61–70 of 254 posts
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Several of the "get referrals!" videos literally use pyramids in their thumbnails to illustrate the program. Holy crap.
The pyramid was literally on the Bitconnect FAQ page: https://youtu.be/wK0ztRcXvNQ?t=135
For those unaware, Bitconnect was a Bitcoin-based ponzi-scheme that had operated 'successfully' for quite some time. I don't say 'ponzi' as an insult in the way some do for cryptocurrencies, it was quite literally just a bare-bones ponzi scheme, where you deposit your money (Bitcoin) on their website, buy their token, 'lock' your funds for some amount of time, and you are promised very high interest rates while encou…
I noticed this other apparent BitConnect-like Ponzi scheme here: https://polynetwork.org Funny thing, I noticed because it is using an old version of our 3D player on their home page (the 3D robot), and they are getting an incredible amount of traffic.
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Doesn’t fraud require deception? Wasn’t this pretty upfront about being a Ponzi scheme?
Ponzi scheme work because people believe the fraud (promise of high returns). If they said, deposit your money and we'll pay you back only if enough people after you also deposit their money then you'd have an interesting point, although I'm sure it's still illegal even if you announce your intentions before doing something illegal.
Lotteries work the same way and are legal.
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Wow, what is the background on this? Was this an officially run conference in Asia or America? The choice of hardcore metal and drunk nerdy business/financey people dancing seems like such a bizarre choice. Although I'm not familiar with the typical ra-ra sales (or self-help) events these types of people seem to be from.
It was in Thailand. Haha, I think the metal music was edited. This seems to be the original clip: https://www.youtube.com/watch?v=7f18bv76QVs
@bitconnectw https://twitter.com/bitconnectw/status/953432382119514112
@bitconnectstaff https://twitter.com/bitconnectstaff/status/95333597084946430
@bitconnect_team https://twitter.com/bitconnect_team/status/95340164519865139...
@bitconnectteam https://twitter.com/bitconectteam/status/953500671558512640
I'm just going to leave this here: https://www.youtube.com/watch?v=kbR1SXIje1U
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If you trade it for bitcoin someone is selling you that bitcoin for tether. That person will go ahead and trade that tether for some other coin.... rinse repeat, but in the end someone is holding that Tether, if exchanges stop accepting tether eventually your only option is to cash out to USD. USDT is basically being used as a trade coin, to avoid cashing out (maybe to avoid taxation) or to speculate on USD with the…
If $200M was printed today, then it likely doesn't exist. Hilarious that this is going on. At some point the music has to stop.
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Ponzi scheme work because people believe the fraud (promise of high returns). If they said, deposit your money and we'll pay you back only if enough people after you also deposit their money then you'd have an interesting point, although I'm sure it's still illegal even if you announce your intentions before doing something illegal.
> Ponzi scheme work because people believe the fraud (promise of high returns). Lotteries work the same way and are legal.
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To have that line of defense, the youtubers would have had to phrase their claims very carefully. I am willing to bet a fistfull of dogecoin that this was not the case of all of them. Make them discover these actions have consequences, I can only see good sides to this.
> the youtubers would have had to phrase their claims very carefully Ponzi schemes are one of those things you can't disclose your way out of. Sort of like HIPAA [1]. If you violate HIPAA, "we disclosed our non-compliance to the patient" is an inadequate--and borderline aggravating--excuse. [1] https://en.wikipedia.org/wiki/Health_Insurance_Portability_a... Disclaimer: I am not a lawyer. This is not legal advice.