Fox Price 11 April Positions in the matrix bitcoin filled via direct and indirect recruitment of new USI-Tech affiliates. There are no good MLMs. But it works in exactly the same way. WTF else would that be?? Frankly, looking at the previous october creation mechanism, I see Easter egg hunting dropped than mining.
A wallet stores the information necessary to transact bitcoins. On December 19, , Yapian, a company that owns the Youbit cryptocurrency exchange in South Korea, filed for bankruptcy following a hack, the second in eight months. I have been hearing you screaming that anyone that is even interested in USI is a scammer and a fool and that its crash is imminent. ALL of these so-called leaders know exactly what the deal is, they just decided to go for the money. The unit of account of the bitcoin system is bitcoin. Retrieved 19 May Dec 2nd, at 5:
The value of bitcoin is found in the network effect, others recognize it and accept it. Retrieved 23 October Parallel to bitcoin, if you find a new technology to hash for dropped the price october BTC should decrease until the last BTC is mined. Your logic price no sense. Archived from the original on 27 July
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for not showing in accounts, withdrawals not working and the money being returned to the USI account instead of being withdrawn, and accounts not being able to be accessed.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: If I buy say 10 Bitcoin Packs for Euros then someone else, or more than 1 person, has to buy 1. And then someone or more than 1 person has to buy 1. Trouble is nobody in a Ponzi scheme is satisfied with one return. They keep reinvesting, monopoly money liabilities increase and inevitably new money entering the scheme slows down.
Dec 17th, at 7: Ponzi schemes go out of business fast. A couple of you have been screaming Ponzi! I have been looking at this thing and trying to stay unbiased. I see things that come off as big red flags. A lot of which have been mentioned above. Strawman derail attempts removed. I have been hearing you screaming that anyone that is even interested in USI is a scammer and a fool and that its crash is imminent.
You have commented above that no one is interested in the coins. They have sold or given as part of the BTC package over 80 million coins. Sounds to me like there is more than a little interest there. I am skeptical and cautious though, and threads like this make me leery of getting involved, because I would hate to see anyone get hurt or misled, however, I have found that has led to me sitting on the outside watching others see great profits while my skepticism keeps me on the sideline.
If you wish to invest in Ponzi schemes, have at it. They have sold or given as part of the BTC package. Hell, even the dedicated MLM altcoin schemes collapse. A free coin add-on MLM altcoin is just worthless marketing fluff. I am skeptical and cautious though, and threads like this make me leery of getting involved, because I would hate to see anyone get hurt or misled. USI-Tech, whether it collapses or it shut down by regulators will be no different.
It is what it is. So they wave the magic wand and grow the remaining Such a programme would command a couple of billion dollars on the open market. The early adopters and pimps and scabs will make money if they have been smart enough to pull their money out.
Dec 17th, at 2: 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 would have expected a more enthusiastic uptake. Upon launch, the exchange was licensed to operate in 26 states and was able to "service both individual and institutional customers" due to its LLTC corporate structure. The exchange aims to be fully compliant with US law with a policy to first "ask for permission, not forgiveness".
The release illustrates an ongoing controversy in the Bitcoin development community: Bitcoin XT implements BIP , which proposes "replacing the fixed one megabyte maximum block size with a maximum size that grows over time at a predictable rate". The release of Bitcoin XT culminated fears that the Bitcoin community may not be able to reach a consensus on the issue, and the blockchain may hard fork, resulting in two separate versions of Bitcoin's global ledger.
Gox, was arrested in Japan on charges of fraud and embezzlement in relation to collapse of the exchange. Karpeles faces allegations of illegally manipulating trade volume and the personal use of client deposits, of which may have led to the exchange's insolvency. Gox is thought to have ultimately lost , Bitcoins of customer deposits. Bridges is awaiting sentencing in December Superintendent of New York State Department of Financial Services, Benjamin Lawsky, released a set of customized rules meant to regulate Bitcoin and digital currency businesses that serve customers located in New York state.
These regulations are the first ever directly targeted at digital currency businesses. According to the regulations, digital currency companies that serve NY customers must apply for a "BitLicense" within 45 days or be considered in "breach of the law".
In response, New York based customers were banned and expunged by a number of Bitcoin companies, including Bitfinex, Kraken, Bitquick. After a month-long jury trial that ended in Ulbricht's conviction, Judge Katherine Forrest sentenced Ulbricht to life in prison without parole. Ulbricht had been found guilty on 7 charges of money laundering, computer hacking, and conspiracy to traffic narcotics in February due to his role as the operator of the Silk Road marketplace a.
In a letter to Judge Katherine Forrest prior to his sentencing, Ulbricht admitted to running the Silk Road and made a plea for leniency. The judge's sentencing statement hinted that the harshness of the sentence was to make an example of Ulbricht: The VC backed startup Coinbase Inc. The company founders stated they had worked for months to obtain various licenses from state financial regulators, allowing them to legally accept customers from 25 different US states.
The new platform will operate like a traditional exchange: The exchange platform is to remain separate from their Bitcoin outlet operation, which in contrast, allows customers to buy and sell Bitcoins directly from Coinbase. The attackers used social engineering against Bitstamp system administrator Luka Kodric to gain access to 2 of Bitstamp's servers and subsequently the hot wallet's private keys. The wallet was completely drained of all bitcoins shortly thereafter.
Upon discovery of the breach, Bitstamp immediately shutdown the exchange's operations for 8 days as it audited its systems and rebuilt its trading platform. The theft represented "a small fraction of Bitstamp's total bitcoin reserves" as the majority of the company's Bitcoin funds remained untouched in offline "cold" storage. No customer account balances were affected. However, according to a leaked internal Bitstamp report on the incident, the damage to the company's reputation and customer confidence far exceeded its monetary Bitcoin loss.
Labeled Bitcoin's "First Felon", Charlie Shrem, the CEO of bitcoin exchange BitInstant, was sentenced to 2 years in prison for his role in laundering money for users of the Silk Road, an online marketplace that catered to illicit goods and services.
Microsoft revealed it will accept Bitcoin from US customers for "apps, games and other digital content" offered on the Windows and Xbox online stores.
The announcement was made via a post on the tech giant's blog and stated that Microsoft had partnered with Bitpay for Bitcoin payment processing. The order was dubbed the "BearWhale" by the Bitcoin community due to its unprecedented size. Over the next 24 hours, the entire BearWhale order is fulfilled on the exchange via buy orders. Braintree, a subsidiary of Paypal, announces that it is partnering with Coinbase to accept Bitcoin payments on their platform.
Over the next three months, the two companies will work on integrating Bitcoin payment processing for Braintree merchants. The Bitcoin payment option will be seamlessly enabled for all merchants on the platform. Braintree merchants need only sign up for a Coinbase account and link it to their Braintree account.
The news adds to speculation that Paypal is becoming more favorable towards Bitcoin, and may eventually integrate it into their own payment processing system. Founder Michael Dell announces on Twitter that dell. Customers in the United States only can purchase any product listed on Dell's online marketplace using Bitcoin.
All Bitcoin transactions are to be handled by Coinbase, a Bitcoin payment processor. This announcement follows a number of other major online retailers' acceptance of Bitcoin payments in Overstock on via processor Coinbase, Tiger Direct on , and Newegg on via processor Bitpay. Lawsky, Superintendent of New York's Department of Financial Services, announces a proposed set of regulations for businesses that interact with Bitcoin and cryptocurrencies. The goal of the new regulations, according to Lawsky, are to help "protect consumers and root out illegal activity — without stifling beneficial innovation".
Affected entities would be exchanges, mining pools, bulk Bitcoin sellers, and altcoin software creators based in New York state, or that have customers in New York state. News of these regulations are generally rebuked by the cryptocurrency community. Nearly 30, government seized Bitcoins, obtained by the US Marshals Service during the October bust of the Silk Road website, are auctioned off in chunks of 3, bitcoins.
A single bidder venture capitalist Tim Draper won every auction, indicating that his winning bid prices were far higher than the current market price. With a majority of the Bitcoin network hashing power, GHash.
The pool also issues a press statement declaring that it will attempt to limit its hashing power to The People's Bank of China's frequently updated restrictions against Bitcoin finally pressure some Chinese banks to issue a deadline against several bitcoin exchanges, requiring them to close their accounts by April Although some are spared the warnings, the uncertain regulatory environment holds some prominent loopholes that virtually all Chinese exchanges quickly adopt.
Using offshore banks, novel cryptographic voucher systems and other solutions, these trading platforms continue to operate, but at greatly reduced volumes from their hayday in The IRS policy document declares Bitcoin to be property, not currency, subject to capital gains tax — with that tax calculated against every change in buying power for a given amount of bitcoin, from the time it's acquired to the time it's spent.
The decision is widely derided as unwieldy and overly complex, requiring users of the currency to record Bitcoin's market price with every transaction, subject to an array of largely unfamiliar calculations. Others, however, remark that the net tax paid may often be less than if Bitcoin were treated as currency proper - but to a market that emerged in tax-free innocence, it is a difficult blow to soften. Based on speculations and interviews with Dorian's family, Goodman's article ultimately draws an enourmous amount of worldwide attention to Dorian Nakamoto, who denies any involvement in Bitcoin and asks for privacy from the media.
After putting an abrupt halt to withdrawals on February 6, claiming that a hacker had exploited their own poorly-implemented software through the use of transaction malleability attacks, disgraced bitcoin exchange Mt. Gox's website and trading engine go blank without official comment. Other exchanges and Bitcoin businesses issue a joint statement condemning the mismanagement, deception, and eventual collapse wrought by the executives of the Japan-based exchange, after an alleged leaked internal document showed that over , BTC were lost by the company.
Gox, Bitstamp, and BTC-e all experienced a stoppage of trading due to massive DDoS attacks that were apparently aimed at exploiting transaction maleability in the exchanges' software. Due to a host of problems at Mt. Gox, it may not be clear that the DDoS attack was primarily responsible for the problems they experienced on February 6th.
Putting its first restraints on Bitcoin's surging popularity, the People's Bank of China declares Satoshi Nakamoto's novel invention not to be a currency. The policy change prohibits any financial institution to trade, insure, or otherwise offer services related to Bitcoin. Over the following weeks, further restrictions slowly strangle the Chinese cryptocurrency markets, as exchanges repeatedly try to find innovative, lasting ways to stay in operation, and prices around the globe sink dramatically.
Rapidly growing Bitcoin investment from China steadily drives prices higher and higher, reaching a peak on November 29th. Subject to strict controls concerning the movement of money across the country's borders, Chinese citizens embrace the freedom provided by Bitcoin with open arms, seeking an alternative to the state's inflating official currency, the Renminbi.
The origin of mainstream Chinese interest in Bitcoin is largely credited to Jet Li's One Foundation, which publicized a Bitcoin address for donations in the wake of the April 20th, Lushan earthquake and received over BTC in just two days, covered widely in the national media.
Speaking in Chinese at an economic forum, Mr. Announced under the title "Beyond Silk Road: Government panel's discussion is dim among the Bitcoin community leading up to the hearing. As the proceedings commence, however, many of the panelists and Senators agree that Bitcoin holds great promise. Following a trail of clues left carelessly across the internet, the U. Federal Bureau of Investigation in conjunction with other agencies manages to identify the alleged operator of the dark web marketplace, which saw most of its sales in illicit drugs.
The business-to-business bitcoin exchange had been reliant on the relatively new Internet Archive Federal Credit Union to hold its clients' deposits in regulation-compliant, insured accounts. When the IAFCU determines that it can not reasonably handle the myriad regulatory issues surrounding Bitcoin, Tradehill is forced to halt operations and return customers' funds. Gox subsidiary that was used to process payments to and from U. Originally thought to be a Distributed Denial-of-Service DDoS attack on the largest bitcoin exchange, the great influx of traders on the heels of Cyprus's bailout announcement overwhelms Mt.
Gox's servers, causing trades to stutter and fail. Speculative concerns about the exchange's hiccups feed a powerful panic-sell that saturates the market and drives prices down to pre-rally levels, before rising again a few days later. Shaking confidence in Bitcoin and the validity of some transactions, the price briefly plummets and the Mt. Gox exchange temporarily suspends bitcoin deposits. Thanks to a swift and coordinated response by Bitcoin developers, miners, and community members, the fork is resolved within hours after the operators of two large mining pools, Michael Marsee of BTC Guild and Marek Palatinus of slush's pool , honorably forgo some of their accumulated mining rewards in order to downgrade to the previous, compatible version.
An updated version, 0. In line with the original design for Bitcoin's maturation, the number of coins created to reward miners undergoes its first reduction, beginning the long and gradual process of tapering the amount of new currency entering the economy. This pre-programmed limit to inflation is a major driver of the currency's economic controversy, value appreciation and speculation. In a smart and savvy release, Wordpress explains the decision: Our goal is to enable people, not block them.
On August 17, , Pirateat40 announces a halt to the operation, and absconds with deposits estimated between 86, and , BTC. On July 23, , the U. Securities and Exchange Commission files charges against Shavers for defrauding investors in a Ponzi scheme. An unknown hacker breaches Linode's server network and immediately seeks out accounts related to bitcoin, quickly compromising the wallets of eight customers. Bitcoinica, a large online bitcoin exchange, is hardest hit, losing more than 43, BTC, while other prominent victims include Bitcoin's lead developer Gavin Andresen as well as Marek Palatinus also known as slush , the operator of a large mining pool.
Both Bitcoinica and slush's pool bear the theft's losses on behalf of their customers. On February 11, , Paxum, an online payment service and popular means for exchanging bitcoin announces it will cease all dealings related to the currency due to concerns of its legality. Two days later, regulatory issues surrounding money transmission compel the popular bitcoin exchange and services firm TradeHill to terminate its business and immediately begin selling its bitcoin assets to refund its customers and creditors.