The Paragon Coin at paragoncoin.com is a crypto-currency hype cycle. It’s the reason we have the endorsement of celebrities like rapper the Game. But of course this is not a new phenomenon because even celebrities like 50 Cents, Mike Tyson and many others have been involved in cryptocurrency projects from time to time.
People like Dennis Rodman recently got involved in a project called PotCoin.
And by the way, speaking of PotCoin project, it now looks like a similar Initial Coin offering (ICO) project called Paragon Coin is planning to set its wheels rolling.
The interesting bit is that model Jessica Versteeg (also popularly known as Miss Lowa 2014) is the Chief Executive Officer of this mysterious ICO.
The Paragon Coin can be described as some sort of marriage between crypo-currency and the cannabis industry.
They claim that they are going to revolutionize the cannabis industry using the power of blockchain. We’ve never heard this before, which could explain why this is a startup altogether.
Information about Paragon Coin is very sketchy. It is quite difficult to decipher the meaning of Paragon Coin and what it is intending to do. However, reference to the Cannabis plant is quite evident.
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All of a sudden, members of the internet (who have some disposable income to spend) are invited to become a part of something great.
The next thing is; they land on the paragoncoin.com where they are pitched the idea of blockchain and its potential when merged with marijuana. What do these two things have in common? It’s difficult to figure out, honestly.
In one part of the page, prospective investors are invited to watch a video featuring Rapper the Game and model Lowa – who is also the president of this ‘next big thing’.
Now, in that video, the Game says…. ”Hey, we are revolutionizing the cannabis industry.”
Again, that is just how far they can go in terms of explaining what the heck is going on.
Another potential problem that we are seeing here is that something called Paragon Coins is already out there, and it is related to a PlayStation game known as Paragon.
Will Miss Lowa’s start up face intellectual property infringement? That’s a probability. What is the implication of this lawsuit if it ever happens? The implication is that it will cost Miss Lowa and her team some money.
Apart from that, it could see the name ”Paragon Coin” getting changed to something else. It’s going to upset the ecosystem of the top dogs. We all know them because this website has their pictures and names intact.
Do not get us wrong. Some ICOs still manage to make a kill in terms of the amount of money which they gather from their funding expeditions.
A good example is Star Power which turned out massively successful as a result of their ICO being related to the promotion of boxer Floyd MayWeather.
Whereas it’s pleasing to see that the cryptocurrency industry is finally gaining recognition from popular celebrities and industry influencers, it is still worth being cautious with things that are based on hype.
And Paragon Coin is already showing evidence of hype with little information pertaining to how it intends to benefit its members.
At one point, we heard rumors that Miss Lowa and her team simply wanted funding for purposes of buying real estates. Why are they investing in real estate facilities? Apparently, they need space to accommodate industry players within the niche of Marijuana.
So, how is this related to blockchain technology? It’s very difficult to answer this question. Maybe they should come here and explain these things before matters get out of hand.
But there’s a possible explanation here. Remember that the United States is still upholding regressive policies concerning drugs. What this means is that Cannabis companies will still find it rough gaining access to the mainstream banking system.
However, in the past, industry players have attempted to disrupt this blockade to find a way of integrating the cannabis industry with the mainstream banking sector.
The problem is that Paragon Coin is just a hype. It is not creating a solution to solve the above problem. In fact, this project gets you absolutely nothing. If anything, this opportunity only serves to distract the milestones that have already been achieved.
If you look at website and the people who manage it, you will see that there is no sincere effort to revolutionize anything. Rather, they are testing the idea to see if people will like it and whether or not it will work.
Now, if you are keen enough, you will remember that this is how scams work. Not all scams are founded with the intention to scam people. However, when things go haywire along the way, there is always a chance that money will disappear. If you were a part of that community, you’d lose whatever contribution you made.
On the other hand, a project like Paragon Coin does not have a tangible operation plan. What we see in this opportunity is total hype as opposed to a plan that can sustain their operations in the long run.
You’ve got to be cautious here. From the way we see it, Paragon Coin just launched to test the market and see if people will like the idea.
There is nothing to revolutionize here because the project is not even offering a solution apart from using celebrities to convince folks that something good is around the corner.
Also, most projects that deal with cryptocurrency are infamous of fleecing investors. Perhaps the reason why this is common is because they take advantage of the anonymity that crypo-currency affords them on the internet.
One will never know why. Apart from that, the amount of money which they are asking for in this type of ”investment” is so huge that no one would be willing to lose if the project crashes or disappears.
In fact, you are 5X likely to make a small profit with a scam Forex product than with Paragon Coin project.
At least with Forex investment, the markets can sometimes go in your favor, and by doing so, you make profits.
However, with this expensive offering, there is no telling what will happen afterwards.
To cut a long story short, $10,000 is something you cannot afford to lose on the internet.
Paragon Coin states that it intends to merge its operation with various other investment facilities. These would include social clubs, cafes, research and education space, conference reservation spaces etc.
They are targeting 20 states in America where cannabis has been legalized.
Now, you should realize that those are mere ambitions. There is no guarantee that if you contribute your money to this offering, the venture will turn out to be profitable. In addition to this, we have already seen that Paragon Coin does not tell us how this project is supposed to benefit its community.
Cryptocurrency has got great potential. However, we advice that you should hold on because Paragon Coin is not very promising. Some people even fear that this might be a scam. Whatever the case, we don’t have evidence yet that this is a genuine project.In the meantime, check out these products for your investment.
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