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Apr 23, 2015. As a p2p digital cash system, bitcoin has some unique features which make it particularly attractive to scammers. The irreversibility and pseudo-annonymity of transactions are particularly inciting to nefarious actors. The technology is still very new. So regulation, consumer protection, best business practice.
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This is because the subscription fee was increased to 0.1 bitcoins in October 2015. With the weakening rand and the skyrocketing prices of bitcoins, the subcription amount for Kipi increased from R 300 to R 900 per member per annum. The implications were huge, as we all know, pyramid schemes rely on continuously.
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South Africa has had its fair share of schemes that promise quick returns to the first investor from money invested by later investors such as in Kipi and MMM. ‘Success’ stories of how much money existing members have made.
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The Kipi Community is there to make sure that your Kipi Dreams come true.
Aug 7, 2015. Due to Bitcoins decentralized, open and free nature. More and more scammers are turning to Bitcoin as their preferred payment method. New Ponzi schemes are currently making the rounds in South Africa. The two biggest known HYIP type investment scams at the moment in South Africa are Kipi.
Nov 11, 2015. One of the conditions for becoming a KIPI member is that you must pay your Kipi Bitcoins subscription fee of 0.1 btc once a year. Converted into South African Rand values, and depending on the Bitcoin price, the annual subscription fee can cost you as little as R 400 if you have your own Bitcoin wallet.
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KIPI MYDEPOSIT241 was the largest and longest running online pyramid scheme in South Africa. It was very successful in using clever marketing tactics to sell
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