Philippines Deports Mastermind of $33 Million Bitcoin Pyramid Scheme

[CryptoDamon]

https://www.ccn.com/philippines-deports-mastermind-of-33-million-bitcoin-pyramid-scheme/

These pyramid schemes are the ones giving bitcoin a bad name taking advantage of those people who have less knowledge about the technology. That's why it's really important that we do our own research to something that we wanted to invest our money in to avoid being scammed by these scumbags.

Philippines is a crypto freindly country and lots of people are benefiting from it and since there are so many pyramid schemes happening in this country I just hope that this wouldn't create an impression to those who wanted to learn or invest in this awesome technology.

Do you think this is a ground for banning bitcoin in the Philippines? Will bitcoin regulation save those potential investors not to be scammed? Share me your thoughts!

[boyptc]

There's no connection to the arrest to ban bitcoin in the Philippines.

That's just a usual act of the scammers when they are wanted to their homeland, they'll fly to a friendlier country to flee from their local authorities. Look at the brighter side that he caught by PH's authority, this isn't only about being a crypto friendly country but being a very well cooperative country with regards to criminal awareness.

[KryptoKai]

He was probably using those illegally gained bitcoins to live a high life in the Philippines where bitcoins are perfectly legal. Shame he didn't get sentenced to stay in a local prison, i'm sure it would be a lot less pleasant than the ones in South Korea.

[Quidat]

It could be. As majority of the population in the Philippines doesnt have any slight idea on what cryptocurrency is. Those people who were scammed are the evidence that shows how people had less knowledge in this field. The philippines government might take legal steps to eliminate the possibility for that incident to happen again. Regulation might be the first option.

[NavI_027]

We reiterate our warning to all foreign criminals who are hiding in the country. The long arm of the law will eventually catch you and we will send you back to your homelands so you will be meted punishment for your crimes

Warning again? This is what I've usually noticed. In the foreign countries, our fellow Filipino will be sentenced to death after committing a crime whether intentional or just a self defense but when a foreigner committed a crime here they'll be just deported despite of the big damage they bring to us like this $33M scam. For me it is so disappointing, I don't know why it works like that? I think we should also let those bad people taste our own justice and not only leave it on others' authority.

Well, I admit that my knowledge is only limited when it comes to law and justice so maybe I'm wrong and just overreacting. I just hope our law doesn't only have long arms, it should be made of blazing iron too.

[cryptoblazter]

Sad to say that some people really took advantage of the bullish situation last year where bitcoin is like a gold mine. They took that as an opportunity to scam and made a lot of promises. As some people got carried away with good profit at first. But, things started to go wrong when bitcoin falls sharply. Reality checks hit them. So, don't invest in something that you do not know.

[pooya87]

These pyramid schemes are the ones giving bitcoin a bad name taking advantage of those people who have less knowledge about the technology.

i disagree for multiple reasons.
first is the fact that bitcoin doesn't really get a bad name when someone rips off idiots because bitcoin is just the tool they used and they might have as well used anything else.
besides pyramid schemes are not really that big nor that common. they rarely happen, specially on big scale and they happen in countries like this one here. so it is again not a big deal.
not to mention that $33 million is the biggest thing you can find and in comparison to other scams it is not even that big! we already have others such as ICOs that are scamming people hundreds of times bigger than $33 million per day and if anything they are giving bitcoin and cryptocurrency in general a bad name.

[denzkilim]

We reiterate our warning to all foreign criminals who are hiding in the country. The long arm of the law will eventually catch you and we will send you back to your homelands so you will be meted punishment for your crimes

Warning again? This is what I've usually noticed. In the foreign countries, our fellow Filipino will be sentenced to death after committing a crime whether intentional or just a self defense but when a foreigner committed a crime here they'll be just deported despite of the big damage they bring to us like this $33M scam. For me it is so disappointing, I don't know why it works like that? I think we should also let those bad people taste our own justice and not only leave it on others' authority.

Well, I admit that my knowledge is only limited when it comes to law and justice so maybe I'm wrong and just overreacting. I just hope our law doesn't only have long arms, it should be made of blazing iron too.

LMAO, you should know that there are different kinds of law on every respective country and not all laws created in different countries are the same law on your country. And one more thing the topic isn't about the Filipino's sentenced to death with the crimes that they made, it's about the fraudulent acts of Korean national who hides in the Philippines and now gets arrested because of the pyramiding scam that he created. This is not the proper forum to post butthurt messages on what you are talking about.

[Kakmakr]

The banning of Bitcoin and crypto currencies are not going to stop Pyramid Schemes and this is a well known fact. These Pyramid Schemes operated years before Bitcoin was even invented. Yes, the government might use that as an excuse to ban Bitcoin, if they were looking for a stick to hit it with.

In any way Pyramid Schemes are legal in some countries and some people benefit from these schemes globally. The problem with these schemes is the people who gets burnt. <They blame Bitcoin and not their own stupidity or the Pyramid Schems they participated it>

[Ava Duvall]

It will hard for bitcoin to keep up the popularity it has gained if these kinds of scams keep happening. Adequate knowledge about bitcoin before entering the market would certainly be helpful to prevent these incidents.

You are right, but most dont believe theses scams that much and know how bitcoin works. But for newbies it really pushes them away.

[stompix]

Warning again? This is what I've usually noticed. In the foreign countries, our fellow Filipino will be sentenced to death after committing a crime whether intentional or just a self defense but when a foreigner committed a crime here they'll be just deported despite of the big damage they bring to us like this $33M scam. For me it is so disappointing, I don't know why it works like that? I think we should also let those bad people taste our own justice and not only leave it on others' authority.

Well, I admit that my knowledge is only limited when it comes to law and justice so maybe I'm wrong and just overreacting. I just hope our law doesn't only have long arms, it should be made of blazing iron too.

Cut the BS, if you know you're overreacting then stop posting crap like that.

In Europe for example, there is only one country left with the death penalty and unlike in the Philippines, you can actually hope for a fair trial. Nobody is hunting innocent Filipinos and sentencing them to death without being guilty anywhere.

Rather than that you should take a moment and wonder why is the crime rate against tourists in the Philippines 6 times bigger than the average homicide rate in Italy and stop acting like the whole world is treating you unfairly.

Furthermore, and probably the most important thing, you should learn to READ first and then WRITE.
From the article:

Per documents obtained from the authorities, Go and other accomplices defrauded South Koreans of over US$33 million by promising huge returns if they invested in bitcoin between December 2015 and June 2016.

So, what money did this guy scammed your poor and innocent citizens?

And for god's sake, he's not even a Filipino!!!!

[chocolah29]

Philippines is a crypto freindly country and lots of people are benefiting from it and since there are so many pyramid schemes happening in this country I just hope that this wouldn't create an impression to those who wanted to learn or invest in this awesome technology.

Do you think this is a ground for banning bitcoin in the Philippines? Will bitcoin regulation save those potential investors not to be scammed? Share me your thoughts!

Honestly, there's no correlation between the fugitive that hides in PH and PH for being crypto friendly. The article was about the korean fraudster that scammed people with over $33M and even a little bit it won't affect the position of PH government towards cryptos.

So what's with the fuzz?

Aside from the fact that SEC had warned the people to be vigilant from this kind of investment, so in return as an individual we should take precautionary measure.

Warning again? This is what I've usually noticed. In the foreign countries, our fellow Filipino will be sentenced to death after committing a crime whether intentional or just a self defense but when a foreigner committed a crime here they'll be just deported despite of the big damage they bring to us like this $33M scam.

Well I think the death penalty is depend on the crime that's being committed and varies with the country. And so far even our fellow filipinos that scammed other nationalities were just been deported and let government give the rightful punishment likewise vise versa.

[pakhitheboss]

Most of the ponzi schemes are pyramid based. Strict action should be taken by the goverment to stop these pyramid schemes.

People should be educated that these schemes are not, Bitcoin or cryptocurrency. Such scams are giving Bad name to Bitcoin. The same thing is happening in my country too and the goverment has started taking strict action against those scammers.

[ClassyDancer]

I don’t think it will get banned. But it could form a lot of distrust, which is bad for crypto in general. I think more than ever, now’s the time for government to discuss regulation, right? We need policies to protect our money, don’t you think?

[bitvalak]

https://www.ccn.com/philippines-deports-mastermind-of-33-million-bitcoin-pyramid-scheme/

These pyramid schemes are the ones giving bitcoin a bad name taking advantage of those people who have less knowledge about the technology. That's why it's really important that we do our own research to something that we wanted to invest our money in to avoid being scammed by these scumbags.

Philippines is a crypto freindly country and lots of people are benefiting from it and since there are so many pyramid schemes happening in this country I just hope that this wouldn't create an impression to those who wanted to learn or invest in this awesome technology.

Do you think this is a ground for banning bitcoin in the Philippines? Will bitcoin regulation save those potential investors not to be scammed? Share me your thoughts!

Pyramid business has been very attached to the term online business. Almost all online businesses are entered by this pyramid system. Because basically the pyramid business will only bring negative effects to anyone who follows it. I think the Philippines is a big country, so it's only natural that they do that because they see Bitcoin as an online business like everyone else.

[ngm22585]

As much as crime exists in the crypto community, I feel like most people understand that traditional financial institutions have certainly played their role, as well.

Madoff ran the biggest Ponzi scheme in history and crypto had nothing to do with it.

Wells Fargo perpetuated widespread fraud because employees were frantically trying to meet quotas, and opened up millions of fake accounts.

HSBC gave a blind eye to Mexican drug cartels, some of the most ruthless criminal organizations in the world, and all they did was pay a fine.

Ultimately, this is unfortunate, but I don't think incidents like this are some "big stain" on crypto.

Where there is profit, there is greed.  Where there is greed, there is crime.

Just my take on it.

[bitfocus]

I don't understand why people fall for Pyramid Schemes after all! anyone can see the real face of a pyramid scheme in 10 minutes on google and youtube!

[Kamote_1102]

This kind of scam has made a negative impact in cryptocurrency, especially for those people who have no idea about crypto. However, for the Filipino Citizens who have been in this industry for a long time, they were affected by this. because they know that there's no pyramiding or networking in the Crypto World. and I believe that the Philippine Government will not ban Bitcoin because of this crime.

[gamechangers]

While regulations can prevent potential investors from loosing their money, it is anti decentralization. It is high time people saw pyramid schemes as scam and desist from investing into it. I hope the government of the Philippines will make sure that these masterminds are punished.

[carlisle1]

https://www.ccn.com/philippines-deports-mastermind-of-33-million-bitcoin-pyramid-scheme/

These pyramid schemes are the ones giving bitcoin a bad name taking advantage of those people who have less knowledge about the technology. That's why it's really important that we do our own research to something that we wanted to invest our money in to avoid being scammed by these scumbags.

Philippines is a crypto freindly country and lots of people are benefiting from it and since there are so many pyramid schemes happening in this country I just hope that this wouldn't create an impression to those who wanted to learn or invest in this awesome technology.

Do you think this is a ground for banning bitcoin in the Philippines? Will bitcoin regulation save those potential investors not to be scammed? Share me your thoughts!

Lol pyramiding schemes are creation of scammers and victims of this mostly greed people of noob so why the country’s will suffer by the stupidity of their people?Lol this will never lead to banning cryptocurrency specially bitcoin from this country.theres no one must blame here is the victim for not making research before betting their precious money