The Bitcoin Prime Story
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How Did Bitcoin Prime Begin?
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A few years ago, back when the intelligence community was winding down many of its cold war operations, many people who had been used to high living were beginning to find that their highly accomplished skill set was no longer such a valued commodity. Yes there was work, but it wasn't the glitzy centre of attention kind of status to which they had developed such a keen taste. They needed something new, something that took money from the West, but that wouldn't ruffle the feathers of the post Bush CIA that were now concentrated on the Middle East.
Computer fraud was always going to be appealing. Many of the Russian tech contacts floating around the FSB were way beyond most of the people in the commercial world and the intelligence crew didn't suffer much from empathy or worry as they were generally picked for their psychopathic tendencies anyway. They just needed a product that would lure in people who were vulnerable.
Why Choose Bitcoin as a Scam?
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At first they used fake trader bots. These were easily developed and sold on to many other ex-intelligence agents or organised crime people around the world, even in the UK. Many of the agents in the Cold War had been Hungarian or Russian language specialists and in the new world, if they couldn't pass for mujāhidīn, they weren't much use anymore. The criminals just thought it was a great way of taking money without doing much, plus they tended to draw the police away from the more discrete scammers.
The scam had to evolve and there was a product in the news that everyone was talking about - Bitcoin. The Bitcoin news stories were obviously a pre-cursor to electronic currency. They had been planning it for some time and wanted to start planting the idea in the minds of the populous. How much easier it would be if tax was automatic and no one had to worry about crime anymore. Of course what they didn't mention was that it would represent complete control of the world being handed over to the Rothschild family and their central banking dynasty. The scammers didn't care about any of that though, all they could see was that the news stories represented something, an opportunity. An opportunity to associate their scam with an idea that people were uncertain of, but one that they had been spoon fed into believing that could make people rich.
What is Bitcoin Prime?
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It is merely a brand name for something that does not exist. It is a complex and highly refined and integrated fraud. It is a set of tricks designed to steal money and make people believe that they lost it fair and square. It is a pathway to a website that shows a trading software that makes people believe that they are trading when they are not.
The software was simple to produce, it was simply an on-line constructed experience used to defraud. The customer would deposit funds which would then appear to increase in balance, encouraging the customer to deposit more. Then the balance would increase more (controlled by their broker who was really just a con-artist) in case they had more to deposit. As soon as they began to enquire about withdrawal, they would be told that there was a 48 hour period to withdrawal, in which time the trader bot would suddenly make repeated bad trades until their balance was nothing.
All this was great - they ex-intelligence people were making a fortune - but there was an issue. Interpol and other international groups were being pestered by the public to find these people and return their money. For a while this wasn't really considered a problem. After all, these were ex-intelligence staff, remaining untraceable was what these people did for a living, so Interpol were not much of a threat.
As time went by though, the FBI started knocking on doors and, although they could avoid the FBI too, it was getting more and more like hard work and was driving up costs.
How do CFDs fit in ?
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Then fortune smiled on them again. In countries like the UK and Cyprus, they started to allow CFD (similar to spread-betting in many ways) on share prices and ForEx values. This was a highly dangerous form of what was considered trading by UK law, even though it is just betting on prices. This opened a door for the intelligence crew. This was legal. They already had all of the material with which to recruit gullible novice customers down on their luck, they still had all of the 'magic robot always wins every trade' nonsense ready to go, videos and all! All they had to do was use that same sales garbage to recruit people for ForEx spread-betting, and there was nothing Interpol could do. As long as it gave a warning about CFD (contracts for differences) spread betting at the bottom of the site, they could hide behind these feeble laws to remain untouchable. The FBI/Interpol crew wouldn't even bother with them any more because there was no charge to bring.
And that is how we have wound up with ridiculous websites like Bitcoin Prime pretending to be trader robots when they just sell spread-betting. They act as affiliates to these trading houses run offshore that keep all the money that these novices lose. They don't need to defraud illegally anymore, they just use spread-betting!
What they promise is making no sense:
- Autotrader bots that return a constant profit are technically a long way away from being available to the public.
- Bitcoin is not a suitable commodity to use robot traders on.
- MT4 and MT5 do not trade cryptocurrency so the bots cannot trade Bitcoin.
Why Should we Always be Wary of 'Trading Platforms'?
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Being wary of trading platforms is essential due to the potential risks associated with financial trading and the presence of unscrupulous entities in the industry. Here are some reasons why caution is advised:
- Financial Risk: Trading in itself is inherently risky. Markets can be volatile, and there's always the potential for significant financial losses.
- Scams and Frauds: The trading industry, especially online platforms, has seen its share of scams and fraudulent schemes. These can range from Ponzi schemes to fake trading platforms that disappear with users' funds.
- Misleading Marketing: Some platforms use aggressive marketing tactics, promising high returns with low risk. Such claims are often unrealistic and can lure inexperienced traders into making poor decisions.
- Lack of Regulation: While many trading platforms operate under financial regulatory bodies, others might operate in regulatory gray areas or in jurisdictions with lax oversight. Platforms that aren't regulated might not adhere to best practices, putting users at risk.
- Complex Financial Instruments: Some trading platforms offer complex financial products, like derivatives or leveraged trades, which might not be suitable for all investors, especially those without the necessary knowledge or experience.
- Hidden Fees: Some platforms might have hidden fees or charges that aren't immediately apparent. This can eat into a trader's profits or even lead to losses.
- Platform Security: Cybersecurity is a significant concern. Platforms that don't invest in robust security measures can be vulnerable to hacks, potentially leading to the loss of user funds.
- Data Privacy: Trading platforms handle sensitive user data, including personal information and financial details. Platforms with inadequate data protection measures expose users to identity theft and other forms of fraud.
- Lack of Transparency: Not all platforms provide clear information about their operations, ownership, or financial health. This lack of transparency can be a red flag.
- Conflicts of Interest: Some platforms might not act in the best interest of their users. For instance, a platform might promote certain financial products because they earn higher commissions on them, even if they aren't suitable for the trader.
- Liquidity Issues: In some cases, traders might face challenges withdrawing their funds from a platform, either due to platform-imposed restrictions, liquidity issues, or other operational challenges.
Given these potential risks, it's crucial for anyone considering trading to:
- Conduct thorough research before choosing a platform.
- Start with a demo account to understand the platform's features without risking real money.
- Stay updated with industry news to be aware of any red flags or issues related to specific platforms.
- Consider seeking advice from financial professionals or experts in the trading industry.
Are a lot of Similar Reviews of these Trading Platforms a Potential Sign of a Scam?
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Yes, encountering a lot of similar or identical reviews for trading platforms can be a potential red flag. Here's why:
- Fake Reviews: Scammers or unscrupulous platform operators may generate fake reviews to create an illusion of credibility and trustworthiness. These reviews might be posted by bots or paid individuals, leading to a large number of similar or even identical testimonials.
- Manipulation of Perception: A barrage of positive reviews might be an attempt to drown out genuine negative feedback or concerns raised by real users. By overwhelming review sites or forums with positive comments, scammers can manipulate the perceived reputation of the platform.
- Lack of Detailed Feedback: Genuine reviews often contain specific details about the user's experience, both positive and negative. On the other hand, fake reviews might be vague, overly enthusiastic, and lack substantial details.
- Review Patterns: If many reviews are posted around the same time or use similar language, phrasing, or tone, it might indicate a coordinated effort to manipulate public perception.
- Reputable Review Sites: While many review platforms attempt to filter out fake reviews, not all are successful. It's essential to consider the reputation of the review site itself. Platforms with stringent verification processes are less likely to host fake reviews.
- Response to Negative Reviews: Pay attention to how the platform responds to negative feedback. Genuine platforms will often address concerns professionally, while questionable platforms might ignore them or respond aggressively.
- Cross-Check Across Multiple Platforms: Don't rely on reviews from a single source. Check multiple review sites, forums, social media, and other platforms to get a comprehensive understanding of user feedback.
- Gut Feeling: Sometimes, an overwhelming number of positive reviews that seem too good to be true might trigger a gut feeling of skepticism. Trusting your instincts, combined with thorough research, can help in making informed decisions.
While similar reviews can be a warning sign, it's essential to consider them as part of a broader evaluation. Always conduct thorough research, understand the risks involved, and consider seeking advice from financial professionals before engaging with any trading platform.
Who Created Bitcoin Prime?
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As we can see from the site above, people are asking who created Bitcoin Prime, but they do not seem to be able to draw any sensible conclusions from it. The above article (affiliate post) from Techbullion.com explains that there is not about us page or any details of location, company or personnel, but then simply gives you a link to a site where you can supposedly sign-up with this impossible, ridiculous app. They have links to this app sign-up page all the way through their post, repeatedly attempting to cajole people into signing-up. This is because they are affiliates of the boiler room scammers and are out to take a piece of the fraudulently obtained rewards.
REVIEW VERDICT: BITCOIN PRIME IS A SCAM!!
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Here is their latest sales funnel, you can see the Bitcoin Prime Scam copied here: