These are key words used in Multi-Level Marketing (MLM) scams, also known as Pyramid Schemes. These scams get investors to continuously recruit new members to join while never actually paying out ROI. The money moves back and forth between investors before it inevitably ends up in the pockets of the group perpetrating the grift. This is a model that has been around for ages and—unsurprisingly—has made its way into the cryptosphere.
Now that we have a better understanding of what scams look like and how to avoid them let’s examine two of the most infamous crypto Ponzi schemes in recent memory: BitConnect and OneCoin.
https://kucoinblog.com/crypto-ponzi-schemes-bitconnect-onecoin-sk-st
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://kucoinblog.com/crypto-ponzi-schemes-bitconnect-onecoin/
Now we have Steemit.
On steem?
Self proclaimed community watchdogs are actually hacking and stalking people.
This group https://steemit.com/@steemspeak is ran by https://steemit.com/@fyrstikken, They are hacking people that enter this discord server https://discordapp.com/invite/sqxV63P . Once you are hacked they profile you long enough to know all of your activities. They introduce workplace gangstalking visits and bring it to your attention cleverly and discretly so only you get it. They are very covert and tricky with everthing they say and do in this server. Some claim to have worked for or are working with the FBI and the NSA. Mixed with decomisioned traders and coding criminals, Its a scary mix of creepy people and thier intent is to drive you crazy and deplete everything you have ever aquired in life, even your freedom.
My hacking started with them introducing ransomeware that has options, dump my coin or delete my system drive. They acnowledged this to me in the server as it happened.
This hacking and stalking is done so they can manipulate the target to pump and dump for them. Threating and Making victims wear head phones, so nobody in your household can hear thier dramitization towards you. In 2017 this server was sidemarked as a drama show for entertainment purposes only as en excuse to say whatever they want all the way down to killing a politician. They have a server side command called "hey asshole" making a promt come up instructing everyone to wear headphones. They want everyone wearing headphones so nobody in your vicinity can hear them mess with you. Fystikken says its because of "mic feedback" but once your a target you get exactly why they make eveyone wear headphones.
With headphones on they subliminally direct victims with very low suggestive whispers mixed into their radio shows music. Combine this with them being able to manipulate their own individual outputs sound volume, which they control on the server side, they can pick what individual people hear and what at any given time. They decide who you hear on the server and change the volume controls for them. They can make some really low or off for those trying to investigate. They control who hears what and know who is who.
This team will find absolutely everything they can about you prior to using thier sugjestive and threatning program. They Introduce pictures that mean something only to the target, inducing paranoia while they watch and listen thru all of your circumvented devices. They are very aware of what makes you tick. They know your work schedule and use it for work stalking along side of this. I received multiple threating letters to my work and home addressed to my screen name from this group.
Fyrstikken tells people to sell their houses to buy crypto then dumps it on them. He has done many pump and dump scams. Quatloo being one of the first I witnessed and was done multiple times thru 2016 and 2017 them. It should be investigated for fraud. https://bitcointalk.org/index.php?topic=655793.0