Baitcoin and blockcheats


THAT digital currency called bitcoin and the digital ledger called blockchain that facilitates online buying and selling involving payment in bitcoin and other crytocurrencies as well as trading of such moneys have raised the level of greed of many people. Understandably, they can’t resist getting even one piece of bitcoin as its value is equivalent to around $6,000. It even went as high as $17,000 last year.

Many are aware of the value of bitcoin and would not hesitate to get a chance to profit from it by investing and trading on the digital money. Others who don’t have the means to do that, who are not adept in using blockchain technology, would turn to brokers, who deal with online cryptocurrency exchanges.

There are also those who let themselves be fooled by bitcoin schemers like the Ordonio couple, who have devised a pyramiding model to capitalize on the bitcoin craze. This enterprising couple set up a company that claims to invest in bitcoin and promised unsuspecting people, who don’t know what to do with their millions, big returns on every P50,000 they invest in just 15 days.

Like any other pyramiding scam, investors initially got the goods. Never mind if they knew that the returns were coming from fresh infusion from so-called downlines or new victims, who also placed their millions with the Ordonio to earn what their toplines are earning. The investors only care for the 30 percent and above returns remitted fortnightly.

But as in other pyramiding scams, this modus is unsustainable and bound to run out of money. So the scammers started giving payouts late. When they had no more money to pay investors, they disappeared leaving investors without their cash.

The couple lured victims into investing a combined P900 million using bitcoin as come-on. Clearly, the digital coin baited fellows with a get-rich-quick mentality.

More than 50 investors are unable to recover their money from the Ordonios, so whole neighborhood blocks were cheated.

Some investors have filed complaints against the Ordonios, who are now facing estafa and other charges.

For those who got baited and cheated, well, you asked for it.