"Transactions in Bitcoin will be exempt from capital gains tax, and foreigners investing three Bitcoins in the country (about $120,000) will be granted residency."
I’m sure your discussion will happen. Not sure what you have invested in will become in any way mainstream; if a country wants to use crypto as currency then it can create its own coin.
I got offered this last week and went through all the research to see if it's got legs or not. The scheme has two parts, first part is a 3x return on your 'membership' over 600 days. E.g. if you join with £1,000, you will get a return of £3,000 paid (using their token) into your Hyperfund account at a rate of £5 per day. You can 'rebuy' with your returns, which has a compounding effect on the daily payout. However, you cannot withdraw your initial investment, you have to wait the 600 days to get the full amount. At present, they're using the MOF token to payout *shitcoin alert*.drcarlos wrote: ↑Thu Jun 24, 2021 11:47 am I was chatting to a friend at the weekend who has invested in something called Hyperfund which looks to trade these low value coins.
He's already got back his original investment having pulled it out via a crypto exchange but what would concern me is that he has introduced others (some investing quite heavily) to the scheme, thereby earning him better rewards.
When I looked, it seemed like nothing more than a ponzi scheme and although he is earning I guess he could be in for a shock when it inevitably implodes.
I told another friend who he'd recruited that he should pull out his original investment ASAP and not recruit anyone into the scheme, anymore advice or am I on the wrong track?
I think it had a warning posted from the FCA in March.
that I had to laugh. It's full of people who have a low knowledge level on crypto, but have heard crypto is the next BIG THING so want to jump on the bandwagon. They kept saying "It's not a Ponzi scheme, just trust your heart" and also warning that the returns would reduce to 2x soon, so best to buy-in now. The returns sound incredible, so people sign up, and for those who get on board early, it probably is amazing. However, it's inevitable that the rug will get pulled, we just need to wait and see whether that's this week, or next year. The 600 day lock-in means that the organisers can time the rugpull perfectly, without worrying about members exiting the scheme.I spent some time in El Salvdor in 2018/19 and the Bitcoin experiment is laughable, clearly aimed at serving certain powerful people in the country rather than the populace, for example The World Bank estimates that only about 35% of El Salvadoreans use the internet. What's the point in adopting crypto when more basic digital access isn't always commonly available. Also there's no way I'd want to carry a hardware wallet with any value as a gringo in El Salvador, it's the only country I've visited where the hotel owner advised against carrying a mobile phone at all. I've commonly been told to be careful using phones in public in places like Colombia etc, however, this guy said that you should only carry what you are happy lose to in a robbery.Sundayjumper wrote: ↑Wed Sep 08, 2021 9:22 am Re: El Salvador...
"Transactions in Bitcoin will be exempt from capital gains tax, and foreigners investing three Bitcoins in the country (about $120,000) will be granted residency."
Oh, that sounds legit, and totally not open to abuse and fraud. Many legitimate businessmen will be very happy.
I'm staying well away. Hoping they don't lose much or end up in clink if they've made a load off referrals and it collapses.Gavster wrote: ↑Wed Sep 15, 2021 12:56 pmI got offered this last week and went through all the research to see if it's got legs or not. The scheme has two parts, first part is a 3x return on your 'membership' over 600 days. E.g. if you join with £1,000, you will get a return of £3,000 paid (using their token) into your Hyperfund account at a rate of £5 per day. You can 'rebuy' with your returns, which has a compounding effect on the daily payout. However, you cannot withdraw your initial investment, you have to wait the 600 days to get the full amount. At present, they're using the MOF token to payout *shitcoin alert*.drcarlos wrote: ↑Thu Jun 24, 2021 11:47 am I was chatting to a friend at the weekend who has invested in something called Hyperfund which looks to trade these low value coins.
He's already got back his original investment having pulled it out via a crypto exchange but what would concern me is that he has introduced others (some investing quite heavily) to the scheme, thereby earning him better rewards.
When I looked, it seemed like nothing more than a ponzi scheme and although he is earning I guess he could be in for a shock when it inevitably implodes.
I told another friend who he'd recruited that he should pull out his original investment ASAP and not recruit anyone into the scheme, anymore advice or am I on the wrong track?
I think it had a warning posted from the FCA in March.
The second part of the sceme is pure pyramid sales, if you invest £1,000 using a friend's referral code, the friend gets 20% commission and there's a trickle down commission too, where the original person gets a small % of the following referrals which the new member makes.
There were sooo manythat I had to laugh. It's full of people who have a low knowledge level on crypto, but have heard crypto is the next BIG THING so want to jump on the bandwagon. They kept saying "It's not a Ponzi scheme, just trust your heart" and also warning that the returns would reduce to 2x soon, so best to buy-in now. The returns sound incredible, so people sign up, and for those who get on board early, it probably is amazing. However, it's inevitable that the rug will get pulled, we just need to wait and see whether that's this week, or next year. The 600 day lock-in means that the organisers can time the rugpull perfectly, without worrying about members exiting the scheme.
The way I see it is that I refuse to sell MLM to friends/family and that a 3x return on a crypto investment over 20 months is nothing spectacular, for example, my ADA/ETH/AVAX positions have all gone at least 2x in 6 months and I can sell those whenever I want.
Hyperfund is simply sketch af.
It's not just El Salvadoreans. My wife asked me to get some 'English Sauce' from the shop last week, and it took a long time to work out WTF she was talking about. She was amazed I hadn't heard it called that before.
