When it comes to cryptocurrency scams, the underlying theme is always selling debt to those who are willing to pay. Below are 3 examples from the past, current and from the looks of it, the future...
What you think it is:
- Send your Bitcoin (BTC) for Bitconnect tokens (BCC).
- Bitconnect lends your money while earning interest in BCC on your behalf.
- Make sure you invite your friends as referrals increase your return rate.
- Upon maturity, convert your BCC investment + 40% returns back to Bitcoin and win!
What it is:
- Send your Bitcoin (BTC) to Bitconnect for Bitconnect tokens (BCC).
- Enjoy your worthless tokens while we take the money and run.
The Joke
- “The World's First Legitimate Ponzi Scheme”
- Use Ethereum to buy ERC20 tokens and hope you were first in to be first out.
- Shrill and scam everyone you know. The sooner you get to 300 tokens, the sooner you get cashed out!
- Seriously, THIS COIN IS A SCAM! It’s clearly stated EVERYWHERE on the website!!!
The Reality
- People actually invested in it… like $25,000 worth.
- Stopped being funny, Developer shuts it down.
- Bitfinex exchange got hacked out of 120,000 bitcoins.
- Convert losses as Bitfinex tokens (BFX)
- Created Tether (USDT) in November 2015
- After slowly paying off losses over 7 months, Convert BFX for USDT in August 2016.
- Create Bitcoin Gold (BTG) in October 2017
- Fork = Same address & same private key = PROFIT!
- Tether loses their auditor.
Please do your research before investing.
Be vigilant and stay safe.