Please someone tell me if Platincoin is a Scam?
To make it short: Yes
The people behind Platincoin are the same who were behind Swisscoin (check its price on coinmarketcap) which got pumped and dumped.
The first question you have to ask if you want to invest is: "what is its purpose?". Does it claim to be a currency or a "store of value" - then ask yourself who is accepting it as payment and what gives its value? Has it got anything that sets it ahead of those other hundreds of already existing coins? The answer to all of this is 'its useless'.
They want to sell the blockchain revolution to clueless babyboomers who want to get on the ride. And therefore they use MLM where the ones who are highest up in the pyramid scheme get the most benefit. And as long as it creates a decent amount of hype new money will follow. Until the interest gets lost and the ones who held the most of it dumped everything they had. Like it happened to their former project Swisscoin. As well as bitconnect and Lopoca (is not blockchain but follows the same principles where the so called 'nugget' will give you passive income once it reaches 10€ but before that it serves no purpose) are some examples for quite similar scams.
Scams like these are popular in Switzerland and central europe because people trust everything that has this area connected to its brand. But to be honest most of them are registered abroad for tax benefits but also for the lack of laws which prevent such scams. Remember they know their rights and they know how to use the grey areas of law for their benefit.
Something else I experienced among MLM affiliates is their lack of knowledge about the technology itself. They use "blockchain" and "distributed ledger technology" as fancy terms to give you the feeling they know more than you but right now Platincoin is highly centralized and many things are still in the blue. There is no community of miners behind it and no community of developers. In other words you have to take what you get (which is by the way the exact opposite of distributed ledger tech.). You are even forced to use the mining-devices only they sell to you.
Another flaws are:
- Their low trading volume
- They might hold back a significant amount of coins for another pump and dump.
- They can make changes to the code for their benefit (increase coin supply etc.)
- There is no community that can control or prevent any malicious inside or outside attack
- keep in mind getting listed on an exchange might increase the demand in the short term but it does NOT create additional value.
Now about the people who use this sort of affiliate marketing. They are very slimy persons in general. They will adulate them selves for using fancy terms and knowing some basic economic facts. At first when they tell you about their scam they will give you some basic economic and blockchain knowledge and then they will start to shift to their product. But in the end the basic knowledge they gave you before has nothing (0!) to do anymore with what they are trying to sell you. You might think they are smart because they told you about block chain benefits but that does not mean their product holds any of these benefits. Like I said they talk about distributed ledgers and in the end they want you to buy their centralized product. These people usually wear suits to make them look more sophisticated. They will tell you about ' your economic freedom' just so they can reach the next level in their MLM pyramid scheme. They also like to brag about how much they earn via MLM and how they ran successful businesses in the past ( which most likely went bankrupt due to their mismanagement, else they would still run them).
So please stay away from such """"distributed ledgers"""" and warn as many people as you can. Because MLM scams tend to create a cult like following and when you realized everything is lost you have also lost your trust in actual (!) distributed ledger technology which has far more to offer than money alone.
