Bitcoin Forum

It is extremely dangerous that in Vietnam there are many people involved in the MLM Lending model. According to statistics on visits to MLM Lending sites, Vietnam is always in the top 1 and 2 positions.

Facebook groups discuss MLM Lending platforms, such as BitConnect, which has tens of thousands of members joining. So when the Lending model collapsed, Vietnam suffered the most serious consequences.

I am Vietnames. I am sad...

Why are you sad? Bitconnect was funny thing and many people actually earned in it. So you should not be scared to try it out as well  :)

I am sad because there are many who have lost their asset. I know it's their own fault.

Vietnam? Loans?
Do they borrow money to participate in cryptocurrency? Still only participate in pyramid selling, if in the previous months loan to participate in cryptographic money investment, so should make a lot of money now. ???

Warnings are everywhere, whether It's regarding MLM model in general or Bitconnect specifically. I honestly don't mean to be rude but whoever lost his money while knowing the risks, definitely deserve it.

I think not only Vietnam but many countries in south-east Asia facing this problem, so many MLM scheme in those countries I don't know why but maybe it's due to lack of knowledge of the people. Those people think that the MLM Lending model can make they rich in one day, the role of government is very important here in preventing this MLM scheme like making a regulation about that or something else.

When investing in any field. The first thing you have to learn about it. Never see many players play along with them. It is the most taboo in the investment business.

It is a educational problem i think , people in country's like vietnam make a very low hourly wage so it is easy to manipulate them into thinking the are getting rich.  There is a lot of info on he internet about how scams like these work , so they need to get that information somehow.

In Vietnam, Bitconnect e-money (BBC) has fallen freely on price, falling more than 90%, to yesterday despite the restoration, but also dropped more than 80% has caused the BBC community in Vietnam wobble. 50,000 members of the BBC Vietnam community are at risk of being whitish with total investment of trillions.

Such problems should be discussed with the government, if the government sees this, the government will definitely evaluate the MLM Lending and, if necessary, the government should prohibit users from joining MLM Lending again.

then there is no reason to feel anything for them. someone who is lazy enough to do a quick research does not deserve the sympathy of others.

we have incidents that someone scams you even after you research and do whatever you can to prevent it, in which case it is not the user's fault.
but we also have people who are trusting anything and anybody. and they are not underage children that lost money to these scams. they are adults capable of thinking!

I think because the profits from MLM lending coins is too much. I heard about ucoincash projects, you can instantly sell your tokens which were bought at 1$ in ICO for the insane price 5$ easily. That's why they are so attractive with vietnamese, people are running after the profits.

In my personal opinion, MLM coins/project can be invest with the mindset "ready to lose". We would only invest with own-money, no borrowing and a small percentage  of our assets. Of course, high returns will come with risks.

Fragile hope
Despite the risk of white hands, investors are "encouraging" not to sell the BBC because the value was too low. "Do not" cut "losses because 90 or 100% reduction is the same only.

Market is zero now for Bitconnect like lending coins better dont invest

those statistic indeed very worrying and there are other countries besides Vietnam in south east asia who tempting to do that too because they thought investing at cryptocurrencies based MLM is profitable even some people dare to sold all of their physical asset such as their house or cars and invest at there and i think they all should be warned because usually MLM will being scam at the end

I am Vietnamese, I have study about MLM lending model.
As I known, MLM lending platform, such as BitConnect, a kind of investment is entrusted investment, they promote and invite investors to join to Bitconnect and buy BCC, currency in BitConnect system,system auto take your money to invest in some projects and trust other partners to get profits and trust other partners via Peer-Lending  network, and promises its users returns with high interest with no risk of loss. Therefore, Bitconnect is currently attracting many participants.

They have ball of steel for doing that, cause i aint want to risk my money to some hyip or lending platform. Absolutly ponzi, if you allready warn other people about the risk of joining lending platform but they still dont listen just leave it like that. You dont need to get involve in that too.

Hi,

Once again... Sorry about that, sorry for those who have lost much...
But bitcoin is not a miraculous path to become rich!

It is rather an idea, a concept aiming at changing society, using new tech.

So, again, I understand your point. But when it comes to bitcoin, everybody should be aware that investment should be something you are ready to lose. Because you will lose.

I understand that such eldorado seems promising.. But if we want to build a new model, we have to act responsibly ourselves first. :)

I have read that Bitconnect collapsed last week and many Vietnamese lost money.  :-[ I am really sad to know it bro. How much had you lost bro?  :-[

That’s very sad. Many Vietnamese lost money. This will cheer you up. I was in Vietnam in 1970 and it’s highly likely that I shot at and missed or successfully killed your father or grandfather. If that didn’t happen, it’s possible that I’m your father.

That is really a bad thing. In my country is like your country. Everyone involved in the lending model is a lot and they do not see the disadvantage of doing so.
I can not stop them and do not know how to make people aware of this disadvantage. This will make the economy go down and I really want to fix it.
Can members give me some advice so I can fix this?

Do you think people in your country are less knowledgeable about Lending? Seeing all the players make a lot of money and play with them. It is very easy to make mistakes and can lose everything. So you should advise them if you know.

It's not about knowledge.
Asians are known for gambling, be is south-Asia or Japan or China.
It's not strange the Macau and Singapore are getting ahead of Las Vegas in terms of revenues although the average bets are just 1/4. And that if we only consider "legal" gambling.
Plus, due to poverty they sometimes forget about risks and invest just hoping. Easy target for scammers.


Source for that trillion number?
For a country that has a GDP of 200 billions $, how could they have invested 10x their GDP?


 :o :o :o
Quick estimate on how many small Luke QuestionAuthoritySkywalker are searching for the fork at this moment?

I was the most ao dai chasing, ho tamin dinky dau mutherfucka in the a shau valley. I would tear up a dozen on every zippo mission so there could be hundreds.

Multi-level marketing is complicated and has risks if we do not tighten management policies,

Risk investing in Bitconnect.
Entrusted investment is a kind of investment often very dangerous reasons: projects failed, no interest, ..The lending system will pay you very low interest, even 0% . your money could be lost or even lost capital.
The next risk is that the fluctuation of market affects all types of coins not just BitConnect, the market go down, leading to the loss of BCC value.
Bitconnect system collapsed, therefore, Bitconnect stops paying interest rates, or nobody is not interested in buying BCC.