- The crypto community takes a closer look at Ubit Coin project.
- Currently, the discussion lies over whether the project is a ponzi scheme.
- Many mark the project as a pyramid scheme that will eventually die out.
As the crypto market takes a breath from the new ATH set by Bitcoin (BTC) at $75,011 and Trump’s pro-crypto win in the US Presidential elections, the crypto community is buzzing with another name that seems to have caught the attention of the masses. The crypto community in India is watching Ubit Coin.
Ubit Coin: Next Ponzi Scheme?
In detail, Reddit’s CryptoIndia community is discussing a new coin that has taken the spotlight in the crypto space. One user asks the community if the name Ubit Coin sounds familiar along with the na,e Unity Meta. The user goes on to ask if UBIT is a genuine crypto project or another Ponzi scheme.
In response, the thread goes on to discuss the matter with the top comment marking it as a pyramid scheme. The response says that the project is currently getting a tier-2 and tier-3 cities network where almost 300,000 to 400,000 people have joined the pyramid. Adding on, the response says while the project is doing well for now, it will eventually run dry like all pyramid schemes usually do.
A Pyramid Scheme Worth the Hype?
At the moment it seems that the majority of the discussion is leaning into the same conversation. Early Ubit Coin participants will certainly enjoy their share of the pyramid before the project will likely saturate and new users won’t be joining anymore. One comment confirms that Unity Meta has rebranded to Ubit Coin.
Interested parties must, like always, do their own research on any projects in the blockchain and crypto space before joining these communities. According to the official Ubit Coin website, the token has branded itself as an asset that is ‘pioneering a new era of cryptocurrency ecosystem’.
