The Matt Trainer Scam - What is it exactly?
With all of the excitement of the Mogul debacle a few days ago, I wanted to take a closer look to what the big payout of the scam really is. Since I do not have any insider information, this is all speculation, but all of the pieces of the puzzle seem to fit.
Karmakoin is the key
During is presentation, Matt was pimping getting bitshares ready. Why? Because the heart of this game was going to be Karmakoin supposedly backed by gold. Okay, that's fine, but where is the scam? It's right here.. .png)
The whole idea revolves around the "ICO" of Karmakoin, the only problem with this, is that Karmakoin is an already unlisted junk coin called Karmacoin, which has been delisted for a couple of years and has been around since 2014..png)
As of May of this year, if you could find an exchange, you could buy karmakoin at a rate of $0.000004 to $0.000005
Now we see the next portion of the scam take place. Thanks to @profitgenerator for this post: https://steemit.com/money/@profitgenerator/top-5-popular-scams-to-avoid
In scam #2 we see what's taking shape.
- Penny Stocks
After a scammer has grown out of making ponzi schemes, they move into the stock market to get access to more sucker money. The stock traders are no more intelligent than you average public, and they are also gullible enough to give their money to scammers. Penny stocks is a pretty easy scam, they just create a shell company, and have no product whatsoever, just rely 100% on marketing/advertising to sell a dream to suckers. I used to work for an investment firm, trust me, I have seen plenty of penny stock scams, and they all have the same pattern. It is the same always:
Create a shell company
Have nothing, just an idea that sells
Rely 100% on marketing / advertising to promote that idea
Get investors by promising them that your idea will make a lot of money
Sell all your stocks while they are buying for huge profit and resign from the company
Retire
It is always the same pattern, so if you can identify this, you may protect yourself from stock scammers.
Sound Familiar?
The promise of a game currency backed by gold and a vague video of what VR is.
Promise of huge returns for doing what you're already doing!
This is the classic Pump and Dump.
So what about today?
Let's look at where Karmakoin/coin is today
.png)
@0.000028, it's trading at a near 7X multiplier from just last week. There's the pump..
And..... .png)
There's the Dump. Look st the drop in the last 24 hours.
So that's what I was able to find. Like I stated earlier, I do not know this as a fact, this is just what my curiosity has led me to find. Let me know what you think, did I miss something?
Thanks for reading!
Hey Swelker101, great post! Thank you. I do have some questions though that I'm wondering if you can answer.
I've been following Matt for a few years. I do understand that some things have happened in the RECENT past that put him in a bad light. However, I always try to give people the benefit of the doubt. This does NOT mean that I'm backing him, I just always try to get all of the facts before making a decision on something.
So here are my questions.
1-'Karma Koin' and 'KarmaCoin' could be two completely different things could they not? It certainly seems like they are. If karmacoin has been around since 2014 and KarmaKoin was just released a few weeks ago, wouldn't that prove that they're different?
2-Let's assume that based on #1 above that they are different. If KarmaKoin is a NEW coin and is backed by gold (meaning each coin can be traded in for one physical ounce of gold), is that really a bad thing (seems to me that it'd be kind of cool)?
3-Has Matt Trainer really been part of ponzi schemes? Based on my research, it seems like maybe he just hasn't been able to deliver on some of the software tools that he's promoted in the past? I understand that's still bad and you shouldn't sell something you don't have, but there's a difference between not being able to deliver a product and being a part of a Ponzi scheme. If Apple promotes the iPhone 8 but can't keep up with the production of all their orders, does apple become a Ponzi scheme? Seems a bit unfair to me.
Would love to hear what people think!
I knew Matt personally for almost 2 years. He turned into what I thought was my best friend. He used me for my knowledge in film, and social media, and status as a creator...He scammed so many people and told me how he did it. When I finally didn't want to be a part of it, he FLIPPED out and started threatning me and my family. He talked about blowing up our house (I have all the recordings) he told me we stole his ideas for a coffee brand (when WE OWNED A COFFEE SHOP) and simply ASKED HIM if he wanted to move forward. He took that as we were "scamming him" which made no sense...We were just asking if he was ready yet...Then he kept freaking out on all these people saying he was being robbed and scammed....He made $20,000+ on one of my ideas...took the money from the people...Sold them a copy and pase eBook with MY IDEAS and didn't pay me a dime...I am glad because it was all SCAM money...He just takes money from people and moves on...He spend 3 years in Federal Prison in the 90s for millions in fraud (FEDERAL) and owes MILLIONS in credit card debt and property taxes...He's a piece of shit and he actually reached out to me a few months ago. I blocked him and told him to go fuck himself.
Good research and conclusion, no arguments here.
Thanks, the one thing I question is if Karmakoin and Karmakoin are the same, but with that jump in movement and trades, I tend to think it is.
I agree.