When something looks to good to be true, it probably is.
Wiredcoins (WC) promises a risk free return of 0.15 - 0.19% on an hourly basis for your initial investment. The higher your investment, the higher your return. That means that your minimum daily return is 3.6%. And no you do not earn interest over your earned interest, only over your initial investment.
WC claims to realize these returns by employing superior Bitcoin mining and trading capabilities when using your investment. A rather limited explanation on how they achieve this is given on their website:
"Incorporating a blend of advanced computer equipment and a centrally located data center, WiredCoins Limited is capable of engaging in effective strategic Bitcoin mining, at a fraction of a conventional price."
Other attractive attributes listed are:
- Ability to cancel your investments with a 24 hour notice and 5% fee
- Real-time withdrawals on interest earned
- Strong DDOS protection, promising 24 hour site up-time.
Apart from that, their website looks good and their online chat support is instant.
Why could this be a Ponzi scam then?
Well let me explain in a couple of short points:
- First, there is no information on their website about their team members, which in the world of crypto is the first thing we are generally looking for;
- Second, the owner of the website is hiding it's identity via a service;
- Third, the server supporting this website is associated with other known scam sites;
- Fourth, the website location is Belize and the server location is in Panama while the company is supposed to be baed in the UK (London);
- Fifth, the website is younger than six month and has not been rated by anyone yet. This is understandable as the operation is only running for a few days now, but doesn't generate trust either;
- Sixth, It provides heavy incentives to refer other people to the website. Though this is common for a lot of start up businesses, it is the one thing Ponzi schemes rely on to generate funds to be able to payout the returns to earlier investors;
- And finally, the 'risk free investment' rewards seem too good to be true. With a bank, highly regarded as 'as safe as it gets', your deposit will not even generate 3% per year currently. There is usually no reason to pay out these huge amounts of rewards other than tricking greedy investors to invest in some kind of scam.
The above leads to me distrust this website and I would caution anyone who is considering to invest in WiredCoins. Though at the start it might pay off as the company wants to lure additional investors by increasing reputation (very common in Ponzi schemes), it is highly likely that when new investors stop coming in, your investments will vanish like snow under the sun.
Also, related to this post, feel free to review the article I wrote yesterday on OneCoin, which is confirmed a Ponzi scheme by many Western authorities: https://steemit.com/steem/@attalis/this-is-why-onecoin-is-a-ponzi-scheme-and-cryptos-are-not
Stay safe and stay tuned!
References:
https://wiredcoins.com
https://www.scamadviser.com/check-website/wiredcoins.com
Images:
https://wiredcoins.com
upvote and resteem. Have a good one @attalis
Thanks mate, much appreciated. You are a good friend to have on Steemit ;)
I think you're right ! too good to be true usually is ...
but hang on BTC
just about to break $4k nope that's good and true :)
haha yes lets hope it goes way beyond that. posting my next article about that soon. be sure to check it out as you might find it entertaining and not exactly what you would expect ;)
good intro !! sounds interesting ?>><
https://steemit.com/bitcoin/@attalis/bitcoin-trading-above-usd6000-in-the-us
Let me know what you think!
Thanks for your informative posts, Attalis. :) I will surely stay tuned for more.
My pleasure Yanacroft!
Nice post good content! For sure this coin smells very fishy thanks for warning us :)
Thanks the compliment means alot. Always happy to help other people not to be scammed ;)
Your welcome yes nothing is more worse then to be scammed. It is very nice of you to help people with your posts not to be scammed thumbs up. I follow you now and I am looking forward to see more good posts from you. Enjoy your weekend and steem on :)
Cheers mate you too!
meep
great read, thanx!
you are welcome sir!
I was about to invest until I found this! thanks a lot for saving my money ;)
Happy if it helped. you might get a decent return at the minute, but i suspect they will soon kill their website and take off with the money. Maybe if you would have invested at the start you would have made some money ;)
Great post thanks for the in-depth detail.
my pleasure ;)
Didn't see any other recent updates, but thought it was worth mentioning since this post shows up in google searches.
As of at least 2 week ago, wiredcoins has basically stopped paying. Any withdrawals over a certain size will be put into 'pending', which they will most likely never come out of. Small amounts (less than .001 BTC) have a chance of going through, but not consistently.
So you were right about it being a scam, unless they miraculously return and release everyone's withdrawals. But unlike others who pulled the plug altogether, the website is still functional and more than happy to take more money for unsuspecting victims.