‘Ponzi Schemes Have Created a Negative Reputation for the Industry’ — Uganda ...
Education and awareness campaigns are still viewed as important channels that draw people to cryptocurrencies and blockchain. This has been particularly true in some parts of Africa where bitcoin and other cryptocurrencies are proving to be a useful alternative to fiat currency. Blockchain Education and Advocacy From Uganda Despite a surge in the use of blockchain technology and cryptocurrencies that started with the pandemic-inspired lockdowns, many people, particularly in Africa, are still unfamiliar with these technologies. To bridge this knowledge gap, many blockchain enthusiasts in....
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A Nigerian e-currency platform moves to begin an awareness campaign on virtual currencies. The aim is to redeem the industry’s battered image, hurt by various Ponzi schemes, including egold, ebullion, liberty reserve and “MMM”. A Haunted Market. According to Adelola Sokoya, CEO of Swiftecurrency.com, the Nigerian virtual currency market is operating below capacity. Given the amount of internet users within the country, the present virtual currency market size is poor. Sokoya blames it on the negative impression that has been created over time by fraudulent practices. Sokoya recalls the....
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.....
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....
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....
It is not the first time Bitclub is getting a lot of negative attention, though. People can clearly see this company is nothing more than an MLM Ponzi scheme waiting to collapse at any moment now. Bitcoin has become a very popular form of money, attracting interest from all over the world. Not all of that attention is positive, however, as various companies have taken it upon themselves to use Bitcoin as a promotional tool for Ponzi schemes and MLMs. Needless to say, most of these projects are scams, hurting the public image of Bitcoin in the long run. Bitclub is one of the longest-running....