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I want to talk about Bitcoin scams

EDIT: I edited the name out of a screencap. sorry about that.
pardon the wall of text but this is super important to me.
i am a hardcore bitcoin evangelist and my entire facebook friend list probabaly associates me with bitcoin because i spend a great deal of time educating people and discussing it on social media. my background is computer network engineering and web developing; i've studied bitcoin for a few years now.
first i wanna talk about USI Tech.
not long ago i was asked to invest some bitcoin via a company called USI Tech. at the time, USI Tech's only relation to bitcoin was that they sold cryptic "bitcoin packages" that would return 140% over 140 days. that means if i gave them 1 BTC today, they would give me 1% of a bitcoin for 140 days, meaning that after 100 days, my initial investment would be recovered, and then all i get to do is wait for those 40 days to see my profit.
when i was first recruited, it was before they rebranded themselves. this was just a few weeks ago. prior to this rebranding, there was no indication from the company regarding exactly how they were able to provide that kind of return on investment. at the time their only product other than these "bitcoin packages" was a license that provided access to a very special very secretive robot that harnessed artificial intelligence to yield apparently handsome returns via speculative arbitrage in the foreign exchange market. there are zero trades attributed to this "robot" and in fact there is zero evidence of a robot at all. they do have software for their customers that apparently track gains however there is zero correlation between these numbers and their apparent source.
since their rebranding, they are now marketing these "bitcoin packages" as having generated income via cloud mining. keep in mind that USI Tech does not sell hashrate, nor even techinically access to remote hardware; USI Tech sells "bitcoin packages" however how these packages specifically relate to hashrates accessed on remote hardware, or cloud mining, is not at all explained. in fact, here on their website they say that details will be released and then reference a date that has already passed..
to be blunt, cloud mining is a meme. mining cryptocurrency for a profit is generally difficult even for the big boys in China. that bitcoin could be worth more in the future than it is now is the reason why miners mine; the energy spent mining bitcoin costs more than the value of those mined bitcoins.
how does USI Tech not only mine so successfully that they themselves can be profitable, but so that customers who purchase this mining remotely can be successful to the tune of 140% over 140 days?
also they are in pre-sale for their own ICO,
also they have zero registration documents filed with the SEC,
also the names that used to be on their masthead, Ralf Gold and Joao Severino, were involved in past scams,
also their business is registered in Dubai, just like almost every single forex ponzi,
also like i said there is zero proof that they trade anything at all, anywhere.
i really thought i knew my shit. is there a more experienced bitcoin user that can point to any situation where that sort of profitibility can be achieved by cloud mining?
if the question seems rhetorical for the high bitcoin minds on this sub, then maybe i've done my duty by exposing USI Tech's dubious claims and raising suspicion which brings me to my next point:
secondly i wanna talk about the tactics used by this company to fool people.
primarily i should say that USI Tech operates a multilevel marketing structure that rewards recruitment through commission. it is not a coincidense that ponzi schemes use MLM structures to grow; ponzis require a continuous flow of new investment in order to work. to be blunt, MLM is a predatory business approach that exploits people's hope and greed. all MLM use the same tactic of targeting people's desperation to earn passive income.
USI Tech takes advantage of a population of people who are desperate to invest in a technology they do not comprehend. this is how they can get away with selling something that there is no evidence of. people now have a very dire desire to be involved in bitcoin because they have seen the news. people that do not know enough about investments, let alone cryptography, are aching to enter the space before all the potential is claimed.
there is much fertile potential to scam people who don't know that hyperbole like "smart contracts made off-chain that return high yield arbitration via intelligent algorithms backed by authenticated crypto-asset bonds.." is all bullshit. in most cases, even if they could, there is no code to review, no whitepaper to digest, and in the case of USI Tech, not even satisfacory rhetoric to substantiate anything being sold by these scammers.
earlier today, i went into a facebook group called USI TECH BITCOIN TEAM SUCCESS, and i asked a question. i said "i'm interested in joining USI Tech, and as a programmer and bitcoin nerd, i want to know the details of their mining operation." immediately the reaction was two-fold. promptly some were chiming in with agreeable sentiments like 'i've also wondered' and 'yes there is a lack of transparency', and others were already indignant with stuff like 'they said they are working on transparency give them a break' and 'troll detected, usi tech is not a scam because look i made money'.
okay fair enough the conversation was started and i was pretty quickly banned from the group. i had a dozen or so people in my ear at this point asking me what happened, people that have invested real money in this company. i spent hours discussing this with some of them. i had a conversation with the group's admin, here it is. he basically says that he doesn't want to upset people that have found a way to make money, and that my questions should be directed somewhere else.
i've sent exhaustive emails pondering specifics to USI Tech to no avail.
in conclusion, bitcoin has provided rich new opportunities for scamming people.
let me be clear: yes money can be made in a ponzi scheme. the operative to earning money in a ponzi is to know when to discontinue reinvestment. by all means, partake in the ponzi even, so long as you know what you are contribtuing to. the number one argument that people will make in favor of the ponzi they're in is
"but i made money".
it is our duty as crypto-enthusiasts to spread responsible education regarding bitcoin. i say to people "if you are interested in bitcoin, invest in bitcoin, because that is where the actual innovation is".
TL;DR: fuck bitcoins ponzis like USI Tech, stay alert, stay safe.
submitted by beartowitness to Bitcoin [link] [comments]

[uncensored-r/Bitcoin] I want to talk about Bitcoin scams

The following post by beartowitness is being replicated because the post has been silently greylisted(for 2.5 hours).
(It was approved by the mods at: 2017-11-04T01:26:17.000Z)
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7amu9s
The original post's content was as follows:
EDIT: I edited the name out of a screencap. sorry about that.
pardon the wall of text but this is super important to me.
i am a hardcore bitcoin evangelist and my entire facebook friend list probabaly associates me with bitcoin because i spend a great deal of time educating people and discussing it on social media. my background is computer network engineering and web developing; i've studied bitcoin for a few years now.
first i wanna talk about USI Tech.
not long ago i was asked to invest some bitcoin via a company called USI Tech. at the time, USI Tech's only relation to bitcoin was that they sold cryptic "bitcoin packages" that would return 140% over 140 days. that means if i gave them 1 BTC today, they would give me 1% of a bitcoin for 140 days, meaning that after 100 days, my initial investment would be recovered, and then all i get to do is wait for those 40 days to see my profit.
when i was first recruited, it was before they rebranded themselves. this was just a few weeks ago. prior to this rebranding, there was no indication from the company regarding exactly how they were able to provide that kind of return on investment. at the time their only product other than these "bitcoin packages" was a license that provided access to a very special very secretive robot that harnessed artificial intelligence to yield apparently handsome returns via speculative arbitrage in the foreign exchange market. there are zero trades attributed to this "robot" and in fact there is zero evidence of a robot at all. they do have software for their customers that apparently track gains however there is zero correlation between these numbers and their apparent source.
since their rebranding, they are now marketing these "bitcoin packages" as having generated income via cloud mining. keep in mind that USI Tech does not sell hashrate, nor even techinically access to remote hardware; USI Tech sells "bitcoin packages" however how these packages specifically relate to hashrates accessed on remote hardware, or cloud mining, is not at all explained. in fact, here on their website they say that details will be released and then reference a date that has already passed..
to be blunt, cloud mining is a meme. mining cryptocurrency for a profit is generally difficult even for the big boys in China. that bitcoin could be worth more in the future than it is now is the reason why miners mine; the energy spent mining bitcoin costs more than the value of those mined bitcoins.
how does USI Tech not only mine so successfully that they themselves can be profitable, but so that customers who purchase this mining remotely can be successful to the tune of 140% over 140 days?
also they are in pre-sale for their own ICO,
also they have zero registration documents filed with the SEC,
also the names that used to be on their masthead, Ralf Gold and Joao Severino, were involved in past scams,
also their business is registered in Dubai, just like almost every single forex ponzi,
also like i said there is zero proof that they trade anything at all, anywhere.
i really thought i knew my shit. is there a more experienced bitcoin user that can point to any situation where that sort of profitibility can be achieved by cloud mining?
if the question seems rhetorical for the high bitcoin minds on this sub, then maybe i've done my duty by exposing USI Tech's dubious claims and raising suspicion which brings me to my next point:
secondly i wanna talk about the tactics used by this company to fool people.
primarily i should say that USI Tech operates a multilevel marketing structure that rewards recruitment through commission. it is not a coincidense that ponzi schemes use MLM structures to grow; ponzis require a continuous flow of new investment in order to work. to be blunt, MLM is a predatory business approach that exploits people's hope and greed. all MLM use the same tactic of targeting people's desperation to earn passive income.
USI Tech takes advantage of a population of people who are desperate to invest in a technology they do not comprehend. this is how they can get away with selling something that there is no evidence of. people now have a very dire desire to be involved in bitcoin because they have seen the news. people that do not know enough about investments, let alone cryptography, are aching to enter the space before all the potential is claimed.
there is much fertile potential to scam people who don't know that hyperbole like "smart contracts made off-chain that return high yield arbitration via intelligent algorithms backed by authenticated crypto-asset bonds.." is all bullshit. in most cases, even if they could, there is no code to review, no whitepaper to digest, and in the case of USI Tech, not even satisfacory rhetoric to substantiate anything being sold by these scammers.
earlier today, i went into a facebook group called USI TECH BITCOIN TEAM SUCCESS, and i asked a question. i said "i'm interested in joining USI Tech, and as a programmer and bitcoin nerd, i want to know the details of their mining operation." immediately the reaction was two-fold. promptly some were chiming in with agreeable sentiments like 'i've also wondered' and 'yes there is a lack of transparency', and others were already indignant with stuff like 'they said they are working on transparency give them a break' and 'troll detected, usi tech is not a scam because look i made money'.
okay fair enough the conversation was started and i was pretty quickly banned from the group. i had a dozen or so people in my ear at this point asking me what happened, people that have invested real money in this company. i spent hours discussing this with some of them. i had a conversation with the group's admin, here it is. he basically says that he doesn't want to upset people that have found a way to make money, and that my questions should be directed somewhere else.
i've sent exhaustive emails pondering specifics to USI Tech to no avail.
in conclusion, bitcoin has provided rich new opportunities for scamming people.
let me be clear: yes money can be made in a ponzi scheme. the operative to earning money in a ponzi is to know when to discontinue reinvestment. by all means, partake in the ponzi even, so long as you know what you are contribtuing to. the number one argument that people will make in favor of the ponzi they're in is
"but i made money".
it is our duty as crypto-enthusiasts to spread responsible education regarding bitcoin. i say to people "if you are interested in bitcoin, invest in bitcoin, because that is where the actual innovation is".
TL;DR: fuck bitcoins ponzis like USI Tech, stay alert, stay safe.
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

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