Bitcoin scams in wireclub forums

theHating: One thing any trader with a brain will tell you: DO YOUR DUE DILIGENCE!

Bitcoin (code: BTC, XBT[note 1]) is an Internet-based decentralized cryptocurrency and payment-network. It uses a cryptographic "blockchain" to verify transactions and to prevent users from spending counterfeit bitcoins. Bitcoin's notional independence from the control of governmental entities tends to appeal to libertarians, minarchists, anarcho-capitalists, laissez-faire capitalists, technophiles[2] and criminals. At the same time, Bitcoin also does not enjoy the security, protection and dispute resolution which those large state-apparatuses tend to provide, making it a volatile and often insecure asset.

Now there is another element.

"Years earlier, Bitcoin had promised that it would spread its benefits to all its users, but by 2014 large chunks of the Bitcoin economy were owned by a few people who had been wealthy enough before Bitcoin came along to invest in this new system. Most of the new coins being released each day were collected by a few large mining syndicates. If this was the new world, it didn't seem all that different from the old one—at least not yet."

theHating: This is how bitcoin scammers operate today, it's called a few things, such as pump and dump, but what "recruiters" do is offer you "professional advice" on a "professional platform". These are really multi-tiered programs you PAY into with real money, the money is then yours to trade bitcoin with their professional platform.

The next step, after they have suckered in a few hundred to a few thousand people (each pooling up to $1,500 or even $50,000 for the perks offered in that program for newcomers and beginners. Notice they only market to the fresh meat . After all that, they tell everyone in their mailing list, (these are their insiders, or even just more dupes, depending on how the scam works), to buy a specific asset, say BITCOIN CASH because that is "their pick".

Sometimes they will have all their "students" buy an asset and then market a "free newsletter" to dupes that "want vip access to their top asset picks". Once the "students" buy the asset, they mail out their newsletter to the dupes to buy that same asset.

The trick is the program officials appear "knowledgeable" with "technical analysis support" but what they did was have their students invest in the asset and then pawn it off onto their unsuspecting newsletter patrons.

In more elaborate scams, the "teacher" will mail out triplet sets of newsletters to three groups of "subscribers". This creates whats known in TA as an A, B, C uptrend and has won 80%+ of the time for traders upwards of 15% to 100% and higher.
The key identifier of this scam is when the A, B, C, Uptrend fails to rebound to it's point c or higher. In the case of the scam, the "students" begin dumping the asset, which then brings the price BY VOLUME back to it's original A point!

theHating: It a nutshell, what these scammers are doing is no different than a ponzi scheme, IT IS ILLEGAL. And im not sure why wireclub doesn't see the red flags as clearly as they should.

theHating: Here is such a scam.
Topic: Business
"JosephKB: Until the 31st March 2019, you can collect at least 1000 Tokens for Free

Find out more: https://www.jkb-consultancy.com/adverts/bitsdaq-by-bittrex
5 months ago • Report "

theHating: What will happen is this.

You will click the link
You will arrive at a portal to sign up for a program
You will either be asked to fund an account with them AND/OR be asked to pay them via debit/credit AND open a trading account on a recommended platform. (This step may require a credit card!)
You will probably be offered a three tiered program, with the lower tier offering their picks, the medium tier oft their picks + their Technical analysis support, and there highest tier offering everything AND one-on-one consultation (to this effect)

You well then receive "alerts" to buy and sell.
If he runs an elaborate "consultancy" then you will probably have some fun "making money" on all his "alerts"

Now comes the last phase of your journey.
Your trading account holds nearly $50,000
You are impressed that this all came from a measly, yet hard-earned $1,500 that you practically had to borrow from other sources.
Maybe you're thinking "wow, this man has changed my life, i can taste early retirement, capitalism isn't so bad... "
Maybe you have recommended this consultant to your grandma, and your girlfriend, and your coworkers, who all marvel at your grand success, this trading wizard of Oz.

Then you receive a once in a lifetime opportunity to go all in on yet another "crazy moon ride crypto coin" that sells for "$0.0007" and is expected to " hit $14" and you are thinking " wow, with $50,000, i can buy a whole lot of this and become a bitcoin millionaire like all these other guys! Its finally happening! "

And you hit " buy"
You dream of riding elon musks penis to mars.
You dream of playing Doom with wiz khalifa.

All of a sudden, the asset you bought with your retirement money just vanished in a massive dump sell-off.

"A panic sell-off?" Is all you can think. Its just the way the market goes. Sometimes you gotta know when to fold.

What really happened??

You e-mail your consultant, "what the f***?!"
No response.
You email him again, " i lost all my f****** money because of you! Answer me NOW! "

No response.

Your consultant and a few friends were behind the scenes, orchestrating "successful trades" in the form of "win/loss" ratios, 10% trades, or " multi-baggers", the whole time. They reinvested the money they skimmed off the winners and started buying up every last coin from that asset selling for $0.0007. And when they were ready, they gave out the alert. Your incredible amount of money, matched with every other newbie in the program, has given incredible purchase power, no one can see how unstable the asset is because money is pouring into it at an incredible rate, faster than how much is coming out. Finally, the last coin is dumped on the you, the unsuspecting buffoon that agreed to be exploited, the asset begins to stop, as the market algorithm has finished processing the buyers and sellers. A sell lot for nearly 130% of the market cap hits the ask and everyone who watches the L2 quotes sees the grave yard doji - pump and dump. The first phase of the sell off begins, asset tumbles 40% and it no longer seems like you will recover your initial investment, so you "hope". And as you Hope, the asset tumbles another 40%, and you continue to hold on and hope for recovery, after all, this coin was the "game-changer".

You have become, at the end of this sad tale, what many in the industry refer to as a "bagholder".
Your "consultant" has in the meanwhile, cashed out and left the country for a vacation with all your money.