First Time was a Charm:
Above is a screenshot of my Trapped Tokens in a Blockchain Ponzi Scheme!
There is Ponzi Scheme everywhere, on the streets, in casinos, on the stock markets and now on The Blockchain. Greed is majorly the motive to fall for the bait of massive returns on investment; but in some corners of the World, hard life and poverty sounds more accurate than greed. In my own case, i was dumb and was trying to invest for my siblings!
As many who had stumble upon sites like "Bitcosmos, Bitchair" and so on; they are nothing else than absolute Scams to rip people off their cryptocurrencies- Pyramid structure of Robbing Peter to pay Paul! As a curious Cat as i am, i came across one in September and tried it out with 14 Steems after seeing dozen Ads and then reading about it in a Steemian's blog. Converting 14 Steems was about 0.0017 as at the time of my experiment, like other cryptocurrencies; the price of steem was not as low as this by the time i first tried it out towards the ending of September.
So fast forward to two weeks later, i cashed out my initial investment successfully; thinking how on Earth was that possible to invest a certain amount and get a percentage of it Daily till eternity!
Second time Bursted!
Like all average human beings, since i was testing it out i couldn't tell a sole until right after my first cash-out. It was successful so i thought, then as a risk taking business man; invested 200 Steem for my siblings and my sis-in-law with a 50:75:75 ratio for the three of them- My two elder brother and my Godson's mother!
As at the time of writing this, all the invested tokens got trapped on Bitcosmos and i couldn't help but get mad and happy at the same time that i didn't invest more than that and i never dragged my siblings into this mess with their resources, if they had invested money courtesy of me, how does that makes me feel?
A Narrow Escape
Meanwhile, i had requested for a loan of 1 Btc to pay back 1.1 Btc in 12 days as i was planning to invest in an ICO coming up in Germany, from my visibility Study i foresee making my Capital and interest back in 14 days. But i was thankfully turned down by @virtualgrowth because my Steemit Account is not worthy to be a collateral. A blessing in disguise i must confess because i would have invested all my interest from the ICO into the failed Ponzi Bitcosmos.
"What would have happened if my Steemit Account was worth $5000 the price of Bitcoin as at that time, was that how i would have loose it all?"
My intentions were good as i wanted to invest in my Godson's Crypto account as i and the dad- My intimidate brother use to joke about it. But i was lucky and dealt with the same time with a 200 Steem and not maybe 0.5btc!
Learn from My Stupidity Steemians:
Risks are meant for the Brave, this was my first Blockchain loss; or let me call it a lesson. If you are in doubt; just check my wallet and find the 50:75:75 cash out i did to "Blocktrades". But learn from me and always look before you leap into any too-good-to be true investment, they are in hundreds and they pop-up as Ads to entice the Unsuspecting Blockchain Rookies like me. Beware and Be warned!
FOLLOW-UPVOTE-RESTEEM AND MAYBE DROP A SUPPORTING OR CONTRARY COMMENT.....It's your friendly Neighbor @oluwoleolaide for Steem-Lagos-Nigeria-Africa-World!
Badge courtesy of @jodi.pamungka Animated Footer by @rituparnaghosh
Be careful of all scams. Most ICO seem scam to me.
Very true dear friend
oluwoleoaide, Thanks for the share and honesty. I have seen and passed on several of the cryptocurrency ponzi schemes. upvoted and followed.
i am happy you read through sir, thanks a million!
I followed back.
thanks for sharing this information
Most welcome @applo
thanks for sharing! live and learn right? there are so many scams out there in the crypto world. I suggest you check this out https://freebitco.in/?r=8857793 free bitcoin every hour, lottery and great referral program..NO MONEY REQUIRED. now that said it obviously doesnt pay out that much but if you happen to just sit on your computer a lot anyways its just a couple of clicks an hour an you get atleast 35 satoshis
Yes, i am on freebit, at least i click it a couple of times per day....Thanks all then same
So many ponzi schemes around atm. thanks for the heads up
Thank you so much for your honesty and sharing your experience to help many.
Most welcome dear friend
Keep up the good work.
Long ago i stop anything called ponzi, though they go back and re package it and come back in another form i understand how those thing works wouldn't like to take such risk again
Hello @oluwoleolaide
Thank God you didn't invest more into it. One was advertised to me sometimes ago. I was on the verge of investing until I thought about it and asked around. I got to know it was a ponzi.
May you find better investment for your siblings and may your clicks on freebitco.in bring a huge amount of bitcoin. Have you thought about agriculture, especially fish farming?
@learnandteach01
Yeah, i intend to fund SMEs that wants to do that....
That's nice. Well-done then and I pray it is successful. My brother made a loss from his latest harvest, I think alligators invaded his pond.
Who ever you'll fund, please let it be someone who really knows how to rare them well. It quite easy to rare them but a little mistake and the fishes will just die off or be stolen or hunted.
Take care Sir.
Resteemed :D
Most Grateful @dragonslayer109
When you dont want that fully scam investment, stay away
Why not create by your own,
I really dont get you?
Long ago i stop anything called ponzi, though they go back and re package it and come back in another form i understand how those thing works wouldn't like to take such risk again
You are very right bro, that same Bitcosmos now Bitchair from my Research.
They are at it again, I thought ponzi went down the drain. They have incorporated it into the blockchain. We need to be extra careful this days.
Thank God you didn't invest more than that, it's a lesson to all of us.
Thanks for sharing @oluwoleolaide
i was lucky cos 200 Steem is recoverable
Nice write up. Thanks for sharing
Seen you
Hi thanks same person dou
After mmm taught me lessons, I said "no" to ponzi.
Hhahahaha
The Ultimate Ponzi in Africa
Hi this is chisome -adali
God help me because I wouldn't recognize one if I did see one.Thanks for the warning .