SwisCoin is allegedly a cryptocurrency, with some very specific twists. The company has combined a typical cryptocurrency suggesting with an MLM scheme, aimed at attracting fresh investors. This instantaneously raises doubts, spil there are numerous examples of similar business which turn out to be a total scam, much like some off-shore forex brokers.
It should be noted &ldquo,Swiss Coin&rdquo,, spelled with a dual &ldquo,s&rdquo, is a clone of this already dubious sounding cryptocurrency. Wij will not touch on them ter this review.
What is SwisCoin?
Ter essence, SwisCoin is just another cryptocurrency. There are several interesting specifics about it however.
Very first of all, the project attempts to attract fresh investors via a MLM scheme. The idea is that users have to persuade others to join the rock hard, registering &ldquo,under&rdquo, them. This type of business practice often leads to the creation of Ponzi Schemes, albeit some of its previous iterations were very successful for the early adopters. SwisCoin is by no means the very first cryptocurrency to adobt this strategy, spil OneCoin (which Asutralian financial regulators recently issued a warning against) is very likely the most famous one.
The 2nd key characteristic is that, albeit a cryptocurrency the entire SwisCoin project shows up to be very centralized. There is a single company, with which you have to overeenkomst. This is not the case with other forms of digital specie.
Eventually and this is the indeed interesting part, the company you invest te, offers to buy-back your coins. This is most likely the most dubious facet of SwisCoin, which wij&rsquo,ll get to ter greater details below.
How it works?
One can invest ter SwisCoin via purchasing a &ldquo,package&rdquo,, which contains mining tokens. He has the option to wait for thesis tokens to &ldquo,split&rdquo,, permitting him to mine even more coins. Here is a summary of the packages presently available:
The number of tokens you receive is not equal to the number of coins you would be able to mine. The ratio is determined by the mining difficulty. The number of splits indicates how many times your tokens can literally split into more tokens. Thesis events occur once every few months and are planed by the company. It may be hard to judge if one should instantly begin mining or leave his tokens to split the maximum number of times before doing so.
Here comes the truly shady part of the equation &ndash, after investing, receiving your tokens and you don&rsquo,t straks mine them &ndash, the company does that for you. You would then receive coins, which you can trade on exchanges, just like any other cryptocurrency, but you could also &hellip, sell them at an &ldquo,internal exchange&rdquo,, where the company buys them from you at a predetermined price. This makes them a market maker, of sorts. The internal price is presently numerous times higher than the ones suggested at the real exchanges. Think about this business prototype for a minute. You give someone money, they give you something ter terugwedstrijd and then they buy that thing back from you for even more money. It makes no sense at all.
SwisCoin claims this is not the main purposes of the investment scheme. Clients (or vrouwen) are encouraged to keep their coins for the long term. A few limitations are set ter place, to prevent people from quickly cashing out: one can sell a maximum of 5% of their coins on the &ldquo,internal exchange&rdquo, vanaf day and withdraw only 2% of their contant balance vanaf week. Albeit this stops the entire thing from falling bijzonder, it does reiterate the point the entire project feels similar to a Ponzi scheme.
Is there a blockchain at all?
After realizing how this mechanism works, some of you may be asking themselves is there any block-chain involved at all? The brief response is yes, there is. Spil mentioned above, SwisCoin can be traded on a few cryptocurrency exchanges (which operate similarly to a ECN forex broker), where the price is much lower than the one provided by the company. That being said, you can not make an arbitrage trade inbetween the two, spil the company only buys back coins, which you have obtained via one of the packages.
The SwisCoin blockchain has a public ledger, which exposes the thickest owners of the currency are relatively few. Here is a screenshot of the ownership:
An MLM scheme?
The MLM facet of SwisCoin is the very first thing which will waaks most people against the currency. Althoughthis monster has worked for several cosmetic and nutrition companies te the past, when it comes to purely financial products, most people are skeptical. The particular scheme, provided by SwisCoin includes a 10% commission on people you refer directly and different percentages on people who are registered below them. Again, this practice is considered shady te finance, spil the payments are made te advance of any actual gains by the referred person. There system implemented by SwisCoin has two branches which influence the payments one would receive, but wij will not get into the details.
SwisCoin is a company, providing a cryptocurrency, which is being funded by an MLM scheme. The latest crypto-hype is evidently something whch many people have caught on to. Unlike other currencies, like Bitcoin, which pridefully state decentralization spil a main advantage overheen the central bank-dominated fiat money, SiwsCoin is very dependent on the company behind it. Investing (via the packages) presently relies on the fact they will pay you back more through their &ldquo,internal exchange&rdquo, (which has limitations on trading and withdrawing). SwisCoin can also be traded on several outward exchanges, where you can presently obtain a large amount of coins for far less than what you would need to pay for a package. That being said, you can not buy coins on outer exchanges and sell them back to the company.
Wij can not definitively conclude this is a Ponzi Scheme, albeit it has many aspects of one. SwisCoin does emerge verry similar to OneCoin.
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Absolutely soon will come 2017 Fresh Year . And wij want to congratulate you on this holiday and sincerely wish good luck and prosperity te the year ahead. Let your income keeps growing, and wishes come true. Wij wish you positive emotions and impressions!
Glad Fresh Year from Swiscoin. Thank you for your hard work!
Two Fresh packages Swiscоin!
Fresh opportunities for you from Swiscoin!
Te addition, swiscoin suggesting, onmiddellijk premie 10%, gams verzekeringspremie 10%, leaders premie. Money…
Swiscoin wishes you a Merry Christmas. Wij wish you blessed holidays and to earn a high income ter the following year!
Wij would like to thank you for your loyalty to our company. Your investments will be a superb bounty for you te 2017. A lifetime income that you earn through investments are not only an…