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Palilula Mining Update 2023: Another pump-and-dump cloud mining investment platform that stole from naive investors.
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Palilula Mining is part of the Dragon Mining Tech program. Dragon Mining Tech is the same entity that is in charge of running a pump and dump scam called Bitcoiin. The scam is alleged to have raised at least 75 million dollars in their so-called B2G ICO. When that happened, the anonymous owners simply disappeared with investors’ funds. He did a runner.
At the present moment, Dragon Mining Tech is what is left. However, they are not giving up yet on scamming internet users since the entity, through spin off operations like Palilula Mining are still scamming investors of a minimum of $1000. Dragon Mining Tech has a strong tie with China. However, its owner is anonymous, and so is Palilula Mining.
Remember the golden rule. If the owner of a company that claims solicits funds from the public is not willing to be upfront with their identity, think twice before you send them money. They are most likely having a second agenda which is aimed at causing losses to you.
Note: Genuine Crypto Mining is happening here.
Palilula Mining does not have a product or service from which ROI can be generated. Rather, they are relying on the promotion of their affiliate membership in order to generate a ROI.
There are 3 investment plans named Starter, Basic and Advanced. The minimum that one can invest in this platform is $1000. Investment contracts are supposed to run for 90 days before expiry. Monthly return on investment is 30%, 40% and 50% respectively. It’s supposed to depend on the plan that you have invested in. Also, Palilula Mining claims that they can customize a plan for you if you have more than $30,000. They refer to these customized plans as ”big investment”, though the amount which they are referring to as big investment has not been disclosed.
On top of that, referral commissions are available up to 5 levels deep. The amounts that referrals can earn in each level has not been disclosed either.
First of all, Dragon Mining Tech which seems to be the mother entity behind Palilula Mining is not doing any mining of altcoins. The alleged B2G coins are worthless outside this ecosystem.
Dragon Mining Tech recently set up an internal exchange. This exchange is where new members are supposed to go when they want to obtain B2G coins. They pay real money in order to obtain B2G coins. The going rate for this coin is set by Dragon Mining Tech and not the forces of demand and supply as with Cryptocurrencies like Bitcoin, Ethereum and so on.
Palilula Mining acts as an arm through which Dragon Mining Tech is supposed to offload pre-generated B2G coins. At the same time, Palilula Mining is claiming that they are mining B2G coins and at the same time trading Cryptocurrencies to yield the alleged returns.
B2G mining isn’t profitable at all due to the fact that the Cryptocurrency is not controlled by forces of demand and supply. True mining can only happen here.
Again, it does not matter how much of B2G an investor is holding. Moreover, there is no evidence that Palilula Mining is trading Cryptocurrencies.
In other words, the ROI that allegedly pays out is imaginary until investors lose their investment through the internal exchange called Thorex. The way Thorex works suggests that Palilula Mining is just a part of the larger ponzi scheme where B2G points are used as rewards.
The problem with this kind of business is that when new investors stop funding the business, reserve will start to dwindle and that means many people won’t get paid. As a result, a ponzi scheme like Palilula Mining will collapse and so are other schemes that are operating under its watch.
The other problem is that once an investor acquires B2G in bulk and attempts to sell it, that’s when they will realize that this coin has no market and no one wants to buy it for any amount even if it’s for free. That is when they will realize how Palilula Mining has duped them.
By then, it will be too late because they will have spent $1000 or more to buy something that has no real value. The more they hold it, the more they will be postponing their problem. As you can see, this is a clever way of stealing funds from members of the public. They don’t steal from you outright. They use clever means by introducing a worthless coin and asking you to invest in it citing reasons to do with how demand will rise shortly afterwards. That will never come to pass though.
Has Palilula Mining provided that it is mining Bitcoins or any other valuable coin? No, there is no proof and the website does not want to talk or disclose anything to do with mining of these coins.
Secondly, if this website is a real investment destination, why is it that it lacks transparency? New investors who have no experience in this kind of thing are encouraged to invest when the admin knows very well that they will lose funds.
Also, we think that if Palilula Mining is working round the clock to maintain 100% anonymity, it only means that they are a dodgy site that has no reputation. It only means that they are up to no good.
Another thing is that there are zero testimonials about this platform that claims to mine Cryptocurrencies. Why? If they are asking so much and yet no ”previous user” is writing comments or giving their account about their experience here, then it can only get suspicious.
When you come across a suspicious site like this one, it’s in your best interest to avoid sending any money to them for whatever reason. Unless you want the worthless B2G coins which can’t be sold, there is no reason as to why you should get into this mess. Palilula Mining is clearly a scam. There is no doubt about this. What we have discussed above is the concrete evidence.
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