Gain Bitcoin, long thought to have been one of just a number of MLM underbelly cryptocurrency projects destined for the pump-and-dump dustbin of history, recently collapsed. In its wake comes a new “opportunity,” MCAP.
MCAP had already been part of the Gain Bitcoin infrastructure. The original scheme saw investors receiving a 10% monthly ROI for depositing their bitcoin into the company; that ROI was paid in MCAP.
Taking a valued currency like bitcoin and then providing an ROI in an unproven altcoin like MCAP is a common strategy among crypto scams. This way, the company gets to keep all the actual value from deposits and need only dispense a proprietary altcoin that really isn’t worth anything outside the closed-loop ecosystem.
Unsurprisingly, the public value of MCAP has plummeted – down to less than $0.29, from a previous high of $10 – as recruitment for Gain Bitcoin dwindled. With investors desperate to cut their losses deposits have been pulled, leading to the inevitable collapse of the entire system.
Just Another Day At The Races
This isn’t anything special or even noteworthy. Bitcoin investment schemes, HYIPs, and other scams crash and burn all the time. What is important to understand, however, is that Gain Bitcoin has already rebooted by launching a series of ethereum mining contract packages. A noble effort, but ultimately one that doesn’t seem to be providing much traction to the company’s swift descent into obscurity.
So what’s happening with all that extra MCAP that Gain Bitcoin premined? Well it’s being dumped off on all active affiliates to pay off any outstanding commissions and ROI payments owed to them. At least that’s what affiliates were told at a November 9th event held in Dubai.
Amit Bhardwaj, Gain Bitcoin’s owner and CEO, said that the payout is on schedule to be done by January of 2018. At that point, the entire company is set to be rebooted. Unfortunately, the most likely side-effect of offloading MCAP in such massive quantities is that its valuation is likely to tank even more. Who’s going to want a cryptocurrency that is no longer linked to any sort of value? With Gain Bitcoin going the way of the dodo, there will be no audience for buyers or sellers of MCAP.
MCAP’s value is likely to dwindle to fractions of a decimal point by January. At the same time, the Gain Bitcoin reboot will be not just tied to “increased bitcoin mining” but remain tethered to the near-worthless cryptocurrency. As is common with the majority of bitcoin investment scams, there’s never been any verifiable evidence presented by Bhardwaj that Gain Bitcoin engages in any legitimate bitcoin mining of any kind.
Affiliate Radio Silence
Meanwhile, thanks to Gain Bitcoin’s draconian social media rules, finding legitimate feedback from existing affiliates has been sparse. This is likely stemming from the company’s threat against anyone “defaming” Gain Bitcoin on social media, declaring that affiliates caught bad-mouthing the company would have their accounts shut down.
Meanwhile, all that bitcoin that affiliates sunk into Gain Bitcoin didn’t just get up and walk off on its own. The big winner here has always been Bhardwaj. He, and perhaps a handful of early adopters, reaped the rewards and got out early. Rebooting the company is just resetting the tally and providing avenues for Bhardwaj to scam even more money off affiliates, albeit from a smaller number of investors – only the most dedicated or desperate will stick with Gain Bitcoin through its reboot.
Will MCAP ever recover and provide value to investors? Unlikely in the extreme. Instead, the new rebooted Gain Bitcoin will simply flame out – and probably sooner rather than later.
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