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Is Platincoin A Scam? Another Pyramid Scheme CryptoMLM?!
Welcome to My Platincoin Review!
Perhaps, you’ve encountered a couple of posts online, people boldly claiming the wealth they’ve built with Platincoin. However, you find it intriguing and would want yourself to figure it out if it’s true or not- most probably, why you’ve landed on this page. Well, kudos if you’re that keen and meticulous in finding a job opportunity.
Platincoin Review Summary
Founders: Alex Reinhardt
Product Type: Multi-Level Marketing
Price: € 107 - € 9,951 ($121.84 - $11,331.55) For The Investment
Quick Summary: Platincoin is a multi-level marketing (MLM) company in the cryptocurrency niche. It claims to leverage blockchain technologies, global business, and social platforms with the company's goal are to build an innovative cryptosystem.
However, there are no retailable products and what you really market in this opportunity is the affiliate membership itself making it more of a pyramid scheme.
Also, the CEO’s records are not that desirable as he’s been involved in another Ponzi Scheme! To make it worse, the Government had raised a warning against them!
Overall Rating: 1/10
Well, we’ve already reviewed a couple of crypto MLM, (such as Forcount and Cryptotab Browser) and we’ve seldom seen legitimate ones.
Would Platincoin be one of the few that offers legitimate opportunities? Or is it like those crypto scams that we’ve debunked?
You’ll know more as you go through this Platincoin review! Let’s begin!
What Is Platincoin About?
Platincoin is a crypto MLM company that was launched in mid-2017. The company's goal is to build an innovative cryptosystem making it available to people from all walks of life telling that you don’t have to be an expert in technical processes to grow your income.
Platincoin claims to leverage blockchain technologies, global business, and social platforms.
Being an MLM, it offers an affiliate program and by becoming a member, the company will let you "rent" the tools and dedicated "minting equipment package” to get you started.
The Platincoin platform promotes minting as the shortcut to making cryptocurrencies a more viable source of income for various types of users. It aims to eliminate complex technical procedures from the equation, as well as the need to engage in competition among the users on a single network. In short, they simplify it for you.
The Platincoin project moved on under the aegis of a Swiss-based technological company -- PLC Group AG whose CEO is Alex Reinhardt. The company is developing all technologies running in the background of the PlatinCoin platform while Dubai-based Platin Genesis company is in charge of marketing, sales, client assistance marketing, and administration.
There was no mentioned owner or founder of Platincoin on their website. There was no also much information about the company's background. However, further research reveals Alex Reinhardt as the current CEO of Platincoin.
Reinhardt is known to be a crypto evangelist and the founder and CEO behind the ELVN crypto messenger. In addition, he is described as a venture investor and business development expert with more than 10 years of experience in the fields of startup capital, IT, and fintech. However, Reinhardt was involved in the SwissCoin Ponzi scheme. In early 2017, Switzerland decided to file legal action with SwissCoin which eventually led to its fall.
Platincoin Product Line
Platincoin may come with an offer that would allow you to rent minting tools but it just basically goes along with the membership per se. However, Platincoin has no retailable products or services offered and in reality, what you really promote and sell here is the affiliate membership itself.
And these are the following business packages you’ll choose to buy to start doing business as a member:
Although it has no products, you can get an ROI as a member. The Platincoin affiliate membership provides a person access to its 4 different platforms which are:
- PLC Network - The official Platincoin social network. It acts as the gateway for members to access adequate and useful tools for business communications.
- PLC Business - This is basically a crowdfunding platform by Platincoin.
- PLC Market - The platform for crypto coins traders. The PLC Market comes with a "Platincoin Compensation" plan where every member affiliate is promised a return of interest based on their investments.
- PLC Academy - The official Platincoin learning and training platform.
Is Platincoin A Scam?
As to what it appears to be, I could say that Platincoin is a scam. Their products are something that anyone could create and there’s no evidence that they have the minting equipment. Basically, what they sell is the affiliate membership itself.
The CEO, Reinhardt has also been involved with a Ponzi Scheme before and what he has done in the past is still closely related to what he is doing right now, so most probably the same schemes are occuring.
The opportunity may come with an ROI but with no proof that it comes from the cryptos and it appears to come from the memberships which are basically from recruitment. And what’s alarming is that it had a government-issued warning against them by Germany's financial regulation institution and that's something not to be taken lightly!
Is Platincoin A Pyramid Scheme/Ponzi Scheme?
Yes, it is most likely a pyramid scheme as there are no retailable products and what you really market here is the affiliate membership itself. And with that, income would most probably come from recruitment.
And if there’s no more to recruit, schemes like these are bound to fail.
PlatinCoin retains the Ponzi points business model SwissCoin used but is more closely aligned with OneCoin’s version of the scam. The business packages in Platincoin are more of an investment with a promise of ROI.
Despite clearly soliciting investment from affiliates in exchange for tokens, which are then converted into PlatinCoins, the company insists it is not selling coins but rather selling training content and technological solutions- which is something deceptive! Well, apparently, in Platincoin, there is no real business activity, just a deceptive claim to lure people into the scam!
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Platincoin Compensation Plan
Platincoin affiliates are compensated by investing their ROI into "Platincoins" which is a form of cryptocurrency being offered by PlatinCoin.
Residual Commissions- PlatinCoin pays residual commissions on affiliate investment via a unilevel compensation structure and PlatinCoin cap payable at 11 levels with commissions paid out as a percentage of funds invested by affiliates in the unilevel team.
How many levels an affiliate can earn is dependent on how much they have invested:
- Invest €5 And Receive 10% On Level 1 (Personally Recruited Affiliates)
- Invest €50 And Receive 10% On Level 1 And 4% On Level 2
- Invest €250 And Receive 10% On Level 1, 4% On Level 2, And 5% On Level 3
- Invest €500 And Receive 10% On Level 1, 4% On Level 2, 5% On Level 3, And 6% On Level 4
- Invest €1000 Eur And Receive 10% On Level 1, 4% On Level 2, 5% On Level 3, 6% On Level 4 And 7% On Level 5
- Invest €5000 Eur And Receive 10% On Level 1, 4% On Level 2, 5% On Level 3, 6% On Level 4, 7% On Level 5 And 1% On Levels 6 And 7
- Invest €10,000 Eur And Receive 10% On Level 1, 4% On Level 2, 5% On Level 3, 6% On Level 4, 7% On Level 5 And 1% On Levels 6 To 11
Rank Achievement Bonus- PlatinCoin also comes with affiliate ranks and rewards affiliates who generate large amounts of downline investment with a cash Rank Achievement Bonus.
Here are the following ranks:
- Blue Diamond
- Green Diamond
- Purple Diamond
- Red Diamond
- Black Diamond
- Platin Diamond
How Much To Join Platincoin?
To become a member of Platincoin and start as a “Platincoin minter'', all you need to do is visit the PlatinCoin website and register for free. However, if you want the earning opportunity and start doing business, you have to buy from the following business packages:
- Starter Minter-€ 107
- Platin Minter- € 9951
- Premium Minter - € 5350
- Pro Minter- € 2675
Actually, there’s nothing to like about Platincoin because of the many red flags it has.
Government Issued Warning Against Them
They had a government-issued warning against them by Germany's financial regulation institution and this record is something not to be taken lightly! Why opt for an opportunity that does not even gain approval from the government?
Owner’s Bad Record
As mentioned, the founder has been involved in a Ponzi Crypto Scheme and most probably the same schemes are occurring with Platincoin. I believe such a record is already an alarm of not joining an opportunity. Better skip this platform!
Possible Pyramid Scheme
Platincoin is more of a Pyramid and is as well built like a Ponzi Scheme. Since there are no retail products, affiliates will have to buy the membership instead. With this, we can conclude that it’s operating fraudulently. They may entice you with ROIs but the truth is that it’s just a deceptive claim. It’s most likely A SCAM! So don’t be deceived!
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As mentioned becoming a member, the company will let you rent the tools and dedicated "minting equipment package” to get you started and this includes:
- Hardware as a dedicated server resource
- Your unique user ID shows that this Minting Unit belongs to you
- An expanded separate blockchain node as Software
- A fine-tuned and pre-installed Blockchain Wallet with a full set of rented coins necessary for successful minting
- A certain number of coins included in the equipment set is an integral part of the minting process; however, the user shall not become the owner of these coins
- A controller that will monitor the automated and correct crediting of minted coins.
Always think twice of crypto opportunities incorporated with MLMs because if a crypto business is legit, it would just most likely boom on its own and not rely on recruitment.
You can gain money just by mining or trading but if that crypto opportunity becomes an MLM, it’s legitimacy is questionable. And with the case of Platincoin which is a crypto MLM, we can conclude that it’s a scam since there are no retailable products and with the other red flags discussed above.
It’s most likely a Pyramid Scheme and a Ponzi Scheme and as we know, schemes like this are bound to collapse the moment recruitment seizes. So, avert such shameful schemes.
Definitely not recommending this one to you.
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Thank you for reading my Platincoin review!
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