We’re in the process of updating this site to reflect yet another SCAM in the Passive Income universe: Chain.group.
A couple Twitter folks alerted us to this fact, but we remained optimistic…until this morning, when we were unable to withdraw anything from our small investment account.
Why Chain.Group Is A Scam
Remember a couple of the mantras that we’re sharing here: “DYOR,” (“Do Your Own Research”) and also be vary wary of any site that doesn’t communicate very well. We saw these signs with past scams like Control Finance, Bithaul, Ambis, and Bitpetite.
Poor use of English is one bad sign; disappearing off of Twitter abruptly is another.
Also, be very careful of any site that promises exorbitant returns: even 1% a day sounds like a ton in the grand scheme, as you’ll double your initial stake (if it’s a “compounding” program) in no time flat.
Anyway, our most recent withdrawal was “processed” but nothing has happened. There’s no confirmation on the blockchain of anything taking place. They have our investment – only about $60, but they’ve got it and we’re not getting it back.
And Then There Were Two…
So we’re now left with just two of these programs that we think MIGHT be worth our time. One is USI-Tech and that’s our REFERRAL LINK over there; we are brand new to it and we’ll see where it takes us. (We give this one a decent chance of maybe making it – mostly because the technology grew up in trading around forex, and that means there’s at least a built-in user base that’s committed to keeping things alive.)
The other one is Bitconnect. We have a REFERRAL LINK and we do still recommend it; however, since we have been bitten by more of these programs than we’d like, we began the process a few weeks back of cashing out at every possible instance. Interest payments are first rolled over into the Bitconnect coin, then transferred into Bitcoin, then withdrawn into a wallet.
Transaction fees being what they are, we’re waiting until we’ve got bigger chunks to move over – $50 or $75 makes more sense than taking $10 each time and watching almost half of it get absorbed by transaction fees.
Risk Management Wins
We will keep managing our risks the best way we know how – through a whole bunch of diversification, and not having too much exposure to any one coin or token, or any one type of investment.
But, unfortunately, we have to add Chain.group to the SCAM list.
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