My opinions, no accusations, yadda yadda…
Wouldn’t it be great if you could find something your mate wasn’t using to its fullest potential, maybe a lawnmower, maybe his staff, and without any ownership using blockchain technology turn it into a cryptocurrency and with a 2 stage sales pitch and use telemarketers to find buyers?
1. Plenty of merchants, few willing to list
Qoin might have over 18,000 verified merchants but if you read their terms of use what they fail to mention is how many of those merchants list products or services exchangeable for Qoin with their strict rules…
So their largest group of merchants sell professional SERVICES and only 88 people listed them for sale in qoin on their official app…
2. Price that rarely goes down
We got a compilation of 180 days worth of price data and after analysis how many down days do you think there were?
Because you need 2 days worth of data we were left with only 177 daily rate of change percentages and of 177 there were… 5 down days (rounded to 2 decimal places) data. That is a 97.1% likelihood of not going down…
See if you can spot them: https://bitcash.io/review/qoin-price-compilation/
3. Commissions and Incentives
At first they were offering 1,000 qoin per verified merchant and the same in commissions to the sales person. This was downsized to 300 but if you use 300 x 2 (for the merchant and the sales commission) x 18,000 merchants, that is $47,844,000…. and you wonder why there is a daily limit based on supply and demand ho ho ho
4. Fraud
All you need is a unique phone number, ABN number, name and an agent on commission to open multiple accounts. What is 300 for you and 300 for the agent worth today? $2,658! And it costs you nothing… and for each verified merchant Qoin adds ~AU$80,000 market cap and “mints” ~10,000 new qoin… #winning
5. Telemarketers find buyers
If you have seen The Wolf of Wall Street you know know the gig. Isolate the objection, overcome the objection, make a commission! Qoin’s price is hygienic, they have 18,000+ merchants AND they are growing…
6. 1% a day average return
Watch this short clip featuring former ASIC investigator Niall Coburn who has investigated hundreds of schemes just like this one:
Food for thought
Very Interesting discussion – particularly the video. Alot of food for thought here.
The only thing puzzling me is the BTX Exchange. Why are they allowing Qoin to be exchanged for $AUD? Their other product, Bartercard, cannot be exchanged for cash. Are you aware of anyone who has actually cashed out or is it just an illusion? Where is the money for the cash out actually coming from? This cost is in addition to their operational expenses, which must also be increasing everyday – such as employee wages, sales rep commissions / wages, advertising etc. I guess all this depends on how many people actually invested and continue to invest money in Qoin.