Bitcoin.com has informed about a warning from Nigerian SEC Association about Multi-Level-Marketing (MLM) ‘cryptocurrencies’ such as Onecoin and Swisscoin.
Swisscoin claims to be a cryptocurrency based on a decentralized blockchain, but in reality it operates more like a token MLM affiliate program with an upline and downline structure. Users are instructed to buy token packs paid for with euros or bitcoin as well as recruit members to join the Swisscoin organization. The project officially launched on June 4, 2016, and is reportedly run by the company director Manfred Mayer, a man with an extensive background within network marketing and MLM.
Nevertheless, Swisscoin shows no signs of being an actual cryptocurrency. The operating system looks like a clone of the NXT dashboard offering a holding tank for token packages. There is no blockchain explorer, and the digital currency is not listed on market capitalization sites such as Coinmarketcap.com. The Swisscoin ‘whitepaper’ says a source code repository, and a blockchain explorer is “coming soon.” The organization offers a screenshot of a blockchain explorer instead.
The so-called digital currency has a lot of similarities to Onecoin with its packages, barometer splits, and promises to make you filthy rich. Its affiliates believe these tokens “have the potential to compete with leading global payment systems,” while always mentioning ‘blockchain technology’ throughout every aspect of the business.
So considering the above mentioned facts, this so-called digital currency is for sure no cryptocurrency, there is no blockchain to be found, and there is absolutely no innovation involved with the company’s business practice.
Swisscoin is a smaller version of Onecoin and uses the language of cryptocurrencies and “blockchain” as a veil to hide its sketchy business practices.
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