Is Bitcoin Method a Scam?
All the usual scammer signs are here:
- Hurry quick, only 27 spots available!
- Make money instantly with no knowledge or experience!
- Testimonials by people who don't seem to have made that much money
- As seen on CNN & Forbes
- Enter your name, email address and phone number to get started
- Deposit £250 to start making money
Yes, this is a boiler room scam! Currently seen residing at https://bitcoinmethod.club/ru/ and https://classoffresforyou.com/bmethod/?hitid=1
It is very similar to Bitcoin Rush, Brexit Millionaire and Immediate Edge, but there are a few subtle differences that we will talk about here. Firstly we shall begin with the site where this was first seen and the emails that were linking to it:
With the link: Get started right now pointing to https://app.senderbox.io/index.php/campaigns/ro148t703fef1/track-url/[string]
Which, in turn, takes clickers through to the classoffresforyou.com website, a hub for all the boiler room scams you will ever need and you can see all of the classoffersforyou.com scams on there.
What is the Bitcoin Method Site About?
Once you have arrived at the Bitcoin Method site, you will see the following:
The video is one of the first things that you will see and is very similar in theme to the other boiler room scam videos. The idea is the same as the others for a start. That anyone can get rich without any knowledge or skill and even without being lucky, they just need to sign-up, deposit £250 and press the auto-pilot button. It doesn't matter if you are a cab driver or a housewife, this app will make you thousands of pounds per day and you will never have to work again. It is nonsense:
Why Is The Bitcoin Method Impossible?
Well for the same reasons that the other boiler room scam scenarios are impossible. If you could make money by downloading an app and pressing a button, then money would be worthless. It would have no value because it took no effort to make it. It just fell into your lap and anyone else could do the same without any effort either, so why would they want your money when they could just get their own for free. Currency would collapse and we would all end up in a Feudalist state fighting for food. If it worked it would spell the end of the current banking system (not necessarily a bad thing) and there would be huge political changes to our nations and our lives. This is not likely to be the truth though, is it? It is much more likely that these pages are scam trying to defraud you and that the whole premise is just to make sure you know nothing about money, markets or the law before they try and rip you off.
How Does The Scam Work?
Pretty much the same way as any confidence trick - with confidence - yours to be exact. They build your confidence in their product by pretending it is associated with lots of parties that you already trust. For example:
This is not an announcement of partnership, this is an attempt to step over any boundaries you may have erected by associating this scam website with parties you trust that are already on the other side of any protective boundaries. it is an act of subterfuge, using the identities of associations you may trust in order to infiltrate your senses. it is one of the oldest tricks in the conman book.
Once they have your confidence then they will assault your senses with a barrage of lies that are just too good to be true. And that is because they are too good. They are the boiler room scam. As soon as you have entered your details and they are passed to the fake offshore scammer broker company and their partners, you are forwarded to a website that pertains to be a trader interface, and that is registered somewhere overseas.
Once They Have My Phone Number, What Happens?
Well the boiler room scam begins properly. The scammers get you on the phone and explain that the interface that you can see works in partnership with whichever false auto-trading nonsense got you to sign-up in the fist place. Quite often now they refer to the Bitcoin Rush style websites as campaigns, as if they are in some way legitimate advertising campaigns. Of course on the internet, it is completely unclear as to whose advertising standards you would ever have to adhere to, as the server they are advertising from is in a country that does not officially understand the language in the advert.
Once they have convinced you that you really are going to use Bitcoin Code and your trades will nearly always win, they will start showing you various trades that you are taking part in. These trades are fake. Your $250 USD is long gone. You will never see that money again, even if you get a refund from the bank. The scammers have that money for good.
How Do They Get My Money?
What is happening at this stage of the scam is that they are building your confidence in the trading system by using the idea that your $250 USD is making lots of money, so just imagine what $30k USD will make. That is the scam, to get you to invest your savings and then to disappear.
As soon as they have a serious sum of money from you, and they are sure you will invest no more, they will start to move on to the next scam. You will think you are still trading, looking at a screen with your money available for withdrawal, but if you try, the system or your contacts will tell you that you need to provide written authorisation and photo IDs, even though none of this was required for investing.
As time goes by, phone numbers will cease to function, emails will bounce back, and eventually, websites will stop working. The scam has moved on. They have redesigned the front page with a few new colours, and changed the domain name by now. The scam is being used from a different website with a different name now. They will have changed the registered company name to one of many they have in Cyprus, Belize, or St Vincent's and the Grenadines. The scam is complete.
Now you can try and get your money back from the bank, or pay some overseas recovery company a fortune to do the same job. We advise trying yourself rather than asking anyone overseas to try and contact your bank.
VERDICT: BITCOIN METHOD IS A SCAM!!!
Do not give them any details or money!