Bitcoin Bob seems like a relatively interesting system. However, after receiving a couple of emails, I decided to dig a little deeper to see if it was a scam or a real opportunity to make money with bitcoin. After some thorough digging into the system, I believe that Bitcoin Bob is a scam. the marketing tactics and statements made throughout their website are pretty misleading. Combine that with no proof of where money is going and other issues, and well, we have a scam on our hands. Therefore, I would not recommend working with Bitcoin Bob! Here’s why:
- Unreliable claims of earnings.
- No proof of where bitcoin is being invested.
- Structure looks a lot like a ponzi scheme.
- While there’s no way to be sure if Bitcoin Bob is a scam or an unethical business, I wouldn’t personally want to work with either.
Unreliable Claims Of Earnings
When you go to the Bitcoin Bob website (which we will not link to it as we do not recommend the company), the screen you will see is in the image above. Their only content on this page is the simple sentences “How to make $500 per day with cheap crypto currencies. No experience required.”
First and foremost, any time a website makes a claim like this, it is grounds to be suspicious. At the end of the day, in the world of trading, whether it be cryptocurrencies or stocks, losses will happen here and there, and the more experienced you are, the more profitable your account is likely to become. The idea that you can make $500 per day trading any asset with no experience, well, that’s absolutely ridiculous!
Nonetheless, when you sign up and break into the nuts and bolts of the Bitcoin Bob system, more claims come up. The idea is that you will start with $100 in bitcoin, and before you know it, it will become $100,000. This is supposedly going to happen with compounding gains of between 1% and 2% a day. These are massive gains if you are seeing them on a consistent bases. The reality is that these claims are far reaching, and a general sign of a scam.
No Proof Of Where Bitcoin Is Being Invested
The idea behind the Bitcoin Bob scam is that you give them $100 in bitcoin. They then invest in initial coin offerings expanding your returns in the cryptocurrency space. While that all sounds good, the truth is that this is a very risky plan. At the end of the day, many ICOs are scams themselves. On top of that, ICOs are highly volatile and can lead to massive losses. So, even if the folks at Bitcoin Bob are doing exactly what they say they’re doing, they aren’t properly informing their investors of risks involved, and that’s a big red flag. Nonetheless, I don’t believe for a second that they are actually doing what they say they’re doing.
Structure Looks A Lot Like A Ponzi Scheme
When it comes to Bitcoin Bob, their structure doesn’t look much like a reliable trading system. Instead, it seems a lot more like a Ponzi scheme. The idea that you could build $100 into $100,000 in little time with no experience is a bit crazy, no matter what assets you’re investing in. Nonetheless, like Ponzi himself, if the company continues to bring in new money, they will be able to pay returns to existing users. However, at the end of the cycle, there will likely come a point where no new money comes in and the entire pyramid collapses.
Scout The Scam Sniffer Suggests That You Avoid Bitcoin Bob!
Scout the Scam Sniffer did plenty of digging into Bitcoin Bob, and every time a paw went deeper into the dirt, a new red flag seemed to appear. After Scout continued to dig up the dirt, we decided that it was time to close the investigation into this alleged earnings system. The verdict is in, Bitcoin Bob is not a fair player in the cryptocurrency community.
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