Warning again: BBT coin minting machine is an illegal pyramid scheme!

At the end of last month, I wrote an article about exposing the BBT coin minting machine pyramid scheme - " The Big Exposed List of Virtual Currency Pyramid Schemes: " BBTcoin Minting Machine" ". The article received a strong response after it was published. Now, in less than half a month, the cumulative number of readers has reached more than 23,500 . Of course, among so many people, there are both praise and criticism. Those who praise the editor are basically people in the circle who are very familiar with virtual currency and some knowledgeable people outside the circle, while those who criticize the editor are almost all BBT players.

     After the article was published, the editor has experienced several battles with BBT brainwashers. The results of the battles were generally the same. No matter how patiently you guide them or even try to shake the foundation of the BBT pyramid scheme system from the perspective of economics and sociology, it is useless. Their method of spiritual victory always makes it difficult for me to defend myself and I am powerless. Some people even say that pyramid schemes are not necessarily a bad thing, as long as you can make money. This makes me very helpless. It seems that I should read more books on "rhetoric" and continue my studies.

     I thought that the matter would end here, and I would continue to write my words, raise my dog, beat my baby, and no longer be involved in any right or wrong about BBT MLM. But for some reason, this month, BBT 's exposure has greatly increased. Many friends in the QQ groups and WeChat public accounts operated by the website have consulted about BBT , but most people are still entangled in one question, that is, is BBT a MLM? In fact, there is such a fact: 100% (please note that I used 100%) of friends who do BBT initially doubted whether BBT is a MLM. From this point of view, you also think that BBT is unreliable from the bottom of your heart, because it is exactly the same as the MLM model of recruiting people to do downline. I believe that human nature is selfish in front of money. If you have a pile of money in front of you, are you willing to share it with a stranger who has no relationship with you? Those WeChat and Weibo people who clamor to do it with me all day long, only need 800 yuan to make tens of thousands of yuan a month, why should they pull you to make money together?

     In fact, what really made me want to talk about BBT pyramid scheme again was a question and answer on Zhihu. A netizen posted a call for help on Zhihu: " Who can save my mother !" The details are as follows. The daughter said that her mother saw the BBT coin minting machine a few days ago. At first, the other party said that she only needed to invest 800 and she would get 1,600 in a year . The more she invested, the more she would get. Her mother invested more than 10,000 in a few days, and she wanted to develop downlines. She couldn't convince her mother at all, so she asked an expert to help analyze it. In fact, I was very sad when I saw this emergency, because the consequences of BBT have affected personal families. Attachment : Zhihu link http://www.zhihu.com/question/31523345

     This time I will not try to express my own views. My personal opinion on arguing with BBT MLM practitioners is meaningless. They make me feel that I have always been one-sided, so I want everyone to understand other people's views and interpret BBT from the perspective of ordinary people . The following are the responses of several netizens:

Netizen A : I was also trying to persuade a few of my classmates. At first, they said it was only 800 yuan , and even if they were cheated, they would not lose much! I said, invest 800 yuan , earn 240 yuan a month , then you will be satisfied with only investing 800 yuan? Well! Now, less than a month later, some people are almost unable to eat! Such a scam with so many loopholes, but people still fall into it!

When they asked me to do it, I asked:
First, who is the 800 yuan invested for and what is it used for? If it is not approved by the relevant state departments, is it illegal fundraising?
If you can’t even answer this question, you’re still dreaming about getting rich!

Second, what is the company’s main business?
The answer was ~ No ~ !

Third, if there is no income, how will the promised dividends be distributed?

Fourth, there is no income, but they promise high dividends! What is the meaning of this company's existence? Not making money but paying for it?
And then I was blocked?

Some even said, they don’t need to understand this? I was speechless .

Netizen B : The promotional content is full of loopholes. All such scams only need to delve into one question: "Where does the return money come from?"

Let's look at the answer given by BBT : "Wealth comes from the continuous circulation of funds." This statement itself is wrong. Circulation does not directly create wealth, whether it is the circulation of funds or the circulation of goods. The income of circulation companies comes from the services they provide, not the creation of additional value. Circulation only increases the circulation cost on the original value of the goods.

Someone might say that the financial industry makes money by circulating funds. Yes, financial enterprises make money by financing, but that does not create "wealth". Financial enterprises are service industries, and their income is a kind of service fee, which is the fee charged for providing services to the real economy. Let me ask, can we still make profits by only circulating funds without providing services to the real economy?

It seems that BBT 's so-called profit model is to use the money invested by new users to distribute profits to old users. Therefore, in order to ensure the operation of the platform, it is necessary to continuously develop new users, that is, offline. With this understanding, this model is very familiar .

In addition, I checked http://bbtcoin.com . The website is registered in New Zealand on April 27 , 2015. The initiator’s company information is even more secretive. It takes a lot of courage to invest in such a thing.

Netizen C : What a simple Ponzi scheme... Call the police...

Netizen D : You can ask your mother a few questions:

First: Where does the money used to return interest to investors come from? Is it from buying and selling goods? Or is it from the company's listing?

Second: What is the registration and filing information of the website? Where is the company located? Who is the legal representative?

Third: The ways to make money may seem ever-changing, but in essence, they are all either through the circulation and trading of goods or through the circulation of capital that provides services for the circulation of goods. Capital circulation that is separated from the circulation of goods is itself a scam.

If you still can't come to terms with it, then report it to the police. Otherwise, if you invest 10,000 today, you will invest 100,000 tomorrow , and 1 million the day after tomorrow. By then, the fraud gang's capital chain will break and they will run away, and you will suffer the consequences of your family being broken up.

I hope these ordinary netizens' replies can give some tips to those who are deeply involved in BBT MLM or are on the edge of BBT MLM. If you still can't convince me, you can search Baidu for what MLM is and its characteristics, and then compare it with BBT to make the right judgment.

Also attached is a document from China Direct Selling Network regarding combating illegal BBT pyramid schemes: " Small investment, high return BBT virtual currency financial management project is actually a pyramid scheme scam ." Attached is the original link: http://www.zhixiaowang.com/htm/2015/07/64767.html

     Recently, a virtual currency investment project called BBT Gold Coin has become popular. It claims that you only need to invest 800 yuan to get permanent income, with a daily interest rate of at least 1 cent. This seemingly profitable thing makes the curious Cai Dao want to find out. But after Cai Dao went undercover in a BBT Gold Coin investment group, he found that this small investment, high return project was actually a complete scam. Cai Dao decided to lead everyone to " fight crime " today and expose its true face of pyramid schemes.

The picture shows the inflammatory propaganda of the so-called financial product BBT gold coins

Question 1: BBT coins have no value

Bitcoin has been successful among virtual currencies. It has been accepted by many countries and people and can be used for shopping or exchanged for legal tender. So BBT gold coins took advantage of this opportunity and claimed to be linked to Bitcoin. They also imitated Bitcoin to build a platform system, such as using a coin miner to imitate Bitcoin mining machines, and coin minting to imitate mining ...

The difference is that Bitcoin is open source and has a limited total amount (about 21 million). Every Bitcoin generated is transparent and not subject to any manipulation; while BBT gold coins are not open source. The speed and quantity of BBT gold coins generated are controlled by the platform. As long as the platform developers are willing, BBT gold coins can be issued indefinitely.

This makes BBT gold coins completely uncompetitive among many virtual currencies, and even inferior to ordinary legal tender. Although legal tender can be issued indefinitely, at least it is backed by national credit. Therefore, BBT gold coins have no value, and claiming to be linked to Bitcoin is just a deception for members.

Question 2: Recruiting people to earn profits

The promotional materials of BBT gold coins show that it has two main income models: static income and dynamic income.

Static income refers to the production income of the coin minting machine. A coin minting machine produces 8 coins a day, of which 65% , or 5.2 coins, can be converted into RMB ( 1 coin = 1 ￥) when accumulated to 100 , and 35% , or 2.8 gold seeds (one-to-one exchange with coins), can be automatically purchased when accumulated to 800 , so that more gold coins can be produced every day. The production capacity of each coin minting machine is 1,600 coins, which means it will be reimbursed after 200 days of operation. Roughly estimated, the annualized static income exceeds 26% .

     Behind the profit figures, it is actually a financial scam that cannot stand up to scrutiny

Dynamic income refers to " bonuses " for recommending members . Directly recommending members will get 100 coins, plus 10% of the production capacity income within 10 generations . The rule is to recommend 1 person to get 1 generation, recommend 2 people to get 2 generations, and so on. 10 people will get 10 generations, and the maximum amount is 10,000 coins a day! This is a typical pyramid scheme - recruiting people to get income.

The existence of static income seems to whitewash BBT coins, because you can get good income without recruiting people. However, the promotional materials point out that static large orders are not encouraged, but a lot of space (actually chicken soup articles) is spent to encourage members to obtain dynamic income. This shows that the culture that this organization wants to build is to encourage the development of downlines and get dynamic income.

In fact, it is very clear if we think about it as a whole. Gold coins cannot be circulated externally, and the organization cannot earn income through investment. The only source of income is the money members spend on buying coin-making machines. Therefore, only by constantly recruiting people and developing downlines can the organization's income be increased and the entire capital chain maintained.

Will there be room for people who only want to get static returns? The answer is obvious.

Question 3: Relying on head fees to distribute dividends

BBT coins have a cashing mechanism, because after recruiting people, you get gold coins. Only by cashing them out can you realize dividends for members and motivate members to recruit more people. The specific method is to accumulate gold coins to a certain amount, and then transfer them to the upline (teacher) for cashing or to the downline for cashing and receiving dividends.

This dividend distribution method makes members feel that they earn bonuses by inviting friends, rather than the head fee in traditional pyramid schemes. But in fact, there is no difference between the two. The accumulation and cashing of gold coins only makes the head fee dividends come later and more concentrated.

Question 4: Using MLM as a first release to brainwash members

Like traditional pyramid schemes, the most " essential " part of BBT gold coins is brainwashing, and the content of the two is almost the same. It takes advantage of members' fantasy of getting rich overnight, feeds them some success stories, chicken soup, celebrity stories, fashion trends, etc., weaving a grand dream of wealth, motivating them to spare no effort to develop downlines.

The picture shows the inflammatory propaganda of the so-called financial product BBT gold coins

It is worth being careful that there are many " MLM coins " similar to BBT coins , such as OneCoin, KCoin , Vbao , etc. The common feature of these " MLM coins " is that they absorb new elements such as the Internet, finance, and investment and financial management, and are packaged to look like the real thing, but in essence they are MLM.

At this point, everyone should be clear that having no products, encouraging the recruitment of people, making money from head fees, and brainwashing members are simply standard features of pyramid schemes! Internet finance has become a hot commodity, and related financial products are emerging in an endless stream, but in fact, some of them are just scams.

Buffett once said: " Don't touch investments that you are not familiar with. " When facing seemingly novel virtual currency financial management projects like BBT coins, the same attitude should be maintained. When choosing Internet financial products, novices must be cautious and make decisions after sufficient consultation and based on their own risk resistance.

This is an article from the official China Direct Selling Network in the " Frontline of Fighting Illegal MLM" column. China Direct Selling Network is an unofficial organization in the domestic direct selling industry. It has unparalleled voice in the media field of the direct selling industry. Many illegal MLM organizations have been exposed by the website. BBT's inclusion in the MLM blacklist by the website is believed to be convincing.

Also, as a senior practitioner who has been working in the virtual currency industry for more than three years, I really want to say that BBT has nothing to do with Bitcoin. There are countless pyramid schemes like BBT , and they are all short-lived. No one can predict when the founders standing at the top of the pyramid of pyramid schemes will run away. I sincerely hope that friends can handle this matter seriously.