Schlagwort-Archive: Trade Coin Club

Bitcoin Recognised as a Currency in Japan

Bitcoin Recognised  as a Currency in Japan

bitcoin recognised as a currency in japan

Bitcoin has finally gained the recognition of a mainstream currency along the lines of other fiat currencies. The privilege follows the implementation of a new law in Japan which categorizes Bitcoin as a legal payment option within the country. The much-awaited law went into effect on April 1, 2017 (beginning of a new fiscal year in many countries).

With the new law’s implementation, Bitcoin exchanges will also come under additional regulatory scrutiny. The recognition of cryptocurrency as a legal tender also means the applicability of regulations governing banks and financial institutions to cryptocurrency exchange platforms. They will be required to comply with strict anti-money laundering (AML) and Know Your Customer (KYC) requirements, alongEntrepreneur with annual audits. Other requirements include meeting the stated capital and cyber security requirements to ensure consumer protection.

The recognition of Bitcoin and other cryptocurrencies as legal payment instruments is good news for the global cryptocurrency ecosystem. Adoption of cryptocurrency is expected to increase among people, which will, in turn, drive demand and price.

However, reports indicate that the cryptocurrency platforms are still trying to figure out ways to achieve compliance with the new regulations. Recognizing the exchanges’ needs, the Accounting Standards Board of Japan has announced that it has started working on creating an accounting framework for both user and businesses dealing with cryptocurrencies.

It might take a while before companies and individuals get acquainted with the accounting practices, which has raised concerns about legal implications of inaccurate reporting’s/filings due to lack of understanding. Also, few publications have raised concerns about the volatility of Bitcoin and other cryptocurrencies and how it might impact those making cryptocurrency transactions.

The new developments are expected to drive the cryptocurrency usage in Japan to over $9 billion in the next three years (2020), which is more than five times the 2015’s $1.7 billion worth of cryptocurrencies in circulation.

David Ogden
Entrepreneur

 

Author: Gautham

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Bitcoin vs Gold: Which is a Better for Long Term Investment

bitcoin v gold which is the better investment

Bitcoin vs Gold: Which is a Better for Long Term Investment

 

Imagine that you have $100,000 at your disposal. You must spend all of it on either bitcoin or gold – no mixing and matching – and the assets will then be stored in a trust that cannot be accessed again for 50 years.

Which option would you choose?

With the two commodities now in roughly the same price range, it's worth putting aside some of bitcoin's short-term volatility and liquidity concerns to compare them as long-term stores of value side by side.

Sure, you might argue bitcoin is newer and flashier, and that it has arguably more utility in the digital era than gold. But, gold has the indisputable track record, having been a cherished store of value for thousands of years across human civilizations.

However, bitcoin's traits have led to those backing the cryptocurrency to believe it could potentially unseat gold over the long haul.

Spencer Bogart, an analyst with Blockchain Capital and formerly of Needham & Company, told CoinDesk:

"If we think about the qualities that make gold a respected 'money' or store of value, bitcoin is actually superior in many regards."

Inflation vs deflation

Another key advantage bitcoin has over gold is that its supply level is fixed and transparent – eliminating fears of the typical inflationary pressures associated with overproduction that could diminish the value of the asset.

"A well-known characteristic about bitcoin is that it’s on a disinflationary supply schedule. While many people think of gold as being the same, gold is actually a sneakily inflationary asset," said Chris Burniske, blockchain products lead with ARK Investment Management.

Burniske added that the global supply of gold has clandestinely increased by 1–2% annually over the last century.

He continued:

"If you were to ask people what gold's supply schedule looks like over time, they probably wouldn't draw you something that looks like an exponential curve. With gold being sneakily inflationary, it’s not set up to preserve value in the way that bitcoin is."

Such characteristics, in theory, serve to increase bitcoin’s future utility as a means of account, exchange and storing value.

They also suggest that bitcoin's value, usefulness and importance to society will only continue to grow as commerce becomes more digitized.

"As more infrastructure is built around [bitcoin], we think that demand will rise relative to its mathematically metered supply, increasing its price support," Burniske wrote in a recent white paper.

Slow and steady

The clear advantages that gold has over bitcoin are trust and reliability, according to those surveyed for this article. However, a change in consumer preferences, new technological disruption or a crackdown by a government could easily kick bitcoin to the end of the bench.

"Gold has something very important that bitcoin lacks: a more than 1,000-year history of being a decent store of value. This is very important for trust and people's willingness to store value in that particular asset," said Bogart.

Gold has also proven itself to be of value even when governments attempt to restrict its usage or outlaw it completely.

This happened in 1933, when President Franklin D Roosevelt implemented measures to prohibit and criminalize its possession in the US.

"For more than 5,000 years gold and silver have been tried-and-true money. They've lasted basically the duration of organized civilization," said Dave Kranzler of Investment Research Dynamics.

In this light, Kranzler was keen to highlight bitcoin's 'counterparty risk'.

Gold's advantage over bitcoin is that it's not dependent on the operation of the internet, thus affording it a degree of protection from heavy-handed regimes, he said.

"There’s nothing to stop any government from shutting down the internet in their country under the guise of national security purposes or what not,” he said, adding:

"We’ve seen democracies come and go, but totalitarianism always seems to creep back in. And when that happens, the government controls everything."

Elemental value

Gold has also proven itself immune to technological disruption.

According to Burniske, while bitcoin has generated significant cultural cachet, it remains at the bleeding edge and could still be dethroned relatively easily.

"That position is not necessarily going to remain the case if bitcoin is not able to attract new users and provide a happy medium in terms of user experience," he said.

Yet, as asset classes like Dutch tulips, Japanese real estate, dot-com companies and the US housing market have boomed and busted, gold has consistently plodded ahead, withstanding the test of time.

"I don’t think anyone can say with any certainty that any man-made system is going to be valuable 50 years from now," said Josh Crumb, co-founder of GoldMoney and a former commodities strategist at Goldman Sachs.

He continued:

 

"People forget that gold is not a pet rock or a speculative asset, it's an element. Gold is a very low-risk store of value. Fifty years from now it’s going to still be valuable."

While investors like Cameron and Tyler Winklevoss have suggested that technological developments as far fetched as asteroid mining could eventually put upward pressure on the total supply of gold (and reduce its scarcity), Crumb reckons that technological creative destruction poses a much greater threat to bitcoin.

"People have been trying to crack gold for 600 years. I think it's much more likely that we're going to have quantum computing that can change cryptography than asteroid mining that's going to bring back loads of gold," he said.

Complementary or substitutionary?

Perhaps asking whether bitcoin will ever unseat gold as the universal store of value isn't quite appropriate, as it's plausible that the two can, and will, co-exist as complementary assets.

"I like bitcoin, particularly in the short-term, so it's kind of like saying 'Do you like gold or do you like investing in Facebook in 2011?'" said Crumb. "To me, it’s two totally different things."

As is standard practice across other realms of investing, the correct answer to the bitcoin versus gold question will ultimately be determined by the risk profile of each particular investor.

"In terms of proper portfolio construction, you want to diversify. You want to have different types of assets that don’t necessarily move together," said Burniske, concluding:

"There's always room for collaboration. It’s sensational to pit [bitcoin versus gold] as a fight to the death."
 

David Ogden
Entrepreneur
 

Author: Aaron Stanley

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Indians Petition Government Demanding Legal Status for Cryptocurrencies

indians petition government demanding leagal status for cryptocurrencies

Indians Petition Government Demanding Legal Status for Cryptocurrencies

The Indian cryptocurrency ecosystem recently woke up to a shocking news on leading media outlets. It was reported that the use of Bitcoin in the country is illegal and could attract penalties under anti-money laundering laws. However, the report was not entirely accurate, and the news platforms were quoting a Member of Parliament seeking the implementation of cryptocurrency regulations by calling Bitcoin a “Ponzi scheme”.

While the confusion was eventually cleared, the incident has sown the seeds of mistrust about the government’s stance on the digital currency. Going by the example of few drastic decisions taken by the government in the past, they have come together to demand some clarity from the government regarding its stance on cryptocurrency. They have started an online signature campaign, petitioning the government to award a legal status for Bitcoin and other cryptocurrencies in the country.

The petition is probably the first strong public campaign organized by the recently formed Digital Asset and Blockchain Foundation of India. Addressed to Arun Jaitley — India’s Finance Minister, Urjit Patel – Governor of the Reserve Bank of India and S Selvakumar – the Joint Secretary of the Department of Economics Affairs Room, the petition makes a mention of various benefits offered by Bitcoin and cryptocurrencies and how it can be used for the betterment of the country. Also, it asks the government to take steps towards stopping bad actors who misuse the cryptocurrency than banning the technology and its use.

The petition on Change.org also says,

“Cryptocurrencies will be available irrespective and the illegal users do not care about its legal status. Please do not take hasty steps and prevent innovation, economic activity and jobs. This will only stop good uses of cryptocurrencies.”

In a country which has a considerable percentage of the unbanked population and ranks at the top for receiving the highest remittance, Bitcoin can offer an efficient and inexpensive solution. The use of cryptocurrencies and their underlying technology will not only speed up the financial services sector but also a range of other industries. With the adoption of distributed ledger technology, the government can also combat rampant corruption and red tape. But strict cryptocurrency regulations will stifle progress in this regard, preventing the country from keeping up with the global trend.

David Ogden
Entrepreneur

 

Author: Gautham

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Ethereum style smart contracts for Bitcoin in June

Ethereum style smart contracts for Bitcoin in June

Ethereum style smart contracts for Bitcoin in June
 

Ethereum has gained a lot of attention over the past year or two as it became the second most valuable cryptocurrency by market cap. The platform enables the execution of smart contracts, a feature coming to Bitcoin in the form of RSK.

On a recent episode of Coin Interview, RSK’s co-founder, Gabriel Kurman, claimed that RSK’s private testnet will turn into a public testnet on May 22nd at the 2017 Consensus conference. RSK will then be launched on Bitcoin’s mainnet approximately a month later.

“RSK goal is to add value and functionality to the Bitcoin ecosystem by enabling smart-contracts, near instant payments and higher-scalability.”

A smart contract is simply a computerized transaction protocol that executes the terms of a contract. According to the Elements Project, smart contracting platforms with more expressive scripting systems, such as Ethereum and RSK, are attractive to developers as Bitcoin’s scripting system is limited by design for security reasons.

Ethereum is in essence a programmable blockchain. Rather than giving users a set of predefined operations, such as bitcoin transactions, the platform allows users to create their own operations, of any complexity. In this way, it serves as a platform for many different types of decentralized blockchain applications, including but not limited to cryptocurrencies. “Ethereum allows us to move much faster than building on Bitcoin due to its turing complete script,” explains Augur co-founder Joey Krug.

The team behind RSK has done everything they can to make it easy for Ethereum developers to move to their platform. According to the original RSK white paper, the platforms virtual machine is backwards compatible with the Ethereum virtual machine (EVM), which “gives the opportunity to developers working on Ethereum to benefit from the robustness of the BItcoin blockchain.” The EVM allows developers to create applications using programming languages modelled on existing languages like JavaScript and Python.

Ethereum co-founder Charles Hoskinson has hypothesized that the smart contracts written on top of these kinds of systems will be released on multiple platforms. The process would look similar to releasing mobile applications for both iOS and Android, developers may decide to release their applications on Ethereum, RSK, and Ethereum Classic.

In addition to RSK’s advanced smart contract capabilities, the sidechain also has the potential to decrease the transaction burden on the main Bitcoin blockchain. “We have the Lumino Transaction Compression Protocol (LTCP), which allows 2,000 transactions per second on chain and the Lumino Network which will allow up to 20,000 transactions per second off chain,” said Kurman. “Every single developer is going to be able to plug in, and run their contracts. It’s going to operate against the Bitcoin testnet for a month approximately, and then we’re going to apply [it] to the Bitcoin mainnet.”
 

“We expect RSK to be multiple times more secure than other platforms because it has Bitcoin’s hashing power behind it, and it's fuel should cost 1/10th of that of Ethereum. RSK is subsidized by Bitcoin, plus its virtual machine is six times faster than Ethereum’s given Sergio Lerner's improvements.” – Gabriel Kurman RSK co-founder

The initial version of the RSK sidechain will not require any changes to the underlying Bitcoin protocol to implement the necessary 2-way peg (2WP) to work with Bitcoin. The 2WP allows the transfer of bitcoins from the Bitcoin blockchain to a secondary blockchain and vice-versa. The “transfer” is in fact an illusion: bitcoins are not transferred, but temporarily locked on the Bitcoin blockchain while the same amount of equivalent tokens are unlocked in a secondary blockchain. The original bitcoins can be unlocked when the equivalent amount of tokens on the second blockchain are locked again in the secondary blockchain.

 

In the short term a federation will manage the multisign keys to release the bitcoin on the way back from the peg, Kurman explains. According to the RSK website, well-known Bitcoin companies, such as Xapo and Bitpay, have signed up to be notaries for the sidechain. According to Kurman, these notaries will participate in the governance of the federation, and provide more services to RSK. “The federation will provide multiple services in the future on top of the peg such as security checkpoints in each block, oracle services, and providing liquidity,” he said.

 

According to Kurman, miners already have the ability to merge mine the private RSK testnet. “Bitcoin India is already merge-mining with 100% of it's hashing power. Most other major pools are testing the plugin,” said Kurman. “Once a separate soft fork is implemented in Bitcoin, the release [of bitcoins on the sidechain] will be done by a combination of miners and federation — hence a hybrid 2-way peg.”

RSK currently has 30 partners building on the platform from multiple different industries. “Once the source code becomes public and the platform open on May 22, we expect a lot of use cases being ported to RSK given its full compatibility with Ethereum,” Kurman stated.
 

David Ogden
Entrepeneur

 

Kyle Torpey, – Author

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Bitcoin wobbles as traders turn to other cryptocurrencies

bitcoin wobbles as traders turn to other cryptocurrencies

Bitcoin wobbles as traders turn to other cryptocurrencies

Bitcoin wobbles as traders turn to other cryptocurrencies

It's been a volatile period for Bitcoin investors, as holders of the cryptocurrency prepare for a potential 'fork' in the blockchain.

From Friday morning until Monday afternoon, Bitcoin was trading under the $1,000 level, and even fell beneath $900 on Saturday. This is significant as, barring the weekend of March 18 and 19, Bitcoin has traded above $1,000 since early February and hit a fresh all-time high of around $1,325 on March 10.

Bitcoin is currently back above the $1,000 handle, but is well off these recent highs, wiping billions off of its market cap value.

There are several causes for the recent volatility: Chinese regulators cracked down on Bitcoin exchanges, while U.S. authorities rejected a proposal for a Bitcoin-backed exchange-traded fund (ETF). The current concern is over the future of the Bitcoin technology.

Bitcoin faces a scaling issue, where the number of Bitcoin transactions that can happen on the blockchain at any one time is limited. This is creating a backlog of transactions that are needed to be processed and slowing down the system.

A group called Bitcoin Unlimited advocates for increasing the size of the blocks on the blockchain in order to process more transactions, but this has split the community. To increase the block size would involve splitting the blockchain, causing a fork and creating two major blockchains. This would effectively create two different coins and it's not clear which would become dominant.

As a result, investors are hedging their bets or selling out of Bitcoin, waiting to see whether or not the fork will happen, and if so, which blockchain will be favored by the market.

Data from Bitfinex indicates around 49 million more coins have been sold than bought, or roughly 5 percent of total coins traded, in the last 30 days. Through March, the number of long Bitcoin positions held by investors has decreased from 26,858 to above 23,142, while the number of short positions has increased from 9,820 to 14,731.

Meanwhile, the market cap of blockchain assets other than Bitcoin, such as ether, dash and monero, has more than doubled since March 10 from $3.5 billion to more than $7 billion, according to Chris Burniske, blockchain products lead analyst at ARK Invest.

"At the same time, Bitcoin's market cap has gone from $19 billion to $16 billion. Hence, Bitcoin's market cap has lost $3 billion in value while the combined market cap of all other blockchain assets has added more than $3 billion," he told CNBC via email.

"Given these market indicators, it would appear investors are diversifying their blockchain asset holdings, positioning themselves for a generally rising tide in this emerging asset class."

Whether or not the fork happens is hard to tell, but it may harm Bitcoin's brand, according to Jani Valjavec, co-founder of ICONOMI, a digital asset management platform for cryptocurrencies. Valjavec argues the brand is the main thing behind Bitcoin's value.

"It has wide acceptance now, real world use cases, it can be a great store of value, and it is currently trusted by the community. Our understanding is that a hard fork, instigated by two parties with very competing interests, will primarily weaken the brand," he told CNBC via email.

"The next biggest brand in the distributed economy is Ethereum, and that's why we believe it will benefit the most."

However, Fran Strajnar, co-founder & CEO of data and research company Brave New Coin, says the market is still within the parameters of a Bitcoin bull cycle.

"The proposed contentious fork is unlikely but better to happen now than in the distant future. We would end up with the original Bitcoin and remaining miners activating segwit (a well-designed package of system upgrades) and a new, much smaller, privatized alternative version of Bitcoin," he told CNBC via email.

"The sum result of all the network fork (fear, uncertainty and doubt) is we are seeing investors hedge by buying into ether. We expect a price drop if there is a fork but a similar outcome to Ethereum, where the long term market capitalization increases for both assets."

David Ogden
Entrepreneur

 

Luke Graham

 

 

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Will The Bitcoin System Change Drastically in 2017

Will The Bitcoin System Change Drastically in 2017

Bitcoin continues to be as popular as it is volatile. Prices have been fluctuating since the beginning of the year, hitting an all-time high at more than $1,300 per unit a couple of weeks ago. Nevertheless, value has yet to stabilize for a number of factors.

The cryptocurrency market has more competitors entering the game every day, with alternatives like Ethereum and Litecoin gaining more ground in the digital world. Still, they all suffer similar setbacks when it comes to prices.

Below, we take a look at the seemingly unusual phenomenon that has been affecting Bitcoin value over the last couple of months. Cryptocurrency still has to pass some big hurdles if it ever wants to stabilize as a trustworthy option to gold and bonds.

The market is small and it moves fast

When compared to precious metal markets like gold and silver, the market size of Bitcoin is so small that it makes it too easy for someone to come one day and make a major investment that would significantly impact currency movements.

Forbes estimates that with just a $50 million buyout of Bitcoin in one day, the market would flip causing volatile price hikes and plunges across the world.

Doing this, of course, is not as easy as it sounds, but it remains a possibility that fuels distrust among traditional investors in safer value-preservation assets.

Is Bitcoin as good as Gold or bonds?

While Bitcoin has been gaining many supporters and endorsements that legitimize it as a real-world currency, it still doesn’t have as much credibility as more traditional methods such as stock shares and precious metals.

The inherent issues of Bitcoin trading make it a hard sell to most people not well-versed in next-generation finances and transactions, and particularly cryptocurrency.

Moreover, there is no regulatory body creates rules for the Bitcoin market which is why is so appealing to certain groups on the Internet. However, economists have been increasingly talking about digital money could end up in its adoption and regulation.

There is a hard fork in the Bitcoin horizon

There is an unresolved paradigm that deals with how the Bitcoin transaction system works at its core, but that issue is coming to an end in what many predict will split the virtual currency in two.

Essentially, the Bitcoin transaction process deals with exchanges through a network that can no longer support the high-demand of users, miners, developers, and others that use it every day, thus slowing and halting its growth both in price and adoption.

Two potential solutions have come up, but only one of them will be implemented by developers of the Bitcoin network once community consensus reaches 95% for either option.

The first, Bitcoin Unlimited, would grant greater power over the network to miners, who would decide to “increase” its capacity if and when needed. This option has faced some technical difficulties in the past during its development phase.

Segregated Witness, on the other hand, would “double” the capacity of the network and allow a greater influx of transactions while also retaining decentralized control over it. This, however, is not the greatest long-term solution since it is still limited.

Pressure from third parties to implement such a framework that would enhance transaction volumes in the Bitcoin network. The impending possibility of change has the market on its toes which also explains the radical price changes.

Either choice will have a permanent impact in Bitcoin as we know it, effectively splitting the cryptocurrency into two parallel systems that will compete and affect each other’s price with a high projected correlation.

 

David Ogden
Entrepreneur

Source: Coinbase

 

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Bitcoin Can Allow Mobile Payment System

Bitcoin Can Allow Mobile Payment System

Bitcoin Can provide mobile payment system

What Bitcoin solves…

The essence of mobile payment systems is to make the life of individuals comfortable. Mobile payments are supposed to offer clients a convenient method of paying for goods and services while on the go. Since mobile payment solutions were introduced, experts have been saying that mobile payment is the biggest innovation in this age and that it is set to change the lives of individuals and businesses alike.

The beauty of mobile payments is that individuals do not have to carry cash whenever they are traveling. As long as people have their smart phones, they can successfully make purchases and pay for services using special applications on their mobile phones.

However, it is instructive to note that the manner in which experts envisioned mobile payment services had not been proven to be accurate. Initially, two giants, Apple and Samsung, were touted as the potential leaders in mobile payments.

Apple introduced its solution, Apple Pay that is based on its proprietary operating system. Samsung, banking on the open Android platform, was keen enough to develop its solution, Samsung Pay. A third competitor, Square, also emerged. Therefore, at first, the mobile payment market was set to be dominated by these three giants: Apple Pay, Samsung Pay and Square.

But the response of the market has not been favorable to the likes of Apple Pay and Samsung Pay. So far, consumers have not embraced these two major mobile payment solutions in a manner that is similar to the way they have embraced their mobile devices. For example, Apple Pay has failed to break into the market and reach its projected rates of growth.

Similarly, Samsung Pay is still struggling to hit its projected numbers. Interestingly, the story is not different when you consider Square. Therefore, all these three major global mobile payment services have failed to create the buzz and excitement that they expected to create in the market.

Cryptocurrencies in general, and Bitcoin, in particular, may be the perfect solution to the problems that consumers experience when they are using the likes of Apple Pay and Samsung Pay. No one can deny that the use of Bitcoin has been growing steadily over the years. To many, Bitcoin is the perfect solution to the problems that they encounter when they would like to pay for goods and services without using cash.

For example, the use of Bitcoin does not involve intermediaries as it is the case with the conventional methods. Besides, individuals can send and receive Bitcoins at the convenience of their homes or anywhere else. Moreover, many people find that using Bitcoins costs much less than what they may have to pay concerning transaction fees when using the conventional mobile payment methods.

Moreover, you do not need to have a bank account to use Bitcoin. In fact, Bitcoin helps you to make and receive payments as an unknown entity. The element of anonymity when using Bitcoin is very attractive to many people who do not like the current model used by global mobile payment services.

Therefore, it is highly likely that Bitcoin is going to be the future of global mobile payments. The anonymity aspect of the payment method, its low transaction fees, and convenience are some of the attributes that make it better than the conventional methods.

David Ogden
Entrepeneur

 

Artical By AliRaza

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The Coin Club? (No Thanks)

 

 

 

 

 

 

 

 

Trade Coin Club?
(Not with a 10 foot pole!)

There are several digital currency 'deals' going around right now. Some of them are being touted more successfully than others and some might be more legitimate than others.

But some are clearly very suspicious looking if you look at them closely at all. One such deal is Trade Club Coin (TCC).

But don’t believe me. I’m not the only person who thinks so. Just take a look at the

this article recently appearing in in BehindMLM.com which calls TCC an “exchange club ponzi”.

Every cautionary admonition in that article makes total sense to me. Every post-game bad report that I wrote about MLM scams, crypto and otherwise, while I used to write for an MLM online magazine mentioned all the signs of a scam that I see in my research about TCC.

Frankly, I think anybody who would get into a program with no verifiable product to sell other a membership intangible… deserves to get screwed.

Anybody who would get into a program which clearly pays on recruiting only (because it has no real product)… deserves to get screwed.

Anybody who would get into a brand new MLM program that purports to have the kind of ultra-expensive computers and software that mega-banks use to trade currency, yet doesn't even list on their website who their owners are or where their headquarters is… deserves to get screwed.

Anybody who thinks that a company which could do what they claim to be able to do would need to 'go MLM'… deserves to get screwed.

The BehindMLM article also concludes:

"On their own, Trade Club Coin's recruitment commissions make the company a pyramid scheme. Combined with the daily ROI and you're looking at a Ponzi pyramid hybrid."

And….

"Once recruitment dies down and the daily ROI collapses, best of luck getting your bitcoin back from the anonymous Trade Club Coin scammers who stole it."

And by the way, that last comment should remind you of OneCoin. You know about their problems, right?

And don’t forget about TelexFREE and uFunClub. Look them up on Google.

They bear a striking resemblance to TCC with the only difference being that the former sold a crappy VoIP long-distance telephone call product that never really worked.

But both of those deals made many millions of dollars until they got shut down and the owners and/or key players were thrown in jail.

And don’t forget another thing: If you’re buying into a ‘deal’ with an untraceable bitcoin, what kind of recourse do you have if something goes ‘south’?

I’ll tell you… You’ve got NONE.

You’ve got no paperwork to refer to, no regulators to appeal to, no company owners to appeal to or pursue, no nothing except maybe…”I never said that!”

Actually, before I remembered that I had seen the article about TCC in BehindMLM, I already had reservations about it based my perusal of their website.

And you know the thought I immediately had?

Their product and commission description reminded me of the Universal Life or cash-value insurance policies I used to analyze for customers back when I was an agent with A.L.Williams.

Those policies were never what people thought they had. That’s always happened. Those kinds of insurance programs were, until cryptocurrency MLM scams came along, the most dishonest product ever sold the the general public.

But I digress….

When I looked at the TCC website, all I saw was Fees, fees, and more fees. And complexity, complexity, and more complexity.

Didn’t somebody write a book a few years ago called “Hooked”…. something about creating pleasant, beneficial, positive customer experiences?

Looking at the TCC website, I can’t imagine why any rational adult would seriously consider purchasing any product with so little information to back it and and with what information there was being almost totally useless.  

As I said, I used to sell mutual funds, and term life insurance, and their fees and commissions weren’t even that complicated.

But when you see those kinds of fees and/or commission plan in an MLM, you know what it means, right?

Yeah…it means you better bend over and get ready for a “Royal Reaming”.

The article also brought up another very critical point which I had failed to notice when I first read the site:

Who owns TTC and where is their company? Are they domiciled in Outer Mongolia? Kazakhstan? Estonia? Arkansas? In a Trailways station in Memphis, TN?

It does make a difference, you know. Yet people are actually recruiting people into a company which claims to be leading edge yet can’t or doesn’t want to provide the most basic but essential consumer information….i.e. who are the owners, how do you contact the company, and where is their headquarters?

I’ve said it before but I think it bears repeating: Cryptocurrency has become the Dr. Frankenstein’s Laboratory of MLM scams. Anybody who looks at all the dumb-ass deals being advertised on Facebook or covered in BehindMLM already knows that.

Really sounds like a reputable company, doesn’t it?

Assuming that this characterization of TCC is true (and I strongly suspect it is) I would hate to think that Markethive’s reputation could be corrupted by being associated with such a disreputable program.

Nor do I think it would be advantageous to endanger the success of Infinity Economics by being associated with TCC. Unless they’re both scams of course.

But I know one thing: currency is simply a commodity…. just like pork bellies, wheat, corn, crude oil, copper, cocoa, etc., and only an idiot would buy a commodity at anything other than the very cheapest price.

The problem with all these MLM companies who are flocking into the cryptocurrency niche like pirana fish on a Thanksgiving turkey is that they drive down the value of their commodity by adding fees (and commissions) to their commodity.

Even if it is a real cryptocoin with a real blockchain. I just do not believe the MLM model is compatible with a cryptocurrency. You cannot have a competitive product (i.e. the coin) and competitive MLM commissions. The two qualities don’t go together.

If you're thinking about getting into one of these MLM cryptocurrency deals just because cryptocurrency and blockchain is something new, and because you heard about it from "a friend" or somebody you respect and because 'the product' looks and sounds like it has some degree of credibility from supposedly credible media and other sources…those are not the right reasons to get into any opportunity.

In my opinion, you need You've still got to do your own due diligence, look past the hype, turn down the emotion, and put your rational 'cap' on.

I well remember the times when I lost money trying to make money. In all cases, it was because I either (a) I thought somebody was smarter than it turned out they actually were or (b) I trusted somebody I shouldn't have trusted in the first place.

Crypto is like honey to a bee for opportunists because they hear about something "new" and they think, "Wow..now this is something people will pay attention to me about. I can make a lot of money with this!"

And they get even more energized if they think their dreams are more important than somebody else's.

Most of the people pitching cryptocoin MLM scams are just opportunists who don't know any more about crypto and blockchain than somebody who watches YouTube videos for a few hours but I think it's naive to think you can ever get a good deal on a commodity that's peppered with fees, commissions, and hidden ‘gotchas’ associated with an MLM model.

You would never buy any other commodity with the mindset that most people use to select an MLM opportunity….yet people make dumb decisions like that all the time.

Of course, an opportunity is sometimes hard for a prospect to resist because the prospect doesn't have anything to compare it to or any standard by which to evaluate it. All they know is that it's new and it's their friend or somebody they respect telling them about it.

But…seriously. Would you buy a mutual fund that way from a company that you knew as little about as you know about TTC?

And what's morbidly funny about these situations is that these scammers are very often the same people who complain about how MLM only sells "Hopes and Dreams". And then they turn around and do that very thing.

I guess what apparently makes it "OK" is that they're at the top.

The new crop of crypto-scammers are like Jim Jones. Remember him… that scammer preacher who killed all those people in Guyana by getting them to drink poison Kool-Aid?

That's where the phrase, "drank the Kool-Aid" comes from. These kind of people are experts at motivation, telling people what they want to hear, posturing, intimidation, bluffing, and sometimes even a bit of bullying…. but no questions are ever allowed during their sermons.

People like this think nothing of raping their friends Suddenly they 'see the Light'. They have a new Mission:

"It's going to change the world!!" "We give 5% of every dollar of profit to the "Save The Lab Rats Fund", "We scrape one piece of bubble-gum off the sidewalk of Times Square for every $10 in profit we make", "We'll plant a rose bush on Mt. Everest"…etc., etc., yada, yada….

And then when the deal craters….or doesn't turn out exactly the way they told everybody it would… suddenly they're silent, it's not their fault, or…"we never said that!"

I can understand somebody making an honest mistake. We all make mistakes. We're all sinners. But what I find repulsive and disappointing is when these same people won't admit they made a mistake or they even deny they made a mistake. (Ex: Dead Parrot)

Now…back to TCC….

For one thing, look at this article from BehindMLM.com which calls it a "cryptocurrency exchange ponzi".For me….I say, 'no thanks'. Sure, I'd like to make some big money. But I don’t think TCC is a legitimate program. It doesn’t have any of the characteristics of one.

I just browsed the TCC website and I defy anybody to tell me that they really understand how that compensation plan works. But one thing is pretty obvious. It's complicated while really not saying very much of any substance.  

As I see it, a person will be able to make money in TCC only if one or both of two things happen:

(a) the cryptocoin market continues to go up… and go up a LOT and/ or (b) they recruit a lot of people.

To elaborate further, your cryptocoin will have to go up a lot in order to compensate for all the commissions and fees built into the product.

In MLM that's sometimes called 'slippage'. Would you buy anything else that's loaded down with complexities like that?

Also, are you a good recruiter? Were you ever a good recruiter? Do you really want to get back into that game?

If you were never really good at it, isn't it rather naive to think you are suddenly going to be good at it now just because "…this one is different!"

People haven't changed. You haven't changed. Cryptocurrencies, in my humble opinion, is not going to be any easier a 'deal' than anything else ever was for you.

As an MLM opportunity…it's just a fad. The same people will make money in it that make money in all the other deals. And the same people will lose.

Also…remember what I said about 'money' up above.

Cryptocurrency is a commodity. That's it. And only an idiot pays more for a commodity than they have too buy buying with all the extra charge TCC throws into the mix.

Yet I marvel at how MLM detractors can be so holier-than-thou to criticize traditional MLM companies for having over-priced products and yet be willing to get their friends into what essentially (in it's MLM iteration) is just the unregulated MLM version of Universal Life insurance (or at least the investment side of the product).

And what trying to objectively evaluate the strength of TCC with questions such as, "OK…who's in back of this deal? What's their MLM background and track record? Do they have a real history of helping average people make money in their last deal?”

Or did they get run out of the last program they were in… or did they leave on short notice because they knew they were going to get fired anyway?

If you were going to hire somebody to work for you in a traditional company, wouldn't you check their past employer and references?

I think that would be a smart thing to do the next time (or maybe this time) somebody pitches you about a 'new deal'.

The bottom line on Trade Coin Club is that it boils down to being careful and using some common sense. Think with your head rather than your wallet.

Read the fine print. Ask the tough questions. Take a careful look and consider if you can handle the worst case scenario. Hoping that 'this one is different' won't make it different.

If it sounds too good to be true it probably is. Don't get into dark waters (something you don't know anything about). Don't trust anybody who you know has lead other people down the 'garden path' in previous deals. If they lied once, they’ll probably lie again.

Don't be afraid to work a legitimate MLM if you find one you like. Find a good product that delivers real value to the end-user. And stick with it.

As for TCC, I think it’s a scam. Yes, some people who will make some money…. but most won't and there will be a lot of friendships ruined because of it.

 

 

Art WilliamsS
Freelance Copywriter
Contact email

 

 

 

Visit the Kairos webiste https://cabinet.kairosplanet.com/register/#111b0e

Trade Coin Club? (No Thanks)

 

 

 

 

 

 

 

 

Trade Coin Club?
(Not with a 10 foot pole!)

There are several digital currency 'deals' going around right now. Some of them are being touted more successfully than others and some might be more legitimate than others.

But some are clearly very suspicious looking if you look at them closely at all. One such deal is Trade Club Coin (TCC).

But don’t believe me. I’m not the only person who thinks so. Just take a look at the

this article recently appearing in in BehindMLM.com which calls TCC an “exchange club ponzi”.

Every cautionary admonition in that article makes total sense to me. Every post-game bad report that I wrote about MLM scams, crypto and otherwise, while I used to write for an MLM online magazine mentioned all the signs of a scam that I see in my research about TCC.

Frankly, I think anybody who would get into a program with no verifiable product to sell other a membership intangible… deserves to get screwed.

Anybody who would get into a program which clearly pays on recruiting only (because it has no real product)… deserves to get screwed.

Anybody who would get into a brand new MLM program that purports to have the kind of ultra-expensive computers and software that mega-banks use to trade currency, yet doesn't even list on their website who their owners are or where their headquarters is… deserves to get screwed.

Anybody who thinks that a company which could do what they claim to be able to do would need to 'go MLM'… deserves to get screwed.

The BehindMLM article also concludes:

"On their own, Trade Club Coin's recruitment commissions make the company a pyramid scheme. Combined with the daily ROI and you're looking at a Ponzi pyramid hybrid."

And….

"Once recruitment dies down and the daily ROI collapses, best of luck getting your bitcoin back from the anonymous Trade Club Coin scammers who stole it."

And by the way, that last comment should remind you of OneCoin. You know about their problems, right?

And don’t forget about TelexFREE and uFunClub. Look them up on Google.

They bear a striking resemblance to TCC with the only difference being that the former sold a crappy VoIP long-distance telephone call product that never really worked.

But both of those deals made many millions of dollars until they got shut down and the owners and/or key players were thrown in jail.

And don’t forget another thing: If you’re buying into a ‘deal’ with an untraceable bitcoin, what kind of recourse do you have if something goes ‘south’?

I’ll tell you… You’ve got NONE.

You’ve got no paperwork to refer to, no regulators to appeal to, no company owners to appeal to or pursue, no nothing except maybe…”I never said that!”

Actually, before I remembered that I had seen the article about TCC in BehindMLM, I already had reservations about it based my perusal of their website.

And you know the thought I immediately had?

Their product and commission description reminded me of the Universal Life or cash-value insurance policies I used to analyze for customers back when I was an agent with A.L.Williams.

Those policies were never what people thought they had. That’s always happened. Those kinds of insurance programs were, until cryptocurrency MLM scams came along, the most dishonest product ever sold the general public.

But I digress….

When I looked at the TCC website, all I saw was Fees, fees, and more fees. And complexity, complexity, and more complexity.

Didn’t somebody write a book a few years ago called “Hooked”…. something about creating pleasant, beneficial, positive customer experiences?

Looking at the TCC website, I can’t imagine why any rational adult would seriously consider purchasing any product with so little information to back it up. And what information that was there was almost totally useless.  

As I said, I used to sell mutual funds, and term life insurance, and their fees and commissions weren’t even that complicated.

But when you see those kinds of fees and/or commission plan in an MLM, you know what it means, right?

Yeah…it means you better bend over and get ready for a “Royal Reaming”.

The article also brought up another very critical point which I had failed to notice when I first read the site:

Who owns TCC and where is their company? Are they domiciled in Outer Mongolia? Kazakhstan? Estonia? Arkansas? In a Trailways station in Memphis, TN?

It does make a difference, you know. Yet people are actually recruiting people into a company which claims to be leading edge yet can’t or doesn’t want to provide the most basic but essential consumer information….i.e. who are the owners, how do you contact the company, and where is their headquarters?

I’ve said it before but I think it bears repeating: Cryptocurrency has become the Dr. Frankenstein’s Laboratory of MLM scams. Anybody who looks at all the dumb-ass deals being advertised on Facebook or covered in BehindMLM already knows that.

Really sounds like a reputable company, doesn’t it?

Assuming that this characterization of TCC is true (and I strongly suspect it is) I would hate to think that Markethive’s reputation could be corrupted by being associated with such a disreputable program.

Nor do I think it would be advantageous to endanger the success of Infinity Economics by being associated with TCC. Unless they’re both scams of course.

But I know one thing: currency is simply a commodity…. just like pork bellies, wheat, corn, crude oil, copper, cocoa, etc., and only an idiot would buy a commodity at anything other than the very cheapest price.

The problem with all these MLM companies who are flocking into the cryptocurrency niche like pirana fish on a Thanksgiving turkey is that they drive down the value of their commodity by adding fees (and commissions) to their commodity.

Even if it is a real cryptocoin with a real blockchain. I just do not believe the MLM model is compatible with a cryptocurrency. You cannot have a competitive product (i.e. the coin) and competitive MLM commissions. The two qualities don’t go together.

If you're thinking about getting into one of these MLM cryptocurrency deals just because cryptocurrency and blockchain is something new, and because you heard about it from "a friend" or somebody you respect and because 'the product' looks and sounds like it has some degree of credibility from supposedly credible media and other sources…those are not the right reasons to get into any opportunity.

In my opinion, you need You've still got to do your own due diligence, look past the hype, turn down the emotion, and put your rational 'cap' on.

I well remember the times when I lost money trying to make money. In all cases, it was because I either (a) I thought somebody was smarter than it turned out they actually were or (b) I trusted somebody I shouldn't have trusted in the first place.

Crypto is like honey to a bee for opportunists because they hear about something "new" and they think, "Wow..now this is something people will pay attention to me about. I can make a lot of money with this!"

And they get even more energized if they think their dreams are more important than somebody else's.

Most of the people pitching cryptocoin MLM scams are just opportunists who don't know any more about crypto and blockchain than somebody who watches YouTube videos for a few hours but I think it's naive to think you can ever get a good deal on a commodity that's peppered with fees, commissions, and hidden ‘gotchas’ associated with an MLM model.

You would never buy any other commodity with the mindset that most people use to select an MLM opportunity….yet people make dumb decisions like that all the time.

Of course, an opportunity is sometimes hard for a prospect to resist because the prospect doesn't have anything to compare it to or any standard by which to evaluate it. All they know is that it's new and it's their friend or somebody they respect telling them about it.

But…seriously. Would you buy a mutual fund that way from a company that you knew as little about as you know about TCC?

And what's morbidly funny about these situations is that these scammers are very often the same people who complain about how MLM only sells "Hopes and Dreams". And then they turn around and do that very thing.

I guess what apparently makes it "OK" is that they're at the top.

The new crop of crypto-scammers are like Jim Jones. Remember him… that scammer preacher who killed all those people in Guyana by getting them to drink poison Kool-Aid?

That's where the phrase, "drank the Kool-Aid" comes from. These kind of people are experts at motivation, telling people what they want to hear, posturing, intimidation, bluffing, and sometimes even a bit of bullying…. but no questions are ever allowed during their sermons.

People like this think nothing of raping their friends Suddenly they 'see the Light'. They have a new Mission:

"It's going to change the world!!" "We give 5% of every dollar of profit to the "Save The Lab Rats Fund", "We scrape one piece of bubble-gum off the sidewalk of Times Square for every $10 in profit we make", "We'll plant a rose bush on Mt. Everest"…etc., etc., yada, yada….

And then when the deal craters….or doesn't turn out exactly the way they told everybody it would… suddenly they're silent, it's not their fault, or…"we never said that!"

I can understand somebody making an honest mistake. We all make mistakes. We're all sinners. But what I find repulsive and disappointing is when these same people won't admit they made a mistake or they even deny they made a mistake. (Ex: Dead Parrot)

Now…back to TCC….

For one thing, look at this article from BehindMLM.com which calls it a "cryptocurrency exchange ponzi".For me….I say, 'no thanks'. Sure, I'd like to make some big money. But I don’t think TCC is a legitimate program. It doesn’t have any of the characteristics of one.

I just browsed the TCC website and I defy anybody to tell me that they really understand how that compensation plan works. But one thing is pretty obvious. It's complicated while really not saying very much of any substance.  

As I see it, a person will be able to make money in TCC only if one or both of two things happen:

(a) the cryptocoin market continues to go up… and go up a LOT and/ or (b) they recruit a lot of people.

To elaborate further, your cryptocoin will have to go up a lot in order to compensate for all the commissions and fees built into the product.

In MLM that's sometimes called 'slippage'. Would you buy anything else that's loaded down with complexities like that?

Also, are you a good recruiter? Were you ever a good recruiter? Do you really want to get back into that game?

If you were never really good at it, isn't it rather naive to think you are suddenly going to be good at it now just because "…this one is different!"

People haven't changed. You haven't changed. Cryptocurrencies, in my humble opinion, is not going to be any easier a 'deal' than anything else ever was for you.

As an MLM opportunity…it's just a fad. The same people will make money in it that make money in all the other deals. And the same people will lose.

Also…remember what I said about 'money' up above.

Cryptocurrency is a commodity. That's it. And only an idiot pays more for a commodity than they have too buy buying with all the extra charge TCC throws into the mix.

Yet I marvel at how MLM detractors can be so holier-than-thou to criticize traditional MLM companies for having over-priced products and yet be willing to get their friends into what essentially (in it's MLM iteration) is just the unregulated MLM version of Universal Life insurance (or at least the investment side of the product).

And what trying to objectively evaluate the strength of TCC with questions such as, "OK…who's in back of this deal? What's their MLM background and track record? Do they have a real history of helping average people make money in their last deal?”

Or did they get run out of the last program they were in… or did they leave on short notice because they knew they were going to get fired anyway?

If you were going to hire somebody to work for you in a traditional company, wouldn't you check their past employer and references?

I think that would be a smart thing to do the next time (or maybe this time) somebody pitches you about a 'new deal'.

The bottom line on Trade Coin Club is that it boils down to being careful and using some common sense. Think with your head rather than your wallet.

Read the fine print. Ask the tough questions. Take a careful look and consider if you can handle the worst case scenario. Hoping that 'this one is different' won't make it different.

If it sounds too good to be true it probably is. Don't get into dark waters (something you don't know anything about). Don't trust anybody who you know has lead other people down the 'garden path' in previous deals. If they lied once, they’ll probably lie again.

Don't be afraid to work a legitimate MLM if you find one you like. Find a good product that delivers real value to the end-user. And stick with it.

As for TCC, I think it’s a scam. Yes, some people who will make some money…. but most won't and there will be a lot of friendships ruined because of it.

 

 

Art WilliamsS
Freelance Copywriter
Contact email

 

 

 

Visit the Kairos webiste https://cabinet.kairosplanet.com/register/#111b0e