Yesterday I attended a small meeting regarding cryptocurrency investments and somebody decided to try and pitch Dascoin, I was IMMEDIATELY sceptical at what I was hearing. Let me first be clear, DAS and Dascoin are not the same thing. DAS is a dash fork masternode coin and as far as I know is all legit. Dascoin, on the other hand, is a very shady project which I hope you stay away from once you have finished reading this post.
Dascoin is a classic ponzi scheme and was created by a team which is fully comprised of people who are not in any way cryptocurrency experts or advocates. Several of them have come directly from promoting Onecoin, which was another ponzi that ended with people being arrested. In fact, Dascoin is a Onecoin clone, the business model is very much similar and I suspect the end will be somewhat similar too. If this isn't enough evidence for you to stay away, which it should be, I will now focus on the issues I see with the actual project itself. I will be using the Dascoin whitepaper as a reference, and I recommend you read through it. There is more fiction in the Dascoin whitepaper than there is in the Lord of the Rings books. I found myself both shocked and amused as I was going through it.
You cannot actually buy dascoin, you have to buy a licence which allows you to choose a package (with various escalating prices) which earns dascoin over time. It is like having a timeshare of a masternode, only you don't have any control of it. Of course, the licence and it's packages can only be purchased by the Dascoin team and OF COURSE there is a heavy emphasis on referring people, which upgrades the amount of Dascoin you receive.
I have spotted a major red flag:
This is a screenshot from the dascoin block explorer:
Dascoin claims masternodes are used to create blocks for the blockchain.
The dascoin website and github show no signs of any software or code for dascoin masternodes, there isn't any.
When you add these three things together, something doesn't add up. When you claim that masternodes create blocks for the blockchain, and there are no masternodes or any evidence of a way to set them up, and yet there are still blocks being produced without them, there is something shady happening.
In case you are wondering, every block is empty and i recommend you check for yourself. Click on any block and you will see 0 operations.
The whitepaper is a mess and it is clear that they are deploying the "baffle them with bullshit" sales strategy. Throughout you will find lazy writing, for example saying things like "wider-distributed, more efficient, and better-calibrated system of value" without saying what it is comparing itself to, better than what, Exactly? Skoda could turn around and say "this car is better" too, if they want to compare their product to the horse and cart. A whitepaper is no place for vague notions, and it is clear that this whitepaper is written by people with a different ethos than from those we are accustomed to reading.
As a way to attempt to con their marks, I mean customers, into allowing Dascoin to keep hold of their money for longer, Dascoin have created an internal lending platform, which "rewards" people for locking away coins for up to 5 years and gain large amounts of interest for doing it. Now, we all know that this ponzi isn't going to last anywhere close to that long, so given that dascoin is not decentralized, when the Dascoin company falls, your investment vanishes.
In short, folks, Dascoin is a project designed to get people to sign up, hand over money, start recruiting and delay the withdrawal of funds for as long as possible before disappearing with the money. I hope you stay WELL clear of Dascoin and openly mock and downvote if people start to promote it on Steemit.
Be careful guys! I usually never ask for resteems, however I would appreciate it in this case to help get the word out to stay clear of Dascoin.
Happy Investing,
Cryptoviking
