WARNING: Move Over BitConnect, Yet Another Bitcoin Trading Scam Hits the News!
Magical trading bots that can accurately predict the price of cryptocurrency and produce guaranteed returns appear to be the scam de rigeur for confidence tricksters looking to surgically remove funds from your wallet.. The latest iterations appear in the form of fairly well written 'journalism' on decent looking websites but that do very little other than lie and steal... Watch out!
This time the story goes that a pair of Cambridge University experts (obviously smarter than you, so don't question the logic) have created software that accurately predicts trading prices of Bitcoin and so can make guaranteed returns on your investment. They went on to the TV show 'Dragon's Den' and were bought out for millions there and then... The text even includes a rebuttal to the obvious observation that no-one would sell their stake in such a business if they were able to generate massive profits, since they wouldn't need any investment - the rebuttal simply says that the pair could make more profit with higher investment. The piece again attempts to use 'appeal to authority' by inserting the idea that the 'Dragon' in question, alleged to be Deborah Meaden, was "convinced by their response as it made sense"...
Oh, that's good then, the money expert was convinced and it all makes sense.. Where do I sign up?
[/sarcasm off]
An example of a scam website selling lies about Bitcoin Trading Bots (wsglobe).
NOTE: If you visit that URL without all the tracking codes at the end of the folder path part of the URL, you will see a non scam page about dragon's den. The scam page only shows up when the various tracking codes are included. Here's a screen grab of what I am currently seeing on that page (The page may be cleaned up once more people realise the scam is running on the site):
The mainstream press in Britain has picked up on this and points out that the alleged show on Dragon's Den never happened and the whole thing is a scam.
A fake Bitcoin scam using the stars of Ireland's Dragon's Den to dupe victims into parting with their cash has been uncovered. The scam purports to offer a new way of trading cryptocurrency for the average person - through a platform called BitCoin Trader. A webpage advertising BitCoin Trader claims it is the work of two friends who appeared on the Dragon's Den and got several of the stars interested in investing. It then asks for readers to invest money in it themselves, with the minimum amount set at £250. It's all a scam.
Source: A bitcoin SCAM website is using Dragon's Den stars to dupe people out of their money - Daily Mirror
So watch out - be sure not to fall for these kinds of scams.. Just using simple logic you can see that this must be a scam, since if someone really could accurately predict price of crypto accurately in advance, then by telling everyone that they could do it, they would probably eventually force the price to crash due to traders having no interest in it outside of the use of the psychic bots.
Wishing you well,
Ura Soul
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My counter rebuttal to it is that despite that more cash does increase their own influence by brute force, it also increases their ratio of uncontrolled need for liquidity, which may come at wrong times for them, and is a burden.
If they keep a certain ratio of liquid to invested cash, this ratio may not suffice, and even when it suffices, it causes an inverse leverage which translates lower profitability.
The Australian show is called Shark Tank.
https://www.smartcompany.com.au/startupsmart/news-analysis/shark-tank-judges-janine-allis-steve-baxter-targeted-fake-bitcoin-trading-advertisements
The trend is the same as all those nigerian prince email scams of the 90s.
Another Bitcoin trading scam. We must be cautious these days coz you never know and you will get scammed of all of your money.
Voted you as witness.
Thanks!
Haha, I think Bitconnect is already dead!
They know where to tickle: guaranteed returns. When you have guarantees in your advertising you should be sure that people are gonna fall. It's a psychological thing that we always want the sure path with no risks at all. An an easy one also where you just give your money, wait for a few months and the cash out your profits. If it really were that easy there would be much more rich in the world, but it's not the way it is. Karma...
The minds behind the scam are very smart though when comparing them with bitconnect. They put the bots into the equation and guaranteed profits.
WOW!!! This is outrageous
Highly unacceptable, inhuman , wicked
Exploitation at its purest form
Deceit and corruption.
Well the good thing about blockchain and crypto currency is that the evil deeds any evil deed cannot survive for long cause it’s all decentralized
Thanks for the the heads up man . You’re much appreciated
You're the vigilante of the year!
Thanks for bring this to our notice. I really appreciate your efforts to make the world a better place.Thanks for your news , your post is so helpful .
Your post is always different i follow your blog everytime , your post is so helpful . I always inspire of your post on my steem work . Thank you for sharing @ura-soul
what a information boss,
Thank you for share.
I’m the new users of steemit .... I didn’t know about these scams ... thanks to you for this information I really appreciate for letting me know about this