How Bitcoin Could Fight Ponzi Schemes and Save Nigeria’s Economy
As Ponzi schemes make inroads into the Nigerian investment ecosystem, the next generation of leaders are indirectly learning to rely on luck and chance rather than genuine mental empowerment in the pursuit of their life goals. It has become a pattern for investment schemes whether genuine or not to aim at making inroads into the Nigerian investment ecosystem. This move appears to be paying off as most of these schemes have received their biggest patronage from Nigeria. Hetty Orkuma, a Nigerian businesswoman and entrepreneur says: “Any business investment or otherwise not thinking of....
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Various African countries have been hit with poverty in recent years. Improving that situation will take a global effort, and Ponzi Schemes are not interested in raising social standards by any means. Pyramid schemes are not that uncommon in the African market these days. iRaisers, one of the most notorious Ponzi schemes, has officially launched in Zimbabwe. Given the current financial situation in that country, scammers are looking to take advantage of the situation. Bitcoin Ponzi Schemes are active in the country as well, bringing more negative attention to cryptocurrency overall.....
Is it really necessary to implement AML and KYC regulations for Bitcoin and other cryptocurrencies? There has been some debate on the need of blanket Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations for Bitcoin and other digital currencies. Even though it is a long-standing debate, it was further fueled by a recent blog post by Tim Swanson, the Director of Market Research at R3CEV, where he calls for such regulations by giving examples of few frauds and Ponzi schemes in the cryptocurrency sector. Ponzi Schemes and Frauds Were There Even before Bitcoin. Greed is an....
This past week the Securities and Exchange Commission (SEC) of Nigeria has warned its residents about virtual currency investments. The agency’s warning has bundled bitcoin investment with two Multi-Level-Marketing (MLM) operations well known for deceptive activities. The Securities and Exchange Commission of Nigeria Conflates Bitcoin Investment with MLM....
This particular Ponzi Scheme in Vietnam will give Bitcoin a bad reputation in the country. Cryptocurrency is not regulated by the banks, and the local government is not too keen on Bitcoin either. Ever since the inception of Bitcoin, there have been individuals and companies trying to discredit cryptocurrency. Some of them even go as far as setting up deliberate Ponzi Schemes to defraud Bitcoin investors. Such a scheme seems to be on the brink of collapse in Vietnam. Hundreds of people have been burned by this pyramid scheme, which seemed to rely on an MLM structure. It is not the first....
Crypto Ponzi schemes have increased over the past couple of years. This is how to spot them. The crypto world has experienced an increase in Ponzi schemes since 2016 when the market gained mainstream prominence. Many shady investment programs are designed to take advantage of the hype behind cryptocurrency booms to beguile impressionable investors.Ponzi schemes have become rampant in the sector primarily due to the decentralized nature of blockchain technology which enables scammers to sidestep centralized monetary authorities who would otherwise flag or freeze suspicious transactions.The....