FineCoin website claims that they are launching the fastest growing Cryptocurrency in Europe, and that this altcoin will revolutionize the financial system. They are currently intending to launch a series of ICOs which will allegedly see the price of FineCoin skyrocketing to $70 and above.
They plan to introduce 4 features which they say will make this coin very profitable. These include the usual staking, lending, trading and asset management features.
According to FineCoin, staking and lending should earn you a nice passive income. However, users can also speculate on the price of FineCoin through their upcoming internal exchange.
The platform claims that some 32680 members have already joined them and are actively looking to participate in the ICO.
When we read their ”about us” section, we learn that FineCoin is a new altcoin that will reduce transaction fees and place the whole financial system in the hands of regular people instead of banking institutions and governments which are manipulative in nature.
With Fine Coin, you can allegedly manage your money the way you like it. There are no taxes or any other restrictions to your money.
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The lending program which they are allegedly planning to launch shortly will earn you up to 64% per month. Besides this, you can also earn up to 10% from your referral deposits.
Now, the question that everyone is asking is whether Fine Coin is legitimate? The answer is contained in this in-depth review of the platform.
Note: Mine popular altcoins using these companies.
From what we have seen and concluded in our investigations, Fine Coin is just a direct copy-paste of all Cryptocurrency scams currently lurking on the internet.
You see, most of them have a lending, staking and trading platform — or at least they mention these features in their road map.
While they recognize that the price of this coin should be driven by forces of demand and supply, that’s not what we think will drive the price of this coin to the $70 mark. That’s not going to be possible no matter how you see it.
The reason why we cannot advice you to invest in this coin is that it is not bringing any unique idea on the table. There are literally thousands of new Cryptocurrency ICOs being launched everyday and claiming that members will earn through trading, lending and staking.
These 3 features alone can never drive the price of an asset in a market that is saturated by hundreds of similar assets.
Of course they expect that the price of this coin will increase when more people buy during the various ICO phases.
Now, the problem with this action is that it will artificially drive the price of the ICO before market can correct itself later on.
Just like Bitcoin – the most popular Cryptocurrency in the world, Fine Coin won’t be immune to price correction. And by no means are we saying that Bitcoin has the same value as FineCoin. If anything, no other altcoin will ever take the place of BTC.
As we speak, there are hundreds of coins that follow the same business model as FineCoin platform. That’s why we said earlier that FineCoin platform is as a result of copy-pasting what is already happening out there in numbers.
For that reason, we do not think that FineCoin will ever have any value in both the short and long term future. The website has failed to convince us that Fine Coin will increase in value, or at least they have not mentioned the economic factors which they think will bring value to the price of this coin.
Therefore, by investing in the coin, you are actually paying money to an investment which is clearly doomed to fail.
There is no real product or service that will back the price of this coin.
Launching an internal exchange or introducing this coin to an external exchange will not miraculously increase the demand for Fine Coin.
For that reason, lending and staking won’t be any helpful in the long run. This altcoin clearly doesn’t have a future since they don’t have a unique business model to back the altcoin.
When Bitconnect was first launched, most investors thought that it was a good opportunity, and so they invested their money.
In January this year, Bitconnect monumentally collapsed with people’s investments.
Now, when we look at FineCoin, we can see that they are offering the same exact business model that Bitconnect and other Crypto ICOs have been using.
Bitconnect didn’t have any real product or service to help back the value of the coin. Yet they claimed that their coin had a bright future since its value was going to rise significantly.
Did that happen? Absolutely not. So what makes you think that Fine Coin won’t experience a similar tragic end? There is no reason not to believe so.
It would be reasonable enough to start with the basics. A website or project would qualify to be called an investment program if they were asking money from members of the public and also promising them returns.
Any investment activity would be heavily regulated in developed countries such as US, UK and so on.
FineCoin claims that their project is operated out of the UK. But there is no UK physical address on their site. That means it’s an illegal program which is still operating in the country without the knowledge of authorities.
The more we dig into this, the more we find many red flags. For example, we were able to establish that the owner of this project was hiding their identity.
If they are innocent and quite convinced that Fine Coin was not a scam, why are they hiding their identity?
The fact remains that whoever is behind this investment program is committing an offence which is punishable by UK laws. Now, if they are even going to the extent of not disclosing their personal information, it’s because they are being cautious enough not to fall in the hands of UK authorities. That would be so unfortunate for them.
Whereas people do make money with altcoins, the profit claims which are mentioned on this site are clearly misleading. A 60% monthly return is not possible.
The most popular Cryptos are yet to correct their prices the same way Bitcoin is doing. Even the experts are not certain about of the future. Some experts are advising that you should continue holding while others are saying you should sell your Cryptos and focus on other things instead.
But the truth is that all investments are never a sure game. Fine Coin should not be in your portfolio at all. But investing in major Cryptos still makes a lot of sense.
Just to bring this to your attention. The Cryptocurrency in question is known as Fine. In order to participate in this lending scam, you will actually need to buy some coins. To make a transaction, you will have to pay through a legitimate Cryptocurrency like BTC or ETH.
The way we see it is that this is a ponzi scheme whose collapse is imminent. There is no shadow of doubt about this. You are better off mining Cryptos with these companies.
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