A List Of Bitcoin Scams / Ponzi Schemes

There has been so much hype in the cryptocurrency space lately and I am completely fed up of seeing people get sucked into bitcoin ponzi schemes. I have even had family members approach me asking me to join and when I point out that it’s a complete scam they actually get defensive and it’s quite sad.

So here is my list of cryptocurrencies scams. These are either straight up scams or some kind of MLM/ponzi scheme.

I will list the ones I know about and then share some details on each as best as I can.

Also the list is not in any particular order.

  1. USI Tech
  2. BitConnect X
  3. BitConnect
  4. Davor Coin
  5. Falcon Coin
  6. BTC Global
  7. Power Mining Pool
  8. Bitcoins Wealth Club
  9. BTC 1 Up
  10. Diamond Reserve

There you go. 10 is a nice round number for this list, now let me explain more about each one and why I will never recommend or join these kind of schemes.

USI Tech

This operation is still on-going and really grew throughout 2017. They claim to have mining operations and be able to pay you around 1% per day when you actually buy into what they have going on. Whenever I see these kind of guarantees I am always super skeptical because how in the world are they paying that much for such small investments of around $50 and upwards.

I first saw this business in around May 2017 and in January 2018 they announced that it was game over and they were closing up. Okay it wasn’t exactly announced like that. What actually happened was they said the were shutting down USA and Canada operations. It came after they received a cease and desist from the state of Texas.

Around the same time BitConnect (no.3 on my list) got the same one. I’ll get onto their story soon. But basically after this happened they decided it was easier to just close USA / Canada instead of trying to fight the cease and desist. The company actually ended up blaming the affiliates for what had gone wrong which was pretty hilarious and quite sad too.

Anyway, all the big affiliates who were from USA / Canada obviously stopped promoting the scheme. They have actually launched an ICO called TechCoin but the white paper was terrible. It contained hardly any information about how it worked and just was super vague about the whole operation.

Anyhow, if someone invites you to join I’d seriously stay away.

BitConnect / BitConnect X

I am going to cover these in the same category since they are part of the same business. BitConnect was huge in 2017 and easily the biggest ponzi scheme on the planet. I am talking multi-billion ponzi scheme are one point as their market cap on the popular website CoinMarketCap was over $2 billion I believe.

BitConnect was actually one of the top coins. I believe it was in the top 20 or 30 coins by market cap which is funny considering it literally wasn’t trading anywhere but the BitConnect exchange. I think it did end up going on a few exchanges but not many as all the volume was NOT from traders but actually from people investing in their lending platform.

Yes they basically claimed that you could invest in their BitConnect coin and LEND the coin back to them to earn 1% a day earnings. The funny thing is people believed it and joined and invested huge sums of money. Okay I say funny but it’s actually quite sad because they shut down after getting a cease and desist letter and investors have lost a lot of money, some people life savings.

BitConnect X was actually a new coin they were launching but then this basically went to crap when the cease and desist was issued. I think BitConnect X was potentially an exit strategy for them to make a lot of money (or a lot more money) before shutting down anyway. To this day nobody has been caught from the scheme apart from some of the top affiliates who were super active on social media / YouTube.

Davor Coin / Falcon Coin

Essentially 2 complete scams similar to BitConnect. More lending programs that are nothing but ponzi schemes. I think this Falcon Coin scam expose on nobsimreviews.com says it best because ultimately shares that Falcon Coin is a complete clone of BitConnect, even using the same kind of graphics and more.

Clearly what happened was some people saw the “huge success” of BitConnect. And by success I mean the fact that they fooled many people into investing with them and wanted a piece of the action. Unfortunately for them they will never be as big as BitConnect because they failed and were shut down and now even lending program like this is suffering because ultimately nobody trusts them and rightly so!

BTC Global & Power Mining Pool

These are slightly different but I’ll group them together anyway since they have some kind of recruiting in place. Since the collapse of BitConnect the scam affiliates involved in promoting it need another thing to plug so many have moved onto BTC Global and Power Mining Pool. They are both scams in my opinion albeit slightly different.

Power Mining Pool claims to be a mining pool where you can invest money into the pool and get a return on investment from the cloud mining operations. It sounds cool and the website looks professional but where is the proof that this is legit and any actual mining is going on? As per usual the website has no proof. Even some kind of video that showed the mining operations in progress would at least help a little but no there’s nothing, just their word that it’s not a scam.

Meanwhile they are paying huge commissions to people who refer new members. Ponzi scheme I think? Definitely!

BTC Global on the other hand claims that they have a pro trader who will trade your money and make you a fortune. This is awesome, just give all your money to someone else and he’ll make you around 40% a month in profits. Again pure BS and the only way they are guaranteeing these returns is by having an affiliate program where people recruit others.

People sign up, invest money and it gets paid out to older investors. Classic ponzi!

In case your a complete ponzi noob, check out the ponzi scheme definition here.

Others Listed…

I honestly can’t be bothered getting into the details of the others. Hopefully I have provided you with enough value for you to trust that I am not BS-ing you. I have nothing to sell you here or nothing to gain from telling you something is a scam that isn’t a scam.

Ultimately you can make your own mind up, but I hope you trust what I say and don’t get involved. You’ll only end up losing money.

Final mention… the people who make money in these schemes are affiliate marketers who can recruit others. They earn off referral commissions when recruiting others and the majority of them NEVER invest money themselves.