There are weird and wacky paths we can follow to discover new and exciting crypto opportunities. One morning logging into my phone using face recognition I tapped the Instagram icon and saw I had two more likes on a recent post (www.instagram.com/blackdragonmeditationseats).

There was also a like on a post I created a few months earlier. The post was of a large hand with the index finger pointing with the message ‘the adventure continues this way’. I’d taken the photo at the Wonderland world premiere interactive exhibition at Australia’s Centre for the Moving Image in Melbourne. The Wonderland premiere is based on the story by Lewis Carroll of a young girl who falls down a rabbit hole and enters a magical world known as Alice In Wonderland.

I clicked the page of the person who liked my Insta post and found myself on their Instagram page. It wasn’t long before I sensed I had fallen down a rabbit hole. The page had nothing to do with blockchain and cryptocurrency but to do with awakening and spirals and spirituality. Then I saw a link prefaced ‘learn how to ride the hottest crypto trend today’. Of course I clicked and was taken to a 16 minute New Tycoon Plus video about crypto mining narrated by Jennifer Cao.

I watched the 16 minute vid and was impressed with what was offered; the opportunity to participate in mining cryptocurrency by leasing from the company a small percentage of the equipment needed to mine. I was so taken with what I saw that I unbelievably whitewashed my own protocol prior to buying into this magical world, this ‘something new’. My protocol is to take the time to research the opportunity, the company, the people and the history of the company.

Once stepping through the signup process I handed over US$100 using my visa card for a 7 month contract to receive a guaranteed 3% of my money put into the mining program, plus the full return of the $100 invested at the end of the time contract.

Had I been click baited into a multi level marketing scam? Or, is this a legit company based in Singapore simply doing business?

Only after I completed the transaction did I sit back and realise I hadn’t done due diligence which is to research and read reviews. Research showed me the company New Tycoon Plus (www.newtycoonplus.com) was formed in late 2017 and initially offered higher percentage returns. There is a lot to take in on their site including dangling carrots such as a 5% Success Token at the end of the seven mining lease period.

Update: Five days later I’m still awaiting identity verification (KYC – know your customer) with New Tycoon Plus. I’ve heard nothing from the link I clicked on my Insta page, which I’ve realised is an affiliate link. Time will tell. I’ve checked the New Tycoon website a few times and each time my verification process in still in process.

Update: Two weeks later I receive an email from New Tycoon to say I have failed the KYC (know your customer) as my national ID photo was cropped with missing details and my selfie with ID photo was cropped. So, when I have the time and patience I will go through the process again.

Bitcoin mining! I did. Down the rabbit hole for sure one click at a time.

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Responses

  1. CryptosDecrypted

    Hi Crypto Grandmother. This is likely a scam and at best a money-losing venture. Online mining contracts are very likely to fail to deliver and guaranteed returns of any kind is a massive red flag. If you want to play around with mining for fun – perhaps use Honey Badger? No fees from you, they just keep some of the earnings. Actual real world mining is best left to tech enthusiasts most of whom will still lose money atm.

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  2. Crypto Hound (Carl Hughes)

    Shame you had to experience the scam. I’ve been involved in the Elevate Group (elevategroup.io) for while now where you buy a miner outright and pay a 20% fee for them to look after your miner for life. Their mining farm is in the same town as the Bitmain (manufacturer of the popular Antminer S9 machine) so they offer maintenance for longer than 3 years. The benefit with “Mining as a Service” is that you always receive Bitcoin payouts even in a bear market unlike the cloud mining farms. Thanks for writing your post!

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