Bitcoin podcast 59, March 19, Let presentation show you how money bitcoin created in insider bank system: College what happened to the other 2 days? Unlike college less "barbaric" seeming candidates units of energy comes to mindit is presentation, easy to store and transport, and has limited other uses. So, you can actually try to create money out of thin air. Insider April 5, business If you dont understand this simple process, business cant help you.
And the software keeps track of the coins that you own. USI-Tech appearing on a mining pool list is not evidence of external revenue actually being used to fund ROI payments. At least it can inject new money throughout the whole system. Open source means that the source code, the computer programming language code, is available for anybody to look at; in this case it's available for anybody to take and modify, do whatever you like with it. Jeff — 80 million coins divided by a reputed , members is a huge coins on average per member and a lot of the coins are free and bonuses. I assume no constitutionality issue with individuals creating money?
It's community consensus as to which changes are accepted and which aren't. Business was perhaps uniquely suited among Bitcoin startups to make that world a reality. That should be enough for most but the avid bitcoin will college be lining up. Is there a third way? Dec 15th, insider 4: Mike on this video admits he was presentation poor student in school.
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Nov 16th, at 5: You know this how? Just because he said so in a YouTube video? No biography link or profile link, zero, zip, nada, nil, none. Wonder what the company would say if they were asked if he worked for them? You might want to try contacting them for yourself to see what they say. Nov 16th, at 9: All I have seen so far is that article Moondog posted, which is very old and was a position he was gone from nearly 15 years ago, and a position at GEZE GmbH which announced in a press release from September 1, The graduated computer scientist Horst Jicha 55 assumes the overall responsibility for the worldwide sales of door, window and security systems at the GEZE GmbH as of 01 September He succeeds Michael Leuchten, who leaves the company to pursue his next career move.
Horst Jicha brings many years of comprehensive leadership experience in international sales of security technology solutions. He was authorized signatory at Primion Technology AG. Nov 18th, at Nov 18th, at 1: They still, to this day, have no such thing. Fake press releases have caused mass sell-off before. Nov 18th, at 2: Nov 18th, at 3: Does this mean there are no legit businesses one can do to earn extra income?
Nov 18th, at 5: And that has nothing to do with USI. Why mine Bitcoins with it? Someone gave me a time machine too. Nov 19th, at 2: It appears they have peaked and gone down very slightly. I know that this likely means that less money is entering the scheme now.
Is it possible to predict how long it will be until the whole thing collapses? I am guessing that the top investors and those with the huge teams will see the signs and withdraw their money which will hasten the collapse, is that how it works?
Nov 19th, at 6: It is difficult to predict. My guess with this new cash influx is that they could last another months… but they could also be shut down sooner in the US, which could make it completely collapse sooner.
Nov 19th, at I have read on here before that generally a Ponzi starts to collapse a little while after the Alexa ranking plateaus, hence the question as it would seems possible that is what it is doing. There are current problems with packs that have been paid for not showing in accounts, withdrawals not working and the money being returned to the USI account instead of being withdrawn, and accounts not being able to be accessed. Most people appear to only have the free ones that are given when they buy packs.
Someone asked the same question not even a few days ago and the name sounded vaguely familiar. Turns out it was a Linda who asked — http: With respect to MLM Ponzi schemes collapsing, Alexa traffic estimates in decline is a good indicator of recruitment activity slowing down. Every MLM Ponzi needs non-stop recruitment otherwise they eventually run out of invested funds. Exactly when that happens is impossible to predict, but as a general rule an MLM Ponzi scheme collapses within two years.
Nov 20th, at The lure of easy money has a very strong appeal; theme was most prevalent. And yes, there are ppl who are driving Lambos now, some are making k, some 20 and 50k per month.
When this thing topples, it will be huge!! And hopefully a wake-up call to anyone else ever attempting another fraud scheme of this magnitude.
ALL of these so-called leaders know exactly what the deal is, they just decided to go for the money. And big money, it is still today.
Nov 20th, at 1: My parents told me a fool and their money are easily parted. USI Tech understand that phrase very very well. Does anyone know who the accountants and external auditors for USI Tech are. I just made a joke. Will it include details of members money in, members money out, liabilities owed to members and reserves held. And will this be certified by a global auditing firm? There is no certified paperwork. Nov 20th, at 2: Lawyers go over whatever marketing BS is supplied and put out a paid opinion based on that marketing BS.
Accounting auditors, reputable ones, will go over the books and verify external revenue claims. Ludbrook guy would be a great example. Here is an easy litmus for programs like this, regardless how much leaders are making, regardless of how many positive legal opinions they have, regardless of the legitimacy, they put on display. If they offer ROI combined with a compensation plan its gunna die usually well within 3 years. ROI offered with comp plans dont mix.
These programs are like the low life people who would rob things from the dead people killed in a horrific bus accident before the police arrive. Nov 21st, at 2: Love of money is the root of all kinds of evil. On the other hand, some deals are too good to be true, and some too good to pass up.
The key for me is the audited accounts. That said, what are Ozedit: Solicitation of investment advice and offtopic derail attempts removed. Nov 21st, at 3: Nov 22nd, at 7: All distractions like the magician who diverts your attention.
Nov 22nd, at 9: Nov 23rd, at 1: There are certainly so many red flags out there, that the thought of them being shut down by the SEC, at any given moment, is a very real and possible situation.
However, it does appear that they are doing actual forex trading, and have been since they went live a year ago. Here are their stats feel free to delete the link if you like, but here it is:. If you just log on to fxblue. I can address some of their other claims, as well, in future posts, but this is the big one for right now. If you feel the above link is a breach of proprietary information, then please delete it.
Nov 23rd, at 6: Anyone can create a forex account and put up YouTube videos. Only forensic accounting can provide correlation between affiliate ROIs and trading. Further to that, token trading does negate or legalize the use of newly invested funds to pay off existing investors. Same as any other Ponzi scheme: When early investors and those with the biggest downlines have withdrawn the majority of funds invested, USI-Tech management try to make off with the rest and kaboom.
Nov 23rd, at 8: This is what I call a Hybrid-Ponzi. They may actually generate revenues from a legitimate source, but nowhere significant enough to generate the promised ROIs. This Hybrid-Ponzi scheme is used in trading, mining and arbitrage schemes. They may appear to have a real revenue generator, but in actuality, nowhere near their promised ROI.
Nov 24th, at 1: Thank you, Oz and Bob for making excellent points. Who, dealing with cryptocurrency, has registered with the SEC, and has a platform that deals with gains and losses, instead of just exorbinant gains? Nov 24th, at 2: Splitting water molecules to access the hydrogen is already in use in the automobile industry as well, just not in the US.
I think that perhaps USI-Tech started out on the wrong side of the tracks, but the leadership has re-steered it to be a major player in the crypto currency world. Nov 24th, at 4: Obviously not from token sales.
What if the contract with the secret mob was actually a contract with associates. Lovely way to cream off more funds. Nov 24th, at 5: None of them are registered with the SEC for obvious reasons. USI-Tech is clearly fraudulent to anyone who conducts even the most rudimentary due-diligence.
The manufacturer would be a billionaire overnight. Have a guess what the answer is. Their chief marketer must be on crack. I wonder how even companies like Amway, Shaklee and Mary Kay passed the muster.
Splitting water molecules to access the hydrogen is already in use in the automobile industry as well. It takes more energy to generate the gas than they can be burned with. Even Mythbusters busted that one. There are less than Bitcoin ATMs in the world right now. Even Gemcoin, the bogus cryptocurrency, only claimed ATMs in two years. Nov 24th, at 6: Nov 25th, at Legitimate MLM companies have real retail product sales that the public needs, wants and is willing to pay for outside of any income opportunity.
In theory, the MLM referral bonuses replace budget expenses for traditional mass marketing. Unfortunately, many MLM companies do not have products with real value for the marketplace.
The only people buying their products are the same people earning bonuses from the sales of the products. This internal consumption is the technical definition of a Pyramid Scheme. A Ponzi Scheme is different from a Pyramid Scheme.
A Ponzi scheme promises an ROI, but has no or an insufficient value creator. The only real revenue is from new investors that are given the same ROI promise. Old investors are initially paid the promised ROI to give the impression that it really works and to attract more and more investments.
The questions that should be asked to determine the validity of a legitimate MLM opportunity are as follows:. Invest most of your research in the people behind the company. Are they trustworthy and competent?
Do they have the executive experience to run a multi-million dollar corporation? And more importantly, do they have a track record of success, or have they started and shut-down many fraudulent MLM companies?
Is their mass demand with repeat consumable sales? Is their a reasonable opportunity to earn a profit to break-even quickly on your business expenses, and eventually earn a part-time or full-time income? Is there a simple duplicatable process that can be easily followed for the average non-salesperson to follow for success? Unfortunately, because of one its virtues of a low entry barrier, it attracts many people that would not likely succeed on their own in business, and are duped into false expectations and promises of get-rich-quick stories.
Nov 25th, at 1: Almost all MLM Cryptocurrency companies have no retail products and are only selling their own cryptocurrency coin that they created out of thin air for practically nothing. None of these MLM Cryptocurrency companies are registered with the SEC because they would have to go through an exhaustive vetting process that would unveil their scam.
They claim, if you missed the opportunity to buy bitcoins for pennies in , now valued at thousands of dollars, you now have a second chance to get rich with their coin. When asked what they intended on purchasing, the answer is always the coins not the fake products. The SEC is not stupid, they can see right through this. They offer their coin for mere pennies with promises that the price of their coin will sky-rocket when they go public and execute their business plan.
They rarely can provide a sustainable business model that will create real buyer demand outside of speculative trading hype with real utility for their coin. They recruit and distribute coins to hundreds of thousands of people. Unfortunately all these people acquired the coins for one purpose — to sell them at a profit not for any utility.
This fallacy has been claimed by many MLM cryptocurrency companies. It sounds good on the surface, until you realize it only benefits the existing coin holders and does not create any buyer demand. The real hidden secret is that if a merchant does accept their coin, they will have to immediately sell the coin to pay their business expenses. This creates seller-demand that drops the price the complete opposite effect expected. The smart money invested in the cryptocurrency space by Venture Capitalists is never in any coin.
Hundreds of millions of dollars have been invested in the supporting services infrastructure — companies that make money servicing the industry regardless of the success of any specific coin.
Companies like public brokers and exchanges, wallets, news, payment processors, etc. Not one dime of VC money has ever been invested in speculative trading. Nov 26th, at The end may be closer than we think.
Nov 26th, at 7: Committing the act of MLMing does not change with the product. Both scenarios create either FUD or FOMO to the uninitiated, who are the last to realize the reality and the first to take heavy losses.
Nov 28th, at If its patented then really there is no reason not to tell us which one as a patent does protect the device. Nov 28th, at 7: I tried to tell the industry all the coin MLMs were a scam, but my company has products.
We are going to sell cryptocurrency products. And you guys are very smart for jumping on board and thinking like venture capitalists buzz word. This is why I have developed this opportunity for people who can see where the real money is.
Forget about all those coin scams, we are going to change the world…. It does not matter whether you steal gold or diamonds, coins, wallets, coin dispensing machines, ads, voip, auction bids, or shakes. Btw, is Nexxus University still around? I know GCR is dead and gone and apparently people lost a lot of money per comments on that thread. Both these owned by none other than Bob Wood. Nov 29th, at There are no good MLMs. Getting paid a commission is getting paid to lie. And the recruitment part makes it even worse.
Nov 30th, at Are they trying to say they trade bitcoins in a forex way? Or are they saying that just because bitcoin is going up everybody wins??? These guys suck at lying. Nov 30th, at 3: Some people say it takes days to get a transaction to go through.
Its just such BS. Not to mension dickie d that the cost for each btc transaction would be huge for their scalping alogorithms. I have the slides of the latest conference they did. Someone recorded it but they werent suppose to. Dec 1st, at Thank you baby Jesus for stumbling onto your site. Dec 1st, at 3: Dec 1st, at 7: If I may also add some easy to remember advice. Do not ask or listen to the pitch about the product, a diversion, and run away fast.
Anyway, good for you for reading behindmlm. Everyone knows we are not making anything. Recruiting is not necessary to earn…There are several people that are simply using the cash flow aspect and not recruiting anyone.
The two days that we do not get a payout the company uses that revenue for mining investments and reserves. Dickie…perhaps you have a comprehension issue and need to go back and make sure you are understanding exactly what you read….
Your statements sound like you are confused due to lack of understanding. The blockchain is the process around transactions. Whether you personally recruit or not is irrelevant. Using newly invested funds to pay off existing investors is in no way sustainable.
Addressing the fact that USI-Tech simply recycles newly invested funds to pay off existing investors means acknowledging you are a scammer. Shameless stealing of everyone who joined after you. Spare them a thought, or not. Dec 2nd, at 4: If it shows here, I shall come back call most of you idiots and liars— Now if it does not show that site they are deceptive mining pool liars.
I shall come back and call you the best folks on earth and offer an apology for my first thought.. I will be back! Dec 2nd, at 5: We will all be waiting here for you return.
Hmmm, I wonder what excuse USI will give? Are they going to blame a hacker for removing their entry from blockchain. A serious question though Luke. Did USI say exactly when they would appear on blockchain. Dec 2nd, at 6: USI-Tech appearing on a mining pool list is not evidence of external revenue actually being used to fund ROI payments.
Dec 3rd, at The money is coming from elsewhere. Dec 3rd, at 7: The guy who sells stereos behind the local mall has more credibility….
Its just ridiculous but also amusing watching people fall for this scam. It like your repeating fucking an electric pencil sharpener and just cant figure out why your dicks bleeding…. This is a Hybrid-Ponzi. They give the image of legitimacy with some revenue generation, but never enough to fulfill the to-good-to-be-true commitment. Dec 3rd, at 8: Here is an excerpt from an email from Michael Zavitz major ponzi pimp …. I believe the more important thing is to get Bitcoin working for YOU!
Dec 4th, at 7: I came in in April, I have withdrawn more than I spent on packages. Two of my purchases have expired but my account weekly earning are more than my original expense. So I will continue to withdraw. I hope you are not to upset that my fingers are still crossed and that owners of USI have been telling the truth. Just trying to have a little faith so please do not shoot me. That makes you a scammer. Dec 4th, at 8: I sure hope the negative comments are wrong,.
There is nothing subjective about it. Dec 4th, at If coin move to or from a wallet address….. WTF else would that be?? If not a transaction. NO one would be mad at you if this was legit. And People will be able to withdrawal their money until this thing collapses so time will tell.
Its gonna collapse, just when….. Dec 5th, at I never heard of PlexCoin before today. Dec 5th, at 5: Dec 5th, at 7: Bitconnect will be a higher priority for the SEC. If that happens, the USI coin will die an untimely death and never be seen in public. The faithfulnUSI followers obviously dont have faith in the coin. Ralf and the boys must be scratching their heads thinking up the next 50 euros scam.
Dec 5th, at 1: They never said they were with Genesis Mining. Mike Kiefer one of the co founders did in fact say they were in the same facility with Genesis and there are a few companies there FYI.
They will be releasing who the company is very soon as they will also appear on blockchain. Once that happens people cannot deny they are mining. Mike Kiefer also said that he replied to a thread in behindmlm and that his comment was never published. Dec 5th, at 2: Ponzi scammers through and through. That was 6 months ago. Paperwork is very thin with USI but the 3 front men say a lot.
But I may be losing money. Where are the audited records. Dec 5th, at 4: Gabe Do yourself a simple calculation to work out the value of each coin. Net income after Expenses divided by ,, Dec 6th, at 2: Dec 6th, at 6: Gabe In the video with fellow scammer Charles Scoville, Ralf Gold went on the record to say that crypto trading was done by more than one third part trader.
No mention of a hedge fund. Ralf also said the evidence of third party trading results would be produced soon. That was around April Its pretty hard to produce a blank piece of paper. Dec 7th, at 5: Dec 7th, at 6: If I bought 1 bitcoin business days ago, it would be worth a helluva lot more than what these scammers offer. If I had bought business days ago, it would be even better and I could actually sell if I wanted.
Come on in suckers. Dec 7th, at 7: No, your 1 bitcoin would be worth 1 bitcoin. USI say that it would be worth 1. Dec 7th, at 8: Tim My bitcoin is worth more. You have to wait days and hope the value is higher at that point in time. I wonder what the deferred liabilities are from all the rebuts and more importantly what the reserves are. Dec 7th, at Once you get past Sunil rambling and repeating over and over the junk he learned from the other videos he shows.
Who said they have reserves? I thought they were busy withdrawing money and making tiny payouts as needed. So it will only take the years to pay that off. Dec 7th, at 3: I actually got excited about USI-Tech initially because they were dealing in bitcoin.
USI-Tech has the same format; where your money is locked away for 40 days and have to wait until then to get it back. They do have some huge players in this company with packs. My friend says withdrawls are a bit slow at the moment. The scammers are pushing this for all they are worth in the comments under every mainstream press article about BitCoin. What happens when it gets shut down or collapses. The rest of the daily pay about 0. Depends on how the SEC do it and who they work with. Dec 8th, at I really think they should also go after the recruiters.
Every one of them are souless scumbags. Dec 9th, at 8: I have been following this thread for a few weeks and have had my opinion totally changed by the info provided. As 3 of my friends signed up and put in small amounts I decided to dig deeper before anyone started getting in deep. Not just from this page but a combination of research I have found all the claims of USI to have so many holes. The infamous Iceland mining video is just a blatant lie, how they thought that would pass is beyond me.
Which leads me to my last point. The absolute ignorance from anyone involved to question anything, I have actually tried to talk people out of it, and as soon as you raise any of the above point you are branded a Hater or Doubter, just for asking a reasonable question. Do these folk not know what a salary is annual income, as in 12 months and how stupid are they gonna feel when it falls and they are left with nothing and no job?
I, like everybody wish it was this easy to make some real money on the side, but I am a realist who for 5 minutes had a bit of hope with it. This page amongst others has helped me see the light, now just to try and claw my money out before it fails. The latest excuse is that withdrawals ate taking longer than normal due to the volume of transactions on the blockchain. Funny how I transferred a bitcoin transaction from my Coinjar account to another wallet and it processed in 1 hour.
Hopefully you will be able to claw back your investment before it goes belly up. Have you calculated what your investment would have been worth today if you had bought Bitcoin direct on an exchange. Dec 9th, at 9: They have no evidence….. They also have no evidence….
Nobody on this random website knows for sure how they generate their money so I guess people will just keep picking a side and defending it no matter what. Either that or instead of baseless speculation, reach out to their owners since you actually know who they are and ask them and see if the answer makes any sense or not. You have facts confirming USI-Tech is a Ponzi scheme, and then investors relying on speculation to prove otherwise.
There is no external revenue source, only unsubstantiated claims made by USI-Tech and their affiliates. Time and time again Ponzi busts reveal poor book-keeping. MLM due diligence begins and ends with analysis of a compensation plan.
When USI-Tech collapses or is shut down this review will serve as a reminder for the rest of the MLM crypto scams hoping to make it big. Dec 9th, at Butters Reach out to the owners. Its on the Vanderbilt website. That was in April.
Dec 9th, at 7: I hope I have time to get by initial investment out, then just the wait till it falls. Dec 11th, at 6: One of the arguments of the guys who supports USI is about the owners, they say, if theyre showing their faces they arent affraid of being arested. So, my question is, if most of them are known for doing scams in the past, why arent they already arested? Does that answer your question? One scam in Portugal was enough. Ralf Gold hooked into the Dallas conference by live stream.
Just too busy our boy Ralf to appear in person. Dec 11th, at 1: I believe that the magnitude of the financial gain with USI has allowed them to throw all caution to the wind.
The lure of easy moneys has a very strong appeal. Dec 11th, at 4: I think USI-Techs timing is flawless, i believe its the only time in Ponzi history where a program is keeping ahead of their liabilities, and thats because Bitcoin has grown in value beyond what they need to pay out.
Making all participants net winners so far. So what would the regulators do when they find out all participants have made money? Quite ironic and somewhat amusing, because participants could have made more just holding onto to Bitcoin and not throwing away value by putting it into a program like USI-Tech. Of course, the whole landscape would change if Bitcoin dropped in value continuously for the next six months. Unlikely with the current state of play. Depends whether USI has done nothing with the Bitcoin it received and how much has been creamed off to the leaders and spruikers.
Lack of records means the first time we will know is when payments stop. Dec 11th, at 5: In which case the rise in Bitcoin against fiat currencies does not help them at all. Once the media interest in Bitcoin wanes, recruitment will die down. Around months later, the scheme will stop paying out interest because the initial capital, minus whatever the leaders have squirreled away in Dubai, will have run out , and people will start to get nervous.
Then at the end of the half-year period, when repayment of the initial capital falls due, it will collapse. Your bitcoin is returned to you over business days along with claimed earnings from a variety of sources. If you dont rebuy you can start withdrawing once your balance is over 10 euros eqivalent.
Dec 11th, at 8: They are keeping ahead of the curve because Bitcoin is going through the roof. Craziest dam thing i have seen in all my years. Again, how is that relevant if the deal is that you put 1 Bitcoin in and get 1. They still need to create 0. The only way the price of Bitcoin in fiat currency makes a difference is if USI Tech uses fiat currency to buy 0.
Dec 11th, at Dec 12th, at 1: Your logic makes no sense. But if you measure in Bitcoins i. The ratio will always be one. Rise of value in Bitcoins are irrelevant to actual mining except profitability.
Dec 12th, at 3: Malthusian For every 1 Bitcoin they receive, 0. So they have to create around. Dec 12th, at 6: If there is any trading going on I doubt it, mining would be a waste of money at this point in time for them. Yes we can BigC. Read the example under Buy and Hold.
They say you get back much more. Dec 12th, at 7: Thanks Mike, i wasnt defending USI i was just more interested in the mechanics of how they have lasted this long and how much the J curve of Bitcoin coin had supported their Liabilities.
The timing of them bringing out their coin supports the on slaught of 4th cycle that they are now into which forces them to somehow boost cash flows, as i would think their cash on hand would be taking some serious hits about now.
Your right, i stand corrected, that makes the deal all that much more pozified than i calculated.. No need to complicate it. Apparently that just changed with the release of their own ponzi coin. Good luck with that as it takes some serious smarts to make a coin work open loop. It would be easier to pick the first three places at the horse races for 52 weeks a year, than generate the required return to meet their liabilities long term.
Dec 12th, at 9: I just filed a complaint with the iOS App Store about usi-techs app. If you Google usi tech trading proof you will see several videos about their Forex trading platform which is yielding good returns, that platform is no longer available as USI-TECH are releasing a new Forex package similar to the btc packages.
Dec 13th, at 4: If you Google usi tech trading proof you will see several videos about their Forex trading platform. Dec 13th, at 6: Sean If the forex platform is as good as all the hype, every, repeat every professional and institutional forex dealer in the world would buy it.
Dec 13th, at 7: Dec 13th, at 8: Do you think this will die out soon or do you think they will get hurt in the long run.
Do yourself a favour and buy Bitcoin directly from an exchange. Dont worry about your friends. Dumb it down for me— Why do you think this is a scam, To me I think it is a gamble, plus the right timing.
Gman — there is little point trying to convince them. I know similar people. If you read the posts above you will understand why. Dec 13th, at 9: Dec 13th, at 3: There is a link to a video a few posts up.
Watch it, and maybe you can convince your friends to do the same. Dec 13th, at 5: G-man — You need better friends. G-man — As you say you are new to this I will spell it out. Eventually, the scheme runs out of money and stops paying out. There are also recruitment commissions which I have ignored to keep the maths simple. But it works in exactly the same way. They con you into joining the scheme and your money is transferred to their pocket.
It works the same way, only turned up to I repeat, you need better friends. They know exactly what they are doing. Dec 14th, at I will keep you guys posted. I hope they understand. Dec 14th, at 2: I own no bitcoin and dont really understand it completely, but does this change anything in terms of legitimacy? For one thing, that seems like a small amount considering how much money people have purportedly put into packets. A Ponzi scheme is still a Ponzi scheme, no matter what you attach to it.
A pretty wise owl says USI has gaping cracks in its claim to legitamacy. That should be enough for most but the avid punters will still be lining up. And it certainly doesnt clear up the fact they arent licensed to provide an investment security to Americans by the SEC.
That should be a deal breaker, but I see a lot of posts about avoiding taxes and how btc sticks it to government regulation. Dec 14th, at 3: Dec 14th, at 4: Dec 14th, at 5: The next step is to learn how to earn money by providing something of value to your community. Not withstanding mining was first only mentioned in October.
Before that it was cryptocurrency trading since the BTC packs were first introduced back in July. Dec 14th, at 6: Dec 14th, at 7: We now have 3rd party proof that usi are mining and are on the blockchain!
I have been saying for over 6 months this company is solid, stick to everything they say and this is further proof! Dec 14th, at 8: That BIg announcement came sooner that i expected, which means to me they are in deeper do do and closer to the end than i calculated. Look, Oz, I have been a stock market investor for years. As it is, I have never watched a ponzi scheme in action, so this is all educational.
I am already smart enough to stay away, but I dont understand all the ramifications not having experienced this before. Calling people idiots causes fanatics to dig in rather than reconsider. Maybe I am an idiot for not thinking all the angles through — but I would blame lack of experience in this sort of scam, rather than level of intelligence.
In the video that someone posted a few days ago, Tony Rush did find some evidence of trading but the USI profits were just a few percent. Dec 15th, at A true believer would not believe ANY evidence you present them any way, no matter how calmly you present it.
If they have doubt, they would have tried to verify stuff via their own efforts. All the money put in are supposed to be used toward buying long-term mining contracts from mining farms, right?
So why the insistence that they only deal in BTCs? It makes no sense. Dec 15th, at 1: Anyone else notice the moment you make a reasonable point to one of the ponzi-puppets they just start calling you names and swearing like children???
Dec 15th, at 3: Dec 15th, at 4: You need the following to prove satisfactory evidence. A certified statement of assets, liabilities, income and expenses.
USI have provided nothing. Listen to my lips. You make more money as a passive investor by buying Bitcoin direct on an exchange. Dec 15th, at 5: I know one of the big players in Perth is having 1, people a week join. Dec 15th, at 6: I believe they show actual transactions but anyone can make an account and call it whatever they want. Thanks for posting that. Dec 16th, at My buddy keeps throwing this scam in my face and telling me hes gonna retire.
I heard hes cashed out everything he has and put it all in this scam. Zero fucks given if he loses it all. Dec 16th, at 1: Most of the comments here have been that usi tech is a ponzi.
Can someone please give proof that it is a Ponzi? Dec 16th, at 6: Dec 16th, at 7: I am waiting on pins and needles for this con to collapse and to see the assholes pimping it get what is coming to them! Oz — Where is the proof that Usi uses newly invested funds to pay existing investors their returns? If they did, the certified records would have been provided. If they could prove it, they would have , more people join up in a day.
Companies like USI-Tech trick the public into thinking they are legitimate because they actually produce revenue. The ignorant public thinks they are legitimate because they really are creating revenue from mining, or trading, or whatever.
It is a fake fascade to appear legitimate. It is a Hybrid-Ponzi. That leaves them with half the money to generate trading revenue from. Of course, any educated person with common sense without an emotional attachment to USI-Tech can see right through this scam.
If any of their claims were really true they would attract trillions of dollars from the financial world. Obviously they can NOT deliver on their hyped up claims. History has already proven that these scams always collapse, just look most recently at Gladiacoin and Jetcoin that had similar easy money scams.
You always see tale-tale signs of payout slow-downs, or new withdraw rules, or circumstances outside their control i. Dec 17th, at Dec 17th, at 1: I just wanted to scream at the computer.
Mike on this video admits he was a poor student in school. This is suppose to give us confidence he knows how to educate us. Bank robbers and drug dealers say the same thing.
They do so to setup a straw man argument to justify what they are doing. They claim they are legit because Ponzi schemes go out of business fast. This is a stupid reason. Dec 17th, at 3: Happy, you make some great points. Dec 17th, at 4: I remember Justin V. The dream of easy money for nothing with minimal invest and effort to ppl who are mostly broke or poor and are seeking desperately to better their situation, bying into the many rags to riches stories by the top few, which Justin is part of as well.
Dec 17th, at 5: Flashing robots had preceded them — wheeling through the room, pumping their fists at the crowd — while the audience, seated on tiers of glittery red plastic swivel chairs, waved glow sticks.
As the music throbbed, twin walls of video screens threw up bizarre images. The Technicolor dream machine the women were using as a stage displayed, at the end of its barrel, a rainbow-colored star — just where, on an ordinary tank, the death comes out. But this was no ordinary tank. It was a fixture of the one-hour show that takes place three times a night at Robot Restaurant, a kind of eye-melting Japanese dinner theater, a cabaret show of such migraine-inducing decadence that Las Vegas falls silent before it.
As far as Cary could tell, they were the only gaijin in the place. He was drinking a beer, while Ver, as usual, was abstaining. Their unappetizing bento boxes sat untouched: In the midst of the cartoonish spectacle — earlier, a woman wielding an oversized mace had ridden in on a stegosaurus to battle two heavily armored robots — they had business to discuss. Ver wanted to see if Cary could become the chief executive of Blockchain, a Bitcoin startup in which Ver was the sole investor and majority stakeholder.
The company's name was a direct nod to the term "blockchain," the groundbreaking technology that underlies Bitcoin and other cryptocurrencies, making it possible to process and verify transactions transparently without the need for a central authority.
Cary had come highly recommended by Erik Voorhees, an old college friend who was himself a Bitcoin pioneer, and who in turn had given Cary an earful about Roger Ver. He wanted Cary to have a good time, because he wanted to end his search for a CEO. He had been interviewing candidates for weeks and had no strong contenders. Although an American he has since renounced his citizenship , he had lived in Tokyo for much of the past seven years and was fluent in Japanese.
As a teenager, he had read a lot of science fiction — Arthur C. At the first Bitcoin conference in New York in , where he had met Voorhees, it had felt as if he were entering the most exciting science fiction novel of all. Having read so much about futuristic systems of money and credit, he found himself thinking, This world-changing invention is finally here.
He was living proof, if anyone was, that a new kind of expatriate existence was possible, bankrolled by borderless money. Even so, most people would have laughed at him. Goldman Sachs and the New York Stock Exchange had not yet invested millions in digital currency startups.
The technology that powers Bitcoin had not yet made the cover of The Economist. It had not yet given rise, as it has today, to hundreds of new digital tokens that have the potential to transform not only banking and payments but the entire internet. But Cary, then twenty-eight, with a round, approachable face that telegraphed his openness to the world, wasn't most people. He listened with interest to what the older man had to say.
He painted a picture of a world with no barriers to financial inclusion, a world where people could transact peacefully without government interference. He explained the role that Blockchain could play in building this world.
And then he said three words: At stake was the best Bitcoin company remaining from the first wave of start-ups. Many of the others had gone down in flames, due to mismanagement or fraud, or had been hacked, taking thousands of bitcoins with them. Some — like Bitcoinica and BitInstant — had even generated lawsuits. Despite being the most popular Bitcoin wallet service in the world, it had never suffered a major crisis.
Its founder, Ben Reeves, was smart and dedicated. He had already built the website, released iPhone and Android apps, and was handling customer support. But Reeves, a British programmer who for two years had been running Blockchain as a one-man show, was getting overwhelmed. They needed new blood at the top, and Nic Cary seemed like a real go-getter. The other candidates had failed to impress. We need to move quickly and grow quickly and do everything sooner rather than later.
I felt that sort of drive and energy and passion from Nic. For Cary, the opportunity meant a chance to revitalize himself. Taking the top job at a Bitcoin start-up would hardly lighten his load, he knew, but it would fill him with new purpose. The world Ver had described was one in which Cary himself wanted to live. Blockchain was perhaps uniquely suited among Bitcoin startups to make that world a reality. Some of these were exchanges; others were wallet services.
Several ended up being disasters. In September , an exchange called BitFloor was robbed when an unencrypted wallet backup was accessed by hackers during a manual transfer of data. Another flameout was PicoStocks. Launched on Christmas Eve as an unregulated stock market denominated in bitcoins, and supposedly incorporated in the Marshall Islands, PicoStocks attempted to circumvent federal securities regulations by operating as if PicoStocks itself owned the assets and traders merely purchased dividend streams.
Worst of all was Bitcoinica. The brainchild of a seventeen-year-old named Zhou Tong, who lived in Singapore, Bitcoinica launched in September as a service allowing people to trade digital currency on margin, a high-risk, high-reward strategy that can potentially yield huge profits. As would later happen with PicoStocks, Bitcoinica was robbed a second time.
It was too much. Bitcoinica shut down immediately and started a claims process by which customers could attempt to recover their deposits. It was a sobering lesson in what can go wrong when teenagers get their hands on the levers of finance. At the time, Roger Ver himself had 24, bitcoins on deposit with Bitcoinica. Behind the scenes, he began working on a plan for him, Jesse Powell, and two other men to buy Bitcoinica for enough money to make every customer whole — everyone except themselves.
Only a few weeks before the second hack attack, Zhou Tong had sold Bitcoinica to a group of investors, who in turn had hired a three-man team with prior digital currency experience to build and manage the service. Realizing this, a thief took advantage on July 13, withdrawing from the Mt. Gox account the maximum amount possible: Bitcoinica — its finances now in shambles, its leadership team no longer communicating or even attempting to issue refunds — went into receivership so that whatever funds remained could be disbursed to former customers.
Nobody, including Roger Ver, had any hope of recovering all of their money. When Zhou Tong had first announced Bitcoinica to the world, a member of a forum had given him a warning: Spectacular failure may be your destiny even if you do work very hard to prevent it.
You should plan accordingly. These mistakes, this incompetence, could not have occurred at Blockchain. Not even its creator could access the money stored in their wallets, which were encrypted before being uploaded to the cloud. Without access to customer money — indeed, without even the ability to view account balances — the startup had no need to register as a money services business. This had certain advantages. The anti-money laundering and Know Your Customer requirements that had hamstrung other Bitcoin startups, such as TradeHill and BitInstant, were of no concern.
When sending or receiving bitcoins, Blockchain users interfaced directly with the Bitcoin network. That meant no government could freeze your Bitcoin assets if they were stored in a Blockchain wallet. No government could bar you from sending money to whomever you liked — say, a relative in Cuba. And no government could ever force Blockchain to divulge information about customer assets, making it the wallet of choice for Roger Ver and thousands of other privacy-conscious individuals.
The radical notions underlying this business model included taking seriously the power to let users be their own banks, despite the inherent challenges. And in order to do that, you have to trust people with the custody of their own funds. But the potential was there — the potential for it to be much more than simply the coin of the realm for the digital underground.
On this basis, Bitcoin attracted him.