Opinions about Monetize Coin

WATERCOOLER
#1

So I’ve found out about this website that uses the market based on loans and placements to create revenue for their members. You’re supposed to sign in, invest some ETH or BTC, sit back and enjoy the profits, which sounds too good to be true, at least to a newb like me.

So I’ve taken a look to their site, looks good but the team is anonymous in order to avoid legal problems with countries with harsh legislation against crypto. Checked out other sites, found no echoes of scam, but there’s also “spambot accounts” at twitter advertising the service.

So, there’s good and bad stuff, and before putting my coins there I wanted to consult the Toshi Times (when did happen the name change? xD) community.

Here’s a link to their white paper, and to the website, see for yourselves and let me know what you think about it.

Site: https://monetizecoin.com/
White paper: https://monetizecoin.com/whitepaper/whitepaper.pdf

#2

Bitconnect, Davor coin, PoWH, PoWH3D … etc.

This seems to fall straight into the same category. Some immediate red flags:

  • They promise daily returns, up to 40% monthly on an investment of 100USD, that’s a daily interest rate of +1% which is simply impossible to achieve without a ponzi or pyramid scheme. (which is on their website but not explained in the white paper)
  • There is no owner information, period. This is a huge red flag, irrespective of their claims of avoiding legal problems. If your company was legitimate and the platform is legitimate there is no reason to fear legal problems. In their whitepaper they claim to do this because “cryptocurrency should be anonimous” … roflmao
  • In their lending system they lock in the cash (despite what they claim on their website, it is stated in their white paper).
  • They have an active referral system = Ponzi scheme, no need to look further. They are paying incentives on signing more people up in a pretty straight forward pyramid scheme structure.
  • Monetize Coin says they’re a company that has a lot of money – millions, according to them – in revenue. If such claims are true in any way, why would they need money from unknown people?
  • They also claim that they create external revenue with the use of an “automated traffic arbitrage system”; Supposedly, the Monetize Bot automated traffic arbitrage system exists since 2008, back then it was developed for an online casino, the idea started when developers and an online marketer gathered and set the first steps for the software.
  • The fact that Monetize Coin has such a powerful bot would mean that they don’t need to be doing anything else but living off this magical bot. Yet, they still need people ‘s investments? Something doesn’t ring quite right here.

My advice, do NOT invest in these types of programs, yes, early adopters might make it to the top of the pyramid (and most likely those are the people behind the platform) and make a decent to high amount of money until the project collapses. In order for any pyramid scheme / ponzi scheme of this nature to work you would need an infinite number of participants; which doesn’t exist on this planet.

#3

Clear as day, thanks for the thorough analysis and warnings!!

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