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Financial advice and bitcoin trading

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Blik2
Contributor

Financial advice and bitcoin trading

Has anyone on this forum, heard of a company / website called "mylifestylegalaxy.com"?  A friend's wife, was corned by another lady, who has been despertately trying to get my friend's wife to invest in Bitcoin mining.  He asked me to have a look over it, as a second opinion.  Simply, this crowd, want a $ 500.00 minimum investment with a $ 600.00 fee, and the claim is they will double your cash in 4 months with Bitcoin mining.  Ok - red flags pop up all over the scheme and site to me - but, I guess the adage "a fool and his money are easily parted" applies.  But I just dont dont want my mate to lose his cash.  I warned him off the site, and better to stick his $1100.00 into his homeloan.  Anyway, I thought I would just check if anyone else has come across this website and crowd?  

 

Surely what this website is doing is against FSB regulation?  Surely this is an "illegal" pyramid scheme?

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Highlighted
Regular Contributor

Re: Financial advice and bitcoin trading

Blik This is a 10 second conversation. given you have warned him off - which based on what you have said below  was good advice - when you visited the site

- I think highly dangerous of itself - did you see a FSB registration no? (He should go to the FSB website - and see if this lot

are regsitered as FSP 's and their licence category - this last point is VERY NB. And you can also report stuff like this there.  

"Invest in bitcoin mining" - WHAT is "bitcoin mining"? And how - loans, shares ? Promoting either of those would I think be in breach of the FSB rules as I think as there are questions around deposit recieving.  (And if I were you( which of course I am not ) I would tell my  friend to suggest to his wife she tell her friend to find new less gullible friends?)

 

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Blik2
Contributor

Re: Financial advice and bitcoin trading

Yip, agree completely.  Just wonder how these websites pop up and scam people and remain unregulated (so to speak).  Simply, all the "seller" has to do, is con two or three people a month and they do well on the fees alone.

 

An aside, it seems the FSB does not check up on, or regulate pyramid schemes; that seems to be one of the Reserve Bank duties.   It seems the FSB concerns itself with Ponzi schemes.

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Bulelani
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Re: Financial advice and bitcoin trading

This is what is happening and they will not tell the truth. If standard bank is leading on Blockchain and agrees that blockchain is the safe place then you must understand that Bitcoin is the safe currency. All the bank they doing something positioning themselves. All the banks of south Africa doing something called project khokha also spring block. All the governments agree that Blockchain the mother of Bitcoin or the backbone of Bitcoin or the core of Bitcoin they all agree its safe then that tells you Bitcoin is the safe currency. Here are the news with standard bank but they wont tell you coz the rand or money is their business if they coment to the public and say bitcoin is the safe currency and the best with lot of freedom and opportunities now the the bank will be like its distroying itself.

https://www.iol.co.za/business-report/technology/standard-bank-gets-serious-about-bitcoin-blockchain...

These financial advisers are pulling our people to the forest coz they know the ways that are safe on investing on Bitcoin which is mining Bitcoin
If they sing blockchain is safe like they do obviously they have done their beat research.
They know know the are opportunities to invest on this safe place called blockchain.

Blockchain is the core of bitcoin which is mde up of 21 companies that can be seen on blockchain charts. These 20 companies are own by most rich people and the other is own by the guy called Russ muldin who only created this company for the public to come and invest.

If these banks know about blockchain and praise blockchain they know the ways of investing they have invested but because these are dirty people who do not care about you only want to make money from so that them remain on the top forever they will not tell to invest up until they have positioned themselves.

Russ muldin made this company called bitclub network for the public to come and invest in bitcoin as the company form a part of blockchain when you invest in the company you buy a bitcoin mining machine this machine will be one of the machines that control bitcoin make safe and process the transactions of bitcoin.

So when you buy this machine you will become you and your family the next master card and visa card coz bitcoin will be processed by these machines you bought of which you can buy as many as you can.
Then as long as bitcoin exists you kids and grand kids will own that machine forever and process bitcoin transactions for your family.

These bank people will not tell you that coz they greedy and they do not like bitcoin coz it here to free the people.

We encourage Africa to do bitcoin so that we lead the world on this revolution so that we dont do Europe things and start doing Africa for Africa.

We also encourage people to mine bitcoin instead of buying or trading

Mining is to buy these machines that make bitcoin work so that you can forever have shares in this world bank called Blockchain

Bitclub network invites the public to come and buy these computers that makes bitcoin work so that we lead as public to this bitcoin so that all the transactions are processed by bitclub network

Buy the gooze that lay golden eggs dont buy eggs for more information on how to be involved
0935161488

We also warn the public any company that is says ot mines Bitcoin but its not the on blockchain charts run and run very fast for your life dont invest into that company
Coz blockchain is the mother of bitcoin if you mine bitcoin we must see you on the charts
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TheInvestor
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Re: Financial advice and bitcoin trading

I have been personally mining cryptocurrencies since July 2017 and at the moment I have turned my machines off as the financial cost (utilities) have outweighed the financial gain. Mining at the moment is run on paper thin margins (if you can get utilities for free). Everyone jumped on the train in December thinking they could also double their money in days and now scammers are trying to convince people that (due to the price corrections), this is the time to jump in (if they missed the 1st opportunity). Definitely a scam. If he wants to get into the cryto world, put that USD1,100 into bitcoin itself (he'll get c.a. 0.17 BTC).

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