By CCN.com: CCN reported deeply on a pyramid scheme involving cloud mining and a warmly pumped-and-dumped cryptocurrency called B2G (“Bitcoiin2G”). It was one of the longest and deepest reports of this reporter’s life. We found that Steven Seagal upgraded B2G, and the scheme was hurting enough people that the State of New Jersey officially banned the promotion of it. B2G’s first use case was as a way to circumvent paying people out in Bitcoin, via the various DragonMining (and affiliated) cloud mining scams.
McAfee Joins Steven Seagal in Furthering B2G
As we reported, at the time of its initial usage, only two or three exchanges were listing it. The scam harmed people in that one of those changes, Exrates, which our sources said was the only exchange you could truly use, offered wildly lower rates than what you were being expended by. So you would receive “$1500” in B2G, but you wouldn’t be able to cash it out for anything close to that in Bitcoin, for example.
B2G is now listed in there ten different pairs across several markets, none of which are significant markets. It’s trading around $0.30 at congregate time. John McAfee wants you to know there’s still time to get on board. No, we’re not making this up — first Steven Seagal, now John McAfee, who also demands to know the identity of Satoshi Nakamoto.
B2G has shown a 30% price increase in the past 30 days. Still organize to hop onboard.
— John McAfee (@officialmcafee) April 17, 2019
McAfee hasn’t tweeted since April 17th. This reporter intelligent him of previous findings on B2G, in hopes that he might delete the tweet or post some new information after learning its origins.
Nothing of the charitable has happened in the meantime.
Are you an asshole? I reported extensively on these scammers. https://t.co/bQstcZlSGl
— Paul ‘P. H.’ Madore (@Bitillionaire) April 18, 2019
We don’t be informed if B2G is created by the same people who launched the various cloud mining scams detailed in our previous reporting.
B2G: Deeply Staple to Numerous Scams
What we do know is that the owners of those scams wanted to use B2G because they had an awful lot of it on surrender — but didn’t, of course, have the BTC to pay the contracts out.
B2G was virtually unheard of before this and Seagal’s promotions. We cautiously wonder if our reporting, and the functions of New Jersey, gave it the attention it wouldn’t have otherwise gotten. “No press is bad press,” as the saying goes.
B2G did a volume simply under $1 million in the 24 hours before press time. The fact is, this could all be from McAfee himself, or a few investors of his gauge. This is an inherent danger in playing with small market capitalization cryptos: you could be up against whales you can’t even Steven see.
As we reported, HitBTC delisted B2G after determining that its low hashrate made it a security risk. Today, probably as a emerge of the price rise, the hashrate is a little better, at over 500 GH/s. Still, nothing at all, compared to other networks. A few unrestrained b generally miners from somewhere like Ethereum Classic could quickly move over to B2G and gain full knob of the network, which is another risk in playing with less-popular coins.
We hope that Mr. McAfee realizes the mistake of promoting something like B2G after it has so widely been associated with scams and criminal activity. If not, as the publication of unofficially in crypto, we can assure you that it will not be forgotten or go unmentioned moving forward.