We are at it again. This time round, we are talking of a new Cryptocurrency known as DavorCoin. The website which is hosted at Davor.io has details of the project such as how it works and what you’re likely to benefit from this project. We’ve also gone through the whitepaper thoroughly to try understand whether or not this is yet another scam.
As always, red flags will never fail to rare an ugly head. So if you’ve encountered it in popular Bitcoin forums like Bit Talk and were thinking that DavorCoin is a good opportunity to catch the worm, reading this review is the best thing you can ever do to yourself.
We will give you insights that will go along way into helping you make an informed decision. If you’re ready, this is what you need to know.
We don’t think so. But first, what exactly is DavorCoin and how does it intend to make you wealthy in the long run?
According to the whitepaper found on the website, DavorCoin (DAV) is a new Cryptocurrency launched with the aim of replacing mainstream Cryptos like Bitcoin and Ethereum.
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Is it easy to achieve such a dream? Not really. You see, early adopters of any technology often get the most benefit. Those who join the gravy train later don’t get the Lion’s share.
To claim that a new Cryptocurrency will replace Bitcoin and Ethereum is basically an act of daydreaming. To say that DavorCoin will be an alternative to the two giants is to basically air ones ignorance in broad light where critics like us will most likely join the frenzy and expose the truth in an analytical and systematic way.
We are not opposed to new ideas. But clearly this is a far fetched dream. There is nothing special about DavorCoin that will make people choose it instead of Bitcoin or Ethereum.
DavorCoin is just following the same concept that many other altcoins have used before. And thus we cannot say that it’s different from the others.
Now, you need to think about it from this perspective: for any Cryptocurrency to really create a difference by revolutionizing the current altcoin technology, it would need to be unique in the sense that it is offering something that the big two cannot offer.
When you factor the uniqueness of the coin, you can easily see how the value or price of that coin will rise in the short term future.
If that uniqueness factor is missing, then rest assured that the coin will just be like any other coin with no value or potential to acquire value in the future.
Yes, it’s good to always become the early bird in any investment opportunity. But those investments have to be chosen carefully. It’s never a matter of joining investment opportunities randomly.
For that reason, we don’t believe that DavorCoin will revolutionize anything.
The website claims that this coin is created and maintained by complex math calculations and validated by millions of users.
You can store these coins in your computer’s hard drive, in the cloud, in the smartphone or in a hardware Cryptocurrency wallet.
Once you have the coins in storage, they can be traded like stocks in major exchanges because they allegedly have value. They can also be used to purchase items just like Bitcoin.
DavorCoin runs on POW algorithm or what they call proof of work. The POS reward is 10% every month for the first 6 months.
With Davor coins, investors are supposed to lend, stack or basically trade the coins in an online exchange. They’ve already integrated an online exchange on their website, although these coins are also available at CoinExchange platform.
The lending program is supposed to make you nearly 50% monthly returns. At the same time, investors can participate in the so-called referral program to boost their earnings.
There are also claims that people who operate this business are involved in arbitrage trading. A part of the investors’ money is supposed to go towards investments in ICOs.
Now, the bitter truth is that all lending programs are just Ponzi schemes which hide behind Cryptocurrencies. In fact, when you hear the words ”lending program”, you should know that the person using those words is referring to a ponzi scheme.
Most of the time, there is no trading software, ICO or any business activities going on. It’s plain pyramid-building where people pool funds together and profits paid out to older members. Ask yourself when your profits will be paid out to you. When exactly will this happen?
We actually saw on the whitepaper that price was supposed to increase in order to improve the value of this coin.
But price is supposed to be driven by demand. If there is no demand, price cannot increase whatsoever.
As it currently stands, DavorCoin has not built for itself any value. Therefore, this driving up of price has to be artificial. It does not make any sense from the economic point of view.
During the last ICO, DavorCoin website increased the price of the coin on a daily basis. They claimed that there were 6 million coins in total, and that each investor was supposed to buy a minimum of 100 DAV.
What we do not understand is why the price of this coin is going up. The whitepaper does not mention the mechanism through which price is supposed to go up. Also, we do not see anything unique about this coin that would prompt the public to get interested in it.
And then there is the staking part of it, where the website claims that if you hold the coins in your wallet, they will pay you 10% of interest per month for the first year, 8% per month in the second year and 5% in the third year.
Those interest rates are still very high and unreasonable. Where exactly is this money coming from? We do believe that DavorCoin is actually a ponzi scheme because this concept is usually common with pyramid schemes.
The lending and staking program proves that DavorCoin cannot be trusted.
This website was launched in October 2017, yet the road map claims that the operations of this company begun in 2016. The road map goes ahead to point out various activities that happened between 2016, 2017 and at present.
Nowhere in that road map is the launch of Davor.io mentioned. That’s a big red flag.
We believe that this road map is just a generic sample of road maps used by pyramid schemes. It is there simply because investors want to see a road map. It gives the business a sense of legitimacy when the truth is that this is a ponzi scheme type of operation with no vision at all.
DavorCoin is hiding behind Cryptocurrencies, and for that reason, don’t be surprised to hear that it no long exists 1 year down the line.
The road map is total BS. The ownership of this entity remains secret business. In the worst case scenario, this could be a scam. The high monthly returns cannot be justified either. Please stick to these products.
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