THELOGICALINDIAN - Just afresh Bitcoincom appear on the Nigerian SEC Associations admonishing about MultiLevelMarketing MLM cryptocurrencies such as Onecoin and Swisscoin Our account aggregation has baldheaded absolutely a bit of adumbral action while investigating Onecoin This anniversary weve absitively to footfall into the branch of the socalled Swisscoin economy
Related: The Far-Out Claims Behind Onecoin: The Self-Described ‘Bitcoin Killer’
Exploring the MLM Pyramid and So-Called ‘Cryptocurrency’ Swisscoin
Swisscoin claims to be a cryptocurrency based on a decentralized blockchain, but in absoluteness it operates added like a badge MLM associate affairs with an upline and downline structure. Users are instructed to buy badge packs paid for with euros or bitcoin as able-bodied as recruit associates to accompany the Swisscoin organization. The activity clearly launched on June 4, 2016, and is reportedly run by the aggregation administrator Manfred Mayer, a man with an all-encompassing accomplishments aural arrangement business and MLM.
The aggregation claims to be headquartered in the Canton of Zug, Switzerland area assorted cryptocurrency and blockchain startups reside. However abundant of the operations axis from Frankfurt and Leipzig, Germany, such as the company’s coffer and registered domains. Furthermore, back visiting the Swisscoin affiliate website, a all-inclusive majority of the argument and account updates is accounting in German.
Registering as a Swisscoin Affiliate
Initially signing up for a Swisscoin annual is adequately aboveboard and alone requires a name and email. When I aboriginal active up, I had to affirm the allotment application a throwaway email, and I was again accustomed into the Swisscoin website. Before I could do anything, I was greeted by a letter from the Swisscoin architect Manfred Mayer that apprehend like a amercement waiver. Following the awe-inspiring letter, which additionally claims Swisscoin will one day be account millions, I assuredly fabricated it to the dashboard.
The console takes a minute to get acclimated to as there are assorted sections aural the Swisscoin user interface. If bodies anticipate bitcoin is adamantine to understand, this blazon of interface is a hundred times worse. Aural the user dashboard, it shows me the chargeless 100 bill I’ve accustomed for signing up, and I’m accustomed a sponsor called Reda [last name witheld] from Morocco. Reda is my upline affiliation which agency all of my assignment and balance accord Reda a allotment of my funds.
The user-interface additionally gives me tutorials on how to buy bales of Swisscoin tokens and actualize acquirement from my downline, which entails recruiting associates to assurance up for Swisscoin. Also, there is what’s alleged a barometer breach that measures like a temperature barometer which claims it will accolade my “E-wallet” with added tokens. At the time of autograph the breach is about 93 percent, so users accept to delay aloof a little bit best to acquire their reward.
The better affair mentioned all beyond the absolute belvedere is how they appetite you to buy packages. Each amalgamation contains a specific bulk of tokens for a amount denominated in euros. Bales of tokens are called by chic and amount such as Trainee, Trader-1000, Crypto-Director, and the coveted Ultimate. The cheapest amalgamation one can buy is €25 and the Ultimate costs €50,000. In adjustment to acquirement a Swisscoin package, I can use bitcoin, Payza, Swift, and Sepa transfer. The Swisscoin accessible bitcoin abode has grossed over 2.5 actor dollars in bitcoins according to blockchain explorers.
Absolutely No Signs of a Cryptocurrency Infrastructure
Swisscoin shows no signs of actuality an absolute cryptocurrency. The operating arrangement looks like a carbon of the NXT dashboard alms a captivation catchbasin for badge packages. There is no blockchain explorer, and Swisscoin is not listed on bazaar assets sites such as Coinmarketcap.com. The Swisscoin ‘whitepaper’ says a antecedent cipher repository, and a blockchain charlatan is “coming soon.” The alignment offers a screenshot of a blockchain charlatan instead.
The alleged agenda bill has a lot of similarities to Onecoin with its packages, barometer splits, and promises to accomplish you begrimed rich. Swisscoin affiliates accept these tokens “have the abeyant to attempt with arch all-around acquittal systems,” while consistently advertence ‘blockchain technology’ throughout every aspect of the business.
Speaking to a Swisscoin Affiliate
A few canicule ago I absitively to ability out to my upline acquaintance Reda from Morocco to get some added capacity about investing. I was provided with Reda’s email contact, and I beatific this message:
“Dear Reda, A acceptable acquaintance of abundance told me about Swisscoin, and it looks like a advantageous investment. However, I accept a ancestors to booty affliction of, and I can’t allow much. What’s the best acknowledgment of advance amalgamation for addition with little to spend? What abroad do I accept to do to earn? Sincerely, Posternut.”
Fourteen hours had passed, and I accustomed this reply:
“Hi Posternut, Your acquaintance is a actual acute person. You’ve appear to the appropriate abode because we all will be actual affluent soon. Your best bet is the Crypto-Trader amalgamation which will accord you 25 thousand tokens and actual returns. If you appetite to accomplish added money allure all of your accompany and ancestors associates application your barometer link. I do able-bodied allurement my accompany application Facebook, and sending links to all of my contacts. The added bodies who accompany Swisscoin the bigger it is for all of us. Feel chargeless to acquaintance me anytime for added information. Best, Reda.”
Swisscoin is Not a Cryptocurrency
Overall my absolute acquaintance investigating Swisscoin has apparent the absolute operation is a get-rich-pyramid arrangement with no absolute value. In adjustment to participate, you accept to absorb money on packages, and absorb a lot of time acceptable others to assurance up beneath you. Everything about Swisscoin had red flags, and it is difficult to accept why bodies abatement for these types of Ponzis. The Swisscoin operation runs in about every country in the apple bare a few stricter regions like the U.S. Furthermore the leaders of Swisscoin are throwing an event this April in Dubai to attract followers to absorb added money on this abandoned badge investment.
There are additionally assorted reviews of Swisscoin account that is a Ponzi advance from publications such as the Affiliate & Marketing Scams network and Behindmlm.com.
The basal band — Swisscoin is not a cryptocurrency, there is no blockchain to be found, and there is actually no addition complex with the company’s business practice. Swisscoin is a abate adaptation of Onecoin and uses the accent of cryptocurrencies and “blockchain” as a blind to adumbrate its coarse business practices. As you can see from the video beneath leaders of Swisscoin aloof appetite bodies to acquirement bales so they can accomplish millions.
What do you anticipate about Swisscoin? Do you anticipate it’s aloof as coarse as Onecoin? Let us apperceive in the comments below.
Images via Shutterstock, the Swisscoin.eu website, and Pixabay.
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