Those who don’t know, this is a very sophisticated scam in Australia. They have even sponsored major sports teams.
These guys have been running a scam for years. Years before they instituted Barter Card, a rewards points system which is only a front for their pyramid scheme.
The price of the Qoin is controlled by the team, ie they say they are giving you $10k of Qoin for 10c, although the app’s own screen says it’s only $2. Wow, magic!
Scammers create bogus utility tokens and ICOs, which are highly unregulated, to make quick money from utility tokens.
I don’t understand why any business would sign up to accept a make-believe payment.
If you accept Qoin as payment for your business, the only way you can spend it is to send it to others who have downloaded the app. You are literally offering your goods and services for free with the hope that one day, you might be paid for them.
If this isn’t alarming to you, then maybe start setting fire to your money.
Anonymous Answered August 9 Originally Answered: Is Australia based crypto company QOIN a PONZI SCHEME?
I’ve looked into this company and personally, I believe it is a complete scam. There is no token by the name of ‘Qoin’ listed on any of the exchanges.
Why would a company start signing up business owners before the cryptocurrency exists? It screams ponzi scheme.
Their staff have no technical understanding of cryptocurrency (I’m not sure if they’re in the crypto game or being played).
They are trying to build hype and get you to buy more of their currency by FOMO while it’s ‘cheap’, but in reality the ‘Qoin’ does not exist.
For crying out loud, look at their marketing tool. Classic PONZI!!
According to their white paper listed here and their price of $3.11 on their website, QOIN’s market cap is 31 Billion dollars.
Keep in mind that this coin is not listed on any exchange and there is no way to convert the coin into FIAT.
You can only spend the coins by going to other businesses that the scammers have convinced to give away their products and services for FREE, or should I say, in exchange for Qoin.
Why would you give out something of value for free? They don’t, they believe they’re being paid in a new cryptocurrency. Can they then sell all their Qoin at the end of the month? No. They, too, must find another business that accepts Qoin.
As Matthew Mcconaughey says in the movie, “You need to keep them on the Ferris wheel, 24/7/365″…