Too good to be true: Gus Cosio sees shades of Ponzi scheme as hype for bitcoin investment grows | Bilyonaryo Business News
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Too good to be true: Gus Cosio sees shades of Ponzi scheme as hype for bitcoin investment grows

MRC Allied president and CEO Augusto “Gus” Cosio is uneasy over the sudden hype for bitcoin investments, which has attracted a troll farm-like following online.

MRC Allied president and CEO Augusto “Gus” Cosio is uneasy over the sudden hype for bitcoin investments, which has attracted a troll farm-like following online.

The former fund manager has taken notice of spam posts and comments enticing more people to get into the virtual currencies through template responses hoping to lure more people to place their bets.

“There’s a lot of bitcoin promoters online. Since the only way to earn on bitcoin is when the price goes up, I wonder why promoting it is so aggressive,” he tweeted.

“Perhaps, those early buyers want new players to come in so they can dump positions on them. Can bitcoin really touch the sky?” he asked.

Comments to Cosio’s tweet mentioned the Ponzi scheme, an investing scam where investors cash in by recruiting new members who are lured to invest by the promise of hefty returns.

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