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Is DasCoin the Next Crypto Scam Preying on New Digital Currency Users?

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DasCoin

As cryptocurrencies continue to grow in popularity, more and more digital tokens and currencies continue to launch. One such digital currency is DasCoin, which was launched in 2017. While many have invested in DasCoin, just as they have with other cryptocurrencies, it now appears that DasCoin – a multi-level marketing (MLM) company – may be a scam preying on unknowing cryptocurrency newcomers.

Calling itself the “currency of trust”, DasCoin is a “cryptocurrency” operation that seemingly works effectively in the same way as the disgraced pyramid scheme OneCoin. Anyone looking to invest in DasCoin can do so through DasCoin’s NetLeaders. The main role of the NetLeaders is to “educate” people and spread the news about DasCoin to influence more people to join its network and secure their own NetLeaders licenses, which range from anywhere between €100 to €25,000. The license subscription fee is paid using fiat currency. For any “investor”, a license is their entry point and the higher their investment, the more cycles they are able to get to increase the amount of DasCoins they can earn.

In one of its promotional videos, DasCoin introduces its team of “NetLeaders” who include a Ugandan government senior official and advisor to the president, a financial advisor, a university professor and an entrepreneur. The company claims that the team has already started implementing solutions on the DasCoin blockchain, such as smart contracts, record keeping, a utility value chain, and remittances.

DasCoin’s activities in African villages, where it purports to give access to utilities like clean water and electricity, seem to be an effort targeted at luring unsuspecting people into what can only be described as a pyramid scheme.

How Digital Currencies Work

Cryptocurrencies were established to give people the freedom to make financial transactions without the need for a financial intermediary. They run on decentralised networks that allow individuals to electronically exchange money just the way they would an email. These peer-to-peer transactions are processed over a blockchain network, happen almost in real-time and can be done by anyone with an Internet connection without having to pay money to become an affiliate.

However, this is far from how the DasCoin “cryptocurrency” operates as it only works within its own DasCoin “Blockchain Technology” network.

How DasCoin Works

DasCoin ScamContrary to how actual cryptocurrencies work, DasCoin requires those willing to invest – affiliates – to purchase licenses from the NetLeaders. As such, affiliates earn money when the members they “educate” invest in DasCoin. Affiliates are encouraged to invest anything between €100 to €25,000 and, in return, receive between 1,265 and 373,750 cycles of up to three upgrades. The cycles are the basic building blocks of the DasCoin Blockchain Technology. An upgrade gets triggered when the cycles converted into DasCoins goes below 50 percent efficiency from a starting point of 100 percent efficiency.

The NetLeaders affiliates are the only people who hold the DasCoin cryptocurrency while DasCoin’s internal value is regulated by DasCoin. The investor contributions are made to the DasCoin “portfolio manager” who is in charge of the whole operation. However, it seems that the work of the “portfolio manager” is to steer clear of real investment ventures and, instead, transfer money from one client to the other as there is no visible course of action by the company to generate any revenue for its “investors”.

Judging by the setup of its operations, DasCoin looks like a typical Ponzi scheme that is built in a way that the first investors recruit more investors who are required to recruit additional investors for earlier investors to make money.

Typical of similar schemes, investors are lured into the schemes by the pretense of being educated on the evident opportunities that will provide them with a chance to acquire wealth quickly. In DasCoin, this is through the money that is generated from the DasCoin NetLeaders who then recruit affiliate investors. Similar to the fraudulent MLM OneCoin network that collapsed recently, DasCoin basically operates the same way suggesting that it is more of a scam than a “currency of trust”. The DasCoin model with varying upgrades and cycles as shown below:

  • Standard – invest €100 EUR and receive 1265 cycles and 1 upgrade
  • Manager – invest €500 EUR and receive 6325 cycles and 1 upgrade
  • Pro – invest €2000 EUR and receive 27,600 cycles and 1 upgrade
  • Executive – invest €5000 EUR and receive 74,750 cycles and 2 upgrades
  • Vice-President – invest €12,500 and receive 247,500 cycles and 2 upgrades
  • President – invest €25,000 EUR and receive 373,750 cycles and 3 upgrades

People Behind DasCoin

DasCoin’s CEO and founder, Michael Mathias, has been previously linked to the OneCoin MLM pyramid scheme that went bankrupt. In a video addressing his involvement in OneCoin, Mathias admits that he got curious about cryptocurrency after seeing the OneCoin model which he calls “interesting”.  He further states that he scheduled meetings with the people behind OneCoin as part of his research to understand the model better and even bought some of the packages OneCoin was offering.

In September 2017, Malta Today ran a piece on Mathias after he was seen on a picture with Maltese Prime Minister Joseph Muscat, which suggested that DasCoins is an offshoot of OneCoin and runs the same fraudulent business model. Mathias responded by referring to the article as “fake news” and stated he has no affiliation with OneCoin. However, according to Behind MLM, he was named as one of the hosts at a OneCoin launch event in the U.S. in 2015.

Mathias has once also termed the OneCoin model as a strong marketing model that he wanted to protect and was the motivator behind starting DasCoin. This would suggest that DasCoin was not designed to be the “currency of trust” it claims to be but was instead designed to carry on the OneCoin MLM legacy in a new format. If not, why develop something that is so similar to a model that made thousands of investors lose their money with lies of earning more money?

Is DasCoin a Scam?

A user by the name of “tmpf” wrote about DasCoin in the Bitcoin Talk Forum: “[DasCoin is a] virus as in contagious and dangerous scamming methods, not as in malware on your hard disk. The Onecoin model of bullshit “cryptocurrency” married to a hard sell MLM pyramid is attracting several copycats, Leocoin, Capricoin, Swisscoin and Swiscoin amongst many others…Gullible real “investors” soon realise they are locked into the scheme and all they have bought is promises of Da Moon from chronic MLM promoters like J Ryan Conley and the Onecoin Mafia. The latest in this shower of shit is DAScoin, operated by Coinleaders, a Singapore/Dubai/Hong Kong based collection of MLM veterans.”

In addition, an article on Steemit by “cryptoviking” gives an in-depth review on why DasCoin is very likely a scam. And he is not the only one. Ethan Vanderbuilt also wrote an article detailing why DasCoin is a scam and why people need to keep away from it. Both authors have received both positive and negative feedback on their articles with the majority of the criticism coming from people who have a stake in DasCoin.

While there are some who view MLMs as an honest investment opportunity, research has shown that in such businesses, participants tend to lose most of their invested funds. This has especially been the case in the cryptocurrency space. Those who benefit from such schemes are the founders and those on the top of the pyramid who control the money and when the network has grown and they have cashed in, cry foul by going bankrupt or claiming a hack and not paying out the promised returns to investors.

DasCoin’s framework is nothing new as it is based on the same type of MLM operation that was used by pyramid schemes such as OneCoin, MMM, and BitConnect before they collapsed leaving their victims with millions of losses. As an investor, you should always be cautious and conduct thorough due diligence before making any investments, especially when they involve aspects of multi-level marketing.

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Gunbot Review: A Premier Crypto Trading Bot

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Gunbot is a cryptocurrency trading bot that enables traders to execute trading strategies in a fully-automated fashion. In this Gunbot review, we will explore the features of the popular crypto trading software to help you decide whether this trading bot is right for you. 

What is Gunbot?

Most traders spend countless hours placing manual orders. Conversely, automated bot trading allows you to trade at all times and even make money while you sleep. Gunbot is an application that makes it easier for traders to make automated trades. 

Gunbot is a cryptocurrency trading bot that can trade BTC with any pairs. It uses the highs and lows, to decide whether to sell or buy. The popular trading bot launched in 2016 by creator, Gunther De Niro. 

It currently supports ten of the biggest global cryptocurrency exchanges, including:

  • Binance
  • Poloniex
  • Bittrex
  • Bitmex
  • Coinbase Pro
  • Kraken
  • Kucoin
  • Cex.io
  • Huobi
  • Bitfinex

The platform supports Windows, macOS, and Linux. In addition, Gunbot has a finite number of licenses that will get exhausted, making the tool unavailable to new investors. The finite number of licenses is to prevent an ‘overcrowded market” and maintain a competitive advantage.

How Gunbot Works

Gunbot allows you to add assets for trades through an API key you receive from your exchange of choice. You will then need to configure the bot based on your trading preferences. 

To start trading, you can configure your own trading strategies or choose from existing trading strategies like Step Gain, PingPong, 1000Trades, Supergun, and Bollinger Bands.

After successfully connecting your assets and selecting your trading preferences, the bot runs automatically.

The video above provides a step-by-step guide on how Gunbot works and how you can get started with trading.

Major Features

Gunbot offers precoded strategies for traders. That is to say, the application comes with trading strategies already embedded. This feature is very useful for beginners who are not used to automated trading. It allows them to try out various strategies combined or alone.

What’s more, Gunbot offers high customisation options. The platform offers you multiple options for trading, using EMA Love, Trend Watcher, Candlesticks, and more. Furthermore, the app allows you to test and set parameters that give you the freedom to try out different strategies.

Users interested in additional features can also purchase add ons. For instance, the Crypto Slight add on allows you to track your profits while the TradingView add-on aids Gunbot to execute selling and buying alerts from traders from TradingView.

In addition, Gunbot has an easy-to-use and intuitive user interface. The platform makes it easy to track your assets and to control trading preferences. 

Due to the volatile nature of trading, active support for such applications is very necessary. According to the site, Gunbot.shop provides every user with a personalised support assistant. According to the platform’s site, Gunbot offers personalized 1 on 1 support, including remote support via Teamviewer.

Gunbot Pricing

Gunbot is a paid application that comes with different packages. The highest-priced package costs 0.125 BTC and the lowest costs 0.02 BTC. 

The Starter package has limitations compared to the standard license. For example, you can use only one trading strategy and the pack does not include the CryptoSight add-on. This package suits absolute beginners who want to try out automated trading. The GunBot Starter package costs 0.02 BTC.

For more experienced traders, Gunbot offers more high-level options. The standard license will allow you to trade on one market only. The pro edition will allow you to trade on three markets while the ultimate version has no limits. These higher-level GunBot licenses will cost you between 0.050 to 0.125 BTC.

Conclusion

Gunbot offers all the bells and whistles that you would expect from a crypto trading bot. It offers an excellent user experience and a suite of tools need to develop and execute automated trading strategies. Whether you are a beginner or an experienced trader, you could use Gunbot to help you execute your trading strategies.

To find out more about Gunbot, click here.

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Pesamill Review: Everything You Need to Know About This New Cryptocurrency Exchange

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Pesamill Review
Images by Pesamill

Pesamill is a peer-to-peer cryptocurrency exchange that allows users to buy and sell cryptocurrencies using a variety of payment methods. The platform seeks to offer investors easier access to cryptocurrency exchange services by incorporating a variety of local fiat currency trading options.

In this Pesamill review, we will explore the features that make the exchange unique and how you can go about buying and selling cryptocurrency on this newly-launched digital asset exchange.

Introduction

Pesamill

Pesamill is a Kenya-based digital asset exchange that was launched in 2018 to solve some of the challenges faced by cryptocurrency users when accessing global cryptocurrency exchanges.

To begin with, the exchange has simplified the signing up process and kept KYC (Know-Your-Customer) requirements for users to a minimum. The KYC process is custom built to cater to a variety of users across different markets.

The platform incorporates a number of payment options which include mobile money, Visa, Mastercard, and bank transfers, and has a friendly user interface that is easy to navigate together with a customer care chat functionality to guide users.

How To Trade Bitcoin on Pesamill?

New users have to sign up for an account on the website’s landing page. Registration requires you to input your name, email address, password, country of residence and currency of choice. Once you have read and acknowledged the terms of use and privacy policy, you can proceed to sign up. A verification message is then sent to your email.

Once you have verified your email address then you can proceed to the Pesamill dashboard. On the top left corner of the dashboard, there is a tab that offers you the option to switch between different operational layouts. Quick mode offers you a simple layout with the list of cryptocurrencies supported, and their retail prices in USD.

PesaMill Review

For instance, if you click on the bitcoin column you can choose to buy either $50, $100, $200 and $500 worth of BTC. To buy a different amount you can input the figure directly at the bottom of the page and execute a USD/BTC trade. To keep track of your trade there is a ‘my order’ tab which shows you the status of your order and account history.

The advanced mode offers you more specialised trading tools whereas quick mode is simpler and user-friendlier but it limits you to buying cryptocurrency only.

Pesamill Review

Advanced mode allows you to both buy and sell cryptocurrency. The minimum amount you need to place an order is $15 while the maximum amount you can place an order for is $10,000.99. It is important to note that these limits can sometimes change slightly from one session to another.

In addition, you can track trading patterns on the platform, the volumes of different buy and sell orders, as well as the status of your orders. The advanced mode also incorporates charts to view the price activity of the cryptocurrency you want to trade.

Registration and KYC

Upon signing up to Pesamill and securing your account, the next step is to update your details. This stage is crucial since you can only start trading once the KYC process has been completed. To begin the process you will click on the ‘Update Your Details’ tab on the top right corner of the dashboard after the ‘My Wallet’ tab.

The first step in the process requires you to establish your profile. You will need to provide extra details such as your date of birth, address and phone number. A confirmation code will be sent to your phone to verify the number. The next step will need you to upload two important documents namely, your identity card, and passport size photograph. The last option will require you to input your bank details though it is optional.

Once the whole process has been completed the Pesamill team will verify your KYC application and revert to you once the process is successful.

Trading Options, Deposits, and Withdrawals

Bitcoin Trading PlatformsPesamill enables you to trade in Bitcoin (BTC), Litecoin (LTC), Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), and EOS (EOS).

Upon creating your account you will receive emails containing your wallet address for each of the listed cryptocurrencies. You can deposit money into your account using the fiat currency option you selected when signing up and it will automatically be converted to USD. The funds deposited should reflect almost immediately into your account.

To withdraw money from your account all you need to do is enter your bank details on your profile, click on the ‘Withdraw’ tab and input the necessary amount to withdraw. You can only withdraw from your account and not from any of the individual cryptocurrency wallets you possess. Also, cryptocurrency coins cannot be withdrawn directly as fiat currency. Instead, you will need to sell your cryptocurrency to convert it to fiat money. Once the purchaser has sent the money to your account then you can withdraw.

The prices of the listed cryptocurrencies are updated every ten seconds to enable traders to keep track of volatility in the market. If you are looking to transfer digital currency from your online wallet to your personal wallet or to another recipient the process is straightforward.

For example, to send bitcoin you will click on the ‘My Wallet’ tab on the dashboard. Proceed to the bitcoin wallet tab on the left-hand corner and click on it to view your balance. You will notice the ‘Send’ and ‘Receive’ tab at the centre column in the page.

To send BTC, click on the ‘Send’ tab and input the value and recipient wallet address on the pop-up window. To receive BTC click on the ‘Receive’ tab and copy the public key on the pop-up window and provide it to the sender. Alternatively, you can scan the QR code and provide the same to the other party.

Fees and Security

Pesamill is yet to release a comprehensive breakdown of their fees though it is stated in the FAQs that use of conventional payment methods when buying cryptocurrency will attract higher charges to mitigate against the risk of transactions being reversed. If you are sending or receiving cryptocurrency then normal network charges will apply and this varies between different coins.

The exchange has strong security protocols in place to safeguard sensitive user information and funds. Information such as personal details, account numbers, routing numbers is stored using bank-level AES-256 encryption. Also, all traffic is transmitted over SSL “(Secure Socket Layer) to prevent third-parties from accessing your connection.

Pesamill also deploys a two-factor authentication system to ensure they are no unauthorised or fraudulent logins. In addition, the exchange has very strict AML (Anti Money Laundering) procedures in place to ensure the platform is not used to launder money, finance illegal activities or support terrorism. They include:

  • You must undergo the KYC process before being allowed to trade.
  • You can only withdraw fiat currency to a bank account with the same name as your Pesamill account.
  • You can only deposit fiat currency from a bank account with the same name as your Pesamill account.
  • Pesamill will not hesitate to report any illegal activity to the relevant authorities.

Conclusion (UPDATED)

While Pesamill had everything a new bitcoin exchange would need to become a popular platform for digital currency traders, it has been inactive for months.

There is, therefore, no point attempting to access the platform today. Should this change, we will update this review accordingly.

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Is Apexcoins the Latest Bitcoin Scam to Hit Africa?

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Apexcoins

As more and more people are becoming interested in investing in cryptocurrencies, there has been an increase in the number of scams that have been set up with the sole purpose of stealing funds from digital currency investors. Apexcoins seems to be the latest cryptocurrency scam to hit the African market.

What is Apexcoins?

Apexcoins scam“Apexcoins offers investors an opportunity to obtain exposure to cryptocurrencies whilst benefiting from the stability of asset-backed security,” according to their description on their LinkedIn page.

They go on to state that they “allow investors the opportunity to move against volatility in the cryptocurrency markets, without incurring the frictional costs of converting their holdings into fiat”.

In simple terms, Apexcoins claims to give its investors an opportunity to see their cryptocurrency grow by investing it for them.

Apexcoins was allegedly established in 2016 and is a subsidiary of Apex Limited, a United Kingdom registered company. Moreover, the company claims to have operations in 20+ countries, including Kenya, where it says it serves 2,000+ customers and has more than ten representatives.

How Does Apexcoins Claim to Work?

Priding itself as a company that is a link between financial traders, experts and investors globally, Apexcoins boasts that its investments are backed by real-life assets. In order to invest in Apexcoins, you first need to buy bitcoin, which is the primary and only digital currency that the company uses. If you do not own bitcoin, you will have to purchase BTC from online exchanges.

With bitcoin at hand, the next step is to engage with an “Apexcoins specialist” to invest the cryptocurrency for you. What the Apexcoins specialist allegedly will do is reinvest your money, now in cryptocurrency and not fiat currency, for you in real assets like real estate property and securities in a bid to have your money earn profits for you.

Simply put, for you to have Apexcoins invest and earn profits on your behalf, you first have to buy bitcoin and deposit them in their Apexcoins account where – through a claimed partnership with financial traders and experts, the company says it will generate a guaranteed profit for you.

These “guaranteed” profits are allegedly paid out weekly in bitcoin at a given rate depending on one of the three investment schemes that an investor chooses. Apexcoins has three investment schemes with interest rates – each much higher than interest rates on any established investments. An investor can opt for either one of the three schemes as described below:

  • Basic investment plan where investors invest anything between $100-1,000 with a guarantee of 8.25 percent weekly interest for a period of three months.
  • Premium holder plan where investors invest anything between $1,000-100,000 with a guarantee of a 30 percent monthly interest for a period of either one, three or six months.
  • VIP investment plan where investors invest anything more than $100,000 with a 33 percent interest guarantee per month for a six month period.

Investors have the option to reinvest their returns back into the business or take the whole amount after the end period for the particular investment scheme they have chosen.

However, no mention was made on the company website (before it went offline) of how Apexcoins goes about investing your funds and how they are able to generate a much higher return on investment, on a monthly basis, than any other legitimate investment management company ever has in the history of the financial markets.

Is Apexcoins a Scam?

Unfortunately, Africa has become a popular market for Ponzi schemes and other fraudulent get-rich-quick schemes. A lack of jobs, financial resources, and investment education make people very susceptible to these type of schemes.

Apexcoins is keen on solidifying its interest in not just the Kenyan market but also in South Africa and Ghana. However, for a company that prides itself in professionalism and transparency, there seems to be a lot to question about Apexcoins.

Apexcoins

For one, their LinkedIn page seems to have information that cannot be verified as it shows that they are located in three countries: Great Britain, South Africa, and Kenya. However, despite being in these three locations and stating that they have more than 10,000 plus employees, a simple search on LinkedIn only shows results for three employees, two in Kenya and one in Ghana. In addition, they seem to have no employees in London, which is where they are supposedly headquartered.

For a company with alleged operations in three countries and which boasts of 10 plus representatives in Kenya alone, this information cannot be verified with a simple search on one of the world’s leading recruitment platform. Apexcoins launched in Kenya in 2018 and even held a seminar titled ‘Investing for Profits With Apexcoins in Kenya’ to lure in “investors.” It also held seminars in other African countries. Since the completion of the seminars, however, all of its websites have since gone offline.

Our research further revealed that since they started operations in Kenya, they had not paid their Kenyan representatives and had spent time in-house trying to deliberate on the remuneration and contract issue of their representatives. This was according to an email sent by a Steve Mason, who refers to himself as a Senior Investment Specialist for Apexcoins in the email, which was posted on Facebook.

Seeing that Apexcoins claims to make profits when their investors make profits, this begs the question, for a company that allegedly has operations in more than 20 countries and oversees the portfolio of small to big clientele and has a business model that is solid and generates profits for its investors, how does it fail to make money to pay its own employees?

In addition, they state that the bitcoin price fluctuations do not affect investors in any way. How do they guarantee this? As we know, bitcoin and other cryptocurrencies have had a rough year, so how is that possible? No investment management operation in the world can deliver the returns that Apexcoins guarantees.

Furthermore, the Financial Services Commission of Mauritius issued a public notice on July 27, 2018, that warned its citizens to be cautious when it comes to dealing with Apexcoins as it considers Apexcoins’ operations as highly questionable.

Furthermore, in Apexcoins whitepaper, where the company’s supposed team members are listed, is lacking images of each team member, which is very odd for a whitepaper in the cryptocurrency space, but what stands out even more as another red flag is that none of the mentioned team members seem to have a digital footprint. This suggests that the names used in the whitepaper are most likely fake.

Apexcoins’ List of Red Flags

  • Makes claims of impossibly high guaranteed monthly returns.
  • Claims that investors cannot lose their investment.
  • The company has not paid its representatives.
  • Its website has disappeared.
  • The Mauritian Financial Services Authority has warned its citizens against Apexcoins.
  • The whitepaper mentions supposed team members without images who have no digital footprint.

Do Not Invest in Apexcoins!

Bitcoin Africa’s research into Apexcoins has concluded that our findings point towards Apexcoins being a scam. Apexcoins appears to be piggybacking off the hype surrounding cryptocurrencies to gather funds from unwitting newcomers to the digital currency space who are not able to recognise the sea of red flags.

We, therefore, recommend to avoid investing in Apexcoins as the likelihood of you receiving your invested funds back, let alone an actual return on investment, is extremely low. 

Fortunately, given that their website is no longer accessible and their social media activity has fizzled out since early autumn, it seems that Apexcoins did not manage to find a footing in Africa. Perhaps the collapse of MMM has made people more sceptical about cryptocurrency investment program or the scheme made bank on its seminar attendees who invested in the scheme and decided to call it quits.

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