Warning: Scam Alert- If it sounds too good to be true...
News outlet NewsHub warned against a pyramid scheme ‘We Grow Bitcoins’. 1300 investors have fallen victim to this thus far.
We Grow Bitcoins has users "donate" 0.01BTC , then sign up 5 of their friends or family members, who also must donate .01 BTC each as well as sign 5 of their friends. Members are then encouraged to donate larger sums in exchange for a promised recurrent monthly return of up to 62 BTC.
No-one ever sees a return, but of course end up with 5 angry friends.
We Grow Bitcoins’ business model is not unique. The rise of MLM Pyramid Marketing scams in the cryptocurrency world is growing rapidly, easily luring inexperienced crypto newbies with promise of riches.
Ethereum Project is a recent fraudulent scheme, making false associations that they're in bed with the charitable organization Choice Humanitarian. Blatantly pulling at the heartstrings of people who wish to support clean drinking water, healthcare and nutrition in underdeveloped nations.
Ethereum Project claims that a portion of your "donation" goes directly to Choice Humanitarian. Under the guise of charitable humanitarian work, Ethereum Project has its users sign up with affiliate links in exchange for promised financial returns. Of course never appearing.
Ethereumchamber.net steals the private keys of users while playing the music video for Juicy J's Blue Bentley in a blatant slap to the face. When contacted by Ethereum news site ethnews.dom regarding allegations, they responded with “Theft is illegal. We don’t condone illegal activities. Lol”
Recently brought to my attention is Bitconnect, another obvious Ponzi ROI scheme scam. Typical MLM based model, users are promised a daily return from their investment of $100 minimum after investment has been parked for 120-299 days and user has recruited others who also are participating= pyramid.. And with no upfront transparency regarding who is running it, I'd say run for the hills.
With cryptocurrencies becoming more and more common, as will the scams. I urge you to triple check anything you wish to invest, and the old adage "If is sounds too good to be true, it usually is" is still around for a reason.
Stay safe my friends, and may the cryptos be ever in your favor :)
Like it? Follow @ArbitraryKitten for more
❤
August 21 TOTAL Eclipse of the Sun, What you need to know
ArbitraryKitten the Cat Whisperer, and her Amazing Rescue Operation
The Cosmetic Industry is Killing you. Plus natural eyeliner that improves your eyesight
Where is the Man in the Mirror?
Please Upvote and Resteem!
I appreciate your support :)
Going to continue to be more and more of these and honestly if people where just dang smart enough they could see what a scam it is just from the pyramid / matrix setup and bail out right there. It still floors me how many people get suckered into these sites over and over again.
These people are GOOD. They appeal to the emotional centers with visions of an easier life and riches and happiness (cuz we all know money buys happiness, lol), and frankly many of the scammed are the ones who cannot afford to lose.
They want it to be true. So they fall for the scam.
If it looks like a pyramid, and smells like a pyramid, then it's 💩💩💩
Well said! Funny, tho, how the little poo emojis are pyramid shaped...
So many of these are popping up recently.
Gullible gullible people.
I'm afraid it's only going to get worse...
Thanks you very much for alarming everyone of such fraudulent pyramid schemes! Thankfully, I hadn't heard of them before ...meaning none of my friends have fallen for them 😊
I'd have appreciated a mention of Bit Connect scam in this list too. Bit Connect is being heavily promoted on Steemit platform with persons of reputation score as high as 75. And I wonder none of the powerful good whales are coming to rescue vulnerable Steemians from it 😢
Woah, wait- I haven't even heard of this scam yet. Can you link me please?
Well, I haven't got any affiliate / referral link to it but here is the website :
https://bitconnect.co/
You can always ask craig-grant for a referral link to it 😜
OhHa
Ok, I will check it out. Thank you!
Sorry to bother you again but perhaps I should have pointed you to https://bitconnectcoin.co/ link.
You can also refer to @thegrinder's old post which explains the scam in great detail.
Hope after going through it you would like to add this scam too to your list in your above post. Thank you!
I added bitconnect. Thanks for the heads up!
it is all but expected. these people are like vampire suckers. They don't stop until they dry you up.
That is a true statement. But, scamming is as old as time. It's up to us awake non scammers to spread the word.
Thank you for spreading awareness. I wish we didn't have to fret about unloving hackers. Let us drown them in love and light! :)
My Grandma, who did not speak great English, was scammed out of the family fortune after we immigrated here then my Grandpa passed when I was a child... I like to give a little nudge every so often so people know to keep their eyes open :)
You are so considerate! I feel your compassion from here :)
❤
You makka me blush ;)
Thank you
I upvoted for your post and follow up you @sharoon you are doing great job please carry on .@sharoon
Thanks :)
I agree, the scams are becoming increasingly complex. It's amazing to see the white papers and websites for some of these schemes. Many of them are painfully obvious, but others are very thorough in their execution!
Oh I know! Yea, you're right, at least we gotta give points for the ones who worked hard and made theirs elaborate... lol