Former action movie star and current alleged rapist Steven Seagal has endorsed a suspicious cryptocurrency venture known as Bitcoiin (yes, with two “i”s) 2Gen. What could go wrong.
What is Bitcoiin 2Gen? It’s hard to say, since the coin itself is currently undergoing its Initial Coin Offering (ICO) crowdsale and does not yet exist. Still, the venture’s whitepaper describes itself as better than Bitcoin in almost every way, and the website claims it will support “10x lower transaction costs” and “2x-3x times (sic) more” mining revenue – without providing any technical details to support these claims.
Whatever they figured out about coin transactions must have been good enough for Kurt Russel’s Executive Decision co-star. The Securities and Exchange Commission, however, cautioned investors about sinking money into potentially unlawful, celebrity-backed ICOs back in November.
“If you have missed the chance of jumping on board with the original Bitcoin back in 2009,” the paper claims, using questionable hard-sale tactics and unsteady grammar, “here is the opportunity where life does give the second chance.” Ironically, this “rebooted” Bitcoin is built on top of Ethereum, a rival crypto paradigm.
How could anyone – let alone the nine million+ investors claimed on the B2G website – get roped into investing in a venture so thin on details? The potential for huge payouts, of course. The B2G ICO sports a “4 level commission structure” with increasing rewards for each tier. Something tells me that, if we were to visualise this scheme, it might look a bit like a pyramid.
Image: Bitcoiin 2Gen whitepaper
There are 34 days left in Bitcoiin 2Gen’s ICO. It will be a wonder if they don’t get a letter from the SEC before then.