We already confirmed this to be scam.
There are many companies that are based on the internet. This means that you cannot meet the operators anywhere in real time and space. Virtual offices and addresses have made it possible for some of these platforms to create the impression that they are genuine businesses as we shall see with Bitshell.
Bitshell is an internet-based trading platform that claims that its experts can analyze market changes and make adjustments to make sure that their trades are consistently profitable.
Nevertheless, there are clues that this is not plausible because the sort of profits promised by the company is suspicious. In fact, it is practically impossible for a business entity to consistently make such profit for every investor and continually do so irrespective of market conditions.
Claims of No Risk Investment
There’s practically no business without risks. These risks are accentuated when financial assets are traded especially crypto assets. According to the Bitshell website:
“Bitshell.io is the automated trading platform where you can earn fix regularly gain from your capital investment without any risks and regardless of market conditions. Bitshell encourages you to be prosperous in this volatile market.”
This is a false claim which shows that the people behind this site are not honest but interested in getting people to invest in the site irrespective of the hazards involved.
This should make any investor cautious because sites that entice people using false claims are mostly scams.
One way of detecting scams is the sort of profit they offer their investors. Bitshell investment plan is a classic high yield investment scheme which is a common type of scam that attracts many eager to get rich quickly.
Offering 5%, 7%, 9% and 10% respectively for investments plans that yields up to 200% in just 10 days shows that the site is meant to lure this category of investors.
Sites such as Bitshell may pay a few investors in the first few weeks. These are especially those investors that deposited small amounts. The usual approach employed by such sites is paying older participants with funds deposited by new investors.
The effect of this is that when the inflow of new investors dries up the payments stop. There are times that users make bigger deposits because they made profit from earlier investments, but that is just the aim of the operators of such sites.
We have received reports from investors who have lost thousands of dollars to such schemes because they were deceived to believe that they will continually make profits.
Fake Representative Page
Scam sites mostly overlook something. This is why we encourage investors to research the site they plan making investments with. Bitshell claims that it has representatives from various countries.
These representatives are supposed to earn higher affiliate commission so it should be an attractive position. On its representative page, Bitsell listed many supposed participants in the program with accompanying social profiles and phone numbers. Interestingly, all these are fake contact numbers and profiles. All the links to the social profiles are blank. This is an intentional ploy to deceive investors that are not painstaking.
Scam sites are aware that the primary feature that entices many investors is the quest to make quick profit, so many do not care to investigate the programs intensely.
Who is Behind Bitshell?
Expectedly, the site did not list its owners or the physical address associated with the business.
What has been observed is that HYIPs create hype by making people believe it’ll pay them continually. When expectations are high, they virtually go offline taking with them the funds deposited by investors.
Operators of such site are aware that they won’t meet the expectations of the investors. This is why they never make their identities known or state their physical locations.
A Whois search shows that the domain Bitsell.io was registered on January 21, 2019. The site announced that it has completed its first 30 day cycle.
In a post on its news section, it stated:
Bitshell completed its first 30-days cycle.
A lot of investors already have their ROC (Return of the Capital) as we are surpassed the 30 days mark. Investors who joined us since the start, most are with 150% of the profit and some already reached Break even Point.
Because of your constant amazing support, Bitshell is the growing daily and being the first choice among the investors with their hard earn investments. We are very proud of our community that supported us since the start. Bitshell is always transparent with everything.”
The reality of the situation is that this is not a sustainable business because there is no proof that this company is involved in any form of trading activity. Even if it is, the type of profit it is offering investors means that this is just a Ponzi scam waiting for an opportunity to get large deposits before disappearing with the funds.
Sites such as Bitshell.io must be avoided, investing in a business that has no product is a waste of time. Pass the word around to any investors you know that high profit yielding investments are not worth risking their funds because at the end only the scammers gain.
For an investment we recommend, check here. It is an investment site that would show you how to grow your funds through copy trading and other social investment techniques. You do not need any skills to do that.
If you’ve had experience with Bitshell, please send in your comments below.