Is Coinspace a Scam? – The Truth Exposed!!!
Name: CoinSpace
Website: coinspace.eu
Price: Free to EUR24,000
Bare Naked Scam rating: 1 / 5 Stars
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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.
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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.
Please help to share this review with your friends and family by clicking on the social media buttons (Facebook, Twitter and Google Plus). If you have something you would like to share with regards to CoinSpace, please, feel free to leave a comment below.
Your pal,
Jack
I will give you a brief background of the scam. I was contacted on Facebook by someone called, “Henry Fletcher” who introduced me to “coinspace and other binary options” He showed me evidence of returns and I checked it out with no negative results (I was naïve and had never invested before), so I decided to invest. Long story short, I invested a total sum of $690k which according to my account had brought a great return. When I asked to make a withdrawal I was told that I had to make a one off payment to cover taxes and fees resulting in another $25, 000.140 being paid. I was then told that someone in the company had made an unauthorized withdrawal resulting in their account being over $800k in the red,
I communicated to and fro with no results, just B.S to keep me sweet. I was then contacted by them telling me that they had found a solution which was a bank called “Interfil saving Bank” which was apparently where they were going transfer my recovered funds. It transpired to be just as much B.S as the Tech options deal and the domain was registered by the same company, . I was determined not to give up not until i get all my stolen money back then a referral came by from a friend that was a victim as well about his experience with a recovery expert swiftrescuedial. AT, Yandex. coom, I tried this out and i can say out loudly that he was able to recover 85% of my stolen funds back to me
Hey James,
Thanks so much for sharing your experience with Coinspace.
Cheers!
~Jack (BareNakedScam)
even the banks are naking there own coib…and guess what….it will be backed by the same stuff as our home loans….pure sewer rat…AIR.
If banks are creating their own coin that’s fine, because we know they have good financial track record, and they can’t possibly “Run Away”, and further more, there are assets that are tagged to each cryptocurrency, which means there is a value to it.
When it comes to Multi-level marketing (MLM) companies, well, I’ll let you decide for yourself.
1. Do they have a good track record?
2. Can they possibly “Run away” when things go south?
3. What is the purpose of the Cryptocurrency, and who will use it?
Do your due diligence before plunging yourself into an opportunity you can’t get out of.
Hope this helps!
Cheers!
~Jack (BareNakedScam)
chech on ANDREAS WOLF…. YOU SAY YOU KNOW NON OF THE RULERS OF COINSPACE..
Thanks for the info Kenzo!
Cheers!
~Jack (BareNakedScam)
Hello… i have one question. you say the S-coin is not being used any where and that its not listed in the cryptocurrency exchange.
Why do you expect it to be used or being listed in the the cryptocurrency exchange if it has not yet been launched??? officially its not yet a crypto soo can’t be used before the official launching.
Like I’ve said, there is a risk of S-coin not being listed on an exchange. Many CryptoMLM closes its business even before the coin get listed on an exchange, and what happens to the money that people invested? Gone.
Of course, you can invest in the coin now and pray that after the launch it will be widely use, but just bear in mind the level of risk you are taking.
Anyway, It’s been almost a year since I published this review (3 December 2016), and till now its still at the launch stage?
Cheers!
~Jack (BareNakedScam)
I just would like to inform you that Coinspace is now trying to collect investors a lots. Since the investors have no knowledge of Any Coin, a number of investors are increasing. I really worry about this. How do you think Jack? Please explain more about this in short.
In short, as long as the cryptocurrency do not get listed on a Crytocurrency exchange, the currency is worthless, and you would have loss your entire investment.
Even if the Crytocurrency is listed, there is still risk. It boils down to the usability of the currency, and the frequency of the usage. If no one uses the currency, there is no point for its existence, and again, the currency could be worthless (Just like GCR Coin).
Hope this helps!
Cheers!
~Jack (BareNakedScam)
Hello, I have come across information that CoinSpace is now collecting “investors” personal information, bank account information as well as social security numbers as a part of “KYC certification”. What is your opinion about this? Is this potential identity theft?
As far as I know, they have to collect KYC information to comply with Dubai’s regulation. However, what they use the KYC information for, I can’t justify.
Cheers!
~Jack (BareNakedScam)
your article on coinspace was very instructive, howbeit I had fall victim before coming across this article of yours. Thanks all the same for the education. I will be more careful next time. If I had invested all my money in Bitcoin I would have been more secured and better-off.