Is it still worthy to make an investment in Bitcoin after the cryptocurrency wave?
The cryptocurrency wave is slowly fading down and the people who made early investments are the only ones who will ever profit. Anyone else who comes much later will serve the purpose of funding the first responders profit but will never make profit themselves. Unless of course another wave comes and more people fund his profit too which I don’t see happening.
So. Is it still worthy to make an investment in Bitcoin? I ask this after the Mineral Pay Resets All Balances to Zero Till Further Notice.
One Walter Mwambazi took to facebook and said this about Bitcoin: I have warned so many people repeatedly about these bogus investments in the form of “bitcoin” preying on the ignorance of people and the greed within.
Yet, people do not learn, they do not listen and they do not consult. As a result another one has gone belly up and there must be “funerals” everywhere as those who “invested” have to figure out what next.
I appeal to you all, if its too good to be true, it usually is. Do your homework, ensure you consult thoroughly and be carry out due diligence. The reason these scams work is because the scammers know how to lure gullible ignorant citizens into their schemes.
A warning to the promoters – You may be in serious trouble for this. Please ensure you are not part of these bogus promotions as you risk being arrested and charged with money laundering!
This sadly comes after the price of other cryptocurrencies like onyx coin has gone down and most users are still waiting for the onyx coin public sale. I am not sure if their token is still accessible but the coin wallet will definitely be affected. You can see more of this on the kwakoo kenya marketplace (not sure if it is open). You can also make predictions using the prohashing mining pool or profitability calculator.
Below is the story and some screenshots from the whatsapp group, the chief promoter and her contacts along with the notice from Mineral Pay’s website.
Condolences to all who have lost their money and please please please consult next time. I quote “Kwacha Times” who aren’t the most reliable of sources but the story is very true…
Nigerian conmen strike as they swindle Zambians in a bogus investment scheme; Mineral Pay
A consortium of Nigerian crooks have swindled some Zambians million of Kwachas through a bogus investment scheme dubbed ‘Mineral Pay’
Some Zambians subscribed to Mineral Pay where the faceless ‘owners’ were luring people to make deposits of money with them and earn interest on their monies. Depositors were also urged to recruit more members and earn interest for each recruitee.
Numerous persons ‘invested’ huge sums of money. Some even got loans while others sold properties such as houses to ‘invest’.
According to a source who spoke to Kwacha Times and is part of those who invested, Mineral Pay had two modus operandi of withdrawing monies earned.
One way was through bank, where an account holder would be credited with the money he or she intends to draw and another is through bitcoin.
However, the source says depositors could also sale their stake to those who sort to increase their share of the ‘investment’.
But for a good one month, the website Mineral Pay has been offline.
When the members of the said investment scheme inquired about the faulting website, the country representative who is Zambia said he was being assured by the company Mineral Pay which is allegedly based in Romania that it would be rectified.
However, the Zambian representative who initially introduced many other people has said that he never met any of the owners of Mineral Pay since his recruitment by the previous country representative.
Today, Mineral Pay account holders woke up to a shocking news after they discovered that the company is bogus and non existent.
At first, the members were a removed from a WhatsApp group dubbed ‘Goal Getters’ by one of the group admins believed to be one of the country representative.
“This group can’t function anymore. The purpose was to keep one another in close contact but its no longer healthy!We shall be in touch when and if all we get any positive progress,” said one of the admins of Goal Getters whose cell number is +260 977 805 890 with a name Daphne Mukunka.
Meanwhile, Mineral Pay website is giving subscribers this message;
“Attention Members, we are informing all our users that all the Accounts have been reset to Zero balance and all deposits cancelled following a comprehensive Audit. All members are required to make fresh investments using Bitcoin as they wait for the previous investments to show up once again. Thank you.”
Few months ago, Bank of Zambia (BoZ) had warned in a statement that Mineral Pay was a risk investment without any documentation registration from the financial services regulator.
The ‘investors’ of Mineral Pay are now stranded. Some of them invested as much as K500,000 after selling houses.
The Nigerians have gone.