Cryptocurrencies brought ponzi and pyramid schemes
One might be a crypto enthusiasts but such one would never recruit people to invest in a particular business or send money to a portfolio manager as seen and advertised on social media.
Cryptocurrencies to exist and as said, they are all digital, literally there’s no one to regulate them as volatility or prices surging an/or market bleeding might take place. We have seen a significant drop in bitcoin (BTC) , ethereum (ETC) and other cryptocurrencies or altcoin at the wake of this March 2020 due to the pandemic that has befallen the globe.
The market started rising as of mid-July 2020 as we have seen a hundred percent plus (100%=) rise in BTC, ripple (XRP), five-hundred percent plus (500%+) rise in ETH and other altcoins, an significant decline in bitcoin cash (BTCH), litecoin (LTC), and so forth.
People should be aware of the pyramid and ponzi schemes bitcoin has brought into being. Yes, crypto currencies do exist but they’re flactuating, so don’t be lied upon or tricked into join a companies claiming to payout its investors weekly – that’s a pyramid scheme. A company registers with the local government to lure its investors into believing the business is legit, and fully regulated and monitored by authorities, as people, we are always looking for a shortcut in life, making such drastic decisions might cost us an arm and leg.
United Kingdom (UK) emerge to be the country where these fraudsters or scammers register their company to lure the public, Companies House is the place where we, when searching for the registration of those scammers, are directed. South Africa has proven to be the leading country in Africa to participate in the Crypto World, we’ve seen what Bittrain, Cryptotrade, Crypto Train, Novus and other Britain registered pyramid schemes did to SA citizens with their weekly paying out myth.
On social media, specifically Facebook, we’ve seen a rise of fake accounts of people feigning to be portfolio managers. Their story’s quite convincing but that’s totally not the truth, they’re taking the money of those who recently joined to pay their old clients until they’ve reached their targeted amount of money to cease their acts and dissipate. That’s a ponzi scheme.
We must learn to stay away from people who recruit us to make more money, affiliate programmes are there and it’s once-off thing, though the pyramid schemes affiliate emerge to be tempting as they engage in somewhat binary options, the concept is miscomprehended. There are ranks, to an amateur, looks so enticing even though one can smell being tricked or used as bait.
These scams work with a chain development, the ones who join few days after the launch thereof are paid from the wallet filled by those who joined after them. These scammers always make a huge yet not easy to spot mistake, they’d create their own coins with a plagiarised whitepaper, every legit cryptocurrency or altcoins are listed on WHITEPAPER website focusing of fighting feigners or plagiarisers of coins or tokens not developed by them.
It is advisable to let South Africans know that, cryptocurrencies aren’t regulated by South African laws. It is heart-warming to see legitimate trading platforms such as Binance – the most advanced cryptocurrencies exchanging platform, founded by Changpeng Zhao looking for a law graduate in South Africa to work remotely with the high frequency trading platform.
Always make sure you look for reviews online prior joining or being recruited by someone, buying bitcoin or ethereum and/or any crypto token from platforms like a South African-based exchanging platform VALR and Luno is always advisable, although the fight interval the bulls and bears might be discouraging, eventually patience will pay off. Few days after lockdown, BTC was about R100k and recently touched R300k, how much you should’ve made if you were on your own?
Make sure trading or exchanging platforms you’re looking for are recognised by Wikipaedia as only legit businesses, people and so forth, are cited there. Wikipaedia has 129 153 active contributors, last month stats.
