My opinion, no accusations, enjoy the review:
By now you have heard of Qoin, just like you a local Australian businesses promising to get you more customers, reduce business costs, reward your customers, build brand loyalty, improve your lifestyle and fee free merchant trading. If they could offer just one of those things wouldn’t it be great right?
You get an agent, download an app, sign up with your ABN number, get some of this cryptocurrency everyone is talking about for free, a listing on the Q Shop and before too long you start getting inquiries for your goods and services! You think to yourself “this really works, my wife was wrong this is not a scam!”.
You watch your Qoin go up in value and after a few weeks silently calculate how much it has appreciated, “OMG, it’s already up more % than my superfund!”. Then you get the call from your agent asking if you want to buy some more and even offer a 20% bonus if you buy a $10,000 block! They call you again in a couple of days and you spend another $10,000.
Wow, isn’t Qoin great! All these new customers, all this interest without lifting a finger, pat yourself on the back for making the right decision.
But then the cracks start to show…
“Imagine a business where people hand you money and you hand them back absolutely nothing.”Ricky Tan, Bad guy from Rush Hour 2
First you try to purchase something from an existing merchant but are told, “Sorry we don’t accept Qoin today”. You think to yourself, “What!? You should feel privileged that I am willing to let go of my Qoin, it grows like a seed while everyone knows cash gets worth less over time! You must be crazy”.
Then after working hard and earning so much Qoin you decide to treat yourself and head on over to BTX for some cash. After completing the KYC you realise the price you have been looking at this whole time was the buy price, the sell price is 21% lower. So as you have over $50,000 worth of Qoin you ring the OTC phone number only to discover the spread on $10,000 transactions is 40%! They also tell you there is a $20,000 limit per month.
Suddenly you realise the business not accepting Qoin was not crazy, they were just in your situation first!
You see when you where euphoric about how great you think Qoin was behind the scenes everyone else with too much Qoin was working on getting rid of them as quickly as possible for anything of value.
From the moment you became a verified merchant the Qoin Association turned you into a line of credit limited only by what Qoin holders could get out of you, be it your time, products, network or assets before you became wise to what was really happening.
Now you have a choice, swallow your pride and join the dash for cash, hoping you get out in time knowing family and friends who got their Qoin for peanuts, or free are already opening multiple accounts, even paying people to KYC and help cash out their Qoin as fast as possible (this is really why they have daily and monthly limits).
It’s either that or join the raging competition between value vampires sucking the life out of gullible new merchants leaving them in your position, with a pile Qoin requiring even more work to spend. At the same time worrying if the exchange will run out of AUD and the price of Qoin collapsing.
Maybe your wife was right…