New Zealand Lawyer Calls We Grow Bitcoins a Simple Scam: A Closer Look

The Pyramid Scheme Unveiled: What is We Grow Bitcoins?

New Zealand is no stranger to colorful characters and schemes, but when it comes to We Grow Bitcoins, even the lawyer’s double-takes are raising eyebrows. This alleged scheme is making waves for its audacious claims of providing unsuspecting investors with returns of 62 BTC a month—approximately $148,300. If the figures sound dizzying, brace yourself for the reality check by legal experts.

A Cautionary Tale from the Investigation

In a bold declaration, Prajna Moodley, a consumer law expert, condemned the operation as a “simple scam”. With the keen intuition of a seasoned investigator, she emphasized that the trail of money often leads to nowhere, much like a bad magic trick where the rabbit disappears and the magician bails. According to her findings, many individuals who joined this supposed “crowdfunding community” would be saying goodbye to their cash—perhaps waving it off from a distance like a regretful friend.

Daniel Tepania: The Cautionary Investor

Let’s meet Daniel Tepania, a local who decided to jump on the We Grow Bitcoins bandwagon. Daniel parted with a minimum entry fee of NZ$30, an amount that now feels more like an expensive lesson than an investment. “It only been here about a month, so I thought I would give it a go,” he lamented, revealing a common theme among novice investors: curiosity can sometimes cost a fortune.

The Legal Backing Against Such Schemes

The New Zealand Commerce Commission wasn’t playing favorites when asked about We Grow Bitcoins. They directed the media to its existing legislation that categorizes pyramid schemes as illegal. To their credit, the Commission seems ready to draw a line in the sand. Legally, these schemes are about as welcome as an uninvited guest at a wedding.

Understanding the Essence of We Grow Bitcoins Claims

According to its promotional materials, We Grow Bitcoins is a “member to member donation platform”. Sounds charitable, right? Members reportedly pay a subscription fee to access this platform, theoretically allowing donations to fill to their bitcoin wallets. What’s the golden nugget in all of this? Well, if it sounds too good to be true, it probably is—and your wallet might soon be a barren wasteland.

Final Thoughts: Safe Invest or Get Burned?

The bottom line is clear: investing in these kinds of ventures, promising outrageous returns, is akin to playing a dangerous game of poker with your financial future. Experts, including those from Cointelegraph, urge potential investors to steer clear of projects like this one. After all, as the saying goes: “If it quacks like a duck, it’s probably a scam.” Wise up, invest smart, and may your pots of gold not turn into pennies.