Brian Paige sues Bitconnect
A new lawsuit has been filed against Bitconnect. This time it's from Brian Paige. Is this the same Brian Paige who was the marketing director for Bitshares back in the day? In any case, there is a lot of lawsuits going on against promoters of Bitconnect. If you were a promoter of Bitconnect it might be a good time to contact your lawyer.
The lesson learned
The lesson from this is a common lesson but is important for it to be reiterated. It's not how much money you can earn but how much you can keep in the long term. Earning a lot of money in way which produces a very high risk of losing the money in the future is not the smart way to earn in my opinion. Promoting lending platforms is in my opinion not a smart way to earn considering the risk of acquiring a lawsuit is very high. Low risk high reward is better than high risk high reward and there are many ways to earn similar income with less risk than by being a lending platform promoter. Finally I think this is an opportunity for more legitimate services to offer referral programs so people in high risk lending platforms or who are considering promoting these platforms can have a more legitimate service to apply their skills.
I would much rather see these promoters promoting SMTs, Steem, etc, than lending platforms.
I like high risk high reward and just take it on the chin if i loss, no one to blame but myself Thanks for sharing dana'edwards
I totally agree, these guys need to man up and learn when to dust yourself off and move on to something legit or at least stable and not an obvious scam.
Thanks for sharing this @dana-edwards. I had a conversation with a friend about your post talking about if a $1 million net worth a lot of money, and we also got talking about lending platforms - it was very interesting, so thanks again for sharing!
I agree that promoting a lending platform is risky and you should always look at how much of what you earned you can keep. Personally, I still keep a large reserve of FIAT money, even though I work so deeply in cryptocurrencies. It is important to cover as many possible situations as possible when looking towards the future, so I always make sure to do exactly that.
At the moment, I am trying to build Steemit as another income stream, while also becoming a community leader that helps other involved in this space. I am looking to have SP delegated so that I can sift through newcomers to the platform's posts, and reward them with upvotes that are actually worth a solid amount. As well as that, I am running a Steemit Success Series - which I would really appreciate your support on. The point is though, work on what you think has potential, try and create multiple income streams, and ideally have one very solid income stream, in the case that others fail.
Thanks again for sharing!
@dana-edwards - Yes you are right. It does need reiterating. People just seem to forget lessons of the past and keep on getting involved with high risk investments
Thanks for the heads up - hope it opens some eyes.
Upvoted
Regards,
@vm2904
"The low risk high prize is better than the high risk high prizes and there are many ways to earn similar income with far less risk than being a lending platform provider." I totally agree with this. people must earn high profits with low risk.
Thanks a bunch for making this post and your advise is really valuable for me. Its better to keep money for long term rather than panic and going after runors or hypes.
You are right that this is the legitimate services and we can offer referral programs to the people who are interested in it.
yaah i agree ! as Earning a lot of money in way which produces a very high risk of losing the money in the future is dont way money!as low risk is beteer then high risk and high reward !
thank you for your advice now the you aware us!
so you have service ! and opportunity for more legitimate services to offer referral programs !
stemit is place where everyone can learn and implement and and promating !
Bitconnect and Maasen published the same message very roughly investment, namely, that this was a guaranteed daily captivation payment, taking into consideration bonuses, and a guaranteed compensation of principal after a sure amount of era. Maasen encouraged his viewers, including Plaintiff and the Class, to roughly-invest the daily assimilation payments urge just about directly into more Bitconnect lending. Thus, even Plaintiff and the Class who traditional assimilation payments did not actually make maintenance or save those profits and drifting all profits in the space of Bitconnect closed down the lending program and left investors when worthless BCC
That’s a good news . Such scam deserves this !!
This would be over in a few years. Only few good coins will survive!! I am sure steem would be one of those 😃 :D.
Why suing now... people couldn't sense the pyramid scheme initially were they so stupid and dumb to even catch such ponzi schemes
I think so, I like to see steem platform could popular than others platform with our power of community, I think steemit have a chance
More and more I hear larger YouTube "celebrities" talking about Steemit. The trouble is so many people do not want the work... Steemit can be difficult.
Throwing money at a brand spankin new ICO is far easier... and in Bitconnects case, too easy to hook onto peoples greed and laziness.
Eventually they will get it and come here, but how many will stay due to the effort involved?
The problem with Steemit is there are limited jobs. You cannot build an economy around just blogging and curating. More ways to earn means more participation in building up the economy. Some Youtubers are great at promoting but these people drifted away onto lending platforms.
I believe more invest in ICO's and even scams like Bitconnect as they do not want a job... to most the work keeps them from the earnings Steemit can bring.
Really agree with you Steemit cannot influence whole economy but i think people who are unemployed, in my opinion Steemit can prove really helpful and effective for them.
Stay Blessed.
All those guys who promoted bitconnect have lost their reputation big time. Even if they don't sued they'll have lost trust with their followers.
This is so sad..
Aren't these promoters risking prison too? Like if you pump and dump a stock in a chat room you risk prison. I only promote steem because you can do it with zero investment, it's the least scammy platform out there
To make big money requires risk but at the same time if part of the risk is that you could end up in debt then it's not as good of an option as for instance an ICO gamble where you could lose your money but at least you keep your reputation. If you lose as a promoter of a lending platform then everything could be lost, including money you earned outside of the lending platform if you get sued, including reputation, including jail as you mention.
Risk taking is necessary for people trying to get rich. Promoters in lending platforms took the biggest risk of all because their followers could turn against them. Promoters seemed to be in an enviable position and seemed to be making a lot of money but only if the platform is not a scam. If it's a scam everything is lost.
There is no one that dont like high reward and definitely you can't get it without a high risk. Just as bitcoin there are still alot that still buys bitcoin even with the news of its price fluctuation why because they belive it will rise in the future I am a believer too because i am an investor. So for those promotiing bitconnect its not really a bad idea aslong they have a futuristic goals.. thanks for this info its a thoughtful idea. 👌
I agree, high reward requires high risk. But other high reward high risk opportunities don't require putting your reputation and good name on the line. Lending platforms did require putting that at risk and that is outside all the legal risks.
How much is your reputation worth to you? Even if you could put a price and say $5 million or whatever, what good is that if you end up in court and lose that in a class action case?
Considering the fact that it is a very common name, both of his names are extremely common actually, I doubt it. On linked-in alone there are over 30 Brian Paige's who hold high positions in real companies.. Imagine how many foolish Brian Paige's, who are the same age as Crypto Nick, there are?
Great post either way! :P
How many Brian Paiges are involved with crypto?
i would say hundreds, like i said two very common names. Also according to this article he is just some random guy from Louisville, KY who was scammed by BC. https://bitcoinexchangeuk.com/blog/bitcoin-news/louisville-guy-sues-more-than-losses-in-bitcoin-expense-scheme/
Finally someone filing a lawsuit . I was wondering why everyone remained quiet . I am still bad when I see different news about it and I’m reminded of my loss every time. They deserve a lot worse to them
people who earn millions of dollars in high-risk high investment can not afford us. people who are trying to invest on a low budget tend to be very expensive for them. it will always be better to rely on low-risk investments to be guaranteed.