BEWARE!!! DASCOIN SCAM!

in steemit •  last year

Do not invest a single Satoshi into Dascoin!

Yesterday I attended a small meeting regarding cryptocurrency investments and somebody decided to try and pitch Dascoin, I was IMMEDIATELY sceptical at what I was hearing. Let me first be clear, DAS and Dascoin are not the same thing. DAS is a dash fork masternode coin and as far as I know is all legit. Dascoin, on the other hand, is a very shady project which I hope you stay away from once you have finished reading this post.

Dascoin is a classic ponzi scheme and was created by a team which is fully comprised of people who are not in any way cryptocurrency experts or advocates. Several of them have come directly from promoting Onecoin, which was another ponzi that ended with people being arrested. In fact, Dascoin is a Onecoin clone, the business model is very much similar and I suspect the end will be somewhat similar too. If this isn't enough evidence for you to stay away, which it should be, I will now focus on the issues I see with the actual project itself. I will be using the Dascoin whitepaper as a reference, and I recommend you read through it. There is more fiction in the Dascoin whitepaper than there is in the Lord of the Rings books. I found myself both shocked and amused as I was going through it.

You cannot actually buy dascoin, you have to buy a licence which allows you to choose a package (with various escalating prices) which earns dascoin over time. It is like having a timeshare of a masternode, only you don't have any control of it. Of course, the licence and it's packages can only be purchased by the Dascoin team and OF COURSE there is a heavy emphasis on referring people, which upgrades the amount of Dascoin you receive.

I have spotted a major red flag:

This is a screenshot from the dascoin block explorer:

Dascoin claims masternodes are used to create blocks for the blockchain.

The dascoin website and github show no signs of any software or code for dascoin masternodes, there isn't any.

When you add these three things together, something doesn't add up. When you claim that masternodes create blocks for the blockchain, and there are no masternodes or any evidence of a way to set them up, and yet there are still blocks being produced without them, there is something shady happening.

In case you are wondering, every block is empty and i recommend you check for yourself. Click on any block and you will see 0 operations.

The whitepaper is a mess and it is clear that they are deploying the "baffle them with bullshit" sales strategy. Throughout you will find lazy writing, for example saying things like "wider-distributed, more efficient, and better-calibrated system of value" without saying what it is comparing itself to, better than what, Exactly? Skoda could turn around and say "this car is better" too, if they want to compare their product to the horse and cart. A whitepaper is no place for vague notions, and it is clear that this whitepaper is written by people with a different ethos than from those we are accustomed to reading.

As a way to attempt to con their marks, I mean customers, into allowing Dascoin to keep hold of their money for longer, Dascoin have created an internal lending platform, which "rewards" people for locking away coins for up to 5 years and gain large amounts of interest for doing it. Now, we all know that this ponzi isn't going to last anywhere close to that long, so given that dascoin is not decentralized, when the Dascoin company falls, your investment vanishes.

In short, folks, Dascoin is a project designed to get people to sign up, hand over money, start recruiting and delay the withdrawal of funds for as long as possible before disappearing with the money. I hope you stay WELL clear of Dascoin and openly mock and downvote if people start to promote it on Steemit.

Be careful guys! I usually never ask for resteems, however I would appreciate it in this case to help get the word out to stay clear of Dascoin.

Happy Investing,

Cryptoviking

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Solid 'review', brother.
Not that I considered buying DasCoin, but always nice to know!

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A solid review should include due diligence and fact checking.
Why would a scam company:
Put themselves front and centre for scrutiny by being a sponsor at this event last month?
https://www.lizgreen.co.uk/world-traders-annual-tacitus-lecture
Why would a global leading company like www.cartaworldwide.com partner with DasCoin to create the first spend ability solution for cryptocurrency - specifically DasCoin? - see the video posted below on another reply.
Why would the fashion industry use their blockchain to store intellectual property?
http://chicagoeveningpost.com/2018/03/09/dascoin-creates-history-on-top-of-the-eiffel-tower/
I don't care what you do but at least do your own due diligence.

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Makes sense......i have already bought two licenses and still buying more.Dascoin, the currency of trust

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There seems so much wrong with this post. I am just seeing this today. I got me just a little over 400 dascoins but the thing about this post right now is that.

i). Dascoin has released its codes on github

ii). Dascoin has hit public exchanges just yesterday. This is one: https://btc-alpha.com/exchange/DASC_USD/

iii)The caliber of people on the Dascoin board are not the kind of people that would want to destroy their years of work in their respective industries with a scam.

iv). Carta Worldwide is openly working with Dascoin.

I think cryptovik should revisit this post and I wonder what he has to say now.

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Very true. He is just a hater

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wtf at all this defending comments from ppl who are in this pyramid ponzi. Stay away

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Thanks for clearing this up!!!

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No problem. I have a genuine hatred for Dascoin because it will inevitably exploit uninformed people. Spread the word! :)

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In preparation for the launch on the coin market April 27th, , we are planning to launch a github site for DasCoin. We also are in the process of hiring a team of expert witnesses who will confirm our software, hardware and networking. Hmmmm I guess perhaps you and your review will need to back track slightly once this is all unveiled in the next month....

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@cryptoviking- I am not sure how anyone is clapping for you and your reviews given they are biased and uninformed. Do you really think that a global leader in payment processing, see www.cartaworldwide.com would partner with a scam company? You do your research then perhaps we can have a proper conversation and even maybe you might consider an updated review of your original post. Please don't claim you are too busy or uninterested in doing your due diligence by watching this You Tube update from Feb 2018.

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What is Steemit's protocol for people posting crap reviews on here? Trust me, if this company had nothing to offer and was appearing to take people hard earned cash, I would be the first one acknowledge it. Unfortunately, like all things on the Internet, anyone can write anything and have it be taken as valid and truthful.

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Hey, its a great reply for the people who don't do any research properly...
And now dascoin is doing great ...

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You are terribly wrong and it's funny how you sound so confident with your statements

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You are terribly wrong

Thanks for sharing this! I find it amusing that Max from HighOnCoins aka HighOnScams was pushing DAS hard on his youtube just like ChainCoin. So no surprise here. He either didn't do enough research as usual or knowingly planned on dumping another shitcoin on everyone again.

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i stopped watching Max's videos after the Chaincoin fiasco so I don't know what he's promoting these days. But I wouldn't be in anyway shocked.

Thanks for reading.

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I cannot stomach watching Max's videos anymore either. I feel bad for people falling for his immature crap advice of "just hodl, turn off your computer, and play with your fidget spinners" SMH.. Its funny how he eventually had to hide votes and sub count on his videos cause the backlash was so horrible. I can only imagine how many people lost their entire portfolios with CHC. Luckily I got out with profits but still cannot stand him. On a positive note at least more people caught on but of course there's a sucker born every minute coming into crypto.

@cryptoviking thanks for sharing this information. Hope lots of people get to know this. Just Upvoted. @gold84

I also heard about DASCOIN being a scam and I thank you for alerting people not to invest in DASCOIN. It is a Ponzi scheme where it uses MLM to recruit people.

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My pleasure, thanks for reading.

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Again you are uninformed. DasCoin is not an MLM company - Netleaders is a separate company that has the rights to sell DasCoin products and services. This summer in collaboration with Carta Worldwide will be releasing the first seamless POS app to spend DasCoin without any merchant adoption. Why, because Carta developed the engineering platform for Visa, MasterCard, China Union Pay and JCB. This app will run on the same underground rails as these payment processors. Coin launches on coin market April 27, DasPay launches this summer.

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You should revisit your statement and contact me to educate you abit about Dascoin.

This is supercool! @cryptoviking Thanks! Followed...

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Thank you !

The whole market is flooded so much invaluable coins/tokens without any business use cases and proof of concepts (few of those are good as well and address the real time issues), but most of those coins are not even reach to level where what are they trying to achieve and leave the project midway or sometime not even start, or few just show things in animation form :-) and compromises their commitments which they used to collect lot of money and finally escaped.

I request all to be aware of the basics, pay due diligence, just not dive into some decision to own it without proper analysis, few things are helpful in my view,

  1. first check the track record of people involved in the project.
  2. understand the idea that they planning to implement.
  3. what various real issues that they are trying to address.
  4. what technical teams are involved and their track record of implementation
  5. roadmap of implementation which is very critical, are they missing on timelines time and again?
  6. Transparent communication and project status updates.
  7. most important of above all, its whole value should never be people referrer dependent. If the project offers some real time value, people will accept it automatically.

No one predict future, but based on past incidents, people should be aware, draw a line of control and always upto the mark with facts.

my 2 cents!

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Respect your review, but you have zero knowledge about DasCoin , sorry for you!

You need to read more about dascoin before writing a single word!
You know why you have zero knowledge about dascoin!?
you mentioned in your post that dascoin "start recruiting and delay the withdrawal of funds for as long as possible before disappearing with the money! Lol!

We get paid every Monday from our advocate account! no delay no obstacles!

I wonder what business you do! That not very important to me at all, but you must first gain some clear knowledge about anything that you are welling to write a review about!

Best of Luck ... I Love DasCoin

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Love it too @mybestbiz so have no time to give our reasoning or explanation to people who have already made up there mind about something they consider to be a SCAM. LOL!!! Come 2018 then everything will be clear as crystal when DasCoin hits the exchanges in March.

You need to do your homework a bit more before coming out with such a shitty review!

Cheers & God Bless!
Nat & Nelly

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You are right mybestbitz, what he has written is his point of view, and I respect that. But when review a coin, you should better write with senses.

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I thought that about Onecoin.....until they never paid out and are looking at going bankrupt (nice excuse to piss off with everyones $ including the thousands I got sucked into invested)

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Fully agree, One Coin is a scam in my opinion. They never had a blockchain and promised for ages a merchant platform which amount to nothing more than other OneCoin holders selling their wares...Poor excuse of a company.

Thank you very very much, this coin was on my investment list! :)

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If you were smart you would do your own due diligence. Cryptoviking does not have his facts straight.

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You trust this guy??

@cryptoviking when you dont understand something all you do is talk trash. Get your ass together and study what dascoin is. My little piece of cake for you! With love!

This post recieved an upvote from minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond

Hey @cryptoviking what type of laptop do u recommend for day trading (security etc)? Thanks mates

Great honest review. We need to protect the noobs from scams like these.

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Hmmmm unfortunate comment and short sighted. Take responsibility and do you own research.

Thank you for this, was just looking over das coins after getting spammed on Instagram. Immediately Google and your article came up. Saved me alot of research. Regards.

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You did not google the right things...think critically.


Would a global leader in creating payment processing solutions - think Apple Pay, Uber, PayPal point of sale align themselves with a scam company? I would suggest not. Reach out if you need more info.

I have carried out my own research and due diligence, this post is clearly misleading, ill informed and factually incorrect. The Blockchain referred to with empty blocks is clearly because their exchange was not LIVE until end of September 2017, since then the blocks are all clearly populated with transactions. I also understand Dascoin will be available on public exchanges from April 27th 2018. In addition a recent announcement that their code base will be available on GitHub is also reassuring.
In fairness, I think the author of this post while well intended failed to recognize that Dascoin is clearly attempting something different in terms of their distribution model.
As a Marketer, I find it fascinating that the license holder can be rewarded for adding value to the system as opposed to the proof of work model requiring computational resources.
I really think that it in such an exciting and fledgling industry, It is this kind of innovation that should be given time so that its worth can be proven. Interestingly, when I looked at the team behind Dascoin, I found some amazing recent additions to the board that really carry some weight and their absolute insistence on the merit of using an authenticated network of license holders and a board of Directors that seem to be focused on positioning themselves to ensure all compliance and regulatory conditions are met prior to entering markets such as the US for example, certainly gives me cause for optimism.
It is clear that the author of this post failed to comprehend the white paper which I found to be illuminating and it outlines what I see as a sustainable business model which will could potentially change the dynamic of this industry! I suppose time will tell but I suggest an updated review of this opportunity is required.

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It is unfortunate when people make posts about things without all the facts. These inaccuracies have caused a lot of grief for people who are sharing the DasCoin potential with others. I believe that all things will be revealed in time. https://www.reuters.com/brandfeatures/venture-capital/article?id=30038

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Hello @diversified i'd like to have a chat with you. Please if you are on discord let me know.

Am not trusting any of this crap....am investing in it tomorrow.

Hello and thank you for the share !
You said anything because you are asking something wrong !
The Blockchain is online and the blocks perhaps empty because there is no sell, the DasExchange will start on 30th September and you something BIG!

The licenses to purchase is to get access to the DasNet Ecosystem!
You have to search more correct info about!

Good luck!

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Great article. Thanks for letting the community know what a scam is.

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Great, thank you for the heads up!
Following you now!