It would be an interesting thing to see how many people who got ripped off by the obvious Bitcoin Trader Ponzi also made fun in the past of the folks who got ripped off by the equally-obvious Ponzi of Butterfly Labs.
From what I can make out, most BT 'investors' wouldn't know a Monarch from the Queen of England.
The Bitcoin Connection was cleverly used by the scammers to appeal to a certain demographic of wannabe coiners (like myself), who could convince themselves that the ROI was quite achievable because Bitcoin is fucking magic. Everybody could 'see' how easy arbitrage is lol.
It was slick and easy to understand, just the sort of thing to name drop at the mocha bar or family gathering (wow, look at the referral % too!) and it worked spectacularly well.
It's being written up as a Bitcoin Scam. It wasn't. It was a fiat scam using the magic word as bait.