The Anatomy of a Bitcoin Scam – Bitclub Network Analyzed

Over the past few weeks I have been seeing these ads for a company called “BitClub Network” on my Facebook feed. I decide to amuse myself and take a look at the video ad only to find some dude that doesn’t seem to know that much about Bitcoin trying to explain why you should join the “BitClub network”.

I believe the video speaks for itself when I say it’s 5 minutes of total gibberish that doesn’t give any value to its viewers. I can safely say that the person on this video doesn’t really know what Bitcoin is and is just reading his text from a page. My favorite quote is probably “There is something called Bitcoin mining, you can get it from lots of places on the Internet” (1:16).

Bitclub network (pardon me for not linking to them) claims to be some sort of mining operation where users invest their money in order to get a part of the revenues generated by the BCN mining pool. You can also generate revenue by referring others to join BCN.

Now, since I have a really big fetish for discovering Bitocin scams and Ponzi scheme I decided to take a deeper look into BitClub Network (also

Read more ... source: TheBitcoinNews