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Belize Expat Forum

Bit coins

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11/25/2017 22:16 EST

Seems this evening a well dressed Amrican gave a powerpoint demonstration to Local Belizeans extolling how wonderful Bit coins are. Showed how they have increased in value by huge amounts over the last few years. "those numbers don't lie"
The audience seemed very eager to hear about this wonderful thing. The gentlement says the investment of 6 to 8K us dollars is all they need bring great wealth. Now even fairly well heeled Belmopan Belize locals will find that a big chunk of cash.
Then he went on to describe how they would make so much more money, by bringing in more investers.
So the offer seems to be give him your cash, He will buy the bitcoins (and look after them) then he will pay you even interest from the rise in Bitcoins value, but they can get even higher interest they bring in new investers.
So your basic ponzi scheme.
Any person can go on line and buy any amount, be it $10 or $10k of bitcoin. they can hold onto their own investment in their own bank and do not need a 3rd party,
He seemed to be suggesting Belizians can only go through a US trader, with out saying exactly that. He intimated a third party can hold onto their freely transferable investment.
Why do all the snake oil salesmen feel they will get away with their scams in Belize.
My son was having dinner in the bar and could not believe what this man was saying.

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11/25/2017 22:38 EST

It might be a good idea for your son to contact the local TV stations and get a reporter on this soon. This guy should be stopped in his tracks!!

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11/27/2017 19:54 EST

the misinformation & predators surrounding bitcoin are unfortunate.

creates distrust for a (decentralized blockchain) technology that has the power to help so many - specifically lower income - people around the world by giving them access to the financial system.

but since this is a belize forum and not a tech forum, so i'll leave it there.

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11/28/2017 09:19 EST

Very sad. A predatory American trying to take advantage of a lesser economically empowered group.

Please report and get someone on it - this is not what we come to Belize for.

We should respect and work within the Belizean system and try to help empower the locals by creating jobs and opportunity when possible.

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12/24/2017 11:19 EST

Pretty sure Bitcoin just lost about 25% in the past few days!!!

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12/24/2017 13:55 EST

it lost 40% of its value and is the 6th largest currency in the world. There are 37 digital currencies

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