India's Lack of regulation allowed bitcoin pyramid schemes

[lordquanta]

As per recent Cointelegraph article, small time scammers, took advantage of lack of regulation in India to start Bitcoin Pyramid Schemes which in turn is giving bad reputation to the bitcoin. The interview of Zebpay founder and Unocoin shared their views on this kind of practices. As per my understanding Zebpay has/had warning against investing in MLM or pyramid schemes. Detailed article is at:

https://cointelegraph.com/news/bitcoin-pyramid-schemes-helped-by-lack-of-regulation-in-india-startups-claim

[strikers1945]

This is just a problem with India and I guess this is a global problem that is hard to solve.
They are everywhere.

[susila_bai]

This is just a problem with India and I guess this is a global problem that is hard to solve.
They are everywhere.

You mean to say that this is not only in India problem but you can see lot of other country users are also promoting this type of scheme and scamming the users. But that is the approach of the bitcoin users which we cannot do anything as this type of scheme are runned even in fiat currency also.

[lordquanta]

This is just a problem with India and I guess this is a global problem that is hard to solve.
They are everywhere.

You mean to say that this is not only in India problem but you can see lot of other country users are also promoting this type of scheme and scamming the users. But that is the approach of the bitcoin users which we cannot do anything as this type of scheme are runned even in fiat currency also.

True that, ponzi,HYIP and MLM scammers are all over the world. However if you look at the kind of restrictions put on the any business scheme or investment plan in the USA. This kind of regulation is missing in India.

[Weatherby]

You really do not need any regulation to stifle these sort of pyramid schemes ,Zebpay and unocoin being the exchanges relating to bitcoin they have to create awareness to the users in India and if you are able to give that to the new people who are coming into bitcoin then you will be able to defeat all these things.

[S_D]

You really do not need any regulation to stifle these sort of pyramid schemes ,Zebpay and unocoin being the exchanges relating to bitcoin they have to create awareness to the users in India and if you are able to give that to the new people who are coming into bitcoin then you will be able to defeat all these things.

Why would anyone put a barrier ahead of their probable customers.
Exchanges are earning from it, they would not make a war footing effort to stop scammers.

The users need to be aware of such scam and invest wisely.