Topic: Beware of Swisscoin - Ponzi in the making (Read 1303 times)

So we finally got the long expected news yesterday. Since the news didn’t clarify anything or had any real value, I had a chance to chat with Mr. C (who is supposed to be developer) in the telegram group and to get some of additional answers.

This is the summary of our chat, which I posted in that group.

So here is my view on today’s news:

Basically non of my questions were answered:

Let’s repeat them:

1. ICO coins - no answer
2. The company registration paperwork - no answer
3. Number of ICO coins to be distributed - no answer
4. Initial whitepaper - no answer
5. Roadmap - no answer

So it seems that we should finance again some new projects, which is yet to be announced.

The old company is sold to new investors, but we don’t know what they plan to do. We don’t know the developers, and the projects.

This all could happen.

Usually when we have normal ICO, it takes at least 2-3 months to launch anything. And since we are starting from the scratch, then additional 2-3 months to prepare the plan and the team. This is more or less in line with the today’s message.

So the best I could say is that we may see the price to remain in this range for a while. You can earn some money by trading (or pump and dump).

However I still don’t see any intrinsic value. I’m open to evaluate the project again when the roadmap is released.

I wish you all luck!

And in the end my post from today, so you can compare the news with.

So here is my view.
0. MLM promotion
As far as I know, only some of the leaders earned nice fiat money. Others are blocked and accused for fraudulent behavior. If promoters believe in project they should have been paid in SIC. In this way they would be motivated to keep the value.

1. The value of SIC is now only speculation based on the expectation that the coin will have the utility or application in the future. Based on the whitepaper we have very limited application. And that’s staking. Staking is not working currently.

2. I was very in favor of staking, as a tool to keep the coins of the market. Then I asked several times in the past, from where are we getting the rewards for validation of transactions. Since the transaction fee is very low, those coins are coming from somewhere. At the beginning, I thought that the max supply will remain the same. But it’s increasing for the inflation. Currently the inflation is 15% yearly. This is rather big, since we are not storing any value.
The better solution would be to use coins locked by the company for rewards and not to increase the max supply.

3. Merchants. This was nice idea but the competitors did the job on time and there’s little chance that this will be a big breakthrough. There are now projects which enable use of multi crypto currencies, even spending your crypto with MasterCard.

4. They broke every promise made in the whitepaper. The most important, they haven’t released the ICO coins before the trading. The biggest mistake ever!

5. We don’t know the people behind the company. Every ICO is promoting theirs experience and developers. Using their bio and LinkedIn. Here still nothing.

So when we here some news, it’ll be only the speculation again. The intrinsic value still depends on the delivery. And till now the delivery of results is zero!

Disclaimer: I closed all my positions in SIC, and have no emotional attachment to it. I earned and cashed out some profit, and covered my ICO costs. Until we receive a new roadmap I’m not going to analyze it anymore.

The point of these Ponzi shitcoins get bought exactly by the people who have heard about Bitcoin but they understand absolutely nothing about crypto. There people come to them and tell them: I will make you rich - and they want to believe it.

Yes, I agreed. Because I have a friend in Dubai she invited me to part of Swisscoin community, and I told her that it is a kind of ponzi scheme and She doesn't believe me at all, and now the of value of Swisscoin was dropped into nothing, And it was listed in Nova exchange whihc is going to close too because of the new management and owner of this exchange platform.

It is puzzling to see how many people would fall in these kind of traps even though they get the evidence of the scam beforehand.

Actually now it seems that they actually use a blockchain technology and they are even listed on coinmarketcap. However, this doesn't mean that this cannot be a scam. If the scheme is a ponzi scheme, it probably actually is one.

I haven't done much research, but you should at least look enough into an ICO to figure out if it actually utilizes blockchain technology. The Darwin award may be appropriate.

Guys, the video with which they promote their scamcoin is totally hilarious. In a way, whoever is giving them money after having seen this video totally deserves to lose it + he should get a special Darwin award.

I have discovered that some ponzi  schemes are converting to cryptocurrency and they seem to be doing well,  i guess its because most of these ponzi schemes already have huge community of supporters,  so once they convert to cryptocurrency,  their market cap will be high in a short time. Lets see how one coin will do next year.

If any project or coin is being promoted by Nigerians, you must know that it is a scam on MASSIVE scale.

Currently there is a pump on SIC, but anyone who's been involved with cryptos know that these are artificial, and soon it will be dumped on unsuspecting people.

Stay away if you value your money.



Read the comments on this article and you will know what i mean.

https://news.bitcoin.com/dissecting-swisscoin-cryptocurrency-ponzi-horizon/

I was lucyk to get it for average price around 13 sat, and now is 26 sat. I'm running offline wallet, and usually earn around 1k coins in ten days as Proof-of-Stake reward.

If it will go to some bigger exchanges soon the price go up, currently only in coinexchange.

Since swisscoin is now listed on coinmarketcap.com and the vol is increasing daily.
I think it has overcome the word "Ponzi"

I think about swiss coin ponzi is very long time in discussion
in 2016 much people warn in swisscoin only ponzi

Even if you thought it's a good project nevertheless it is not a crypto currency and a decentralized coin,it's very much similar to thebillioncoin and onecoin,all of them are treated by crypto currency experts as mlm type coin which are centralized.

Hi I am new here ... I think swisscoin is a good next project ... The started a Convention in Dubai today ...
http://ccnz.gq/ssvt
http://ccnz.gq/scn
Every new digital asset looks a scam until it becomes announced officially and in  country like DUBAI ...

I think that mostly of us know that Swissscoin is ponzi scheme and it was discussed many times on bitcointalk about this coin. We have to avoid such coins like Swisscoin, Onecoin and etc because they are just searching for fools who will invest money in it.

Learning about bitcoin is fun and discovering new types of cryptocurrency are inevitable. Some countries develop their own cryptocurrency and endlessly, they try to promote it. But be aware of these new cryptocurrencies.

I've read an article about Swisscoin which claims that it is a cryptocurrency. It uses the terms and languages of a cryptocurrency and "blockchain" that deceives readers to engage them to join. However, it would seem that it doesn't have any sign of being a cryptocurrency. It appears to be that its entire operation is a get-rich-pyramid scheme with no real value. It only encourages you to buy packages to them and invite other people to signup under you. Yes, it contains uplines and downlines which is clearly a ponzi-networking scheme.

Swisscoin is definitely NOT a cryptocurrency. And it is best to avoid it from the start.

You have been warned!

For more info, the link is provided below:
https://news.bitcoin.com/dissecting-swisscoin-cryptocurrency-ponzi-horizon/