American action-star Steven Seagal is a controversial name in Hollywood. At a time where a number of major names in Hollywood are tainted for sexual misconduct, Steven Seagal has made it to this unfortunate list of people. However, Seagal is now in news for an entirely different reason lately. His endorsement of Bitcoiin 2Gen cryptocurrency - which, by the way, has nothing to do with the Bitcoin.

Bitcoiin has nothing to do with Bitcoin, so much that it is actually based on the Etheruem blockchain! Bitcoiin 2Gen is currently running a pre-sale where they aim at raising $75 Million and are banking on Steven Seagal’s star power for attaining that. In the Press Release, Seagal comments saying: “Flow with whatever may happen and let your mind be free. Stay centered by accepting whatever you are doing. This is the ultimate.”

Over the past year, as cryptocurrencies rise to prominence, a number of celebrities have endorsed these currencies. However, what really irks us about this Bitcoiin 2Gen ICO is the fact that it makes some really random claims without any technical details to back these claims: “10x lower transaction costs” and “2x-3x times (sic) more” mining revenue, are among many similar claims made in the Bitcoiin 2Gen Whitepaper. The Bitcoiin project talks about a mining partnership with a company named Dragon Mining. 

To add more to this controversial token, Bitcoiin also offers affiliate rewards for those who ‘drive investor interest’ for the ICO. This reminds us of Ponzi schemes such as BitConnect. Despite being based on the Ethereum blockchain, Bitcoiin 2Gen keeps comparing itself to Bitcoin time and again. Here’s another absurd statement from their website: “If you have missed the chance of jumping on board with the original Bitcoin back in 2009,” the paper claims, using questionable hard-sale tactics and unsteady grammar, “here is the opportunity where life does give the second chance.”

Moreover, the ponzi-similarities continue as the Bitcoiin 2Gen offers a 4-level commission structure where the higher you rank the more commission you get. "To promote Bitcoiin B2G, a depositor who chooses to participate in one of our accredited Mining Programs, will earn commissions off their recruits' earnings. Bitcoiin B2G is offering a 4-level commission structure, available to whoever joins the program and/or purchases Bitcoiin B2G during the ICO period." a Press Release from Bitcoiin 2G states. 

Seagal’s endorsement of Bitcoiin 2Gen isn’t a first for celebrity endorsements when it comes to cryptocurrencies. In the past Floyd Mayweather Jr. as well as Jamie Foxx have been some of the most notable names to endorse cryptocurrencies. There are 32 Days to go for the Bitcoiin ICO and the company sure hopes that the entire Steven Seagal fan club will come rushing in to buy their cryptocurrency tokens!