Random Coin of the Week #3 - Swisscoin (SIC)

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Date of trading on the markets

10/17/2017

Coinmarketcap

What is it and what is the proposal

The information available on the criptocoin's official website describes it as:

  • Revolutionary - Together with Swisscoin Cash (a Swisscoin fork) they seek to be the global currencies of the future
  • Fair - Due to being pre-mined, market participants are on an equal footing (?)
  • Low cost - transactions with a minimum value
  • Stable - The use of the proof-of-stake protocol allows currency holders to receive interest
  • Friendly to the environment - Does not require large computational power
  • Innovative - A specially developed blockchain makes Swisscoin stand out from other currencies (?)
  • Group Work - Recommend Swisscoins to your friends and family (?)

OBS: I will talk about the "characteristics" that I marked with a questioning a little later, because before it is necessary to expose the context that I found around the interwebs ...

The team

There is no team listed on the official website (Alert 1).

Code Type

Swisscoin is open source, with a link on the official Github repository

However, github is completely deserted, having only the original code, and no suggestion / change was made in that repository (Alert 2).

Available products

Because Swisscoin presents itself as a crypto-currency for financial transactions, its product would be just the completion of these transactions, and eventually the investment through the proof-of-stake protocol, and a blockchain that apparently is in operation, as can be seen in Block Explorer

Transaction Processing

Transactions are processed through proof-of-stake

Whitepaper Highlights

I have not found any whitepaper available (Alert 3)

Conclusions

As you can see, I pointed out some facts like Alerts, because the more I looked for information on this coin, the more "interesting" informations would appear ...

The "innovation" brought by the currency

For a currency that presents itself as a alternative payment method competing directly with other established blockchains, Swisscoin brings nothing new to the game.

Proof-of-stake, low transaction cost, low computing power need ... All these factors that the project page highlights as "innovation" are already being worked on for other currencies much longer, and with an active development, which is completely different from the state of the Swisscoin Github repository

Who is behind the project

According to this article from the bitcoin.com site, the Swisscoin project was officially launched on June 4, 2016, and The main person behind the project is Mr. Manfred Mayer who has extensive experience in Multi Level Marketing (MLM)

And you can try to argue as much as you want, but nothing convinces me that the formula below isn't the absolute truth:

Multi Level Marketing = Ponzi Scheme

Changes in the project ...

Today, Swisscoin works as a proof-of-stake blockchain, with a wallet available on the site (which I did not install for testing, and I think is pretty obvious why), and is being traded in just one exchange, coinexchange.io .

But at the beginning, according to the article I quoted above that was written on March 16, 2017, and other articles that can easily be found on google, the operation of Swisscoin was a bit different.

Like any other scam, i mean "multi-level marketing" program, to participate you needed to acquire packages, you would receive a certain amount of tokens, and those tokens would generate more tokens the more your "affiliates" would have "invested" in the platform.

Today it is no longer possible to purchase these packages.

According to the latest official statement on the Swisscoin website, March 2018, a company called "Swiss Fintech AG" is now responsible for the development of the project, and the multilevel marketing system will not return ...

In addition, they seem to try to reinforce enough that Swisscoin is not a scam (Alert 4)

I must say that there isn't much information out there about this company, besides a facebook page with the first publication done in February 2018 ... And a company page (http://www.swissfintechdev.ch/) that contains just the logo image.

Botnet of Spams

An interesting article I found in this research was on International Business Time, where he describes that by the date of publication of the article (01/18/2018) the largest botnet of spam, known as Necurs, had an exponential increase in the amount of spam sent around the world promoting Swisscoin ...

Price Movement in the Market

Look closely at the highlights on the coinmarketcap.com price chart.

2018-05-08_LI.jpg

I think this is the most obvious pump & dump graphic I've ever seen in my life ...

SCAMCoin Seal

And today I am applying the first SCAMCoin seal of this series:

I believe that it is not necessary to speak much more than what was said above to be convinced that this is a scam coin.

Although I do not feel sorry for those who fall into these schemes, scams like these are extremely damaging to the crypto-coin ecosystem, especially because the main target of these scams are completely uninformed people who think they will get rich overnight, and in the end, that generate a complete misinformation about the real purpose of crypto-coins and blockchains.

So, dear friends, be very attentive if by chance someone appears promising the new criptocoin that will rise 1000% overnight ...

See you soon!


Next week's currency (at the end of this week because it was late doing this one): 253

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