THELOGICALINDIAN - This accomplished anniversary the Securities and Exchange Commission SEC of Nigeria has warned its association about basic bill investments The agencys admonishing has arranged bitcoin advance with two MultiLevelMarketing MLM operations able-bodied accepted for ambiguous activities
Also read: Buyer Beware! The Definitive OneCoin Ponzi Exposé
The Securities and Exchange Commission of Nigeria Conflates Bitcoin Investment with MLM Schemes
On January 12, the Nigeria’s SEC issued a statement admonishing citizens from advance in agenda tokens such as Bitcoin, Onecoin, and Swisscoin. SEC capacity the accessible should be acquainted that these investments are “risky by nature” and some of them are “fraudulent pyramid schemes.” The Nigerian authorities accompaniment in the accessible notice:
The account comes afterwards the able-bodied accepted Ponzi MMM Nigeria has become more accepted in the country. MLM and pyramid-like schemes accept been communicable the eyes of the country’s banking authorities as law administration agencies common activate to investigate these operations.
Sadly the authorities accept placed bitcoin alongside two adumbral businesses, Onecoin and Swisscoin, which both convenance MLM techniques. Bitcoin is not a pyramid scheme, Ponzi, and proponents are not recruiting bodies for rewards. Unlike Swisscoin and Onecoin the cryptocurrency is advised by bookish leaders, acclimated by citizens voluntarily, and is a absolute peer-to-peer decentralized network.
Onecoin
Both of these organizations use MLM methods of recruiting and promised allotment afterwards investing. Bitcoin.com has done extensive reporting on Onecoin as a accepted betray and best acceptable the badge isn’t alike a cryptocurrency at all. The badge doesn’t assume to accept a accepted blockchain, and the alleged agenda bill is not listed on bazaar assets browsers like Coinmarketcap.com or Coincap.io.
Onecoin is additionally actuality investigated by law administration in abounding countries worldwide. Abounding bitcoin proponents accept durably accustomed that bitcoin has annihilation to do with this MLM operation. In fact, some acclaimed bitcoiners accept publicly stated that Onecoin is a betray and should be accustomed as such. Furthermore, the hosts from Bitcoin Uncensored afresh crashed a Onecoin affair in Florida absolute it is not so accessible to banknote out Onecoins. In fact, it may not be alike accessible at all.
Swisscoin
Swisscoin is alleged ‘cryptocurrency’ that utilizes MLM recruiting as well. Swisscoin affiliates affirm their agenda badge will one day beat bitcoin abundant like Onecoin’s affirmation to be the “bitcoin killer.” On assorted amusing media outlets, you can see Swisscoin associates spamming accoutrement with “opportunities” to invest. The operation deploys casework alleged “training packs” which abide of advance bales such as a trainee, a trader, or crypto-director. One advertisement capacity their assessment of Swisscoin’s MLM schemes stating:
Bitcoin Should Not Be Associated With These MLM Operations
Bitcoin is a accepted cryptocurrency, and abounding proponents will never acquaint you that you charge advance in the agenda asset. A all-inclusive majority will acquaint you if you are attractive to advance in bitcoin alone put in what you can allow to lose. The bitcoin association has no botheration answer that the beginning cryptocurrency can be airy and risky. Bitcoin is an agreement and, clashing Onecoin and Swisscoin, there is no axial alignment abaft the network.
Onecoin and Swisscoin are basically a new brand of parasites aggravating to use the the abundant attributes of bitcoin as their cover. They are arctic opposites of accurate cryptocurrency protocols and should not be associated with bitcoin. However, these “fake crypto” MLM operations abide to pretend to be cryptocurrencies. Unfortunately, some law administration authorities and a few country’s banking agencies accept attenuated these two pyramid schemes with a accepted cryptocurrency.
What do you anticipate about the Nigerian SEC advertence bitcoin with these two MLM operations? Let us apperceive in the comments below.
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