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According to court records, Goettsche played a major role in shaping the revenue structure of BitClub Network, which called for splitting the investors’ money three ways: 20 percent for operating expenses, 40 percent for commissions, and 40 percent going to pay for mining equipment.
https://www.westword.com/news/bitclub-network-was-too-big-to-fail-but-cost-investors-722-million-11642618Mining Bitcoins (especially after the first halving from 25 to 12.5) is not blazingly lucrative: providing maybe a 20% profit margin, IIRC. It is simply not credible that Joby, or any other BCN promoter, could rationally believe that mining Bitcoins could be done at a 20% operating expense, leaving the remaining 80% of investors' money available for commissions and new equipment.
From his own emails, Joby knew (or at least suspected) in the summer of 2017 that BCN investor capital was not paying for new mining equipment. Did he try to correct the sham, expose it, or at least warn others? No. He continued to hawk BCN so he could land at Country #100+.
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"Fraud is an act of deliberate deception with a design to secure something, which is otherwise not due. The expression “fraud” involves two elements, deceit and injury to the person deceived. It is a cheating intended to get an advantage. Fraud is proved when it is shown that a false representation has been made (i) knowingly, or (ii) without belief in its truth, or (iii) recklessly, careless whether it be true or false."
In fact, "recklessly, careless whether it be true or false" is probably the best synopsis of Joby Weeks' character regarding BCN.
Worse still, this snitch-narc-rat tried to save his own reckless skin by feeding his Perpetual Traveler compatriots to the IRS:
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Last spring, Weeks contacted the Internal Revenue Service and met with two of its agents in Washington, D.C. He admitted that he might have some tax problems, having not filed tax returns for several years. The agents thought that sounded pretty serious. Weeks suggested that he could bring far more serious cases to their attention, working undercover for them among the international cryptocurrency crowd he knew so well.
“He was trying to convince the agents that he might serve — in his words — as a ‘Jason Bourne’ of cryptocurrency,” one court pleading notes.
https://www.westword.com/news/bitclub-network-was-too-big-to-fail-but-cost-investors-722-million-11642618“He was trying to convince the agents that he might serve — in his words — as a ‘Jason Bourne’ of cryptocurrency,” one court pleading notes.
What is it about libertarians that seems to attract such con-men?
Jeff Berwick (Galt's Gulch), Simon Black, Adam Kokesh, Joby Weeks and BCN, etc.
This shit is really getting old.
This forum had been trying since 2015 to warn you about BCN. Maybe folks will pay a little more attention next time.
When something sounds too good to be true ("a machine that prints money"), it is. Caveat Emptor, y'all.
