DSI alerted to possible Bitcoin pyramid scheme

[webfact]

DSI alerted to possible Bitcoin pyramid scheme
By The Nation

 

 

UTTARADIT: -- The Department of Special Investigation has been asked to look into a possible pyramid funding scheme in Uttaradit in which meditation practitioners are allegedly being asked to buy Bitcoins.

 

Charorenporn Anpranit, representing a meditation group at Wat Pa Kluya, told DSI deputy spokesman Pol Maj Woranan Srilam that, while no one has suffered losses so far, the promises being made to prospective investors are “too good” to be true.

 

Charoenporn said that Buddhists who practise meditation at Uttaradit temples have been approached to invest at least Bt38,000 each in Bitcoins and promised they would earn handsome profits after 300 days.

 

If they recruited additional investors, they were told, their own returns would be doubled.

 

Charoenporn said the group of people approaching the would-be investors cited the names of a respected monk and a state bank, suggesting that the scheme was legal and trustworthy.

 

She believed 700 to 800 meditation practitioners in Uttaradit, Pathum Thani and Chiang Mai have put money into the fund.

 

The DSI spokesman said the department would check on whether the operation is illegal.

 

Source: http://www.nationmultimedia.com/news/breakingnews/30318688

 

-- © Copyright The Nation 2017-06-21

[halloween]

The meditators should think long and hard before joining. Ommmm.

[Thaijack2014]

This is really going too far. I do some investment, which is no work. I talk to people and help them along, but I don't do any recruiting or any financial advise... I just tell what I do. Asking people who have no knowledge about bitcoin and so forth is really criminal and should be prohibited.

The bad thing is that "bitcoin" and cryptocurrency get a bad name.

Here in this example it is with bitcoin, but how many times there are people doing the same thing with just normal money, promising a return of 40% per week or more? Greed eats mind and people start believing that they really can get this kind of money.

Or what about the scheme where a prince of some African country needs to borrow your bankaccount for his millions of dollars which he inherited but cannot let in his country due to political unrest or so?

Now the Bitcoin and other cryptocurrency is gaining value, more people want to "get in". 

On the other hand... why lose money with lucky number or with the lottery? That is the most certain way to get rid of your money...

[flyingdoc]

Caveat emptor then?

[KIWIBATCH]

Yet another scheme  scam that will see the "investors" crying and complaining at the local police station in a month or two about not receiving their "handsome" profits 

[scotchonrocks]

On the other hand - buying bitcoin recently has seen people make massive profits and in hindsight probably good advice and not necessarily a scam. But as the advice goes, caveat emptor!

[JAG]

Bitcoin is a virtual currency , yes?  - I'm a bit of a  technological pygmy, and still rather lost in the long grass.

 

Virtual currencies cannot be handed over in brown envelopes?

 

Therefore I would suggest very unlikely to find favour with the authorities.

 

I feel a ban coming on - to save us from such a pyramid scheme of course....