The Friday March 30th Edition of The Cryptocurrency Novice Report
Welcome to The Cryptocurrency Novice Report for Friday March 30, 2018.
Word to the Wise
It's not often that you come across a scam cryptocurrency site that offers everything a novice investor could want. That's why today's Word to the Wise is such a special treat. They have it all, a high interest payment plan, Bitcoin mining and an ICO. I present to you BitPenta.
Like all high interest payment scams, BitPenta offers ridiculously high interest rates with the added bonus of paying you FOREVER.
Recently @michaelluchies posted 14 ICO Red Flags: Guide to Spotting a Crypto Scam and the BitPenta ICO manages to raise all 14 of the red flags he details. If you haven't had a chance to read his post, I definitely recommend you take a moment and do so. Especially if you are considering investing in any ICO. But do not invest in this one. The BitPenta ICO is definitely a scam.
First according to the Whitepaper the ICO seeks to raise a fairly small amount of money, only about $2.5 million at today's prices.
Also according to the Whitepaper they will devote 70% of the funds raised to building a Bitcoin mining operation. But if your Whitepaper can devote only 1 sentence to detailing how you are going to spend 70% of ICO funds raised, you don't have much of a business plan.
In fact the entire Whitepaper seems to be a joke, consisting of only 11 pages of gibberish and silly images and lacks any real content at all.
BitPenta is also very proud of the fact that they are a Registered UK Company. So proud in fact, that they mention it in more than 5 times in different places on their web site. First they show you this document to prove they are legitimate.
They even provide a link to the official Companies House website which gives official information about their website.
But interestingly, in more than one of the places they mention they are a legally registered company, they accidentally cite a different registration number.
And provide a link to a different company.
All of which goes to show, if your trying to quickly build a scam website by copying your last scam website, you should make sure you replace all references to the old site and company. So there you have it, BitPenta is a scam. They can't pay over 4700% interest a year FOREVER and their ICO Whitepaper is a joke. Be smart, keep your money safe. Do not send it to BitPenta.
Money For Nothing
Today's free money is an airdrop for 50 free LEMO tokens from LemoChain.
To get your free tokens, just follow the link to the airdrop page and click on the button to open the sign up form. You will need an ERC20 compatible Ethereum wallet address to receive the tokens.
If you don't already have an ERC20 Ethereum wallet, you can get one from MyEtherWallet.com for free.
LemoChain seeks to modernize supply chain management through the use of secure blockchain networks and commercial smart contracts. You can learn more about LemoChain by visiting their website at https://www.lemochain.com/.
The Report
Cryptocurrencies are falling today with most cryptos in deep decline due to Twitter deciding to also ban cryptocurrency advertising. Personally I think it's good news for cryptos in general. If your main source of revenue is generated by traffic coming from Twitter, your probably a scam anyway. Now here's how our favorite coins are weathering the storm...
Bitcoin has fallen back under the $7000 level and is currently trading at $6705 down 10.7% in the last 24 hours.
Steem is also down significantly today and is trading at $1.53, down over 11.6% in the last 24 hours. SBD is faring a little better. Currently it is trading at $1.58, down 7.2% since this time yesterday afternoon.
Currently on the Steemit Market, Steem is trading at 1.026 SBD. With the price of SBD higher than Steem on the external exchanges, Steem should be trading for less than 1 SBD right now. Just a word of caution that you may want to hold off on buying Steem on the Steemit market until the price adjusts accordingly.
The supply of liquid Steem fell by another 9,000 Steem since yesterday afternoon. Currently there are about 76.72 million liquid Steem. This small but steady decrease is most significant in that it shows there are no Steemit whales trying to cash out by powering down large quantities of Steem.
Please note: I am not an investment professional. The information I present here is only my opinion. I do not encourage you to invest in any coin I mention, especially those featured in the Money for Nothing section, since most of these are not going to make it and may even be a scam. I only suggest you claim the free airdrops offered, nothing more.
Until next time...
Proud member of @qurator! Click below to find out more about this fantastic Steemit community.
At first I was going to speculate it was bitconneeeeect rebranded. They will do that I am sure.
But bitconneeeect was much more squared away. They at least went to great lengths to make themselves appear legit.
Man!!! All the coins are "low" right now. I've been buying up a little Ethereum on the cheap!
Did you join or get in with bitcoin latina? They are moving their coin off bitshares tomorrow ....to EOS in June.
Well I bought 2K of their tokens for cheap on bitshares and sent them to their bitcoinlatina wallet.... So they say they will issue me 2K new ones in June ontop of EOS. A leap of faith/gamble. But worth the risk.
Nice little report! Def going to checkback for more!!
I've seen several bitconneeeeect clones out there in the last four or five months and featured several of them on Word To The Wise. A few tried to camouflage their true origins or change one little point. But that's the thing about garbage, it's all the same and you can smell it a mile away.
So many coins, so little time. Unfortunately, this is the first I've heard of bitcoin Latina, so I guess I missed out on that one. I wish you luck with it though.
Thanks for stopping in and I'm looking forward to bidding on some more of your silver auctions when you start posting them again. With a little luck maybe I'll win one or two this time.
Great update once again, and thanks so much for mentioning my article. All 14 is quite an accomplishment, they should be very, very proud (and by proud I mean ashamed).
I'm not sure about you, but I think they should increase the coin % for litigation to about 90%.
I thought it was rather humorous that they called out 9% of their IPO for litigation. But realistically, if they really were based in England, I doubt even 100% toward litigation would be enough when the lawsuits started flying.
Yes, I have never seen that before. Would they instead want to just say "legal fees," since litigation literally means "the process of taking legal action?"
It could be just a translation error since I don't think they are native English speakers and most likely use Google translate to build their site. That and I doubt they are worried about the long arm of the law catching up to them since they are completely anonymous. One of your red flags I believe.
Lemo sounds like an interesting airdrop. I'm definitely going to sign up for it.
Good luck, I hope we both it big with this airdrop.
lolz they gave out at the last moment ;)
hahhahaha !
Going for the airdrop ;)
Glad you like the airdrop. It sounds much more interesting than the ICO above it.
Oh.... One more thing...
I am curious if you use blocktrades?? Their rate or price spread has been pretty bad lately. Not nearly as good as 1 or 2 months ago. Any idea why that would be?
Peace
I've never used blocktrades so I can't really say, but I would guess that the lower price is tightening margins all over. I know on minnowbooster, the APR offered on new delegation leases in much lower than it was a few months ago.
Thanks for the update sir,Bitcoin has fallen back under the $7000 level and is currently trading at $6705 down 10.7% in the last 24 hours.
Steem is also down significantly today and is trading at $1.53, down over 11.6% in the last 24 hours. SBD is faring a little better. Currently it is trading at $1.58, down 7.2% since this time yesterday afternoon.
Sir,please said me,when steem price back
Thank you sir, for being a scam.
"You are.... The weakest link. GOODBYE!!"
These certificates are so fake i can't believe it anymore
Yes, when they can't even link to the right company you got to wonder how smart they really are.
Great statistical update about crypto..@gregory-f...
But now a days BTC and other crypto are going to freefall... Because of google and major social media banned them... Whats the future of crypto ???
They will fail. They are all going to go to $0.00. Sell me all that you have, quickly!!! So you wont lose all of your money!!
hahaha, Scammers scammers everywhere :p
I'm 100 % sure your post is going to help many.
Well maybe they could make some bucks from the scam, but it won't last long and they are going to pay each and every penny they have made from spamming.
nice post