Bitcoin Forum

Vietnamese Bitcoin MLM Scheme Sees Deposits of $1 Million

An MLM-based investment scheme that used bitcoin as its transactional currency has gone bust, in Vietnam. A Vietnamese investment scheme that used multi-level-marketing (MLM) and bitcoin as its currency to promise investors returns of 144% a month has come to an end.

https://www.cryptocoinsnews.com/vietnamese-bitcoin-mlm-scheme-sees-deposits-of-1-million/

1,900 registered accounts might look small, but many of these people are from the farming community and they struggle to survive on a

daily basis already. We do not need Bitcoin scandals like this, I hope these guys gets tracked down and they give them to the farmers to

deal with. You will see some pitch forks shoved up their ass.  ;D

That sucks for the people who lost out but equally do I have a great deal of sympathy for anyone mindless enough to fall for those advertised returns? Er, no. None whatsoever.

It's sad that Bitcoin is abused for these kind of obvious Ponzi schemes. There should be much better uses for BTC in this country, that could really empower people by opening up new business opportunities on the global market. However sadly I think that poorer people are especially susceptible to this kind of fraud, because they even clutch at straws to attain wealth. So if the promised return is high enough they will switch off all doubt. That even works when they know it's a Ponzi - in that case each individual investor assumes being smarter / faster than the crowd...

I also do not have much sympathy for that. In general, becoming wealthy requires hard work and/or good ideas. In my view it isn't even enjoyable to successfully attain wealth through such arbitrary "investment" schemes, because it feels like fake, is not productive, and does great damage to other people.

ya.ya.yo!