So there's this guy, Joerg Molt, who's one of several people claiming to be Satoshi Nakamoto. He's still running what looks like a Ponzi scheme from 2017, and it seems he's tricking seniors with this so-called "Bitcoin Pension" plan.
Since he kicked off this scheme, he's ripped off around 7,000 folks for at least 0.1 Bitcoin (BTC) each. If you do the math at current prices, that's about 700 BTC, which is more than $6 million. But a 2018 video suggests it could actually be as high as $25.8 million.
Check it out here for the full scoop.
This is just awful. He's tarnishing the name of the real Satoshi Nakamoto (definitely not Faketoshi Craig Wright) to pull off this "Bitcoin Ponzi" pension thing.
It's kinda like other Ponzi schemes I've seen back in the Philippines. I don't know how these guys do it, but scammers are always coming up with new tricks. It's tough to put a stop to this because of how creative they can be.
What do you all think about this? Would love to hear your thoughts. Cheers!
Senior citizen who may not have clear understanding of what is bitcoin and their habit of saving money for their retirement plan used by this fake satoshi to scam people,they atleast might done a simple research about the scheme is real or scam could save them but its just the lesson and should be completely avoided in future,for that teach things to people as much as you can about ponzi schemes and bitcoin is not a quick rich scheme.
The blame for me is to the senior citizens who didn't invest in what they have a perfect understanding on and thereby lose their life savings and what they could have used as a source of income now they are out of job. Its actually further unfortunate that people in their quest to make money don't know that there are place that are not supposed to be touched no matter how greedy you have become and one of those is the Senior Citizens who have worked in all their younger years and its time to sit back and enjoy their labor only to be scammed by one youth guy in his prime wanting to impress the people in the society and not ready to work for it. We can only hope the perpetrators are brought to book to answer for their actions.
I don't care how old you are, if you're informed enough to own Bitcoin then it should be clear there is absolutely no safe way of earning interest from it, let alone a 20x return.
At least he has the gumption to add a time frame that gives him enough breathing room to correctly plan his 'death' in India.
Satoshi's reputation is as unmarked as ever.
It is really sad to see that the name Satoshi Nakamoto is used by all the scammers around the world to lure people into thinking that he is the creator and scamming people to invest into all the shitty concepts and who knows who are taking that alias and scamming people world wide, bitcoin has created a monster and Satoshi the villain for all the people who lost money and it is sad to see these things are happening and i wonder why they are under custody for impersonation and scam.
Senior citizens arent really that serious on knowing on whose satoshi is but rather they would be most likely be interested into the returns that they can possible earn by investing their retirement plan and as we all know that if we do talk about Ponzi then it always tied up with too good to be true offers which would easily sparked or hooked up easily into those elderly's interest.So im not really surprised that they do easily get victimized and its really a sad story to hear up yet we know how these senior citizens does need up those funds on monthly basis for their maintenance or into its living.
Was this the result of incompetence of law enforcement agencies? Why has this fraud been allowed to thrive and victimize the elderly and take advantage of their naivety?
I was surprised how come these senior citizens didn't consult anybody or why hasn't no one has ever warned them about the pitfalls of these ponzi schemes?
If I'm not mistaken, I suspect one of the reasons why these seniors citizens have been victimized is that they were likely have no one to talk to or consult before making such investment not event their closest family member who could have adviced or warned them about this fraud. Maybe they were leaving alone or far away from their children which could often be the case or there must have been a communication gap between members of the family. Imho.
Sadly there is nothing we can do to literally stop scammers from planning, creating, promoting and making big money from scams. But we can hopefully educate more people that when something is too good to be true then it is not usually true. Usually the biggest problem is that a great number of people can easily be victimized by these scams because these are appealing to our big sense of greed. We all wanted money and we are always on the lookout for a good opportunity to earn money especially with a program that promises us to be rich even if we are literally doing nothing or just invest and then earn. I am sure this is the same thing that victimized many people right there in the Philippines.
As to Joerg Molt, he must be a literal thick-faced guy to be come up with a good sounding program just to victimize many retired people who are already at the end of the line and who are very receptive with a good opportunity that can possibly extend more their savings and regular income from pensions. And he has the gall to call it as a Bitcoin Pension when it has nothing to do with Bitcoin whatsoever and it is not a pension plan but rather a plan leading to the road of hell.
People like this guy should be rotting in jail for the rest of their lives...
This yet again paints another bad image for bitcoin even though it is not directly responsible for such. People who capitalize on the fact that no one really stepped up to introduce themselves as the genuine Satoshi and come up with some evidence are the kind of person that destroys the image of bitcoin for the unknowing victims of their schemes. If Jorg Molt really runs a ponzi scheme, I'm pretty sure he'd be brought into questioning by their local enforcement offices, and if not then we know for sure that something happened under the table already. Who would have the guts nor the mind to deceive old, retired people off their pensions in order to make themselves rich?
Impersonators of Satoshi Nakamoto who are doing the ponzi scheme to scam innocent people should be put in jail indeed and not allowing them to give a bail so they can't victimize again. It so sad to know this time the target was senior citizens and we know that elders don't have any more the ability to understand very well of complicated things. They should prevent investments at their age if they are only depending on their pensions, they can't afford it if they lose it.
Just by claiming that he is Satoshi Nakamoto running a pension fund is a clear indication that this is a scam. Nakamoto himself built Bitcoin as a P2P payment solution and he won't make his creation as some kind of investment for senior citizens. Even if you compare traditional pensions out there a .1 BTC to 2 BTC payout is something they couldn't do as there wouldn't be no money to be made with that kind of rate. This kind of scam is really a bad introduction especially for their elderly as they are being fooled by this type of get easy money type of scheme. The crazy thing about this scam is even if Molt has been named running the operations I don't see any news about the authorities taking any kind of action onto a clear scam like this.
Ok, so he was exposed as a fraudulent individual, I mean him posting pictures with Andreas Antonopoulos just 'trying' to look legit? Lol, at least now we really know his personality and do hope that people will stop believing this guy. I feel bad for those who have been scammed by him, by I know karma will catch sooner or later.
I am not very much familiar with this new fake Satoshi although I encountered one thread about him here, I Google him and there's a lot of articles that come out about this idiot and this is one of this https://beincrypto.com/a-new-fake-satoshi-appears-claims-to-be-the-co-founder-of-bitcoin/.
He should be stopped and prosecuted if he really is scamming people, so many people have now come out claiming to be Nakamoto to introduce new coins or project and this will put a bad light in Cryptocurrency, of course, he is paying this press people to interview him and put him in a good standing, their target are newbies who do not know the real story behind the real Nakamoto.
The article is using a misleading subject line. Associating Satoshi's name with ponzi scheme is not at all acceptable and we should flag such articles instead of promoting it!
Ponzi scams was an industry before, operating in the name of HYIP. Since the regulatory forces started cracking down on such scams, they were quick to adopt new technologies like cryptos and cleaverly disguised their scams to look like a crypto associated business! That has been going on since the inception of the concept called ICO! Educating people is the best chance to avoid such scams. Such things will keep on coming to the market!
Well no matter how educated you are but things arent already included on the scope of your knowledge will simply put you into these scenarios.
This is why scammers would target out those old people due for that kind of reason plus adding up the sweetwords to have a too good to be true returns
on a short span of time and they do easily believe on such lie.
In result on these kind of news where it do really add up negativity towards crypto/Bitcoin as a whole.
I feel sad when I hear the elderly become victims of scammers. There should be legal action for scammers who have done of making a loss to seniors. And this case has made the image of bitcoin worse.
Scammers are not new and if you are not careful where you are investing your money and not thinking about what assets your are procuring thinking only about profit you will end up in a big fat scam, every scam should be brought to justice and not just justice for seniors, these events have not brought any negative images but the exchange hacks throughout the history of this market have brought more damage than anything else.
I don't think that it's as bad as you think in terms of the negatives that it would bring in terms of bitcoin's reputation. Satoshi's name has been gradually detached from BTC over the past few years anyhow.
Plus, anyone reasonable will know that this scam has nothing to do with BTC or Satoshi.
It would be nice to see some sort of legal repercussion being thrown at him. Especially with how ruthless he seems to be with being comfortable with attending public events, there has bound to be some day where he gets arrested for his wrongdoings.
There are different reasons why someone would try Ponzi Schemes, and The most common interest is profit. It turns us, humans, into greedy creatures. I'm just aware that there are a lot of people who want the EASY money and EASY profit. Thats why some people have kept on falling into these types of scams.
The most important thing to consider with this is the reputation of Bitcoin itself. It is surrounded by all the people who are taking advantage of the pseudo-anonymity of BTC. What I don't like is how they take advantage of senior citizens' pension and possibly scamming them more.
There's nothing we could do, but to inform others Of the possible scam approach of it, it is disguised as a multi-level marketing style and all those types to the ones we care about. Ignore and move on.
This guy is really something isn't he, he's really starting to rub me the wrong way? People like this should be ousted but instead not enough light is shed to satop these criminals from scamming the ordinary average person who is ignorant of Bitcoin. there has been a numerous amount of opportunist like Craig Wright, Joerg Molt, and that one goofy looking Indian chap that had no idea what he was talking about. I am sure the list will continue to grow over the years.