The Billion Coin - A Cryptocurrency, A Ponzi Scheme or Just a Plain Scam
The billion coin was introduced on May 16, 2016 on the website Bitcointalk.
The coin announcement lacks quite a few things. Specifications of the coin are not found.
4 nodes seem to have supported this coin at one time or another.
I also discovered that going to the first block I saw it was mined on Mar 1, 2016 9:55:53 PM, with a pre-mine of 500000000TBC (50%) sent to 5 miners, block size of 500TBC and a difficulty of 0.00024414. Current block (as of Apr 27, 2017 7:40:14 PM) has a difficulty of 0.00157772 at block #134114. Now it definetly looks like a blockchain, infact the admin's of TBC are very clever. But looks can be deceiving, though it looks like a blockchain you will find out it isnt after deep study.
This coin currently has one exchange, at the time of announcement, with one market, which isnt functional.
TheBillionCoin also called TBC is called an abundance based currency which mission is to end global poverty according to the TBC admin. Who is even the TBC Admin?
So is TBC a scam? Well ill let you come to your own conclusion.
What is so special about TBC? TBC has its own operating software, though it cannot be called a blockchain but the regulators of TBC choose to use that term, and always goes up in price no matter the reasons and the logic of the market, because it has been programmed that way. Its too nice to be true. The Billion coin can create a new dream for a regular person. It promises new members to become millionaires in no time. Still, most of the new members do not understand the basics of the TBC.
While Cryptocurrency is free from bonds of countries or banks, and is not under Government control, but its still dependent on the rules of the market. Cryptocurrency assesses the market at any given time. Therefore, its price will go up and down depending on the conditions of the market and basic supply and demand.
TBC however shows that their currency will always go up beyond any reason. So computer software sets a higher price for the coin daily. Everybody knows that what drives the price of a commodity is the law of demand and supply. That is simple economics. How then can a software act as a market, and influence or change the price of a commodity, whenever? That means the commodity is fixed and is artificially controlled.
On the other hand the TBC community argues that anything can be money if we all agree that it is. But they forget that we cant just increase price of a commodity based on feelings, and perceptions.
Wait!! Is TBC even a cryptocurrency?
A normal cryptocurrency should have at least the following;
A roadmap, whitepapers, and source code. Cryptocurrencies trade on the exchange market by getting listed on an exchanger, to enable free buying and selling and then they are listed on coinmarketcap.
Price is subject to market forces, supply and demand. And a cryptocurrency should have a Blockchain or its equivalent.
But TBC dosent even have a blcokchain, it only a soft ware that increases the price at a particular point of the day, and TBC is sent through the normal internet like e-mails and not on a blockchain. Everything thing just runs on a simple html/java coded software.
A block chain cannot be built on html/java. It is simply a normal, complex website and software meant to confuse people. It has No roadmap, no whitepapers, and no source code.
The TBC states that its an open source, but there is no source code for this.
The Billion coin is not on any exchange, it doesn't even trade and the TBC's own exchange, does not even work.
The price always goes up no matter the rules and conditions of market
The price works according to a Ponzi scheme, where it always looks for new members, in order to go up, that is the base level programming of the TBC software.
The TBC admin keeps asking existing members to refer new members and each new members pay $10 in bitcoin to TBC Admin or their TBC wallet gets blocked, that sounds like a ponzi to me. In recent times, over 20,000 TBC members were asked referred 100 new members each, thats 2million new members that will pay $10 each in bitcoin, thats over $20million to be generated. I need not spell out that TBC is a giant Ponzi scheme that survives by preying on the hopes of the common man.
No open market for the Billion Coin. It means no money refunds if it falls, and it is mainly promoted from Nigeria and Philippines.
Its clear that only the founder and the first members of the TBC will get the profit, while others may suffer loss.
Exchanging TBC to Bitcoin or fiat currency has always been an underlying major issue of TBC, because the ceiling is just too high.
What will happen when TBC hits its 1 billion euro mark? Will it ever be possible to exchange it? Is there enough fiat currency or Bitcoin to satisfy its members?
Is TBC a cryptocurrency, a Ponzi Scheme or just a plain Scam? Well it is clear TBC dosent even meet the lowest required standard for a cryptocurrency.
I always wonder, after all this work and time put into creating this clever scam and the money generated from it, over $50million from its inception, why not just make it a full cryptocurrency and put it in the market? Well i guess greed got the better part of them.
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