I Called it in 2017, Bitclub Network WAS a Ponzi Scheme

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Well well well Bitclub Network, you had your running dash of 5 years but that quickly come crashing down, didn’t it?

Back in September of 2017 I wrote a review on the Bitclub Network.

It had all the characteristics of a ponzi scheme and I titled it as a high-risk ponzi scheme.

You can read that review here.

Well as it turns out, earlier this month 5 men were arrested for operating Bitclub Network, the $722 million ponzi scheme.

Do you know how much people they would have scammed to make this money?

A sh*tload!

And the worse part:

They were calling their investors “dumb”, “sheep” and “idiots” for falling for their scam.

Well there is some truth to that, but the victims aren’t the ones to blame here, the scammers are the ones to blame for this since they set up the entire operation and knew EXACTLY what they were doing.

How the Ponzi Scheme Worked

Basically, they were giving money from newer investors to the top investors since they were the ones investing the most money.

Look after the ones looking after you, right?

They were drip-feeding the newbies their own money (but not all of it) to make them think they were getting returns.

Since they were making returns, even though they were small amounts, it made them want to invest more and more because why not, it seemed like easy money.

How I Knew it Was a Ponzi Scheme

I wrote in my review back in 2017 why I thought it was a ponzi scheme.

I know because it’s what most scammers have in common and I’m going to tell you what they are below.

They Were Hiding their Identity

There were no real pictures of people, no names and no “about” page. They said they were a group of “experts and professionals” and that’s it.

They hide their identify because they don’t want anyone to know the real them because they are running a huge scam, as they were.

No One Coming Forward With Success Stories

The vast majority of people were making small amounts of money back from their investments but nowhere near as much as they put in, so they were losing money.

A large portion of that was going to the people at the top to keep them investing since they were the ones investing the most.

Giving the top guys the most profits made them want to invest more.

And the rest of the profits?

Well, they were going to the owners, all 722 million dollars of it.

Private Domain

Another common tactic scammers use is to register their website name privately.

That way when people search up their domain for the real owners, it’ll just come up as private.

This is a good indicator that they have something to hide.

You Could Only Pay With Bitcoin

This was a no-brainer for me. When I found this out, I knew it was hands down a big fat ponzi scheme.

If they had everything else mentioned above but you could also pay with all the common options like PayPal, Wire Transfer, etc, then it would show legitimacy.

However, Bitcoin cannot be traced and that’s why they only received payments in Bitcoin.

Again, doing everything they can to hide their identiy.

Because why?

They were running a ponzi scheme. All the red flags were there.

I knew people were getting scammed and the only thing I could do was write a review on them in the hopes it would get out to as many people as possible.

Did I save you money and time? Comment below!

“Too Big to Fail” – Although they Thought

The 5 owners described their scheme as “the most transparent in the history of the world” and “too big to fail”.

Well this just goes to show, no matter how big you are, if you’re running an illegal scheme you WILL eventually get exposed and punished accordingly.

Maybe PHP Agency is the next one :O

Oh did i just say that?

Do Your Research Before Putting Your Money Anywhere

We are in the digital age and that means more ways of getting scammed.

New platforms, new apps, new currencies, there are thousands of ways to get scammed and the only way to not get scammed is to do your research.

I feel sorry for those who got scammed and lost money, I really do.

I have been scammed 1000s of dollars but nowhere near hundreds of thousands, and it’s not a good feeling when you lose money when you thought you were doing something good for yourself.

However, take this as a lesson and do your research before investing into any company.

Search up reviews on Google. It takes a couple minutes and it’ll save you lots of time and money.

Well that concludes this article.

Let us know in the comments below if you invested in BTC or thought of investing.

Cheers and have a great day.

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