[2016-08-17] Beware of Pyramids and Other Scams Masquerading as Legitimate...

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Beware of Pyramids and Other Scams Masquerading as Legitimate Digital Currency Investments

Wherever there is money to be made, there will always be crafty scam artists with complex plans to bilk naive and unsuspecting investors out of their money. Since bitcoin and dozens of other digital currencies are proving to be very lucrative investments, it comes as no surprise to find criminals surfacing, pretending to be legitimate members of the digital currency industry.

Aside from the illegal 'pump and dump' schemes that were commonplace with many of the early fly-by-night cryptocurrencies, there are scarier scenarios involving pyramid schemes that have the potential to do a lot of damage to the industry's reputation. The Ponzi or Pyramid may involve the criminal using a legitimate cryptocurrency, but the ones that may have the most painful impact on their victims are those 'currencies' created solely to run the scheme. These fraudulent acts have nothing to do with digital currency and everything to do with criminals preying on easy targets that buy into their get-rich-quick pitches. Unfortunately, as we have witnessed time and time again, that is not how the story will be portrayed in the mainstream media - they will find a way to blame bitcoin.

Read the full story below:

http://dcebrief.com/beware-of-pyramids-and-other-scams-masquerading-as-legitimate-digital-currency-investments/

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OneCoin.

[Slow death]

OneCoin.

I first heard about Onecoin shortly after closely following the infamous Paycoin (XPY), GAW, Josh “Homero” Garza, “$20 Floor,” Merchants “Coming Sooooon!™” debacle and watching that train-wreck unwind. I remember thinking how absolutely crazy it was seeing their PayBase Logo flashed across the Miami Beach Hotel after-party and pool-side Paycoin HD commercials looped on every TV at TNABC 2015 (Onecoin tried demonstrating credibility by pulling a similarly expensive and 100% paid sponsorship stunt 9 months later by purchasing the 4th Annual EU – South East Europe Summit, held by The Economist)!

So, around March of last year someone hit me up asking me if I wanted to join Onecoin. Onecoin is purported to be the “most transparent” cryptocurrency company (their *blockchain is “audited” – **read ridiculousness). However, they are both Centralized and Closed Source. Their claim is that they have “fixed” all of Bitcoin’s “flaws” and are “better than Bitcoin!” Ummmm… “Odd” – I thought. And about ten sec. after pulling up their embarrassingly novice looking website (perhaps speaking to their technical abilities to even make an alt-coin) and catching glaring spelling and grammatical errors, I realized that this was the first “cryptocurrency company” in the world, which did not even accept cryptocurrency!

For entertainment purposes, I decided to watch one of their terrible videos HERE: (Ruja describes “switching on” the blockchain),  and explains Onecoin “mining.”  Here I learned something about cryptocurrency “value,” which contradicted all previously known laws of supply & demand, which simply was that “the higher the mining difficulty, the higher the value of the coin!“

hahaha haha

a few days ago i saw a alt-coin in yobit, its value was 800-3300 satoshi and three hours later, dropped down to 20 satoshi and died.