My Bitcoin Experience Taught Me It’s A Fraud

And that many people are going to be devastated by it.

Like so many people in the Bitcoin investing game right now, I got into it with a particular mindset. Fueled by the belief that our current money system needed a dramatic change and that a digitalized currency was the answer to all of the problems.

I was broke and looking for a quick way to be making money and the only possible solution for me was to be looking into how I can get my hands on Bitcoin.

After all, it was going to be the next big thing right? The future currency the world is going to be using right?

And So I Started Earning

One thing that I took pride in is how resourceful I am about investment opportunities. When I put my mind to something — like making money — I consider a wide number of possibilities that can help me in my situation.

I was the type of guy who in network marketing companies wanted to run it by selling products online. Everyone else around me was all about recruiting and selling to people in the local area.

Like many in that industry, I didn’t get anywhere with it, but there was a difference in thought process amongst my peers.

Bitcoin was no different. I focused on places where I could “mine” it for free.

These sites I don’t recall by name but they provided Satoshi — a fraction of a Bitcoin — as long as you had the tab open. They were essentially tapping into a reserve that this site was probably actively mining themselves.

It was the equivalent of opening up a savings bank account. You were not going to be getting barely any money that is notable, but you could keep building it up in small increments.

It’s all a really good idea, however, it wasn’t the fast-paced returns that people can enjoy when they buy larger portions of Bitcoin and trade them. There isn’t the sense of rush and thrill that bullish crypto investors enjoyed.

It created a separate class for people similar to how we have wealth classes with fiat currency anyway.

Those who were scraping by with fractions of Bitcoin won’t be getting very far at all.

And So I Looked For Other Options

At the time I was talking to other individuals who were on my level. We all had aspirations for higher earnings and were looking around at various opportunities.

We were busy scrambling to find something to move the needle.

For me, this was looking at various ways to be making fiat money. I figured with some actual money I could put it into Bitcoin and get me up to the point where I could sell a coin to solve all my financial woes.

That didn’t happen.

What did happen was I got involved in so many different money-making opportunities that I struggled to commit to and ended up going nowhere.

All the while, I had a few people giving me links to crypto sites asking me to look into them. Between that and getting into the habit of writing articles and shooting videos, I had myself distracted and not having to deal with that fact I was stuck.

It Was Then When I Saw What The Community Was Really Like

After a few weeks of this, things started to take a turn for the worse. One of the sites I was using to build up what little bit of Bitcoin I gathered folded.

It was a scam.

The site was sketchy when you looked at it but when you’re in it for the Bitcoins, you don’t tend to pay attention to the simplistic nature of sites. If you’re someone bullish — which most crypto investors are — you ignore reason.

There is a persistent school of thought that those who deal in Bitcoin are on a whole other level. That this is how the world is going to be like and the community will hammer that into any person who thinks otherwise.

Forget about sound economic principles that have been put in place for our money system for centuries. Bitcoin is going to flip the whole system on its head and it’ll be run by the people.

We’re jacked up on dopamine and keep on persisting and making things work. We keep on HODLing until there is an opportunity to make it big.

That sort of thinking got me to brush off the pain of being scammed. It comforted me to tell myself…

“Don’t worry, you only wasted several days' worth of Satoshi on this. You can bounce back from this.”

It was at this time where one of my acquaintances sent me a link for an Ethereum and Bitcoin investing company and asked me to look into it. To give my thoughts on whether this was a good idea.

Little did I expect that I would be seeing what the community was really like.

The company is called Ethtrade.

Ask anyone from 2017 onward and they will tell you it’s a scam too.

But I was talking about it being a scam before that. I even went on Youtube to talk about my findings and to prattle on about how obvious it was as a scam.

The site itself looked sophisticated enough however there were several signs of problems when you did the slightest bit of digging.

  • Their social media posts were filled with comments from spammers, suggesting they paid for followers.
  • The company staff picked out random images from the internet.
  • There were subtle grammar mistakes and pushed heavily on the idea to trust them without showing any sign of transparency.

Looking at the site and spending even a handful of minutes looking over it made it vividly clear it was a scam.

And yet when I presented this information, I received a similar treatment to what has happened to me recently.

In the span of a handful of months, my video on Youtube garnered thousands of views and was rampant with negative comments criticizing me.

The negative comments ranged from things like:

“I’ll be rolling in money while you sit on the sidelines. I’m an active trader, that’s why I’m better.”

“You know nothing about crypto, why should we believe you? You’re a fraud.”

The video has long been taken down off my dead Youtube channel at the time of writing this, but the multiple comments from that video ring a similar tune to when I stated my thoughts on investing in cryptocurrency recently.

It’s the same persisting belief that even now Bitcoin is some powerhouse that will force its way into being something legitimate and useful. Even though for most people this is a complete and utter waste of time.

It’s at a point now where people are posting laser eyes in their profile in an attempt to boost Bitcoin prices.

And while I do admire the sheer persistence and patience of this Bitcoin community I’m going to say what I said about Ethtrade all those years ago.

I think it’s a scam.

And Then I Called Ethtrade

After my video was up for a while, I was eventually reached out by a member of Ethtrade. I don’t remember the details but they proposed that I change my initial review of the company and release a new video putting it in a more positive light.

They encouraged me to do that as other people participated in that program to provide it with positive reviews.

I didn’t believe it and found the whole email bizarre. Even more so when I submitted my refusal they replied back with:

“That isn’t the answer we are looking for.”

Well yeah, what did they expect?

From then, I never heard back from them and I found out this year they were shut down for being a scam.

I can only imagine the damage that was done back when Ethtrade vanished. People who poured thousands of dollars thinking this was the way of the future and they wanted to be at the forefront of it all.

I won’t deny that a digitalized currency is the way of the future. Our bank accounts are nothing but digitalized numbers on a screen anyway.

But it’s not going to Bitcoin.

Bitcoin can’t hedge against inflation. And even if people argue that it can hedge against inflation, we still have a cryptocurrency that can apparently be influenced by select groups of individuals and random people posting memes.

The number of scammers is going to rise as people try to find a way to get into the higher levels of social status. There will be more Bitconnects, Ethtrades amongst other things to sell on the appeal, ask for blind devotion only to run away with your money.

History has a way of repeating itself but in different ways and as more people are buying into Bitcoin now, people are going to be disappointed with it in due time.

Entrepreneur, positive-minded. I used to say a lot, now I do a lot. Documenting my growth. Support me on Patreon:

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store