A Ponzi scheme (/ˈpɒn.zi/; also a Ponzi game) is a fraudulent investment operation where the operator generates returns for older investors through revenue paid by new investors, rather than from legitimate business activities or profit of financial trading. Operators of Ponzi schemes can be either individuals or corporations, and grab the attention of new investors by offering short-term returns that are either abnormally high or unusually consistent.
Companies that engage in Ponzi schemes focus all of their energy into attracting new clients to make investments. Ponzi schemes rely on a constant flow of new investments to continue to provide returns to older investors. When this flow runs out, the scheme falls apart.
What companies like BitCON need is a leading headman, and no I’m not talking about some random dude on YT showing me his BTC holdings. We need the Andreas Antonopoulos of BitCON to stand up and explain to us “WHY BitCON is a great investment?”. Why should I give someone my hard earned BitCOIN for their BitCON? Explain that to me and any other potential investor and we will gladly listen. Not saying we would invest, but we would gladly listen. And once you’re done, please don’t dump your affiliate link my way. Nothing reeks more of a scam than that, which BitCON seems to have mastered the art of.
One of the reasons the scam is working so well is because of the name of the company and the association with Bitcoin that it implies, and the confusion it causes. If the coin was called LendCoin or something else, it would not work as well. The same reasoning why there is a Big 5 next to my house selling guns. If the store was called GunsnAmmo, it would have been shut down long ago! So, whats in a name? Everything in these cases.
Companies like BitCON work on the premise that ‘there is a sucker born every minute’. Imagine for a minute, no new investors joined – what would happen? The way the con works is simple, new money pays old money. So no new investors = end of the bitCON
Can you refer me to someone reputable like Tone Vays, Ivan on Tech, Boxmining, Crypt0 (Omar), Richard Heart, Louis Thomas, Coin Mastery, Amin Hoque…. anybody thats anybody in the crypto industry to vouch for BitCON. No you won’t, instead you will get some infomercial looking people claiming to show their BTC and their interest earnings. The only ones falling for this scam are those that are new to the game. Those of us hodlers that have been through the DAO, understand very well how this game works. To put it as blatant as possible….BitCON robs its lenders of their own BTC growth.
#1 rule of a scammer in bitcoin world – anybody that makes you get rid of your bitcoin for their currency. Not your bitcoin, NOT YOUR BITCOIN!