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Carcoin Review: Smart Car Sharing ICO or Scam?

Carcoin Review: Smart Car Sharing ICO or Scam?

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This review is about mycarcoin.com, a site that was privately registered in September 2017. The idea behind it is definitely brilliant as the concept reminds us of Uber. Unfortunately, the owner of the site is too secretive to let his audience know who they are. Registering a domain privately is a favorite habit among Ponzi scheme operators. Carcoin does not say who owns or runs the business. Nevertheless, it seems that these guys still want your money in one way or the other.

The service is highly promoted in Vietnam as 67% of traffic comes from this country. Also, a huge percentage of their promotion material seems to be coming from Vietnam, which is why we have concluded that most of its audience is based out of Vietnam.

This discovery might also suggest that whoever is operating Carcoin is definitely living in this country. Unfortunately, his anonymous nature makes us worried. Why exactly does he have to keep a low profile to run such a business? Does it mean that Carcoin is an illegal business venture? That’s what we want to find out.

Carcoin review

We cannot say why the owner of Carcoin has opted to remain anonymous. But one thing is clear. If someone is operating an internet business involving people sending their money in form of investing, they should be transparent with their details. If the people operating it and not upfront about their identities, you need to think twice before sending them any money.

What exactly is Carcoin? Carcoin is a concept that copies a ride-sharing app like Uber. Unfortunately, it is also a paper-thin attempt to convince the public that Carcoin website has an external source of revenue and does not rely on a Ponzi scheme structure to pay existing members.

carcoin review

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They claim that Carcoin is a Blockchain technology platform where smart phone apps connect riders and drivers but information is communicated through blockchain technology.

When you sign up for the service, you will be given a Cryptocurrency wallet. In terms of payment, members can use Cryptocurrencies, cash or a card.

However, the so-called Mycar app really doesn’t exist. What exists here is something that is quite similar to an ICO lending Ponzi scheme where investors are promised a return on investment at the end of a specific duration.

We are only able to verify one source of income that goes into the Carcoin website. That would be new affiliates who inject funds into the pyramid scheme so that their funds can be used to pay out older members.

The concept of Mycar app is used to overshadow the real thing. The monies that have been collected will be used to attempt fulfilling the daily ROI as well as pyramid recruitment commissions.

The truth of the matter is that Carcoin is a lending ICO Ponzi which follows a specific pattern to remain in the business for long while making profit from gullible members who make money when new depositors show up.

Carcoin plans: they are a true reflection of a Ponzi scheme

In as much as this platform is talking about blockchain in relation to taxis, there is no real product or service which has been implemented by the website. What you’re reading on this website is empty talk that does not generate any revenue outside what they intend to make from new members.

The point is, Carcoin does not have any real business going on. The company’s anonymous owners have created worthless CSC points which they sell to affiliates who want to join the system. These points are worth anywhere between 30 to 90 cents each.

Once an investor has acquired these coins, the website claims that they can ”lend” back the coins to Carcoin so that they can generate a monthly ROI of 24%.

Let’s say you invest $200 up to $1000, the company will promise you variable daily ROI for a period of 299 days. Any amount that is above $1000 will attract bonuses as well.

Since these plans are promising 24% monthly returns, we have to assume that anybody who invests 1k for instance is supposed to become a millionaire in a matter of one year, right?

Also, think about this. 40% of the ROI generated from this company is supposed to be reinvested into the company. That means you have to reinvest by acquiring more CSC points.

From what you can see, these activities say a lot about the nature of this business. These ROI claims communicate a very important message that must not be missed. There is no doubt in our mind that this is a ponzi scheme. The worst thing you can do is to buy worthless points hoping to make a profit every month. It just won’t happen no matter how you look at it. That’s not how the economy works. There must be real value in an item which you’re buying. If this value cannot be proven, then you’re just wasting your money to a scam.

So far, this is what Carcoin has done to make money for its owner and not the investor:

(a) Generating worthless Cryptocurrencies in form of tokens

Their admin is anonymous. Their aim is to generate worthless tokens which they will sell for real money like Bitcoin. They call them CSC points. They are bought with either fiat currencies or Cryptocurrencies. The aim is to make it look as if you’re paying for something with great value when the truth is that CSC points are completely useless.

(b) New affiliates the lifeblood of Carcoin

As we have mentioned before, this pyramid scheme does not differ from many others on the internet right now. They depend on new affiliates who come in with money. When they make a deposit, a small part of that money will be used to issue payouts.

The problem with this kind of business model is that it is not sustainable, and will easily collapse when new affiliates stop coming in. In fact, Carcoin ROI reserve is 100% dependent on new affiliates who fund it. It would be stupid to believe that Carcoin has another means of generating return on investments.

(c) They will run away with your money

These guys are looking for ways to hit the threshold of what they are currently collecting. Once they have reached the set threshold, the worst they can do is to run away with the money. Meanwhile, existing members will lose money since they are in possession of CSC points which don’t hold any value.

Just in case you’re wondering, let’s consider Bitconnect and Davorcoin. These two giant lending ICOs recently collapsed. In fact, the owners of Bitconnect are currently wrestling with a hefty lawsuit. Authorities had to zero down on the Ponzi scheme since it was the most stubborn scam lending ICO of its time. The same thing applies to Davorcoin. And now we have Carcoin, a platform that is following the same exact operating principles that Bitconnect was using to fleece investors of their hard-earned money.

Our best advice for you

You need to resist lending ICOs at all cost. This company does have a good concept. But the fact that it has blended it with a ponzi scheme structure is something we do not approve. To make more Cryptos, please use these recommended companies.

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