15 Aug '12, 10pm

Adrianne Jeffries - The Bernie Madoffs of Bitcoin? #bitcoin

Adrianne Jeffries - The Bernie Madoffs of Bitcoin? Adrianne Jeffries (@ADRJeffries ) is with a new online news media site but continues to provide excellent reporting on Bitcoin topics. In her post today she covers the rise of the high yield investment programs (HYIPs) that have plagued Bitcoin of late. Excerpts: “The number of HYIPs posted in the ‘Lending’ section of the Bitcoin Forum offering north of six percent is increasing. But suspicion is growing that these HYIPs may be nothing more than good old pyramid schemes, in which the money from new recruits is used to pay the earlier investors.” - “[Professional poker player Bryan Micon] posted a list of HYIPs he had identified as scams, igniting a debate that became a 40-page long thread on bitcointalk.org, the Bitcoin forum that serves as the community’s hub.” - “Bitcoin Savings & Trust (BS&T), an invite-only operation r...

Full article: http://www.bitcoinnews.com/post/29501739077/adrjeffries-h...

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