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RE: Bitcoin Arbitrage? Yes It Is Finally Here Exclusive To BitClub Network! Tell All Your Crypto Friends About This!

in #bitcoin • 8 years ago (edited)

This has all the signs of a Ponzi scheme. The claimed need for funds makes no sense. The claimed profits are implausible. There's no clear disclosure of the actual risks. The claimed revenue model makes no sense (the text says arbitrage, the audio conflicts). There's no evidence they've actually made the profitable trades they claim to have made. Genesis Mining has a history of refusing to prove they're actually doing the mining they claim.

Punch "genesis mining scam" and "bitclub network scam" into your favorite search engine and draw your own conclusions.

8 years ago in #bitcoin by
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     8 years ago 

    Interested in both sides of this. If there are some legitimate sources out there explaining how this is a scam then I'd love to read them. However, I learned long ago not to search for " scam" because absolutely everything will come up with results from completely unreliable sources. I'm sure someone out there says breathing air is a scam...but I'm going to keep doing that anyway.

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       8 years ago (edited)

      These are the giveaways:

      1. They claim to have a secret way to make money.
      2. They claim to have been successful in the past, but have no evidence.
      3. They won't explain how their scheme actually works, other than using empty phrases like "arbitrage" or saying they buy and the price goes up.
      4. Their explanation for why they want your money makes no sense. (Why wouldn't they just borrow money the conventional way?)
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