The crypto space is giving rise to hundreds of products weekly and many of them are scams or bad investments. These scams mostly take advantage of the obscure technologies and esoteric business models to find vulnerable people. They offer ways to make insane amount of money which leaves investors starry eyed but once they have fallen into the trap, they almost never get to see their money again.
BitcoinBob feels like one of the scams who offer every average Joe to earn $500 a day.
As soon as you land on their site, you realize that there is something fishy. There is not much information except for an exciting opportunity to make $500 a day with cheap crypto currencies. The only other thing on their landing page is a form that you have to fill to sign up for their daily newsletter.
As soon as you fill in the form, you are directed to Monetize Coin’s webpage. After a couple of clicks, you find yourself on Davor Coin’s website. Davor Coin is one of the Ponzi schemes that resembles BitConnect as many claim Davor Coin to be BitConnect’s variant.
As Davor makes similar claims to that of Bitconnect, it is very likely that they both are Ponzi scheme bound to collapse under their own weight at some point of time. The older members might make money for some time but as newer members join they don’t make enough money. This leads to the collapse of the pyramid.
There is no proof of their investment and there are no details about the team or the founders. This is an immediate red flag when you are looking at a product with a skeptical eye.
How Does BitcoinBob Work?
BitcoinBob can be actualized to be a part of really badly constructed affiliate marketing programme. Creator of the website makes money when you sign up and invest in a wide range of programs. Once you join these sites, you are pushed into a never ending vicious cycle of joining an increasing number of programs to make more money. These are illusive techniques which people with hard earned money should stay away from.
The workings of Monetize Coin and Davor Coin resemble each other. Even Though you can see your investment increase in value, there is no way to find out if those numbers reflect reality or is computer generated.
BitcoinBob is not a scam, however it’s just a webpage to redirect an investor to other websites which are scams. The business models in websites like Monetize Coin or Davor coins resemble age old Ponzi schemes.
There have been instances of people making money off these websites but the risks outweigh the rewards. It is suggested that investors stay as far from sites like these as possible. Investing in cryptocurrencies is already risky due to its volatility an adding these factors on top of this is just not worth it.
You can go to their website https://www.bitcoinbob.com/500/ to make an informed decision for yourself.