BitcoLoan Ponzi Collapse: as the affiliates decry their disabled withdrawal button, BitcoLoan plays the typical we’re updating exit card.
The most glaring proof of this sly deal comes from a subscriber in the BitcoLoan affiliate program. His brief downvote captures all the problems inherent in BitcoLoan currently. Of course, the issues only became apparent after a period of continuous successful withdrawals. But always the chance of abrupt exit is there.
BitcoLoan, seemingly biding its time, is currently not paying remittals to investors. Get the full story in the rest of this article.
BitcoLoan Ponzi Collapse: Overview
Representing as a peer-to-peer crypto lending structure, BitcoLoan offers up to 1.4% daily remittals to affiliates. The members merely have to recruit people to earn tiered bonuses from the platform.
From the start, the main service is a supposed alternative to standard Bitcoin Blockchain, BitcoLoan blockchain. This network will process CeFi to Defi (fiat to a decentralized algorithm) transactions. However, it is still under construction.
Regardless, BitcoLoan allows affiliates to earn from membership programs pending the booting of its blockchain. And affiliates have since been making profits for subscriptions in the range of $10 to $10,000.
Even in the light of its collapse, the website is replete with affiliates gushing about their earnings from BitcoLoan. No doubt BitcoLoan’s we are updating messages to clients writes an end to these earning sprees.
Due to a possible BitcoLoan Ponzi Collapse, all investors in the platform will comply with at least 7 days lull on short notice.
Before its current inactivity, though, BitcoLoan paid out remittals, which could not have come from its unfinished DeFi tech. Impliedly, the affiliate testimonies on the website unwittingly nod to earning from a pyramid structure.
Withdrawals Pending Transition to DeFi
BitcoLoan will not be the first MLM cum crypto-laden venture to escape public light by citing technical issues. Its update message is a mild case, regardless. For instance, Watermine, Finiko, and SkyWay Capital are all weightier instances than BitcoLoan.
However, the subtle nature of the platform’s imminent collapse is remarkable. Instead of simply claiming a cyber hack problem, it mentions an update. But the spin does not seem so appealing to investors. Here is why.
Before news of BitcoLoan Ponzi Collapse, profits accrue solely from a CeFi channel. Hence, BitcoLoan, designated a crypto avenue, is a fiat-dependent MLM hardliner.
If the platform halts withdrawals on the excuse it is updating it still has to explain its source of income. A Ponzi scheme is an apparent answer here.
Also, the operators are quieting their PR tone on social media channels. For one, much of their content is unavailable anymore on their FB Page. Similarly, their YouTube media is now an exclusively Admin affair.
Often an investment platform attempts to mask its digital tracks by using incorporations and doctored photos. Given the foreign assent of BitcoLoan promoters, there might be no English-ties to the company.
Major Red Flags
The prominent red flag on bitcoloan.com is its unregulated securities, a fitness test for fraud.
While it is novel to borrow without collaterals or any daunting legal binders, it is also risky. More so, when such contracts involve a corresponding affiliate package. In that case, any subscriber to such deals is queuing up for a ticking rip-off.
Briefly, the following culminates to the BitcoLoan Ponzi Collapse:
- It is unregulated.
- All of its admin is anonymous.
- There is no clear revenue generator for BitcoLoan bar its affiliate program.
Then there is the possibility of a short-notice exit, although an unannounced one is the tradition. However, if the company decides to stay put, it will likely lop off all debt carryovers in the guise of offering new and better-earning options.