Why scams and Ponzi scheme are haulting the growth of blockchain in India?

Largely due to high unawareness among the local population about cryptocurrency, there have been other project claiming to be a cryptocurrency while they don’t even satisfy the very basic criteria of being the same. Mostly being MLM type, asking people to invest in them, and promising high ROI, but ultimately dupe people of their money.
A company called OneCoin,called itself as the next Bitcoin,being a ponzi scheme was raided by the financial enforcement officers,seizing more than $2 million, and ultimately jailing 18 Onecoin members.
With the rise in prices of Bitcoin, bitcoin news coverage across India increase. Several people saw bitcoin as a way to make quick money and hence there have been various cloud mining ponzi scheme such as HashOcean or GAWMiners etc.
GainBitcoin, launched in 2015 by Amit Bhardwaj(Founder of GB Miners) which promised to deliver 1.8 times the investment within 18 months by providing 10% investment every month is another such ponzi scheme. In May 2017, they introduced BitcoinGrowthFund which issued a token called MCAP on Ethereum Network.Following the MCAP ICO, GainBitcoin announced the shutdown of their mining contract program. To reimburse the customers of GainBitcoin., they have announced that they will start paying users in MCAP instead of Bitcoin. To give MCAP some value,they held an artificial ICO and showed $19 million investment.. After everyone is payed out the price of MCAP is surely going to tank which will leave many users with heaps of MCAP which they didn’t even buy.
Once such scams comes out, it will leave a really bad reputation around cryptocurrency in India.
Because of all such ponzi schemes, there have been no legit and useful cryptocurrency in India, therefore I, along with my team has tried to create India’s own Cryptocurrency- Indicoin which not only would be legitimate but also help people socially serve in India.
For any Query Contact varad@indicoin.org.in
