A few months ago, we came across a company called BitQyck. This project claims they issue native tokens on the Ethereum blockchain. However, it quickly became evident the entire BitQyck program is a pure MLM scheme, which could be harmful to people investing their money into it. Thanks to some comments on the site, we learned there is now an alleged BitQyck exchange, called TradeBQ.
What is the Deal With TradeBQ and BitQyck?
It has taken some time, but it appears the BitQyck shills are finally crawling out of the woodworks. The company claims to use Ethereum technology, yet there is no evidence of their tokens even existing in the first place. In fact, BitQyck draws quite a few parallels with Onecoin, albeit it has a lot less media exposure as of right now. That could quickly come to change in the future, though. However, the program is designed to make people sign up, refer new friends, and buy products offered by the company.
All of these signs point toward a clear MLM scheme. It is important to keep in mind MLM schemes are not illegal by any means, and there are people who make money from these programs. However, they are the vast minority of people who even see their original investment back. Anyone who joins BitQyck now – even though we strongly advise against doing so – will rarely see their money back, let alone make a profit.
However, it does appear the BitQyck ecosystem is slowly starting to grow. this is a clear effort to make this entire MLM endeavor appear more legitimate. It is also where things get somewhat strange, as there is now an “official” BitQyck exchange. TradeBQ provides users an option to exchange Bitcoin for BQ and vice versa. An interesting development, even though it is clear this platform is owned and operated by the BitQyck team themselves.
The TradeBQ exchange does not accept Ether for its trading pairs, which is quite worrisome. Considering this project claims they use the Ethereum blockchain, it would make a lot of sense to accept Ether as a trading tool. For some strange reason, the company only wants to deal with Bitcoin right now. This is another indication how this offering is anything but legitimate, even though we already suspected as much.
What makes TradeBQ even shadier is how the company does not list any active trading information whatsoever. Instead, they photoshopped a few order book images, which leads people to believe there are buy orders for BQ at the price of 1,350 Satoshi and below. However, the most recent trades indicate the value of BQ is going up. Rest assured none of these trends are actually taking place unless they are conducted by the BitQyck members themselves.
All of this goes to show MLM schemes involving cryptocurrencies are becoming more apparent. That is not a positive development for the Bitcoin and cryptocurrency ecosystem by any means. A lot of novice users will fall for these cheap tactics and lose money in the process.
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