Happy festivities. I am Sgt Ponzi Hater your brother in the hustle. Before the end of 2016, there was an overblown media frenzy, Ponzi schemes had taken over, and the unsophisticated investor rushed in, permeating our media space with a false hype of a monkey business. I had come out vehemently to debunk gains in these schemes, as fraudulent, transitory and as a devil's gift, for the devil gives 1 and takes 10 back. Several kicked against my opinions. From MMM, to GF, to GHWW however, the predictions came through spot on, and with near accurate time references. Many lost and had to start all over again, while few had swindled their brothers and became fat off their own brothers sweat. These I say as a background to reempahasize how valid my judgement should be.

At the wake of 2017, when it was clear to Ponzi merchants that selling peer to peer schemes was no longer sustainable, a new hype for digital money was born. People who had lost their money in Ponzi schemes were given a new hope, of how their money can double daily in these new digital currency. A hope that would definitely be dashed in painful, unredeemable fragments. The scammers are back with the same old trick, in a different skin. Sadly, they prey on people's desire to get rich effortless, without creating value.

Firstly, it must be known that digital currency is legitimate, at some point in our technology, paper money would go out of fashion, and several would opt for a legitimate new money. However, such technology is still miles away and may never be attainable in this generation. The traditional money has an asset base, backed by gold or silver, the world bank, the Swiss bank or a solid mineral. Cryptocurrency on the other hand, has no asset base and no backing. It is the media hype, the get rich quick frenzy and the overblown speculation that have driven up the so called "value" of these coins, and like the law of gravity, whatever goes up must come down.

Some facts about bitcoins would be listed below:

1. If you have an Issue with master card or visa card, and you encounter any issue or fraud on it, you can walk up to their offices and get sorted out. If however you have an issue with cyptocurrency, you cannot walk up to any blockchain office to make complaints.

2. Your coin has no asset base, and not backed by any financial institution, but by being overhyped, by the media frenzy and by exergerated speculation.

3. You cannot take your coin to any contemporary shop and make purchases from bitcoins, and even shops that offer bitcoin purchases only display knock-off products with nearly zero value.

4. You would need real money to make anything off bitcoins. When the bubble bursts, your coin would be worst than an expired news paper.

5. Very few people own a 3rd of bitcoins, several coins are lost because the keys to them are misplaced, while the remaining are traded to the unintelligent.

6. Since 2009, bitcoins have crashed 4 times and when it did, it lost over 80% in value, what a fall!

The talks on bitcoins is inexhaustible, and this is only a prelude to several other revelations on bitcoins. Don't be foolish to think you can make any gains off bitcoins, the bubble will burst, and many will be left with a bloodied nose and a torn shirts. The scammers and Ponzi merchants are on the prawl again, don't loose money.

So how do I invest? Buy some stocks, bonds, pay your school fees and your childrens fees, pay your rent and make your home well decorated and habitable. Then buy some real estate and lands in promising areas, invest in mutual funds, and save up enough to survive without a job or business for a minimum of 6 months. If you have some change after taking you favourite drink and visiting your favourite relaxation spot, very well invest on bitcoins. Do not however invest in bitcoins first before the previously mentioned, and do not take bitcoins as a passport to a perfect financial future.

I will stop here for now, and in future may call out some specific coins. Until then,

Innovate

Chief Sgt PonziHater


Mods/lalasticlala help, let some people be saved!

Interesting read.
Those fraudsters will tell the gullible ones that that's a coin mining software or not that will automatically generate bitcoin at timed intervals and people will actually buy it. The desperation to make easy money has made people very gullible and fraudsters are cashing in big time.

ok

This is a nice thread.

When it shall happen, few will gain but more shall lose.

I love the closing paragraph. invest in bit coin after you have paid all your bills. it's a good advise.

dominique:
Interesting read.
Those fraudsters will tell the gullible ones that that's a coin mining software or not that will automatically generate bitcoin at timed intervals and people will actually buy it. The desperation to make easy money has made people very gullible and fraudsters are cashing in big time.

Wow thanks dominque. Sadly Nigerian hadly read long posts. Several have asked my opinion on bitcoin, and when I say, they kick, meaning they just wanted an affirmation.

joshuakdboy:
This is a nice thread.

When it shall happen, few will gain but more shall lose.

I love the closing paragraph. invest in bit coin after you have paid all your bills. it's a good advise.

Well done Josh. Good to know u still stand for the truth.

sgtponzihater1:


Wow thanks dominque. Sadly Nigerian hadly read long posts. Several have asked my opinion on bitcoin, and when I say, they kick, meaning they just wanted an affirmation.

Keep doing your thing, those that have ears let them hear. Few years back, liberty reserve was the rave, where is it now? Down the drain with people's hard earned cash. Last year it was ponzi and we all know how that went. Now its crypto investments, almost everyday a new coin is born and people are actually buying them. Bitcoin that is relatively safer can be easily lost to swindlers. The moment people realise that bitcoin is not a get rich quick investment tool, the better it will be for them.

Thank you Sgtponzihater, I enjoyed your campaign late last year and early this year that brought down several ponzi schemes.

I admire this your post especially where you stated that investment in cryptocurrencies should only be done after paying your bills, saving and buying real estate etc.

I however want to point out that there is a cryptocurrency that is backed by something, and that cryptocurrency is Rainbow Currency. Rainbow Currency is backed by 100 million shares of Safezone Inc and is also backed by 30 kilograms of Gold. The aim of Rainbow Currency is to be YOUR EVERYDAY MONEY, money that you can use to buy milk, bread, cars, real estate, flight tickets etc. We dont want to be a purely speculative currency just like bitcoin.

As Sgtponzihater adviced, if you have paid all your bills, saved, bought real estate and you still have some money left call me or send a whatsapp message to the number on my signature and I would sell some Rainbow Currency to you. I would accept US Dollars, Naira, Bitcoin or Ether for payment and I would send you Rainbow Currency.

Though I am into it but I must say digital currency is a modern day Ponzi scheme! Reason most countries are now creating their own cryptocurrency
The elite investors are advising people against it
DONT INVEST WHAT YOU CAN NOT AFFORD TO LOSE

bettercreature:
Though I am into it but I must say digital currency is a modern day Ponzi scheme! Reason most countries are now creating their own cryptocurrency
The elite investors are advising people against it
DONT INVEST WHAT YOU CAN NOT AFFORD TO LOSE

Lovely feedback bro.