Category: Bitcoin

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Bitcoin Scams, Fraud, Con Artists and Shams

Cryptocurrency Pyramid Schemes and Ponzi Schemes | Blog Video

Compare honest, straightforward pyramid schemes (where everyone knows what is going on) to illegal, covert ponzi schemes, total fraud in which criminals use money from new investors to pay existing ones. Bitcoin itself is neither a pyramid nor a ponzi scheme because Bitcoin is a legitimate payment technology that does not make money from the owner finding suckers. Bitcoin gains from increase in value like stocks and gold do. Bitcoin simply outperforms all other investments based on 11 years of data.

I’ve personally mined Bitcoin and other cryptocurrencies, and paid mining hosting companies – both very profitably. On a good roll, it takes about a month to a year or more to turn $500 into $10,000 with Bitcoin. So, when a Facebook friend comes along and claims to do it in a day, that is a huge red flag. Based on my experience in helping to jail con artists, fraudsters and scammers, I would not give one dollar to someone who operates in this fashion. The methodology very much resembles a ponzi scheme.

I am considering joining another facebook friend, a closer friend who is also a real estate client. He is doing something that looks a bit more like a more legitimate pyramid type of scheme, which is under investigation by the SEC, but no charges have been filed. I might give that a try because it helps people to learn ethereum. Learning ethereum (the second most popular cryptocurrency) is a potentially simple, yet very smart undertaking. I’ll let you know how that goes.

Millions of Americans remain unemployed as a result of the virus hysteria, crippling finances for many households.

Americans lose more money on investment scams than any other type of income fraud, according to FTC analysis. Individuals report a median loss of more than $16,000, according to CNBC.

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Downtown Los Angeles Real Estate vs Bitcoin

Bitcoin takes lead in investment results.

REAL ESTATE NEWS

As the darkness of an economic winter envelopes urban real estate, the number of Bitcoin millionaires has more than doubled in the last two months alone. More than 50,000 tech nerds and investors now own $1 million or more each of the first (and still most popular) blockchain cryptocurrency. The Loft Blog recently reported that 2020 continued a two-year trend of falling home values in DTLA.

Lofts and crypto are both really cool things. They’re both considered unorthodox investments, seemingly risky to many, yet correspondingly more rewarding than their stodgy counterparts: the traditional single family home and the ancient precious metal gold. As investments, real estate does not compare to Bitcoin, which has beat the property market by more than 100 to 1 in return on investment over the last 10 years. While Bitcoin is the reigning king of profit, you can’t live in a bitcoin. That being true, a $25,000 investment in Bitcoin seven years ago allows that investor to own ten downtown lofts today. Real estate professionals forecast that Downtown real estate may take around five years or more to unwind, and then to make a significant recovery. By that time, a single Bitcoin is likely to be approaching the value of a condominium unit.

Fortune favors the bold, the hard-working and the determined. Real estate success, especially in a down market, is predicated upon economic success. The Loft Blog extends once again its strong suggestion that readers learn, experiment and take advantage of new investment technologies.

Bitcoin Consultation

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Urban middle class confounded by massive shifts in economics

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, BRE 01889449, MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.