My girlfriend and I have been going to meetups on meetup.com that are clearly MLMs for fun. This is our experience from last night.
If y'all like this I'll start posting more. We try going to at least one per week.
Meetup Information
Event Title: San Antonio New Gold & Crypto Giveaway Meetup
Event Description: We are a Group of Motivated Entrepreneurs, with over 50 years of Success in the Financial and Precious Metals Industry. We uncover unique technical analysis of Crypto currencies and Pure Physical Gold, that you will not find anywhere else. We will provide documentation from Reliable sources, that you can share with others. We look forward to your Attendance and Knowledgeable input in this meeting. THERE WILL BE A DRAWING FOR 5 WINNERS, WHO WILL EACH RECEIVE GOLD." Must RSVP and be Present at the meeting to qualify.
What Really Happened
Introductions
We entered a meeting room that had a suspicious amount of people in it. After sitting down, the organizer came by and introduced himself and two others he introduced as business partners. I explained what I do for a living and after some odd looks between the three, the person they felt who could best handle me stuck around and the two others walked away.
The conversation started a little strange in that the business partner said he was sued in 2000 due to some financial issues that sounded a lot like securities fraud. He then went on to tell me that the Mastercard they receive commissions on can't be shut down by the US government. I rebutted and explained how payment systems actually work. He changed the topic quickly and walked away.
The Meeting Begins
The Hardware
The meeting began with a brief introduction video. A video about how our data is the most valuable asset and how Facebook, Google, and Amazon are tracking our every move. The video wasn't wrong but it was a clear scare tactic to make us think that Karatbit has solved this issue.
The presenter then chose the wrong video on accident and played the following video which made me think I accidentally joined ISIS. https://www.youtube.com/watch?v=FlPjEBJLzt0
In order to recover from this mistake, we are told that the company is moving away from gold and into privacy by integrating blockchain into phones and laptops that they are manufacturing. No pictures of these phones or laptops can be found but they are being shipped within the next few weeks... When I asked very basic questions about the purpose of a blockchain laptop or phone and how blockchain makes a phone or laptop more secure, they changed topics quickly and offered buzzword answers (transparency, blockchain, bitcoin, gold, government).
The phone website is here https://impulse.technology I've been unable to find a site dedicated to this laptop.
The Math
We get past this strange rabbit hole and back on track discussing Karatbit. Another presenter arrives late and is full of energy. He takes over the presentation.
Shortly into the presentation we are told that we can convert $3 worth of Karatbit to $50 of gold any time we like. I asked how that could be possible and what stops someone from doing this over and over daily. The answer was amazing...
"Karatbit has so much gold that it doesn't matter. Do it! No problem at all. However, let me explain why you shouldn't"
He then spoke 2X louder and said
"WE ARE NOT A CRYPTO COMPANY. WE ARE A GOLD COMPANY. THE LARGEST GOLD COMPANY IN THE WORLD THAT SALES GOLD IN 1 GRAM INCREMENTS."
He then hinted to us that the price of the token was about to pump sky high in as sneaky a way as he could. He was obviously trying to present this as a security without presenting it as a security. Selling the token now would be dumb because the value keeps going up. Why get gold now when you can hold the asset and watch the value go up.
When pressed on the unlimited funds issue and how we can just buy some of this token and instantly convert it to real gold that was more valuable he became irritated and combative with me and two other people asking similar questions. During the meeting he also started acting like one of the attendees was an idiot for having a 401K.
I got a little angry over the attacks and called the presenter out over his attitude. He calmed down.
The End
We left the meeting early after paying for our dinner and on the way out the original presenter approached us. He seemed really stressed out but told me the conversions to gold are limited to 1 gram per day. It didn't help their case.
We missed the packages that allow us to be part of the opportunity. It had been two hours and we were ready to call it an evening. They treated us right at least, two free drinks and some appetizers.
When we got home I messaged the original presenter and let him know that he is part of an MLM and possible ponzi scheme. He seemed like a nice guy and I gave him the benefit of a doubt that he may not know.
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