Bitclub Network Scam

Hi its Luke Gordon here and in todays video I'm going to talk about the so called bitclub scam or bitclub network scam Now a definition of a scam is where a person or persons defraud you of money by nefarious means where you end up losing money because there is no lawful business

The most often implication by the detractors is that bitclub network is a Ponzi scheme due to the network marketing aspect of the business A lot of people have have a knee jerk reaction when they perceive a business to have a network marketing aspect to it but if they bothered to do some research on it they would realize that there are plenty of legitimate network marketing companies out there and if they were unlawful, they would have been shut down by the regulatory authorities years ago The fact of the matter is that Bitclub Network has a legitimate bitcoin mlm opportunity attached to is and to date, nobody has lost money in bitclubnetwork A Ponzi scheme by definition is where investors are lured in with no tangible product and the newest investors money is used to pay the older investors Investors are lured in with the enticement of spectacular returns of investment

A typical story is the Bernie Madoff story – he lured high end investors like movie stars into his Ponzi scheme and payed out spectacular returns and sent out bogus statements but there was no underlying company About 10 years before his scheme collapsed, a mathematician was asked how Madoff was doing it – after an intensive study he said it could be done only one of two ways – insider trading or a Ponzi scheme – the SEC was advised of this and ignored the warnings – it went on for many years and only collapsed when the 2008 financial crisis struck and the tide went out and he was forced to admit that it was a Ponzi scheme all along Now lets compare this to Bitclub Network Bitclubnetwork is currently responsible for around 42% of the bitcoin mining activity

You can actually go onto blockchaininfo/pools, I'm going to repeat that if you want to write it down blockchaininfo/pools and look up the activities of bitclubnetwork – this is an independent 3rd party site which documents all the activities of the largest bitcoin mining pools in the world and you will see that they are in the top 10 bitcoin pools in the world Once they add their 800 petahash bitcoin mining hardware into the system they will occupy between 10 to 15% of the bitcoin mining operations They went from 14 terra hash to 350 petahash in the space of about three years – this indicates that were actively investing in bitcoin mining software and bitcoin mining hardware

The last report is that they have about 26000 of the best bitcoin mining hardware machines and when they commission the additional bitcoin mining hardware machines in 2018 it will be worth about $118 million dollars This money comes from sales and members reinvesting their bitcoin into bitcoin mining hardware Most corporations in the world will offer a commission on the sale of goods and services to their employees – is it not fair that bitcoin network members are paid commissions on sale of equipment so that they can benefit to invest in bitcoin mining? You must appreciate that the competition is fierce out there with huge organizations in China and all over the world – there is simply no way that you are going to compete with them if you buy yourself a bitcoin mining rig and try and mine bitcoin from your study or basement- the electricity costs will simply kill you An Antminer S9 which is the best Bitcoin mining hardware available will set you back about $2000 and then you have to factor in electricity and time into the equation Some of the critics about bitclubnetwork claim that bitclub network give a guarantee on a return on investment – this is simply untrue – bitclub network does NOT give a guarantee on the investment

What IS true is that every body who HAS invested has recouped their investment and hundreds of people have made more money than they put in to bitclubnetwork So lets compare bitclub network with bernie madoff's Ponzi scheme The funds from new investors where used purely to pay "old" investors with new money and there was not investment made into companies or assets With bitclubnetwork, the funds from investors are used to purchase bitcoin mining hardware and these bitcoin pools produce bitcoin which is paid back to investors on a daily basis – a portion of which is used to cover expenses and to reinvest in state of the art bitcoin mining hardware Bitcoin network will probably be in the top 5 bitcoin mining companies by the end of 2018

With Madoff's Ponzi scheme, it collapsed when the tide went out and he couldnt recruit any more investors Let's look at the absolutely worst case scenario where no more people invest in bitclub network – the investors with still bet paid from the Bitcoin pools and there will still be funds to finance new bitcoin mining machines and Bitcoin mining software – the viability of bitclub network is not dependent on recruiting new investors With Madoff's Ponzi scheme, you were not able to inspect the financial statements or the assets he supposedly invested in With bitclub network you are welcome to go to their facility in Iceland and inspect the facility – apparently its a very expensive airfare and takes quite awhile to get there and you'll be done in about 10 minutes but nevertheless, they are completely open and transparent about people going to the facility The problem with most product based network marketing opportunities is that in order to qualify for commisions, you have to have a monthly autoship set up – this is invariably a problem because the products are normally frightfully expensive and reps normally end up with cupboards full of the stuff

With bitclub network with their bitcoin mining, its a once off purchase and you can choose how much you wish to be paid into your bitcoin wallet and how much you wish reinvest into bitcoin mining hardware Essentially once you have recouped your investment you are enjoying free bitcoin mining I have a friend who whenever I want to bounce something off him and its usually a network marketing business, he goes googles it and invariably the automatic search comes up, in this case bitclub network scam and without reading the material – thats enough to close his mind and he wont do any research and as far as he's concerned, its a bitclub scam I'm afraid there are many people out there who do this and are potentially missing out on an amazing opportunity to cash in on bitcoin mining and a legit bitcoin investment I think we can safely say that we have debunked the myth of the bitclub scam or bitclub network scam so that's all for todays video – if you have any questions please contact me via the contact page on my website or leave a comment in the comment section below and I will be happy to advise you and perhaps make a video on your question

If you wish to join bitclub network for free there is a link in the description If you liked this video, please subscribe to this channel and click on the bell icon to receive notifications of when I post new videos

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