I have not really gotten over my losses in bitconnect, but today I am seeing ads on a new lending coin on coinmarketcap and reddit. I will give out reasons why I think this new ICO is a scam just like many other lending coins. Now this is all my opinions and I may likely have some bias on lending coins since bitconnect's collapse but this new MonetizeCoin has too many parallels of scam coins to not bring up.
Check out the coin site here:
https://monetizecoin.com
The coin is designed to monetize webpage ads to earn and can be used lending and staking all on a single platform.
List of concerns with this coin:
✖ "Our enterprise level, automated, machine learning, traffic arbitrage platform outperforms any so-called "volatility trading bots" for investor returns." Bitconnect was described as a trading bot that earns on trading volatility. Look how they turned out. If there is a bot that can profit why would creators share its earnings?
✖ "We have built a real revenue generation system, with a team of real developers, marketers and data scientists, we have decades of experience in our field. " When you look through the website and all their links and white paper there is not one single name or picture is listed of these so call real developers, marketers and data scientists. If the creators of this coin do not have the courage to post their identity how much accountability will they have if this coin gets into trouble. None.
✖ Not condemning referral programs but when MonetizeCoin posted Tier 1 thru 5 with referral bonus on capital investments and dividend payments. If it is too good to be true it probably is.
✖ "How are you transparent? How do I see where my investment is spent?
In our dashboard we offer a real-time view of the traffic coming into our traffic arbitrage system, you can see the conversions take place in real time and watch the Monetize Bot generate leads for businesses all over the world." Anything posted on their platform needs to be taken with a grain of salt. No further details to elaborate on this transparency.
✖ The ICO will limit 200 coins / day to individual investor and a limit of 900,000 coins every 3 days.
From first hand experience this means it is almost impossible to purchase the coins as I have tried with hextracoin. I have also heard similar stories with regalcoin.
✖ Road map only shows 2 months of progress.
This is probably the least amount of work I have seen for a crypto road map. Just think if the planning is this weak how would the actual coin be any good?
✖ 18 page white paper is really 18 slides. Almost majority of the slides are same info listed on the website. The slide posting staking earnings and lending earnings is very similar to bitconnect. Coincidence?
Bottom line this is a coin to avoid at all cost. If you still do not think what I listed is enough to make you feel otherwise than at the very least do not invest money you can not afford to lose on this coin.
Thanks for reading.
@mawit07