Aussie influencers called out Ivan On Tech for taking money to promote an alleged crypto scam, but other YouTubers continue to run ads for it.
High profile YouTuber Ivan on Tech has deleted videos promoting Bitsonar after he was called out online by Aussie influencers.
But other YouTubers including Altcoin Daily are still running videos promoting the scheme.
Micky has no direct evidence that Bitsonar is a crypto scam and opinion is divided, however Altcoin Daily showed a screenshot from Bitsonar promising a minimum 12% profit per 30 days.
Alex Saunders, the man behind Nuggets News, tweeted on November 30 that it was:
“Incredibly disappointing to see a great Youtuber like @AltcoinDailyio promote a guaranteed 12% per month & 5/10% referral program.
“How many times do I have to say it. Anything with high monthly returns & an affiliate program is a pyramid scheme!”
Incredibly disappointing to see a great Youtuber like @AltcoinDailyio promote a guaranteed 12% per month & 5/10% referral program. How many times do I have to say it. Anything with high monthly returns & an affiliate program is a pyramid scheme! https://t.co/ftagDO2zkp
— Alex Saunders (@AlexSaundersAU) November 29, 2019
Sounds like the Bitconnect crypto scam
Saunders told Micky he couldn’t be “100% certain” that Bitsonar was a crypto scam but it has echoes of Bitconnect and OneCoin.
“I kind of doubted myself about Bitconnect and I said I’ll never doubt myself again.
“Over the years there’s been half a dozen to a dozen of these and every time it’s the exact same formula.
“I’m actually doing a video about it this week explaining it all on a whiteboard about why they’re scams and mathematically how they’re guaranteed to collapse.”
What is Bitsonar?
Bitsonar claims to be the first ‘quantum cryptocurrency’ – which is unusual given that quantum computers don’t actually exist yet.
The site said its trading bot can predict markets with mathematical precision and has made 13% monthly returns.
Pyramid schemes typically offer very high rates of return which are paid out to early members of the scheme from the subsequent ‘investments’ of people later recruited to the scheme.
Brad Laurie AKA Blockchain Brad has been very vocal about influencers shilling crypto schemes for profit and took the fight to Ivan ON Tech.
Ivan On Tech has 210,000 subscribers to his YouTube channel.
In a series of tweets yesterday Laurie posted a list of 16 influencers he alleged were taking up to $5900 to promote Bitsonar.
“I wonder how long it will take for IvanOnTech to delete his Bitsonar promo videos (there are two) just like he did with Sparkster?
“If you stuff up, own it. Some in this list will, some won’t.. We know from Ivan’s history, he just ignores it.. He is an untouchable #crypto celebrity after all.”
This morning Laurie provided screenshots of the deleted videos.
Micky has contacted Ivan On Tech to get his side of the story and we’ll update this story if he responds.
This is NOT a malicious attack on Ivan (some BS artist #crypto influencers will do their best to play that card). This is about putting the people first before alliances, crypto comrades &, importantly, before personal gain. This is about raising the red flag HIGH for all to see.
— Brad Laurie (@Brad_Laurie) December 1, 2019
Laurie does some investigating
Laurie said that one of the red flags for him about Bitsonar is the “MLM (multi level marketing), pyramid-scheme incentive structure.
“In Bitsonar’s Referral system, VIP and Partners receive 65% from tier 10 or 10th line of investors. Incentives rewards the VIPs and Partners are far greater than anyone else and the whole sustainability of this model must be questioned, not to mention motives of the founders.”
“A further red flag was the exorbitant exit fees should you decide to withdraw from the packages. It is very high, 30% initially …
“I also felt that a lot of the technical explanations about their algorithms and core functions were quite nebulous, as if padding their website and content.”
“I undertook some research into who else was involved in promoting Bitsonar, and as a result I tabled a list of influencers.
“FUDTV, Chico Crypto, MMCrypto were some who were clearly paid to promote Bitsonar for a fee. Both FUDTV and Chico provided detailed disclosures, which is important to note.”
Is Bitsonar a crypto scam or not? User reviews on TrustPilot
There are two reviews of Bitsonar on TrustPilot. One user gave it four stars and said it was ‘reassuringly expensive to participate’ and had reliably produced returns of 10-11% per month.
“You are forced to take funds out when you reach your paid level so it separates itself from a ponzi type set up,” he wrote.
“Do I trust the site? Yes, I am super paranoid but it has won me over.”
However another user gave it 1 star and said: “Pay careful attention: a trading bot does not need for you to make a deposit”.