Bitcoin Pyramid Scheme in Thailand - help requested

[nkg]

My Thai friend has somehow gotten involved with a pyramid scheme. She says she has "invested" 38,000 Baht, and she is expecting to get paid more money later.

 

I went looking on the internet, and sure enough there is news about a scheme that exactly matches the one she has joined:

 

https://www.cryptocoinsnews.com/bitcoin-pyramid-scam-targets-buddhist-monks-thailands-temples/

 

Ideally, what I would like is a Thai language version of the above story to use to help persuade her not to waste any more of her cash. Can any Thai Visa sleuths help me find a Thai language news web page to stop my friend from "investing" more money?

Edited August 31, 2017 by nkg

[catman20]

fools rush in where angels fear to tread. fools and their money soon parted, if it sounds to good to be true ?

[worgeordie]

"bitcoin-pyramid-scam-targets-buddhist-monks-thailands-temples/"

They know there's plenty of of money around in temples funds,so

go after easy money, no sympathy for anyone that gets involved

in these scams,they have been around for years and years,and

are driven by greed,on part of the "investors".

regards worgeordie

[DeeMak9]

Teach her how to buy real bitcoin ?

[KittenKong]

2 hours ago, nkg said:

My Thai friend has somehow gotten involved with a pyramid scheme. She says she has "invested" 38,000 Baht, and she is expecting to get paid more money later. .....................

Ideally, what I would like is a Thai language version of the above story to use to help persuade her not to waste any more of her cash.

 

Why bother? Many Thais seem to think that the world owes them a living, and many of them are trying to get easy money for little or no effort.

 

Even if this investment goes bad they wont put it down to their own stupidity or greed, they will put it down to bad luck.

[Straight8]

Too late for help, learn from the mistake, and ask your friend google for advice next time, though it seems when some people latch onto something that appears to good to be true, nothing stands in their way, the truth is subconsciously blocked out.

 

Again - If something is too good to be true, it usually is.

[varun]

Unless she is your wife or girlfriend, don't bother.

No need to be a good Samaritan farang and offer your advice about her life choices

 

Thai logic is twisted and perverse as it is, and at worst, she will blame you for getting duped into the pyramid scheme.

[SOUTHERNSTAR]

1 hour ago, KittenKong said:

 

Why bother? Many Thais seem to think that the world owes them a living, and many of them are trying to get easy money for little or no effort.

 

Even if this investment goes bad they wont put it down to their own stupidity or greed, they will put it down to bad luck.

Only Thais ? If I remember correctly many western countries have some form of social welfare entitlements which is hand outs of taxpayers money to the sick, old, disabled and a growing number of the lazy. Try to take away these entitlements from the lazy group and see what happens. As for getting rich schemes what does this scheme differ from stock exchanges at present or how does this ponzi scheme differ from those in the west that have taken greedy westerners for Billions of dollars? Thais are not more greedy than westerners and they are not more driven by a sense of entitlement than westerners. 

[does]

1 hour ago, KittenKong said:

 

Why bother? Many Thais seem to think that the world owes them a living, and many of them are trying to get easy money for little or no effort.

 

Even if this investment goes bad they wont put it down to their own stupidity or greed, they will put it down to bad luck.

"Many" Thais "seem" to think the world owes them a living....  It was probably a good idea to qualify this sweeping assertion. Otherwise "many" people may get the impression you have a "rather negative" view of Thai people, which I am sure you don't.

[dotpoom]

The usual crap on here again. ...knock the Thai who is looking for a return on an investment.

     Could never ever happen to a Farang ....they never look for easy money?

[Meljames]

Just now, dotpoom said:

 Could never ever happen to a Farang ....they never look for easy money?

 Happens all the time,mate. Amway, Bernie Madoff etc, this is  a Thai based forum, not much sense in discussing problems not Thailand related is there.

[meatboy]

to the op.you need to spend a bit more time on here,it was only a couple of weeks ago this very subject came up.

it was reported that many people had been conned with promises of, 364% a yr.not hard to believe is it.

[KittenKong]

26 minutes ago, does said:

"Many" Thais "seem" to think the world owes them a living....  It was probably a good idea to qualify this sweeping assertion. Otherwise "many" people may get the impression you have a "rather negative" view of Thai people, which I am sure you don't.

 

You're wrong. I do.

[impulse]

1 hour ago, DeeMak9 said:

Teach her how to buy real bitcoin ?

 

Yeah, 'cause there's no way that's a Ponzi scheme...

[KittenKong]

29 minutes ago, SOUTHERNSTAR said:

Only Thais ?

 

No, not only Thais. But the effect does seem to be much more pronounced and widespread here.

 

 

30 minutes ago, SOUTHERNSTAR said:

If I remember correctly many western countries have some form of social welfare entitlements which is hand outs of taxpayers money to the sick, old, disabled and a growing number of the lazy. Try to take away these entitlements from the lazy group and see what happens. As for getting rich schemes what does this scheme differ from stock exchanges at present or how does this ponzi scheme differ from those in the west that have taken greedy westerners for Billions of dollars?

 

Most quoted stocks in the major indices are valid and worthwhile investments. Yes, there are some ridiculous stocks that are vastly overhyped and overvalued, but there are plenty that represent entirely solid companies that produce real items/services and sell them for a real profit, and pay a real dividend on the result.

 

As for social security, I dont see how that can be compared with people who voluntarily get involved in what is patently a "get rich quick" scheme.

Yes, there are people who will take advantage of welfare benefits, and they should be dealt with. And welfare payouts should be tailored to encourage people to work more and take care of themselves more. But that isnt relevant to this topic.

 

Is this scheme different from any Ponzi scheme in the West? Surely not. Do I have more sympathy for greedy idiots who fall for such schemes in the West? No.

[Briggsy]

https://www.facebook.com/MGRonlineLive/posts/1642285299136381

 

@nkg

Ask and you shall receive.

[KittenKong]

39 minutes ago, dotpoom said:

The usual crap on here again. ...knock the Thai who is looking for a return on an investment.

 

This is not an investment. It is a scam designed to trap the greedy and stupid. And it worked.

 

Personally I dont care what nationality the victim is: they are only suckered in because they believe ridiculous promises of vast returns that exceed anything one could possibly find in the real world. Should I also be sympathetic towards people who believe in god(s) and an afterlife, which to my mind is equally daft? I dont think so.

 

That said, Thailand is in dire need of some serious punishment for the people who organise these scams. But Thailand is in dire need of much more law enforcement and control in most respects.

[Pilotman]

49 minutes ago, SOUTHERNSTAR said:

Only Thais ? If I remember correctly many western countries have some form of social welfare entitlements which is hand outs of taxpayers money to the sick, old, disabled and a growing number of the lazy. Try to take away these entitlements from the lazy group and see what happens. As for getting rich schemes what does this scheme differ from stock exchanges at present or how does this ponzi scheme differ from those in the west that have taken greedy westerners for Billions of dollars? Thais are not more greedy than westerners and they are not more driven by a sense of entitlement than westerners. 

well said. Some of the comments here are racist, uninformed and jaundiced.  There are many more farangs and others non Thai  that get caught in stupid financial scams than  many Asians, who  can be quite wise about money as they have so little of it and no way to finance old age.  Our Thai  maid in Hong Kong , a 60 year old, was the wisest and most knowledgeable small investor I have even known. 

[meatboy]

52 minutes ago, dotpoom said:

The usual crap on here again. ...knock the Thai who is looking for a return on an investment.

     Could never ever happen to a Farang ....they never look for easy money?

if that's what your thinking,you couldn't be further from the truth.

its been going on for 50odd yrs.

in the valley's of wales when this first came about,it split family and friends,towns and cities.

just for you if you don't know what a pyramid is,draw one and put your name on the top,then go and promise your family and friends what they can get from paying you a lump sum.

there is only one WINNER     YOU.

[simon43]

it was reported that many people had been conned with promises of, 364% a yr.not hard to believe is it.

 

Getting an annual return of 364% with Bitcoin sounds quite realistic...

[janclaes47]

4 minutes ago, simon43 said:

 

 

 

Getting an annual return of 364% with Bitcoin sounds quite realistic...

 

Really, how many years you got that since bitcoin was invented?

[simon43]

Really, how many years you got that since bitcoin was invented?

 

In 2013, the Bitcoin price was about $50 USD.

 

In 2017, the price hit more than $4,000 USD.

[loong]

Beware of ever advising a Thai that they could be throwing money away on a scam.

When they lose all their "investment" many will not think that it is their own fault for falling for the scam. It will be yours, because your words changed fate, causing the loss.

[Takeprofit]

Bitcoin is a global Pyramid Scheme.

[janclaes47]

1 hour ago, simon43 said:

 

 

 

In 2013, the Bitcoin price was about $50 USD.

 

In 2017, the price hit more than $4,000 USD.

 

Every fanboy cab distort facts to make his point, but the real figures tell another story.

 

Look at this picture and tell me if you were able to realise 364% yield every year since 2013.

 

[Lazy Farang]

4 hours ago, loong said:

Beware of ever advising a Thai that they could be throwing money away on a scam.

When they lose all their "investment" many will not think that it is their own fault for falling for the scam. It will be yours, because your words changed fate, causing the loss.

Load of rubbish.. 

Beware of farangs on internet sites bashing Thais, as the more you read, thry stupider you get.

See, anyone can make up crap stories..

[inThailand]

6 hours ago, dotpoom said:

The usual crap on here again. ...knock the Thai who is looking for a return on an investment.

     Could never ever happen to a Farang ....they never look for easy money?

Bitcoin an investment?

 

Same as investing in a lottery ticket?

[Shaunduhpostman]

 

If I were the OP I  would try to explain to my friend myself how buying and selling Bitcoin, while not easy, is, still, compared to other investments, a piece of cake, considering the fact that it is very possible to have gotten filthy rich quickly had you bought enough of them 300 days ago . I would say to him or her, look, just see if your friend can't get his investment back and do it himself, or barring that, invest more  again but this time on his own.

 

300 days ago Bitcoin was at $380/BTC

At the moment it is at $4724/BTC

 

Many expect it will at least go to $5000 before the bubble bursts.

 

But for now that is pyramid scheme like money, but it is not a pyramid scheme, anymore than the pyramid emblazoned U.S. dollar is anyway, for which you'd probably be right saying it was.

 

Edited September 1, 2017 by Shaunduhpostman

[loong]

2 hours ago, Lazy Farang said:

Load of rubbish.. 

Beware of farangs on internet sites bashing Thais, as the more you read, thry stupider you get.

See, anyone can make up crap stories..

It is not rubbish at all, I have received similar warnings from Thai people.

You should know how superstitious many Thais are and how they often look for anyway to blame somebody else for their own mistakes.

Some years back a neighbour was diagnosed with cancer. The family then went out and bought a large Life assurance policy on him without disclosing the cancer diagnosis. I said to my Thai missus that I doubt very much that they will receive payment as the insurance company are sure to check before paying out. She told me to keep that thought to myself because if the insurance company didn't pay out, I would likely be blamed.

[Meljames]

3 hours ago, Shaunduhpostman said:

But for now that is pyramid scheme like money, but it is not a pyramid scheme, anymore than the pyramid emblazoned U.S. dollar is anyway, for which you'd probably be right saying it was

 

Well, all righty then