A series of multi-level ICO projects in Vietnam are in the "broken battle"
Bitconnect, a series of multi-level ICO projects in Vietnam are in the "broken battle" because investors panic, sell off.
Tay Khai driver, a taxi driver in Ho Chi Minh City, is constantly talking about his family's investment project on the virtual currency (codeword) platform, promising to "multiply 10 capital" invest. He hopes the money will help the new SUV, instead of the running Kia Morning.
But in fact, these investment floors are just trapping greed. "How much car ride to give his wife to hear his wife told to invest two packs of Bitcoin something, it was not able to catch up with the sale anymore, sold out that cheap also did not get 1/10 No one wants to buy, "said Phan Khai, a taxi driver in Ho Chi Minh City, who ended his journey and rushed home when he heard of an additional project he had stopped paying interest.
Out 100 million, only 2 million 'on the screen'
Multicurrency is based on the form of lending, which is used to pay for the former. Because Ponzi models, multi-level money is often cheated, promising to pay high interest in a short time. In addition to "get people after raising people first," some systems, after receiving capital from investors, have invested in Bitcoin, Ethereum and many other types of coding money to pay interest.
Because of this way of doing things, these projects often have a business plan that is ambiguous, but out of reach for under-educated, uninformed and unwilling investors. Most do not care about long-term growth strategies but look at expected returns and "down".
The iFan project requires the developer to purchase a minimum of $ 1,000 tokens. Then the investor must go through the process of lending interest rates "up to" several dozen percent per month. This is to extend the life of the project. During the loan, the investor is encouraged to call people for commission at multiple rates. It is the amount of money that people use to pay for the former.
The minimum investment amount is high, the amount drawn is equally high. Initially 0.02 BTC (about 5 million) sometimes increased to 0.8 BTC (nearly 200 million). "They raised the limit to prevent the investors from withdrawing." Investors now only know how to watch their money displayed on the screen, but do not want to withdraw anymore, "Trong Nguyen, a student in Ho Chi Minh City. Ho Chi Minh City spent all the money invested in iFan said.
Not only students and the office, the people in the countryside are also networked "multi-level coin" guide how enthusiastic participation. With attractive lucrative investment packages, many have devoted their entire lives to these disguised projects.