ICO / Token Review: The Monetize.coin Scam
There has been quite a bit of discussion on Monetize.coin and on whether or not this is a scam or a legitimate business so I decided to take a look at their website / whitepaper and other relevant information the project has made available. All of the below is, of course, my personal view on this project.
Whitepaper: https://monetizecoin.com/whitepaper/whitepaper.pdf Version (1.0 Final)
According to their website they are “the worlds most advanced monetization and lead generation system”.
So it is a lending programme that uses a volatility trading bot, combined with an affiliate programme … sounds familiar yet?
So many red flags …
- According to the website they will never put a hold on your crypto and withdraws are immediate. According to the whitepaper as soon as they talk about the lending programme, they start locking in the money.
- The FAQ section contains exactly 5 questions, which each have roughly one paragraphs answers to them. Yet there are thousands of unanswered questions after reading about this project.
- 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)
Have some more red flags
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
They stated they are real business, with proprietary technology, backed by a real company, with millions of dollars in revenue, and that they will still be here in 5 years … but they refuse to tell you who they are to support that claim.
- 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.
Ask yourself this, 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?
Their roadmap is only 2 months long, this is literally the shortest roadmap I have ever seen, there is no future expansion of this so called product / project and it really feels like they couldn’t even be bothered to put something decent together.
Does anyone need any more red flags?
Their 18 page white paper is really just an 18 slides PowerPoint that contains virtually the same information as their website and adds nothing of value. It doesn’t talk about the team, it doesn’t touch on how they build their bot, it doesn’t give you any information about the company / people behind the project and doesn’t prove any of their so called prior successes.
The slide posting staking earnings and lending earnings is very similar to bitconnect. Coincidence?
They state that other cryptocurrencies claim to use volatility trading bots and they believe most of these bots do not exist, to then start talking about their trading bot …
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.
If after all the above, you still feel that you should invest in Monetize.coin; by all means be my guest. I don’t control your portfolio, nor am I your financial advisor. Just realise what you are investing in and be prepared for it to crash / exit scam at a moment’s notice, and be prepared to lose your entire investment.
My advice however is: 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.
In order to make money from something like this you would need to promote it and get others to sign up under you, they're the ones that will lose their money if not you. Just realise that promoting any kind of ponzi scheme or pyramid scheme is illegal in many countries (let alone immoral) and can get you prosecuted.
It doesn’t really matter that they limit this to 5 levels, what matters is that they are running a pyramid / ponzy scheme and wish to remain anonymous while doing so. This to me falls in the exact same category as Bitconnect, Davor coin, PoWH, PoWH3D … etc.
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- https://monetizecoin.com/whitepaper/whitepaper.pdf Version (1.0 Final)
- Youtube: (www.youtube.com/watch?v=lB1Z4Xix_8c&list=PLHrMVCItl7AORkF2IHw6rrLnSuaH97r-j)
- Youtube: (www.youtube.com/watch?v=lB1Z4Xix_8c&index=1&list=PLHrMVCItl7AORkF2IHw6rrLnSuaH97r-j
- Youtube: (www.youtube.com/watch?v=YeSTHTXuBwg)
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