The Bitcoin Society LTD is a textbook definition of a ponzi scheme. But before we can jump to that, we’d like to highlight certain facts about this website, Bitcoin Society. It claims that it will guarantee you stable, lucrative and timely payouts if you invest with them. They also claim that your funds will be safe in their hands because they have implemented a number of mechanisms which help make this a reality.
There is also bold claims that Bitcoin Society will give you total financial freedom because their professional traders are allegedly skilled in Forex and Cryptocurrency trading. A part of the money collected through their dubious plans are allegedly used to invest in fin-tech, which is supposed to boost income significantly.
Now, think about this. These ”professional traders” are anonymous and mysterious. We cannot prove whether or not they can trade successfully because no evidence has been given yet to prove their skills.
BitcoinSociety.club claims to have been around for 188 days, and that they have since opened 71 active user accounts. Deposits have totaled $ 4080.74 while total withdrawals is only $ 48.90. Now, that is not a typo. We just said that total withdrawals are $ 48.90.
Isn’t this some sort of a careless mistake which the owner of this site didn’t realize?
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And what’s up with the spelling errors that can be found on this site? For example, when you scroll down to the news section of the site, you will come across something like ”Withdrawal Minimun Amount Change’.
We definitely cannot take them seriously if we see these spelling mistakes all over the site.
Now that total withdrawals are $48 only, is this really what financial freedom means? Let’s explore deeper.
They’ve informed us that Bitcoin Society is actually backed by a corporation registered in the UK. The reg number is published on the site for all to see.
They also claim that their physical location is at City House, New Station Street, Leeds, LS1 4JE, United Kingdom. That address looks a bit suspicious because even if you zoom out that location on Google maps, you will not see any sign of Bitcoin Society existing anywhere nearby.
The reason why they want your contribution is that Bitcoin Society has embarked on an aggressive marketing activity which has seen their popularity rising by the day. They allegedly have folks who know how to trade Forex, stocks, and Cryptos with extreme precision. Profits can allegedly be cashed out every day.
So, why exactly are we saying that Bitcoin Society is just a ponzi scheme hiding behind Cryptocurrencies?
If you want to identify a potential ponzi scheme, don’t look anywhere. Just run the domain on who.is. If you can’t find the name of the owner, then it only means that whoever is operating this business is a crook.
If they are asking money from you and promising you a specific return at the end of the day, then definitely they are intending to scam you. It won’t go down well.
In the case of Bitcoin Society, the owner is anonymous. The same applies to their alleged traders who have never been introduced by name or anything. Their trading experience and track record have never been proved either.
For you to trust someone with your funds, they must produce their track record first. That track record will show you whether or not they are capable of making any returns for the money which you are trusting them with.
Now, apart from being anonymous, these guys care less about their track record. They don’t have one and are not intending to show us one. This fits very well in the description of a ponzi scheme. We have no doubts.
It’s one thing to claim that you are trading the Forex market and it’s quite another to produce proof that all money that is made is actually coming from trading activities.
We do not think that these folks are truly involved in trading. Hedge fund managers won’t tell you that they are promising stable and guaranteed income. They won’t quote specific percentage of return on investment because that can be truly misleading.
On the other hand, ponzi schemes will make these promises because their aim is not to trade your money but use it to pay out small profits.
The way we see it is that Bitcoin Society will collect member deposits and only make small payouts once in a while. They will eventually stop making payouts, and that will turn their activities into blatant thievery.
3/4 of internet ponzi schemes are based out in the UK, and are all registered as a company. Their company status has never prevented them from scamming their users in the end.
That has made us believe the fact that it doesn’t matter whether or not they are backed by a corporation. All that matters is a track record and proof that qualified traders exist.
The business model that Bitcoin Society is running is bound to fail. Even if it hasn’t failed yet, it’s just a matter of time before the wall will collapse with a thud.
You can earn up to 5% per day for 3 months. The minimum investment is $10 while no maximum limit has been set.
If you earn 5% per day, that would mean a lot of money at the end of 30 days. For us, this is too good to be true. Any legitimate business will not mislead investors by quoting these ridiculous numbers on their site.
The truth remains that this is a ponzi scheme where daily returns are promised and guaranteed. But in reality, you cannot guarantee any profit especially when it comes to trading.
Generally, we’d be very cautious dealing with a company where the owner or employees are anonymous. Bitcoin Society is one such company that instills fear rather than inspiration, thanks to the anonymous owners who want you to send money to them so they can ”invest” it for you.
Never trust this nonsense. There is 100% chance that you will lose the principle balance even if you make a few pennies during the first few days. That’s how ponzi schemes are supposed to work anyway.
Their FAQ section does very little to instill confidence in an investor. Generally, the site lacks authenticity since red flags have littered its surface to the extent that a serious investor with real money to invest will always steer clear of its path.
The site is also very new. It is extremely difficult to tell whether this site will be active 1 year from now. Most of the popular ponzi schemes now were registered back in June 2017, which fits the date that BitcoinSociety website was launched.
We are not certain whether this website will last any longer. And of course the too good to be true investment plans should worry you. Money isn’t made that easily, and trading is no exception.
Bitcoin Society should be a no-go zone for anyone wanting to make serious money. If you want to invest in Bitcoin, either use these robots or make an investment with these companies instead. Sit back and relax while you wait for your investments to accrue.
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