Price: Varies On How Much You Buy
Overall Rating: Scam
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Is Yocoin A Scam – Are They Capitalizing On Your Belief That It’s The Next Bitcoin?
- 1 Is Yocoin A Scam – Are They Capitalizing On Your Belief That It’s The Next Bitcoin?
- 1.1 Is Yo Coin A Scam? Yocoin Is Getting You To Trade In Valuable Bitcoins For Worthless Yocoins.
Ok, Well Is Yocoin a scam? Well if you ask most people, having a MLM company making cryptocurrency where the owner pre-mined a considerable amount of the coins before hand would be a bad approach. Basically they’re making all the supply and there is no demand.
Since the massive success of Bitcoin, many online MLM crypotocurrecy scams have popped up trying to capitalize on the cryptocurrency trend.
These types of scams can be anything from fake cloud mining operations, to just completely selling fake cryptocurrecies that have no value and never will.
Typically any cryptocurrencies that started with the owner doing the majority of the pre-mining, have typically just plummeted in value.
It’s not common for a pre-mined cryptocurrency to work very well.
So it has been stated that Pre-mines such as Yocoin creates lots of supply before there is really any demand.
Is Yo Coin A Scam? Yocoin Is Getting You To Trade In Valuable Bitcoins For Worthless Yocoins.
So the value that Yocoin brings to the table is rather non existent. It has an idea that sounds really good but can be scary. It sounds so good because many think a MLM cryptocurrency will gain users faster and get more exposure. They have just turned out to be scams like Onecoin.
This is similar to Onecoin. MLM Cryptocurrency companies are the same as a pyramid scheme. They just are adding in Cryptocurrency as there products.
As I mentioned above that many MLM Cryptocurrency companies pre-mine their Cryptocurrency before selling to investors and that significantly drops the value.
Not only that but some are wanting you to pay with Bitcoin which does have value and buy up other Cryptocurrency without any value, such as using Bitcoin to buy Yocoin or Onecoin.
Not only is this cryptocurrency worthless but they also base it on the MLM system which is a scam in itself.
Yocoin Is Worth Nothing Without A Demand For It
If you’re buying Cryptocurrency in general you will find that it’s worth nothing unless there is a demand for it. Bitcoin has built up a demand properly and it’s actually worth money.
So MLM Cryptocurrency is only as good as the things that you can buy with them.
If lots of merchants accepted Yocoin the value will raise. The problem is that if Yocoin is just hyped up and isn’t really accepted anywhere, it’s worth nothing.
These MLM Cryptocurrency companies like Yocoin want you to believe that they might be the next Bitcoin. Then then make you feel that you need to jump in now, before it gets too expensive.
So this has a high chance of being just another MLM Cryptocurrency scam. This is where they tend to get you excited saying that this can be used to shop for items. Then many will go and buy the MLM Cryptocurrency hoping they will get in early like the early buyers of Bitcoin.
Many of these MLM Cryptocurrency companies get investors all at once, in the beginning. Then after they get a good amount of investors they tend to disappear.
They also are using tricky tactics like getting people to use Bitcoin to buy their MLM Cryptocurrency, that is essentially worth nothing.
Then after less and less people invest and more and more become skeptical, they then disappear with your money. Mishcoin and Global Coin Reserve have done that exact same thing.
They Slowly Give You Yocoin.
So you will not get the Yocoin on day you buy it, rather you get it little by little. Yocoin will only release small amounts into your wallet until 24th week of purchase after getting held for a month waiting period. Yocoin claims that this is due to them having to mine it and it takes time.
The owner wants that control of this particular type of cryptocurrency to keep this smoke and mirror show looking like it works. When you buy these cryptocurrencies you’re looking for a profit.
Once you obtain a Yocoin you will typically want to use it but what happens when you can’t buy anything with it?
You sell it for profit, right?
When everybody wants to sell and nobody is buying the Yocoin, value will hit rock bottom. This is when the whole thing falls apart. Then the owners go take a vacation with your money, until the whole thing blows over.
So Is Yocoin A Scam? Is This Pre Mined Cryptocurrency Worth Anything?
Well the Yocoin owner pre-mined the Yocoins creating even less demand. So you will not be able to make money with trading Yocoin.
The only option you will have if you join, is to trick/recruit others into thinking it will be the next big thing.
Then it’s the same as joining most MLM’s, as you realize the product is not sellable. Then the only way to make good money is recruiting others to believe in the same scam.
These MLM Cryptocurrency companies such as Yocoin are trading real currency like actual money or Bitcoin, in return for essentially worthless Cryptocurrency.
Then they can make you believe by saying you need to get in early to make big bucks. Then they take off with your money. So I would say it’s a safe bet to stay away from this program, as the risk involved out-weights the benefits.
It would be better to join Yocoin after they have had some time to prove themselves. At least wait until some places actually let you use Yocoin.
This is still very hard to even trust as for some feel this could be the nest bitcoin. For the most part they will just make it look like it’s working. They typically will not ever be worth anything, unless many jump on and blindly believe in it. such as stores to buy things. Soon they will just most likly be gone all together.
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Leave a comment below on What your thoughts are on these MLM Cryptocurrency companies do you think they have your best interest in mind or are they trying to scam people using the success of Bitcoin?