I suspect the latter.
Their web site describes it as "Africa’s first P2P Cryptocurrency" and they say "you don't have to make contracts or pledge your property. In Pipcoin there are no lenders and no debtors. Everything is very simple: one participant asks for help - another one helps.The only thing that Pipcoin demands from its participants is to be honest and kind to each other."
Sounds just like the other big scam at the moment, MMM Global. A mysterious scheme where money just grows magically.
Smartly, what they've done, just like MMM Global, is to claim to have invented a new currency. MMM Global has the bizarre 'Mavro', these guys offer you the chance to trade in their mysterious Pipcoin, something they're trying desperately to imply is like the Bitcoin.
On their web site they have a section entitled "How does it work" which talks a lot about Napster, Bitcoin, Digital Currency Mining and shows this diagram that appears to show IBM PCs from about 1982.
This is as close as they get to explaining how you can make your fortune:
"Participant (trader) must first register on the network in order to buy and sell Pipcoin; there will be a security code that must always be kept safe as this is another security measure against hackers and infiltrators.That's just a sequence of words with precisely no meaning.
After gaining access to the user-friendly platform then you will be exposed to many options of making income such as buying coins from a minimum of R100 to registering an affiliate for a bonus of 10%. Traders can only withdraw their funds after a month or can choose to leave it to grow higher as calculations."
And the 35% return? That's shown in this matrix from one of their Facebook groups:
In summary, we have a Get Rich Quick Scheme that can't explain how it works or where money will come from, that hints at the current sexy online currency issue and which claims you can make 35% profit per month.
The only way they can pay out 35% is by using "investments" from newer members to pay older members. That's called a Ponzi scheme.
Don't waste your time, effort and money in yet another Ponzi scheme.