Suspected pyramid scheme USI-Tech is launching their own ICO - With no whitepaper released until 500 Million tokens are sold (self.CryptoCurrency)
by waytooeffayRedditor
USI-Tech, a pyramid scheme similar to BitConnect, are launching their own ICO called USI Tech Coin (UTC) with NO whitepaper and NO information about what the token even does. Their current distribution method prices the tokens at anywhere from 50c each for the lowest contribution level, to 3c each for people contributing over $50,000. They claim they will release their whitepaper when they sell 500 MILLION tokens, which is anywhere from $15,000,000 (If all contributors were to contribute over $50,000) to $250,000,000 (If all contributors were to contribute the minimum amount) .
Some other things this company has been caught out doing include:
Claiming they had a $70 million mining contract with BitFury, even mentioning specific BitFury products, and when the CTO of BitFury was inquired about it he claimed that nobody from BitFury has ever heard of them.
Posting a video of Genesis' mining farm and claiming it as their own. Genesis had never heard of them before this either.
Claiming they have developed a power generating system capable of running 6 racks of servers for virtually no cost
Claiming they have developed a way to convert the heat generated from miners into power in order to reduce the power cost of mining
Claiming they will be the first to have access to IBM's 'Watson' super-computer (Watson is not a super computer and anybody can access it) and that they'll be using it to optimize mining.
Running seminars in Australia and other countries luring people in with the promise of helping them understand Bitcoin and Cryptocurrency, then suckering them into signing up for their pyramid scheme
Basically, this company is full of shit and what they're doing makes me fucking sick.
https://www.reddit.com/r/CryptoCurrency/comments/7gndr8/suspected_pyramid_scheme_usitech_is_launching/
