RE: Jsnip4 and his subscribers lose an estimated $500,000 in Bitpetite scam
That really stinks!!!
"This whole thing is a good lesson learned to do better homework on these sites and remember these age old words. 'If it sounds to good to be true than it probably is'"
Yes I have been hearing this "Do your own due dilegence" for about 2 years now.
But sadly... It can be a farses arse statement as much as good advice. A GOOD scammer can make everything look good and in order. The internet age of information makes this easier AS MUCH OR MORE as it makes it possible to expose mid level scammers.
And with so much Huge gains that have been made in stocks and alt coins in the last 10 years... People throw caution to the wind and enter these risky ventures all the time....often getting in and out and reaping HUGE profits.... But all too often too.... People that cant afford it get burned.
Personalities have to be quadrupally sure because people have learned they are dependable and 'rightly' let their advice be the due dilegence.
If Jsnip4 didnt see it, THERE WAS PROBABLY NO MEASURE OF investigation that would have revealed this any more a scam than 25% of ICOs or HYIP that go on fine for 2-3 years as if they are more solid.
It just turns out these scammers were not greedy and had a very fast and short term $$ reaping plan.
That SUX!!
Actually, several people (myself included) posted in the comments of his first video before he invested money in Bitpetite that it was clearly a ponnzi scheme. There have been several other sites just like bitpetite the last 1-3 months that pay 5% or more daily interest. That should be the first red flag. Also, these companies always appear to be based in the UK, and no one ever knows who runs them. A little more research would have made it very clear that Bitpetite wasn't legit. That being said, I do think it was an honest mistake on Joe's part, and he did refund the 10% commission he made on the people that signed on using his referral link. So, kuddos to him for that.
Also, it was just over 1 million dollars invested using Joe's affiliate link. I happened to see this right before Bitpetite went down. Who knows how many also invested based on his video and didn't use his link so they weren't even counted. So Joe could have made over 100k in referrals. I never heard him say how much of that he was able to get off the site before it went down.
Yeah, I think Joe's video accelerated the plan of these scammers.