Source: Read Cash
I was so confused to see a clear Pyramid Scheme with entry levels, a slightly different model from the typical Pyramid, and a "get-rich-quick mentality" to be gaining traction lately and the Bitcoin Cash community discussing it.
There is a big reason they call everyone crypto-financial illiterate and this is schemes like this one.
-My comment on the Read Cash post in question
Financial illiteracy is one thing, claiming that a scam will help BCH adoption is just totally wrong.
Anyone that participates and promotes a clear scam will be liable for this and the bigger it gets the more the authorities will be interested too. If you plan to spend 10 years in jail for defrauding disgruntled investors and dying poor AF this is your own problem.
However, this is an attempt to trick the Bitcoin Cash community in supporting this scam.
Source of Image: FullyCrypto
To make this completely clear, not only I do not condone any Ponzi/Pyramid schemes or any kind of scams or shady behavior, but I am also exposing them whenever I notice them.
Since Bitconnect appeared, I was reporting and warning everyone to avoid sending any money to Ponzi Schemes and exposed it for what it was, a total scam. Yes, there are still honest people that do not tolerate scammers.
I expect the whole community to condemn "SatoshiPyramid.com" and put an end to this scam from the beginning before the shit hits the fan. Not just the BCH community but all Crypto community that has to deal with this kind of scams. It is a duty to respond to these provocations with clear and decisive denial and condemnation.
Also, one word to the guy/group behind this:
I know that you are ruthless and that probably this is planned to perfection, however, you should also look to what happened to all the previous Ponzi leaders and where they've ended up.
You can still quit and put your creativity into something that will be useful and valuable to millions of people without having to scam them. You are choosing the easy way, but it is not the rightful way.
When you read titles like this one, RUN.
This is textbook Ponzi promotional activity in the likes of Trevon James and Crypto Nick, masters of their kind.
I laughed first when I stumbled upon this post, for all the reasons I've explained, but as I expected this wasn't just going to be small.
Then I did a search on Twitter and found some interesting results:
There are quite a few posts and a rising interest in this Pyramid activity that spreads inside the community too.
Active promoters of Bitcoin Cash started promoting this and made many others curious. One of them is George Donnelly that seems to be very excited in his Tweets and Reddit remarks.
From my part I recommend being extremely careful and perform due diligence before any kind of mistake that can ruin someone's reputation.
Brilliant, seriously?
Source of Image: The Verge
There is some discussion on Reddit, and I am happy that most comments I'm reading do not condone this idea, however, I was expecting a different approach.
Schemes like these are out of the question, you just instantly reject and not even question and discuss the terms.
In fact this kind of scheme, no matter our experiences, it makes all of us want to grab some profit, am I right? Aren't you interested after this guy on Reddit 30x his 1K in just 24 hours?
I mean he made 30 fucking thousand dollars in just 24 hours! OMG! Tell me where to buy some!
Why should we care if this is a Pyramid and if the next one will make money or lose it all? Some will say fuck this, it is so interesting I'm on board.
Well, consider this. You are participating in a Pyramid Scheme.
Yes, there is a 1% chance the Pyramid leaders will pay you in order to lure more victims in, you can be the bait and make money from the misfortunes of others.
But still, 99,99% of the participants will lose all their money eventually, when this scam collapses. This is how Pyramids work and why they are illegal.
You are risking $1000 for one in a thousand chance and you will make a pitiful 30x in case you don't get scammed either.
Very poor odds, if you ask me.
As an ex-poker player, this is a negative EV so buzz off, don't even consider investing in this.
And if in case, this scam has too many BCH behind and planning big, don't fucking come here to tell me what a great chance you missed because you listened to me and played it safe. If you want to get scammed go ahead and burn your money, I told you what I had to, just like I told all those who invested in Bitconnect in 2017.
I've seen part of the community discussing how this scheme will help Bitcoin Cash increase the user base and the terms and structure of this Pyramid.
A totally immature and irrelevant reason to support an illegal scheme that will damage Bitcoin Cash if it finds support from within.
It will damage those that get involved for sure, however, Bitcoin Cash doesn't have proper PR, and the BTC maximalists will be very keen to slander the whole community, in case this behavior is accepted and a Pyramid keeps increasing in size.
I'm seriously thinking this could be the first steps of a possible planned attack on BCH orchestrated by enemies of Bitcoin.
These things can get out of control and reach billions of dollars.
They won't work though when there is enough awareness. If stopped early nothing bad can happen. If everyone condemns these schemes early, it will be better than any damage control later.
Lead Image from: Twitter (modified to exclude the link)
Alright, this article was an extra edition for today, after discussion with my friends from read.cash. I'm tired and I have very little time left to review it. I'm sorry for any mistakes or typos.
For my next article, I will continue on this topic and present some of the top Ponzi schemes, how many USD these scammers made, and most importantly what is the result of the bosses and the big promoters. Very few get away easily perhaps non at all.
In case you think that running a Pyramid will help you to riches, you are very wrong. Do not miss the opportunity to find out the aftermath of the collapse of the top Ponzi Schemes in Crypto in my next article.
In case anyone wants to comment, it is their own will, I have already explained and any other discussion from my part will be unnecessary.
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