UPDATE: With Purported 100 Percent ‘Repurchase Or Recapitalization Feature,’ BitClub Network Dials Up The Scamming

bitclub350small1Affiliates of the BitClub Network “mining” scam have taken to Twitter today with news asserted to be glorious: Participants can leave 100 percent of their money in the “program.”

“The reason why you should consider setting all your bitclub network mining pool repurchases to 100% is the fact that you will build up your amount of bitclub network shares in those different bitclub network pools, hence the amount of bitcoins you will have in your bitclub network e-wallet [over time],” a website accessible through a Twitter link counsels. “What if like some experts claim the bitcoin price will go up to $10.000 a coin in a few years time? What if….?”

This, of course, is madness that trades on an appeal to greed. Ponzi schemes routinely use artifices such as this to stem the outflow of cash. The fewer cashout windows open to the masses, the better it is for the individual scammers and teams of scammers who race from fraud scheme to fraud scheme to fraud scheme.

BitClub Network is calling its artifice the “repurchase or recapitalization feature.” Even before planting the seed that good things would come to people who kept 100 percent in the system, the “program” appears to have forced members to make mandatory repurchases of between 30 percent and 50 percent, depending on which of three purported “pools” they purportedly owned “shares” in.

In addition to being another marker of a scam in progress, the “repurchase or recapitalization feature” also may suggest BitClub Network already is having severe cash-flow troubles. Early adopters already could have plundered the system, and headlines about BitCoin-themed scams and a criminal prosecution in New York sure aren’t helping.

Some members of the $850 million Zeek Rewards Ponzi- and pyramid scheme are pushing BitClub Network. Advertised buy-in sums have ranged from $500 to $3,500. Recruits are told they’ll earn for 1,000 days. Precisely who is operating BitClub Network is unknown.

Because that is unknown, it’s also unknown if members could recover anything when the BitClub Network train derails.

Read the PP Blog’s tag archives that reference BitClub Network.

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5 Responses to “UPDATE: With Purported 100 Percent ‘Repurchase Or Recapitalization Feature,’ BitClub Network Dials Up The Scamming”

  1. As Black December and Christmas approach, expect HYIP ponzi fraudsters to ramp up their efforts with more and more desperate attempts to wring the last dollar out of their victims

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  2. I see this as a blatant attempt to KEEP money in the system. They don’t want any withdrawals for Thanksgiving, Black Friday, and Christmas.

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  3. littleroundman: Black December

    Ah, yes. I hadn’t contemplated the calendar dates.

    Patrick

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  4. K Chang: I see this as a blatant attempt to KEEP money in the system.

    I disagree. It’s an obvious ponzi scheme so there is no money in the system. It’s an obvious attempt to get the punters to put more money in so the operators can pocket more.

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  5. It could be both really.

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