10 Cryptocurrencies NOT to buy!

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Whats going on Steemers, STAY AWAY FROM THESE CRYPTOS AT ALL COSTS!

ReCoin was announced in July of this year with
an ICO in August. ReCoin, short for Real Estate
Coin, was designed in a way that was supposed
to be backed by real estate held by the 101ReCoin
Trust. Apparently, the trust was supposed
to hold real estate investments in developed
markets like the U.S., Canada, Japan, the UK,
and Switzerland. The Securities Exchange
Commission (SEC) has claimed that ReCoin is
a fraud, and that ReCoin doesn’t have any real
operations. Nor did the team at ReCoin actually
make any real estate investments on behalf of
token buyers.

The Diamond Reserve Club (DRC) is much
like ReCoin in that it claims to be hedged with
physical diamonds. If you hold at least one coin,
the DRC will make available to coin holders “unique opportunities and benefits”… Of course,
no specifics given at all. The person behind
ReCoin is, in fact, the same person behind the
DRC; and it is no surprise that the SEC has
claimed that the DRC is also a fraud.

The PlexCoin website looks OK at an initial
glance. It claims to be the “next” decentralized
worldwide cryptocurrency based on Ethereum.
It goes on to discuss all of its advantages and
even shows pictures of “PlexCards,” which
appear to be credit cards that connect directly
to your cryptocurrency wallet and offer a
discount “of up to 10% in PlexCoin on all of your
purchases.” However, if you look closer, there
is no information at all about the company, the
technology, no white paper, nothing about the
development team or the management team.
These are all major red flags.

The Protostarr token was designed in a way
for investors to “invest” in up-and-coming
artists on YouTube to help fund their creative
endeavors. Essentially, it is a decentralized
form of crowdfunding. Investors provide ether
in exchange for Protostarr tokens. Then, when
the artists’ YouTube channels are successful in
generating advertising revenues, theoretically,
investors will be paid dividends. Unfortunately,
the CEO of Protostarr failed to get legal advice
prior to its ICO, received an inquiry by the SEC,
and decided to shut down its operations preemptively.

When you visit BitConnect, it appears to
be some kind of cryptocurrency exchange
and lending platform. However, there is no
information at all about the company or people
behind the platform. When digging deeper
into the frequently asked questions, you’ll
find information concerning the “BitConnect Investment Opportunity.” Here, you’ll read that
“the moment you acquire BitConnect Coin, it
becomes an interest-bearing asset with up to 120%
return per year through PoS minting.” This is the
equivalent of a Ponzi scheme, short and simple.

Dentacoin claims to be the first cryptocurrency
platform for the global dental care industry. It
provides a trusted review platform, an aftercare
mobile application, some kind of dental insurance
capability, and a trading platform for dental
products. I can imagine a blockchain-enabled
platform that could technically do these things;
but Dentacoin is a perfect case of something
that really doesn’t require a blockchain solution.
Dentacoin currently has a total market cap of
only $35 million.

Insanecoin a project that is self-described as “insane in the
membrane.” The blockchain is apparently based
on the bitcoin blockchain, but has been upgraded
to do “anything we can think of that can be
assisted by a blockchain.” It sports a market cap
of a mere $495,000. The team, as shown on the
InsaneCoin website, does not use actual names,
but usernames instead. While there might be
some technical talent on the team, this is not the
kind of token project to invest in.

PotCoin claims to be a secure cryptocurrency,
network, and banking solution for the marijuana
industry. If you are looking for a good laugh,
you can go to CNN and read the story about how
PotCoin sponsored Dennis Rodman to return
to North Korea. There was no clear reason for
the company sponsoring Rodman’s trip, nor
any apparent connection between the trip and while I certainly applaud the team’s efforts
to control inflation, this project has almost no
momentum with a market cap of just $10 million.

Unobtanium’s objective is to be the rarest
cryptocurrency on the planet. Designed for low
inflation and scarcity, apparently only 250,000
Uno will ever be mined over the next 300 years.

This cryptocurrency is certainly worth a good
laugh. And the website is surprisingly honest. It
states clearly that the token “might be secure,”
but is “definitely not audited.” The website even
states “don’t buy this,” referring to the token. It
is definitely a pun, but the UET is a legitimate
cryptocurrency that can be bought. It is based on
the Ethereum blockchain and raised $91,239 in
its ICO. Today the market cap is $34,987.

• Jeff Brown

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