Is Crypto A Real Deal Or A Scam

Is Crypto A Real Deal Or A Scam

Blockchain
June 4, 2019 Editor's Desk
3785
Earning cryptocurrencies

Indian Police have filed a charge-sheet in Nov 2018, against the infamous mastermindbehind the GainBitcoin Ponzi scheme that duped around 8,000 investors of whoinvested around 2,000 crores (about $300 million), Amit Bharadwaj along with three ofhis colleagues – Vivek Bharadwaj, Pankaj Adlakha and Hemant Bhope.

According to a report by the Times of India, the charge sheet spans to over 1,800 pages, with reports from 15 complainants and 27 witnesses. Amit, who was arrested in Thailand last year, has been accused of being the mastermind of a fraudulent and Ponzi investment scheme with a cloud-based platform for trading and mining Bitcoin (BTC).

The 3 colleagues, Vivek Bharadwaj, arrested in September by Delhi Police, is accused to be the main “conspirator,” promoting, marketing and speaking at events organized around this Ponzi scheme.

According to some reports, the duo threw lavish parties and hosted summits in Macau and Dubai to lure the investors. While Adlakha has been charged with complicity for his role as a promoter of this scheme, Bhope has been termed as the GainBitcoin’s secretary and “motivational speaker,” who guaranteed investors of the scheme’s safety.

The Bhardwaj brothers co-founded GainBitcoin scheme in 2013 and were able to attract the investors by guaranteeing them a 10 percent monthly returns within 18 months. When the investors were not able to receive the promised sum, they filed a case against the company.

The latest complainant claims that he was lured into the promises made by Amit of the “high-yield” GainBitcoin investment scheme in 2016 upon meeting him in Dubai in 2016.

NEW ENTERPRISES

More and more, companies are springing up in the crypto space which sees the potential of cryptocurrencies in the future. One such example is the Binance, it is a China-based global cryptocurrency exchange that was founded in 2017, which in January of 2018 had a market cap of $1.3 billion.

Even Binance, however, isn’t immune to becoming a victim of crime — just this month it has claimed, hackers had looted 7,000 Bitcoin with a value of $40 million.

TRUST ISSUES

Whatever view you take, it is important to think about the bigger picture. The cryptocurrency space is an ecosystem that is gradually building itself up. The process is very slow paced, but as more investors and institutions get onboard, and as they start to feel more and more confident with how the currency operates, the trust will grow further.

The framework that results from this experience will help to establish strategies of reliability, much like we see with the stock markets today of fiat currency. In short, all Bitcoin and any other cryptocurrencies need, in the words of Michael Bolton, are Time, Love and Tenderness.

CONCLUSION

There are only going to be 21 million Bitcoins in existence, and as they become rarer, the value of bitcoin will go up. Bitcoin is the oldest cryptocurrency on the market, it will never be able to get disappeared. Respect will always stick to it maintaining a presence. The Establishment of new cryptocurrencies (as of August 2018 there were 1600 other cryptocurrencies, known as altcoins) in the future will not change the faith of Bitcoin.

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