Bitqy - Should I be worried?

[I_Chihuahua]

I have several friends that are invested in a company called Bitqyck, which has distributed a coin called Bitqy as a sort of rewards for participation. Bitqyck is a multi-level marketing company that offers its participants monthly residuals for bringing on new affiliates (standard MLM fare) and also rewards them with Bitqy, an ETH blockchain crypto that represents one share in the company per coin.

Here is the Bitqy white paper, which is shall we say not impressive:

https://bitqyorg.files.wordpress.com/2017/08/bitqy_whitepaper_v1-2.pdf

Caveat here that while I don't personally participate in any MLM businesses, I don't necessarily believe there is anything inherently wrong with them. It's your money and time, whatever. I am very uncomfortable however with my friends receiving this Bitqy as compensation for their activities with the business. The coin (and presumably therefore the company) has lost significant value in the past month and people have even organized "buying brigades" where they convene online at certain times and buy cheap blocks of Bitqy on C-Cex to try to raise the price. I feel a great number of affiliates buying into this company do not understand the ecosystem and are getting taken for a ride.

Now the company is talking about opening a mining facility and issuing a new coin with hash shares embedded. Just reading the white paper this seems really amateurish and a lot of people are holding their shares because they believe it will moon or something and they'll be millionaires.

So I guess my question is this: how will this crash and burn? I feel like there is going to be a lot of bag holding at the end of this and trying to convince them to cash out at a loss doesn't get me anywhere.

[andor.gellenhidi]

I'm afraid I will not be able to say how they can burn or die, but in any case, I think you have no options but to contact the police. maybe they can help you with this, as far as I remember, there were cases when the lyuyadm helped.

[kad_nett]

Check their social accounts. Especially telegram. Look what people talk. Ask your questions.
And check team profiles in the Linkedin.
This is what you can do to protect yourself

[Beatridge]

Check their social accounts. Especially telegram. Look what people talk. Ask your questions.
And check team profiles in the Linkedin.
This is what you can do to protect yourself

sounds like reasonable advice.

[kad_nett]

Check their social accounts. Especially telegram. Look what people talk. Ask your questions.
And check team profiles in the Linkedin.
This is what you can do to protect yourself

sounds like reasonable advice.

thanks, but nothing special

[VanKleiss]

As I check, this company is registered in Texas USA. The owners also have a real account and they are active in social media. The only problem with this folks is they are not active in the forum which maybe the reason why we never knew they are existed.