The sad part about this is, how many of my friends now claim to be "mining bitcoin", and trying to get me to sign up under them.

They lose it when I explain to them how much I earn from my own mining rigs, and my Hashflare mining contracts. (A whole lot more than they get from similar cash "investments in Bitclub).

I know one guy though, who has so many sign-ups under him, and appears to be one of the big promoters here in South Africa, who is raking it in. Many of my friends signed up under him, cos he has convinced them that his lifestyle is the result of his mining, and not because of him getting a cut of every cent they put in.

The guy is a stay-at-home dad, who travels internationally extensively, and drives luxury cars. He sells this as proof of how much money you can make by signing up to Bitclub.

He got one of my friends to pump R10000  into this scam (about $1000). Now my friend's monthly earnings are R500, which is about a tenth of what he could have been earning if he got a rig, and started mining on nicehash, or some similar pool.

The problem is that people want to get rich quick, and are too lazy to do their own due diligence.