Is Yocoin a Scam? – A New Kid on the block
There is a new wave of Cryptocurrency in the Multi-Level Marketing (MLM) industry, and its name is Yocoin.
If you do not already know, Cryptocurrencies that are developed and mined by MLM Companies (“MLM Crypto”) have a bad rep in the Cryptocurrency industry.
People lose all of their investment in the blink of an eye.
In my other reviews on MLM Crypto, like Global Coin Reserve, Onecoin, Mish Coin, I’ve shared the reasons why MLM Crypto is much like a pyramid scheme and why it is a high-risk investment.
But, to give Yocoin a benefit of doubt, I will be drilling into the dynamics of this cryptocurrency so that you can have an informed decision on whether to buy the currency and join the business.
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Will Yocoin be the next Global Coin Reserve?
Yocoin has just recently incorporated its business in the Dubai RAK Free Trade Zone on 18 August 2016, and its cryptocurrency has been traded over several Cryptocurrency exchanges since 22 June 2016.
Let me ask you a question. Do you know why Bitcoin’s value has increased tremendously since its incorporation?
The answer is supply and demand.
A Cryptocurrency is as good as its use. For example, if every merchant in town accepts Yocoin in exchange for its merchandise, its value grows. If Yocoin is not accepted anywhere in this world, technically, it is worth nothing.
It is still far from determination on the prospects of Yocoin’s value, and it all depends on its owners and creators of Yocoin. Up until now, we have no clue of who the real owner of Yocoin is, and it raises a BIG RED FLAG.
I mean, how can you trust someone you don’t even know exist. Can that someone really bring Yocoin to fruition (being Yocoin accepted as a currency that exchanges physical merchandise)?
MLM Crypto has a tendency to exit the business if things didn’t go well.
Like Global Coin Reserve, which was started in 2014, has a vast number of promises that its coin, GCR, can be used in shopping malls, etc., and everyone flocks to grab a piece of the GCR in hope that “One Day” GCR coin can be used.
But, a year passed and nothing has happened, and its owners, after receiving money from its investors, have fled off, leaving all investors empty-handed. As far as I know, Global Coin Reserve has closed its doors on 31 December 2015.
So, will Yocoin be the next GCR? In my opinion, there is a high chance of that happening.
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How Yocoin works
Anyone who wants a piece of Yocoin has to first set up a Yocoin affiliate account with Yocoin to purchase a Yocoin (steps to purchase Yocoin in the next section).
Basically, there are 2 sides to the business of Yocoin. First is Multi-Level Marketing (MLM) side of the business, and next is the trading of Yocoin.
As I said above, the value of the Yocoin will depend on its supply and demand. Currently, there are lots of supply and lack of demand, so we can safely say that you can hardly make any profit from trading Yocoin.
So, at the current stage, the only way to make money from Yocoin is to be a part of the MLM scheme. Simply speaking, you earn commissions on referral. Here’s a video that explains how you can make money from recruiting people into the Yocoin business:
Here’s where it becomes complicated. Are you aware of what a Pyramid Scheme is? Check this out:
So, if you haven’t noticed, the business of Yocoin is much like a pyramid scheme. Worst of all, the company is not backed by any tangible products.
Generally speaking, Yocoin is created from thin air. Anyone who has the skill to create a Crytocurrency can start a business like Yocoin.
All you need is to look legitimate (i.e. Cryptocurrency being traded on exchanges) and a BIG promise to its investors (i.e. its investors/members) that everything will work out and the value of the Cryptocurrency will shoot through the roof.
You see, if you have entered into an MLM company that sells physical product, if the MLM company ever closes, you still have a chance that there might be a demand for the product and you can sell it to recoup some losses.
But, if Yocoin closes down, like GCR, all the money you’ve put in is basically gone.
Yocoin is a Ponzi Scheme in Disguise?
Following what I’ve said above about not having a tangible product, let’s compare Yocoin with the famous Ponzi scheme:
Do you agree that if you minus the Cryptocurrency from the Yocoin MLM Business (anyway if the Cryptocurrency does not have any value at the end of the day, there is basically no product), it looks just like a Ponzi scheme? What are your thoughts? Share it with me by leaving a comment below in the comment section.
100% of Your Purchase after 24 Weeks Holding Period?
I’m not sure if you know that you will not get all of your purchased YoCoin on the day of purchase. Little by little, the company will release small amounts of YoCoin to your wallet until it reaches 100% on the 24th week of your purchase.
The company claims that it takes time to mine those Yocoins for you, but the fact is that the coins are pre-mined and they kept it for a good reason.
Again, it comes back to the supply and demand of Yocoin. Every Investor or member that joins Yocoin has only one purpose.
Let me ask you one question, what will you do after you have obtained your Yocoin? Naturally, you want to sell it for a profit, right?
Now, imagine if the Company releases a huge chunk of Yocoin to its investors and members immediately, and everyone flocks to the exchanges to sell Yocoin, but no one intends to buy them, what will happen to its value? It will plummet indefinitely and the whole program will fall apart almost instantly!
The control is there so that the program will run a little longer for the better or worst.
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Here’s How you can Purchase Yocoin…
Now that you know the risks and facts about the Yocoin business, and if you still want to be a part it, you can follow these steps to set up your account:
- Set up a Coin Base account at coinbase.com;
- Purchase Bitcoin from the Coin Base Account;
- Link your Coin Base Account to you Yocoin Account;
- Purchase Yocoin with Bitcoin.
Here are the video guides from the Yocoin’s website:
Step 1 & 2:
Step 3 & 4:
My Sincere Advice to You
The risk involved in this opportunity is too great, and I wouldn’t recommend that you put your hard earned money and effort into this.
If you really want to join Yocoin, now is not the time. You should see how Yocoin progresses in terms of the expansion of usage (i.e. usage in shopping malls, etc).
Worst of all, how can you trust that the expansion of Yocoin when you don’t even know who is running the business?
If you are looking for a way to make money, I can assure you that there are much better opportunities out there.
Like this opportunity I am in, which makes me a full-time income now. It is all thanks to this program that got me started out and got me through the hurdles over hurdles to find my success. I hope it can do the same for you.
Feel free to share your thoughts with me on Yocoin by leaving a comment below. If you find this article useful, please, help to share it with your friends and family by clicking on the social media buttons below.