Ponzi Schemes, Crypto Investment Scams. (USI Tech, Bitconnect, Coinexx)

Crypto Investment scams might not be technical like many of the other scams that I have looked at, but they are very common and impact a large number of people.

This video looks at what a Ponzi Scheme is, some examples of Ponzi Schemes like Bitconnect, USI Tech and Coinexx as well as some general tips for how to spot a scam and stay safe.

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If you are new to Crypto, my suggestion is that you start with buying ~$150 worth of Bitcoin, Ethereum, Litecoin @ Coinbase and get familiar with storing it, moving it around, etc.

For your first purcahse, just stick with CoinBase: https://www.coinbase.com/join/5691c9d0a4c3a05dfa000151

For Trading, just start with Binance: https://www.binance.com/?ref=18111926

By sticking with large, reputable exchanges for your first purchase (Coinbase) and first trade (Binance) you can avoid getting scammed right at the start by purchasing a non-existing coin off a scammy exchange. (You would be surprised how many people fall into this trap)

Don’t have a hardware wallet?
Be safe and buy them direct from the manufacturer. (Not just through some random on eBay, Amazon, etc)
Get a Ledger: https://shop.ledger.com?r=5243ecbb8427
(If you are just starting out, I would just recommend a Ledger Nano S)

If this was helpful, feel free to send me a tip:
BTC: 37hiiSB1Poj6Shs8WawPS2HjT2jzHkFSQi
BCH:
LTC: MRWnUcsyofisVp5GvX7nxMog5caneycKZ6
ETH: 0x14b2E26021d0Ce8E2cE6a2Eb6E2690714bB18E17
VTC: vtc1qxauv20r2ux2vttrjmm9eylshl508q04uju936n
ZEN: znUihTHfwm5UJS1ywo911mdNEzd9WY9vBP7

—Notes—

Investment Scams: Ponzi Schemes & More
Probably the most common scams out there…

Examples…
⦁ Ponzi Schemes…
(Schemes that will initially provide you with actual “returns”, look like an actual business with actual people)
⦁ USI Tech
⦁ Coinexx
⦁ Bitconnect…
⦁ Obvious Scams (These just rob you)
⦁ “Cloud Mining” Investments (See Conversation with scammer who tried too hard to sound Aussie)
⦁ Fake Investment Platforms (See converstaion with scammer who wanted Coinbase credentials)

What to Look For
⦁ Over the top sales pitch… (Bitconneeeeeeeeeeect!!!1111) – Watch the video and run away from anyone who sounds remotely like this guy when selling you something… (even non-crypto)
⦁ “Guaranteed Returns”, unnaturally consistent
⦁ “Secret”, “New” investment strategies
⦁ “Secret” or new investment opportunities that seek you out… (Unless you are an ultra-high net worth indevidual…)
⦁ Vague/absent explainations about how exactly an investment will work.
⦁ Pressure to keep investing more money. (And pressure not to pull your investments/gains out)

All of the above points can make cryptocurrency the perfect “verneer” for a scam… (Hard to understand, new, crazy returns in parts)

How to Stay Safe
⦁ Have reaslistic expectations for returns… (Tricky when it seems that some folk in crypto are obsessed with lambo and moon…)
⦁ Don’t invest in things you don’t understand… (This applies to shares too)

If you Spot a Scam
⦁ Contact law enforcement if it is in your country.

Ponzi Schemes, Crypto Investment Scams. (USI Tech, Bitconnect, Coinexx)

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Kane Dane