NowWhat.pw
So you have been scammed... now what?
Welcome to NowWhat.pw.
A resource about crypto currency scams in New Zealand. Here you will find information and advice on how to Spot crypto Ponzi scams and what to do about it.
Cryptocurrency has revolutionized the world and the way we think about currency and transitions. Unfortunately this has brought a new wave of scams to take advantage of newcomers.
The ONE thing you need to know is...
If the funds are coming from new members it's a PONZI
A PONZI is a scam which entices new members and pays profits to earlier members with funds from the newer investors. This works as long as there is a steady and ever increasing rate of new members. The illusions fails when the rate of new members drops and victims begin claiming refunds and or begin to see that the system is a fraud. Ponzi scams require an initial investment and promise returns (though often with a disclaimer of "risk").
The income strategy is often hidden behind tech fads (smart contracts, secret mining etc) to make it seem legit to newcomers. The scammer often exploits lack of knowledge and competence of new prospects; often by offering training and education to fool new members into the legitimacy of the Ponzi.
The one thing you are not allowed to ask. Because it is the one thing they can not answer... Is how the profits are being generated.
There is two key points to running a ponzi.
1 Promote the ponzi and recruit. Keep the rate of new members going going.
2 Create the illusion that it is not a ponzi or a scam as much as possible.
That's it. The everything else is smoke and mirrors.
The best thing to do is to come forward
By publicly calling out and sharing what you know will stop these scams from happening to others. Share on social media, tell your friends and family, spread awareness.
If you are aware of a scam then please let us know.