This is one of the most curious websites I’ve come across for some time. Bitcoin doublers and generators are obvious scams but Takebit.io can be compared to a fifth columnist. Not very obvious yet it could have a devastating effect if it gains traction.
People naturally want easy money so when a site claims that it could double your bitcoin and shows some seeming proofs that it is actually ‘doubling bitcoins’, there is no knowing how much traffic it’ll generate and how much people would eventually be fooled into signing up and lose their coins to the scammers behind the site.
Introduction to Takebit.io
Despite the intrigues around this site, you could get very little information on a cursory visit to it. You need an intense research to even get minimal information on what the site is doing and how they plan to double bitcoins to people.
According to the site,
“In TakeBit you don’t need to sign contracts or mortgage your property. There are no creditors and no debtors. In fact, everything is very simple: one participant asks for help — the other helps. All profits are provided by new investments.”
This means that this is clearly a Ponzi scam that depends on the recruitment of new participants to be sustained. We regularly warn people to avoid scams because they cause more harm than good.
With Ponzi schemes, what the operators do is pay older investors with funds contributed by new investors. Doubling the investment of early contributors means that the program would lay emphasis on the recruitment of more participants.
New Enrolment Incentivized
Takebit.io accomplish this by offering affiliates 50 percent of the investment made by their referrals. This is how the project hopes to get more contributors to double the cryptocurrencies of the early participants.
These new participants would need to recruit even more referrals to cover for the doubling of not just their own bitcoins but for those of the people that referred them.
Owners Always On Top of the Pyramid
Considering that the owners of the site usually reserve the top spots for the doubling of their own bitcoins, a large chunk of the funds would go to the scammers that own the website.
In the long run, the flow of funds would not be enough to double the bitcoin of all the participants so the winners are the scammers who most of the participants donated to enabling them double their own bitcoins.
The offer of 50% commission is aimed at bringing in many new investors. These investors would be the losers since it is their money that oils the system. 50% already goes to those that invited them. The other 50% goes to doubling the funds of early participants leaving them with nothing unless the community lures in many new investors.
Ponzi schemes like other scams are risky and anyone involved in them should know that they would lose their funds in the long run. Even if they make some profit in the meantime, the losers are the future investors recruited by the participants.
Dubious Claims of Payment
The site owners claim that they have paid out 266 BTC. There is no way of confirming this claim even though there are transaction IDs displayed on the site.
Cryptoinfowatch examined these blockchain transactions and discovered that they are random txids pulled from the blockchain. If the scheme was responsible for the payments, how were they able to match and exactly double the payments of the donors.
Although there are many questions that are unanswered, what is clear is that this is a scam with which the owners of Takebit.io intend to fool a lot of people to send bitcoins to them.
It is interesting that the entry value is small. With 0.00005 BTC a participant can donate to an address displayed on their dashboard. However, there is no guarantee that the BTC will be doubled.
Scammers Double Small Amount for Publicity
Another possibility is that the scammers intentionally wanted the entry value small so that they send double the amount to the donors to create the impression that this is a legitimate business.
Those that received the doubled coins would advertise the scheme as authentic. The scammers may even get a few big deposits too big to double. They what do you think they’d do?
Who is Behind this Scam?
Legitimate businesses usually have owners that are identifiable. The reputation of online businesses is enhanced when the owners are known. Takebit.io’s founders made necessary efforts to conceal their ID because they’re aware they could be caught and prosecuted for scam.
This is why investors are advised to keep away from this scheme. Bitcoin is money and no one can double money for you. Wealth is not acquired that way.
Bitcoin doublers and generators are scams irrespective of the strategy employed by the scammers. Any investors or participants that send their crypto to Takebit.io should consider them lost.
Scammers have no compunction stealing from people so the best way to grow your crypto is by keeping them safe unless you can trade them safely or invest with reputable managers with track record.
What do you know about Takebit.io, send in your comments below.