Scam Alert: Bitcoin-Double.biz

One of chief appeals of Bitcoin is that it takes what should be a public good out of the hands of politicians and plutocrats who print and manipulate it and puts it back in the hands of the people. In the old days, the cash your pocket was yours to do with as you saw fit. And, once you that money had left your hands, there was little or nothing to stop that transaction or to track it back to you.

Now, though, cash is used less and less and every cent we spend is tracked and analyzed. Worse, if the government doesn’t like how we use our money, block who we can send money to and they can freeze or confiscate it with the push of a button. The money that’s in your bank account may feel like yours, but it’s theirs.

Bitcoin puts money back into the hands of the people, where it belongs. Unfortunately, that also means that we have to be responsible for that money and if anything goes wrong, there’s no one to go crying to. Knowing this, the scam artists and swindlers come out of the woodwork to chisel and steal our hard-earned coins. As a service the Bitcoin community, Bitcoin Warrior is running an expose of any swindle or scam that comes to our attention.

Today we are exposing:

Bitcoin-Double.biz
(Visit at your own risk)

These folks sent me an email with a link to their site; kind of an interestin choice since I’ve written articles on scam sites before. As you can see from the screenshot, they promise to sent 10% profit every day for 9 days and your principle back on the 10th, for a ten-day profit of 200 percent.

**Get started with Bitcoin at Coinbase.**

How are they able to maintain such huge profits? I don’t know. These guys never even went to the trouble of offering any explaination of how they make these amazing returns on their grammar-error ridden site.

Most sites like this will have some vague description of how their traders have found a secret trading or arbitrage opportunity and only need funds to exploit it. They never explain why these traders don’t just build up there own capital, cutting us noobs out of the loop, until they become masters of the universe. They also don’t explain that if funds are continuously reinvested, the compounding interest of a doubling every 10 days means in just over 6 months you have a million dollars and in a year you would have more than 170 billion dollars. Good money!

These guys are at best a nickle-and-dime Ponzi scheme. They make the rest of us look bad, and so they are my inaugural scam in this series.

If you know of a Bitcoin related scam that you think we should expose, email us at editor(at)bitcoinwarrior.net. If you are the owner of a site that has been exposed and feel you have been unfairly treated, contact us at the same address.