Bitmagnet Day 1 Results
Pretty sure this is a Ponzi Scheme but so far so good.
Why do it then?
So I saw this pop up on www.coinmarketcap.com and the daily return was so high 3.6% that I was compelled to click. So there I was looking at this site. Says its a registered company in the UK so I look them up the UK business site https://beta.companieshouse.gov.uk and the registration checks out. Looks like the office address is a residential address though hmmmmmmmm. Not really the sort of address that inspires what the company markets on the website as a bitcoin mining company employing investment professionals. The company is headed by a Canadian living in the UK named Nikolas Miller. Let me know if you know him.
I did see some other posts here on Steemit about this and one person has posted a few updates and answered some of my questions so I figured I would throw .1 BTC into the ring and see what happens. I made my deposit with the idea that I am throwing this away.
Today I scooped off my 3.6% return though!
Now the thing with a Ponzi scheme is that the participants (Suckers)(Me) are promised and initially make spectacular returns. The way the scheme perpetuates is by getting new blood in the game while simultaneously convincing existing participants to reinvest their earnings. When scheme goes bust the perpetrators of the scam make off with the cash and the participants go belly up.
So by taking my returns daily I will reduce my exposure each day and at a 3.6% daily return I will have reached a 100% return in 30 days. If the scheme holds up beyond 30 days its all gravy from there. My idea is to reinvest half of my earnings every 30 days which will earn me a 6000% return on the year (if the scheme holds up). So here's to Bitmagnet lasting at least another 29 days!
So if you too are looking to gamble go ahead and check it out
https://bitmagnet.biz/?ref=chingotouchdown
When I signed up it said my "upline is cointraffic" which tells me there must also be some sort of multi-level marketing component in which you get others "underneath" you but for what purpose I have no clue.