Do you know what happens if you paint a Duck blue? You have a Duck, that walks like a Duck, and sounds like a Duck, because it's still a Duck, but it's blue.
The same can be said for the latest Bitcoin Ponzi scheme to hit the digital currency industry, ironically named, BTCFlap, Inc. We could [not] have paid someone to come up with a better name for this company or a better story for this morning. I almost fell out of my seat [laughing], after I read the name BTCFlap (Quack, Quack).
BTCFlap, is none other than BTCGaw. You can read about them [below]
Original BTCGaw Story: Ducks Flocking In, Another Ponzi Brews. BTCGaw: SCAM
We wrote about BTCGaw a month ago, and once the scam was revealed, incoming bitcoin must have gotten painfully sparse, because they got out the paintbrush and rolled up their sleeves to create [a] new face [for] the Ponzi Scheme, BTCFlap.
We will note that, to date, [our] story on BTCGaw, has been one of the most read stories on news.dinbits.com, so in a strange way, we have to thank them for the traffic, but in a responsible one, continue to warn about BTCGaw, and its new spawn, BTCFlap,
Still A Duck
They must have gotten really tired, because they didn't finish. [In] fact they barely did much of anything, outside of recording a new video, this time with a dude, and a new name.
The [testimonials] for instance, are exactly the same from both sites, as is 98% of the entire content through out the websites.
BTGaw:
BTCFlap:
Now isn't that a striking resemblance? (for this reason, we did the same with our [banner] graphic). Their press release states that they are a New York company, however the "About Us" sections shows the same Delaware location as BTCGaw. If this were a marketing move, then it would be commended. Anything to separate oneself from GAW Miners, is a good thing. Gaw, a well known Ponzi [scheme], began to implode earlier this year, and is currently under investigation by the SEC (likely, FinCEN and the IRS as well). However that was more likely just dumb luck [in reference to BTCGaw's name choice].
This Ponzi is a Ponzi all in its own, [and either, just poorly named,] or named to grab the attention of [GAW Miners] users, due to its high [ranking] on search engines. [Either] way it's unlikely [that] they realized, GAW was bad for the scamming business, and folded tent.
BTCGaw is still live, and scamming. [We] assume it will stay there for as long as it covers the $5 hosting charge, or gets smacked down by the FBI.
The Scam
In case you are not aware of how this scam works, BTCGaw, and BTCFlap, take investors money, and then slowly pay out older investors with newer investors money (while taking profit for themselves) or [just all together walk away] with the money (coin). The latter being likely the more realistic scenario.
Like BTCGaw before this this, BTCFlap is a SCAM, and one to avoid. Do not send coins there, unless you just feel like throwing them away, but if that is the case, we recommend a local charity. If you have already sent [funds] to BTCFlap, or feel you are a victim of any Scam, you should contact your local authorities, and certainly give us a heads up at [this email address]: [email protected], so we can warn others.
At the end of the day, this one, is not too hard to spot, but better the some, [since] the video adds a little credibility where there is none. [The] allure of an instant 10% cash-out is tempting, but don't be fooled, BTCFlap, is BTCGaw, and its a SCAM.
[Editors comment: Often, dinbits doesn't have the patience to wait for an editor, we apologize for the initial grammatical errors that were present at press time.]
[Editors comment: Often, dinbits doesn't have the patience to wait for an editor, we apologize for the initial grammatical errors that were present at press time.]
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