Kenyan Insurance Executive Calls Cryptocurrencies Ponzi Schemes, Warns Users ...
A Kenyan insurance executive, Julius Kipng’etich has compared cryptocurrencies like bitcoin to Ponzi schemes and has urged his countrymen not “touch this.” In addition, Kipng’etich warned those already involved in crypto trading to be prepared for the consequences as this always “ends in tears.” Bitcoin as a Medium of Exchange Interestingly, when addressing attendees of a business seminar, Kipng’etich does acknowledge that bitcoin already meets one of the conditions for it to be treated as currency. He said: Currency represents two primary things;....
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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....
ZebPay recently sent an advisory/warning note to all its users urging them not to invest in Ponzi schemes like MMM. The note also warns the users against using ZebPay's services for such schemes. Try going to a nearby park to ask people about Bitcoin, and you will be surprised to realize how little people actually know about it. While some people are more knowledgeable about Bitcoin, others aren't-most of them would say that Bitcoin is some form of digital currency that is volatile in nature. Some might go a bit further to say that bitcoin is a form of money that is used to buy drugs....
In an interview, Lt. Col. Nguyen Thi Thu Hang of Vietnam Police speaks about the lack of regulations and fraudulent investment schemes plaguing the country. Virtual currency trading is a lucrative activity, which comes with its own risks. If not chosen properly, the trading and investment platforms themselves may pose a much greater risk than the volatility associated with cryptocurrencies. The increasing number of virtual currency based Ponzi schemes that promise huge returns have got law enforcement agencies concerned. These schemes are prevalent across the globe, attracting millions of....
This time of year, Bitcoin users are looking to spend some of their digital wealth on gifts and presents for themselves, as well as for friends and loved ones. Unfortunately, this also attracts a lot of different types of sites, making promises on how Bitcoin users can double their coins by investing in HYIP schemes. A few months ago, these schemes became a major plague, and it looks like they are making a return during the holiday season. The saying “the gift that keeps on giving” is not applicable to HYIP sites such as DoubleCloud.pw. Instead, these types of Ponzi schemes focus more on....
Certain organization such as MMM Global have been accepting bitcoin payments in what appears to be a rehashing of the pyramid scheme of the same name that was started back in the Soviet Union. Now, CEO Bobby Lee and the BTCC team issued a warning to its customers and potential bitcoin investors that BTCC is in no way affiliated with such schemes, and that investors must consider validating the entity promoting any bitcoin related investments to ensure its legitimacy. Over the past few months, customers of prominent bitcoin exchanges and investment firms like BTCC and San Francisco-based....