With their previously launched Bitcoin Vault Ponzi coin failing and affiliate recruitment down, Mining City has announced a new Ponzi shitcoin launch.
Electric Cash was initially announced on Mining City’s social media accounts on December 12th.
The announcement was made by Mining City CEO Gregory Rogowski. Electric Cash, like BTCV, is being developed by Mining City owner Eyal Avramovich.
As previously stated, since being launched on dodgy exchanged BTCV has followed the typical Ponzi shitcoin trajectory:
With investor recruitment tanking following regulatory action against Mining City in the Philippines, unless new gullible investors are found elsewhere, BTCV will continue to dump.
Electric Cash is an attempt to convince what’s left of Mining City’s affiliates to baghold their worthless BTCV.
As explained by Rogowski;
BTCV will play a huge role in the initial adoption of Electric Cash.
You can stake your BTCV for a given amount of time and receive Electric Cash absolutely for free.
“Stake” is code for “park BTCV with Mining City”. In return for not cashing out, Mining City investors will be rewarded with Electric Cash, which costs Mining City little to nothing to generate on demand.
The same is of course true of BTCV, and so effectively we have a new Ponzi shitcoin being launched to prop up another.
Rogowski claims Mining City will “continue to support BTCV”. Unless affiliate investor recruitment picks up however, how the company will fund withdrawal requests is unclear.
Without new investors, sooner of later the actual money taken in for BTCV will run dry.
Rogowski and Avramovich run Mining City out of Poland. Rogowski’s December 11th video was shot in what appears to be a private residence.
Avramovich shot his own video from the same room on the same night, against the backdrop of a bar:
Rogowski is sitting at the same table Avramovich is, just from a different angle with the windows behind him.
Avramovich’s video comes in at [2:59], most of which is spent pretending BTCV and Electric Cash aren’t Ponzi shitcoins he and Rogowski steal investor’s funds through.