There is yet another scam that uses the name of Bitcoin to try to steal money from the naïve: Bitcode Method.
It’s called Bitcode, and it even explicitly promises to make people rich with AI (Artificial Intelligence).
The Bitcoin scam that “uses” AI: Bitcode Method
The trick is always the same: deceiving the naive by telling them they can earn a lot without doing anything, simply by sending them money.
In other words, they promise to multiply the money of those who believe them, and who send them their money.
To understand that this is just a scam simply ask yourself a question: if they have a method to get so rich, what need do they have to ask for money from others?
Evidently, their goal is another, that is, to collect money that they won’t give back.
In reality, when the organization of a pyramid scheme hides behind these initiatives, part of the money collected by new entrants is used to pay those who entered earlier, so as to undergo the illusion that the system is actually paying.
In fact, in pyramid schemes, the very first to enter it might actually also earn some money, but only at the expense of a multitude of newcomers who, instead, inexorably end up losing.
Indeed, the only thing these pyramid schemes, or Ponzi, do is pay the first arrivals a little with part of the money taken from the new arrivals. When the entry of naive newcomers stops, or even slows down, there is no longer enough money to pay even the first arrivals, so the pyramid collapses.
All pyramid schemes sooner or later collapse, precisely because at a certain point newcomers stop arriving.
As often happens, even Bitcode AI lies claiming to have been quoted by big names or big newspapers, and since no one knows who is behind it, they are rarely able to be captured.
For several years now, such scams have been put forward, and it is also possible that the scammers are more or less always the same, and they simply invent a new name every now and then to be able to restart the pyramid scheme from scratch.
Is it always the same Bitcoin Code scammers?
The most famous of these scams is Bitcoin Code, from which the name Bitcode is also evidently derived. It started about five years ago, and they even talked about it within well-known television programs, because the scammers use the name of some celebrities, obviously without their consent, to promote it.
When interviewed, the celebrities involved not only said that they had nothing to do with it, suggesting that no one should “invest” in these initiatives, but some of them also revealed that they had filed a complaint with the authorities.
Unfortunately, however, the scammers behind these initiatives often live and operate abroad, making it extremely difficult to catch them.
The Bitcode AI website is chock-full of nothing but lies, such as this one:
“thanks to the excellent results, members have managed to earn a fortune and are now enjoying vacations around the world while earning with their PC, smartphone, tablet etc. accessing only for a couple of minutes a day, the time it takes to see their profits.”
Another blatant lie is the one that they are:
“one of the only Startups on the entire planet that has achieved numerous awards.”
It is no coincidence that they ask for 250€ as an initial “investment,” as most of the time the amounts that scammers know naive people can afford to throw away are between 200€ and 300€.
Once the money is sent, numbers are shown on the website that fool users into believing that they are actually earning money, so an operator calls them to try to persuade them to deposit more money. With this technique, some people have gone so far as to lose as much as several tens of thousands of euros.
Frequently, to try to entice the naive these scams are also published using famous brands, such as Tesla or Amazon, as well as the names of well-known celebrities. In those cases instead of Bitcoin, they claim that they are able to make a lot of money by investing in stocks. However, these are always just lies where the names are changed, but the bottom line does not change.
Moreover, it is worth mentioning that anyone who promises returns on financial investments without a prospectus approved by the authority that oversees financial markets does so illegally. Indeed, Bitcode AI does not have this approved prospectus, so it proposes investments in a totally illicit way.
The post Bitcode Method: yet another scam appeared first on The Cryptonomist.
