Cryptocurrency News: Beware of YoCoin
Cryptocurrency YoCoin: The Newest Scam
Cryptocurrency has been so popular that many illegal activities has been riding with its popularity. While cryptocurrency is slowly getting trusted and acknowledged by large institutions, entrepreneurs and investors, others are using this advantage to ruin its name and make illegal money out of it. Several new coins had been developed to create a stronger one and trying to make it perfect, but several coins have been created as well to scam people and steal their hard earned money. Allegedly one of them is YoCoin.
What is YoCoin
YoCoin or YOC was just created over a few months ago, December 2015, using the same protocol of an ordinary cryptocurrency. This newest cryptocurrency might look like an average coin at a glance which was announced at the same time with thousands other coins on bitcointalk.org website, however, this one is suspected a scam.
3 Evidences that Cryptocurrency YoCoin is a Scam
#1 – Its Value Soared in 3,000 over a week. It has been said that YoCoin is the latest MLM investment scam because of unexpected increased in value within a few days, which is very unlikely to happen in a new coin. The only reason why it could possibly happen is because it is a scam. Before you get excited, it is best to remember the old saying that when “it is good to be true, it is”.
#2 – MLM Business Model and Cryptocurrency Wrap-Up. YoCoin is a MLM business model wrap up in the form of digital currency. Digital currency shouldn’t in any way involve in a network marketing industry. It should be an investment where you watch the value of the coin and make a decision to buy or sell based on how it performs. However, YoCoin is unique because when people want to invest in this cryptocurrency, they will get YoCoins in return and they will be part of the scheme where whenever they recruit new people, they will be compensated.
#3 – YoCoin is Premined. It was said that YoCoin is premined meaning the creator of the coin already have 20% of the total coins on its first launch which they can sell in an open market. When the owner sold the 20% of the coins, it will collapse, therefore, the owner sold it to investors. Obviously, investors would be happy to buy the coin because of its current value in the market without knowing that it will soon collapse.
Digital currency is a sound investment nowadays, but you have to be wise in choosing which cryptocurrency will you place your bet. It is a must to do a research on the type of coin you want to purchase. It is better to invest in something that have been there for a long time, especially if you are a novice in the industry. There are digital currencies that are already proving their worth, one of them is Bitcoin. Keep in mind that investment is a game, you should be a game master.