Bitcoin, which is “under assault” from conventional banking and regulatory institutions, may have a new supporter.
Former action hero Steven Seagal has joined the Bitcoiin2gen initiative, which seeks to create a “better or more evolved version” of the original bitcoin.
Seagal is a martial arts specialist from the United States who became a Russian citizen in 2016. He rose to prominence as the hero of successful action films such as “Under Siege” and “Hard to Kill.”
Bitcoiin2gen claimed in a news statement announcing Seagal’s engagement with the initiative that its goals were aligned with those of the actor, who thinks that “everything he does in his life is about guiding people into reflection in order to wake them up and educate them in some way.”
The Bitcoiin2gen project, which is built on the Ethereum blockchain, makes no mention of “better” or “advanced” capabilities on its website and instead relies on tried and true buzzwords like mining and staking.
Bitcoin2Gen is presently running a 50 million coin initial coin offering (ICO). The cryptocurrency’s creators have created a multilevel marketing plan in which investors are paid commissions depending on the number of recruits they bring to the ICO in order to boost participation.
While the whitepaper specifies the commission amount, it does not explain the different tiers. Bitconnect, a cryptocurrency exchange, had used similar techniques to boost its ICO price. (Also see: Beware Of These Bitcoin Scams.) According to the website, the ICO will expire on March 30.
Coindesk, an online newspaper, offers further information on the Bitcoiin2gen initiative. The project’s website, according to them, was registered in 2015 and is situated in Panama. The site’s ownership was moved in January 2018.
Steven Seagal is the most recent celebrity to endorse a bitcoin product. Boxer Floyd Mayweather and socialite Paris Hilton are two previous high-fliers in this area. In a statement issued in November 2017, the SEC expressed its opposition to such endorsements. The agency warned that “these endorsements may be prohibited if they do not disclose the type, source, and amount of any pay provided, directly or indirectly, by the corporation in return for the endorsement.” (See also: SEC Warns Investors About Scam Initial Coin Offerings.)
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the author to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author holds a minor quantity of bitcoin as of the day this article was published.
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