Topic: [FRAUD] LEOcoin scam making demonstrably fraudulent claims to con general public - page 4. (Read 24445 times)

Check out the check number.....

#01234567, don't get many of them.

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That's not a 'link' to or 'associations' with Amway per se, that's just a sponsors board for some shitty MLM love-in.

Payment #223 ? of $26,795 pounds ?

Lecoin coin + Lion ? ..zodiac symbol ? Learning Enterprises Organization Ltd. ?

hmmm so what are we "learning" ?  

That they REALLY like that logo ? 

www.leocoinfoundation.org/img/members/LEOlogo.png

Hmm members ?

PS:

$26795.00 pounds x 223 weeks = $5,975,285.00 (as of SEP 10th 2016)

Funny there was not one single word about this coin being ANON when a shill was posting about how Apple approved of their app on the apple store in Alt Main recently.

Then when confronted with any questions he was highly evasive.

I asked if it was true that the APP in question was simply an Information only APP
and got not relevant reply back..

Clone of Mint Coin ? hmmm ?

These fuckers scream scam.... AVOID !

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I see the picture of the check posted earlier.. then the newbie's image above my comment.
Notice how it says Amway etc and in the lower right corner is a Lion head ?
Notice how it matches the Lion head background on that Facebook picture of a check for $26,000 ?

So guys were debating earlier if there was links to Amway etc (which would be a bad thing)
Well.. you can see them with your own eyes

Further more..
I have been seeing a large campaign of spamming going on and there seems to be a LOT of lying puppet accounts and bold dishonest claims.
Whom ever is behind this is hell bent on spamming this crap coin.

Red flags galore.
Like the dev on this topic trying to talk his way out of getting caught lying about Leocoin having the best ANON features of any coin in crypto (when it has none what so ever)
His excuse was a pathetic joke.. straight up lying manipulative weazle bullshit and he knows it.

This coin and it's associated idiots are fraudulent crooked scammy bulllshit !

Avon, Herbalife and Amway all sell products that some of which are priced far more expensive than any of their competitors products.

They all run cultish style training seminars.

MLM is overpriced items that are sold through pyramid style scemes. Leocoin is an overpriced crypto sold through MLM. There is little or no difference.

MLM is legal and it appeals to certain parts of the population.

I do have an issue with the false claims like "truly anonymous" - it isn't. Wallets can be traced to an owner.
The pumping of prices on exchanges to make it look like it is traded there.

They also claim that the smaller denomination of leo coin makes it more usable and that because Bitcoin reached up to 1200USD per coin, which made it inaccessible for many people and not practical as currency - which is bullshit because a Satoshi is smaller in value than a cent.

I differ in opinion as to whether Leo is a ponzi and only time will tell who is right. A ponzi eventually collapses.

Would I invest in it - hell no !  Crypto is full of good opportunities and Leo - in my opinion - isn't one of them.

But there is also lots of other crypto out there that have fake markets and some exchanges have fake volume by using volume bots.

Hahahaha

One of the main things I have noticed about Leocoin is the appalling quality of their shills.

*crickets*




Let me introduce you two

Avon, Herbalife and Amway at least have a product range they sell. The LEO mlm is simply about recruiting more people to buy in so they can join the pyramid of people recruiting others to buy in, so they can join the pyramid of...

...


Specific reference link to Leocoin associations with Avon, Herbalife and Amway asked for.

Avon hires people to sell their product. In return these people get a share of what they sell as well as a share of those they get to join.

This is nothing new and has been going on for decades.

Google is a great reference.

A more proper term is called Commission, where you only get paid by selling someone else's product.

If by 'reference' you refer to any ties between LEOcoin and said companies then next time construct a proper question that explains your inquiry.

Reference?

CLARIFICATION: Leocoin in my opinion is scammy. I wouldn't put money in it and would advise other likewise.
This is a theoretical post only - it is NOT an endorsement of Leocoin or MLM.


EDITED POST:

MLM tends to be a bit pseudo religious and cult like - I don't personally like it - but it is legal in most countries.

The main exchange, the code, the mining (POS)  and the promotion is all controlled by the same people and main stakeholders.

Centralisation makes it risky. If the system collapses it has no recoverable value.

With MLM you always pay a high premium for a product because it has many levels of commissions to pay - so you will never get a bargain or good deal. So it does NOT make a good investment.

There are some successful MLM products  - like Avon, Herbalife and Amway - however this is not necessarily a good thing. Just because companies that use questionable sale techniques don't go broke doesn't make them worthwhile joining.

The price of LEOcoin is being manipulated on the exchanges.




This images shows that exchange pumps take place to give the appearance of market change. It is just a price increase instigated by a large holder of the Leocoin crypto.

Because crypto is largely unregulated many unethical things can occur. If this happened with a registered security in a regulated market it would in most likelyhood result in prosecution.

This is something that happens in crypto and should be viewed as a warning of market manipulation.


HOWEVER - AS A SYSTEM:

CONTROLLED MINING, CONTROLLED EXCHANGE, NODE CONTROL and SOFTWARE CONTROL can have advantages and makes a system secure if the people controlling the system stay around. It also makes you totally dependent on that group of people.

Controlled POW mining (rather than pos), controlled exchange, node control and software control would be ideal for an existing trusted and regulated bank. It would make transactions easy and secure. Government oversight and strict financial controls would be needed for such a system to be safe.

If it was run by a established bank and had some government oversight it would have commerce benefits.
Without such a trusted organisation and government oversight it creates additional risk.

Crypto is still largely unregulated - unlike financial markets. Centralized control creates extra risk.

So when security, anonymity, price and success of the coin is controlled by the same group of private people it becomes like joining bartercard or investing in interest bearing gift cards or sending via paypal.

It does remove a lot of the benefits of decentralized open source crypto that is subject to market forces and relatively free from government control.



NOTE: This post is heavily edited from the first post to make it clear that it is only talking about SYSTEMS.

This is NOT AN ENDORSEMENT of Leocoin. In my opinion Leocoin is NOT a good investment.

In my opinion Leocoin has been sold using exaggerations and misrepresentations.

They say that you can tell about a person by their friends.
Can you also tell about a scheme by its shills/affiliates?
From FB yesterday....

This is incorrect. Anonymity is not the same as pseudonymity, as with digital currencies like bitcoin we replace a name with a pseudonym, in a real anonymous setting, no information whatsoever is available (ZCash).-

Anonymity (Zcash) - no signature (without a name)
pseudonymity (Bitcoin) - replacing a signature with a pseudonym (with a "fake" name)

GJ @cryptodevil

Its good to see that someone has the knowledge to explain  @LeoCoinFundation that his bullshit long ass essays have no real meaning and that he is full of smoke.

@all

LEOcoin is not a scam. Cryptodevil has a weird opinion with regard to anonymity. Anonymous literally means: without a name. As LEOcoin and other digital currencies transactions do not include names, they can be regarded as anonymous. As however some personally identifiable information, like e.g. an IP-address could be traced, perhaps a better choice of words would be 'pseudo-anonymous', which I have advocated from the start.

To avoid stupid claims like this, we have initiated that the text on the concerning page is altered in order to avoid further misunderstandings.

This is my only and final stance to this unnecessary thread.

reserved

LEOcoin, as a clone of Mintcoin, has no discernible features or technical specification which would elevate it over any other digital currency.

When the issue of this fraudulent claim towards it being, "truly anonymous" was first raised in the LEOcoin thread on this forum by user, 'arielbit' it was ignored:

I subsequently brought attention back to this false claim:

and got this reply:

Seeing as this project still failed to remove this false claim I raised it again:

and got another assurance that it would be looked into:

Still nothing was done.

Months passed and that fraudulent claim remained as part of the promotional information for this coin.

I again raised the issue with 'LEOcoin Foundation' but all I got in response were repeated and dishonest attempts to redefine the meaning of the word, "anonymous".

I'll not post the huge walls of text he continually resorted to as they are tedious beyond belief but they began around this point:
https://bitcointalksearch.org/topic/m.14913528

I eventually offered 'LEOcoin Foundation' the opportunity to honestly accept that the statement was false and to ensure it was promptly removed from the leocoin.org website, something which should have been done six months ago, and the reply I got was that 'LEOcoin Foundation' and I simply had a difference of opinion on the matter, followed by yet more attempts at redefining the meaning of the word, "anonymous". All the while the leocoin.org website continues to lie about possessing tech which makes it, "truly anonymous".

The people shilling for the MLM/Pyramid-Scam-based coin, 'LEOcoin' have claimed since the coin's inception that, unlike the pseudo-anonymous nature of the vast majority of digital currencies, they have developed technology which makes it, "truly anonymous".

Their leocoin.org website, the central point of information on the web for the general public to learn of this coin and its features has long (since 2014 according to LEOcoin Foundation) contained this explicit claim:



Anybody who understand the basic principle behind bitcoin knows it is not anonymous, it is pseudo-anonymous. While addresses within the publicly-viewable blockchain are not named and generally do not carry identifiers of the person who possesses the private key to them, the fact is that every single transaction since the genesis block can be tracked to analyse the movement of coins to and from these addresses.

By simply discovering the information of who owns some of the addresses, usually through their having used centralised exchanges which require users to submit their identity, or through using Bitcoin to make online purchases which may involve submitting personal information or a delivery address, it is absolutely possible to uncover a veritable trove of information on that person's coin transactions, their history and even trace their ongoing activities. 

This is why the concept of a "truly anonymous" digital currency is often considered as the 'Holy Grail' of cryptocurrency technology and very few coin projects seek to specialise in achieving this complex and extremely difficult goal.

While many digital currency websites play fast and loose with the use of the word 'anonymous' when listing the features and specification of their coin, usually simply alluding to the lack of address identifiers, only those projects which are claiming to specifically offer total anonymity list in their coin's features that they are, "truly anonymous".

LEOcoin, which is known to market and promote itself through an MLM/Pyramid scheme to the general public, not only claims to possess this valuable technology, but even qualifies that claim further by comparing itself to regular digital currencies which are anonymous "only on a superficial level".

There is no vague, hand-wavy, stretching of the truth here. They do not simply claim it be anonymous, they specifically claim it to be, "truly anonymous" and, therefore, superior to other coins which are only pseudo-anonymous, like Bitcoin for example. LEOcoin is actually claiming that it offers a feature which even the multi-billion-dollar Bitcoin does not have. It is promoting itself to the general public as offering a function that it simply does not possess.

It is doing this in order to make itself seem more advanced a technology than 'other' coins, like Bitcoin.

It is doing this in order to persuade the general public that it is a worthwhile and valuable investment.

It is committing fraud in doing so.