Price: Free to EUR24,000
Bare Naked Scam rating: 4 Thumbs Down
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Is CoinSpace a Scam?
I am sure you are introduced by a friend or maybe you saw an ad online about CoinSpace, and you are wondering whether it is a good opportunity for you to dive into.
You’ve come to the right place because I am going to share with you everything you need to know about this opportunity.
After all, S-Coin could be the next Bitcoin right?
If you are looking into this opportunity, I guess you are not from this industry, because if you are, you would have known that Cryptocurrencies that are mined by Multi-Level Marketing (MLM) Companies are most likely to fail.
Woah! What a bold claim right? Just look at the evidence…
Cryptocurrency coins like OneCoin, GCR Coin, YoCoin, MishCoin, are examples of failed coins being mined by MLM Companies. The coin that was the closes to success was GCR Coin, and it was mined by an MLM company called Global Coin Reserve, but it has closed its business operations on 31 December 2015. You can check out the full story of Global Coin Reserve here.
For the purpose of this review, we will call MLM companies that mines Crytocurrencies as “CryptoMLM”.
We hear the same story over and over again from these CryptoMLMs which promises people a dream of being financially free when they invest in their Cryptocurrencies.
CryptoMLMs always claim that their “Coin” will be the next success story after Bitcoin, and that you are cashing in at an early stage, just like when people are cashing in on Bitcoin in 2008.
One thing that I am quite certain is that CryptoMLMs will not last long, and the reason is simple, the success of a Crytocurrency lies in its value and usage.
Bitcoin is successful because it is widely trusted and traded for products or services.
For any new Cryptocurrency to be successful, the first step is to get its “Coin” listed on an Cryptocurrency exchange, but many CryptoMLMs falter at this stage.
Will S-Coin be listed on an Exchange?
It is hard to say, especially when you do not know who is running the company. Information on the management of CoinSpace is no where to be found.
There is so much work to be done in order to list a Coin on the exchange, but who is going to do this work? And, why won’t the management reveal themselves? These are big red flags for me.
Beware that if you are heavily invested in S-Coin, and if it didn’t get listed on an exchange in the end, you lose all of your investment.
More than just getting its coin listed on an exchange, the management of the Company has to convince vendors to accept their coin as a currency in exchange for goods and services.
If no one is using S-Coin, there is no value to it, and you would have lost most of your investment money as well.
Can you really make money from CoinSpace?
I am sure there are people who claimed that they are making lots of money from CoinSpace, but how?
The coin is not listed on any exchange, there is no one using it, how are they able to make money?
Remember the Multi-Level Marketing part of CoinSpace?
If you want to know more about what a Multi-Level Marketing company is, you should read this article.
MLM simply allows you to receive a commission for each person you have recruited to the company as a distributor (“your referral”), and you will also receive commission for each person your referral recruited.
Wait, isn’t this called a Pyramid Scheme where all the profits generated are based on recruitment?
Isn’t CoinSpace a Pyramid Scheme?
Let’s check out this video that explains what a Pyramid Scheme is:
So do you think CoinSpace is a pyramid scheme? I’ll leave it to you to decide…
I personally feel that if the S-Coin did not get listed on a Cryptocurrency exchange at the end, or there are no one who actually uses the S-Coin for transactions, it will equate to a Pyramid Scheme.
The risk is stacking up against you if you join this opportunity, and you need to be aware of it. You may make some money initially through the compensation plan, but it all drills down to the development of the S-Coin.
Moreover, because of the nature of the business, there is a possibility that relationships may be destroyed because of such “opportunity”.
My guess is you are going to ask your friends and family members to join this opportunity. What happens if CoinSpace turns out to be a pyramid scheme, and it gets shut down by an authority? How would your friends and family feel about you?
Look, I am not trying to talk you out of CoinSpace, but I am just laying the cards for you so that you can make an informed decision.
How much do you need to join CoinSpace, and how much can you earn from it?
There are 9 different packages for you to choose from, and they are all laid out in the picture below:
There are a few levels of compensation, so let me explain each of them in detail below.
Direct Commission: When you join the position package, which means you join CoinSpace without paying any money, you can still make 12% if you recruited someone else into the company. You will earn the 20% commission when you join at least the “Micro Mine” package.
Binary Commission: Earn 50% of the “Points (see picture above)” in your weaker leg. In the scenario below, you make EUR3,000.
In order to qualify as an active member and be eligible for Binary Commissions, you have to personally enroll 2 people into the business.
But, how are you going to recruit 2 people, and teach that them to recruit others? Honestly, if you are new to making money online, you wouldn’t know where to start, and the worst part is, CoinSpace will NOT provide you with an education to start the business.
My 2 Cents’ Worth…
I guess you already know where I am heading towards this opportunity.
The chances of S-Coin being listed on a Cryptocurrency exchange is extremely low, and worst of all, you do not know who is running the business.
And, even if the S-Coin gets listed on an exchange, there is no guarantee that people will use the coin for any transactions. When there is nobody using the coin, it has no value, and your investment would be worth nothing.
The immense amount of risk involve in this opportunity has lead me to conclude that it is not worth joining. Honestly, there are much better opportunities out there.
If you are serious about making money online, I would suggest that you check out this program which has helped thousands of people succeed online.
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