Scamtastic

When it comes to cryptocurrency scams, the underlying theme is always selling debt to those who are willing to pay. Below are 3 examples from the past, current and from the looks of it, the future...

The Past - BitConnect (BCC)

What you think it is:

1. Send your Bitcoin (BTC) for Bitconnect tokens (BCC).
2. Bitconnect lends your money while earning interest in BCC on your behalf.
3. Make sure you invite your friends as referrals increase your return rate.
4. Upon maturity, convert your BCC investment + 40% returns back to Bitcoin and win!

What it is:

1. Send your Bitcoin (BTC) to Bitconnect for Bitconnect tokens (BCC).
2. Enjoy your worthless tokens while we take the money and run.

The Present – Ponzicoin (SEC)

The Joke

• “The World's First Legitimate Ponzi Scheme”
• Use Ethereum to buy ERC20 tokens and hope you were first in to be first out.
• Shrill and scam everyone you know. The sooner you get to 300 tokens, the sooner you get cashed out!
• Seriously, THIS COIN IS A SCAM! It’s clearly stated EVERYWHERE on the website!!!

The Reality

• People actually invested in it… like $25,000 worth.
• Stopped being funny, Developer shuts it down.

The future - Bitfinex

1. Bitfinex exchange got hacked out of 120,000 bitcoins.
2. Convert losses as Bitfinex tokens (BFX)
3. Created Tether (USDT) in November 2015
4. After slowly paying off losses over 7 months, Convert BFX for USDT in August 2016.
5. Create Bitcoin Gold (BTG) in October 2017
6. Fork = Same address & same private key = PROFIT!
7. Tether loses their auditor.

Please do your research before investing.
Be vigilant and stay safe.