BitClub Buyer Beware
I felt it needed to be said. The initial research I have done on BitClub just reinforces my initial reservations about it. I hope this article creates no hard feelings, but I feel strongly that it needs to be said. Sorry, Doby.
“Buyer beware” is a common adage, and it’s particularly salient to the Bitcoin space – even more so with cloud mining. To make matters worse, BitClub has added another layer of WTF! It’s as if Monsanto or Dr. Moreau (from “The Island of Dr Moreau”) have been feverishly concocting a new monstrosity to plague the Bitcoin space with even greater resentment and doubt by newcomers who would fall victim to their schemes. Yes, cloud mining meets Multi Level Marketing: What could possibly go wrong? If you’ve even made a cursory glance at social media, you’ve probably already been exposed to the hard sell. You know the one: It starts off telling you about how wonderful and revolutionary Bitcoin is, and how you can save money using this app or that one to get 10, 20 or 30% off transaction costs. While those figures might be true, it’s invariably followed up with the late-night advertising slogan of “give us $99.00 and you’ll never have to work again!” The small print is that there’s a “small” one-time fee of $500 to $3500 to actually begin receiving a few bucks a day in Bitcoin. Otherwise be prepared to sell affiliate spots to reap any economic benefit. Prey on your friends and neighbors in order to build out your downline. How long you’ll be seeing that few bucks per day promise remains to be seen. I have no faith it will. In fact, the concept of “good faith” comes immediately to mind. “Good faith” would be not leading people to erroneously believe that highly respected members of the Bitcoin community are “members” of this so called club, simply to add an air of legitimacy to it. But you get “ClubCoin” yeah that smells a lot like “PayCoin” for those that remember that.
The rest of the article can be found at http://thecryptoshow.com/buyer-beware/ complete with hyperlinks that were too tedious to post here, including hash rates and payouts that don't quite add up. Due to threat of law suit I've change the remainder of the article to private temporarily until conference with legal counsel. I will repost the original or an edited version then. Censorship sucks!!!
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