Coince Scam? Yes It Is In My Opinion!
Friends and internet neighbors, scammers are using almost everything about cryptocurriencies to run scams. They have created fake cryptocurriencies and fake mining operations. Now we have a company that claims to be involved with wholesale electricity for Bitcoin mining. My subscribers have requested that I take a look into the Coince money making opportunity. Here is what I have found.
Coince Scam Claims
Power Supplies & Equipment Limited is a British multinational corporation headquartered in London that was founded on January 2008 and rapidly became one of the major leaders in the wholesale electricity market by boasting professional traders and a highly experienced engineering team with well-diversified areas of expertise to allow for participation in the business market within a safe and non-risk investment environment.
As BitCoin mining demand grows and more than half of its profits spending for mining hardware power consumption, the industry sees an emerging opportunity in catering to the hosting needs of BitCoin miners, who typically seek high-density space with cheap power. Beginning 2013 we have decided to focus our wholesale electricity trading efforts in the BitCoin mining industry and built an exclusive data center from industry-leading equipment based on world-class standards to host miners in the best condition with the lowest power cost.
Besides, we have created an opportunity for online investors through offering long-term contracts for purchasing large quantities of power which lower the wholesale electricity price and make us able to share our daily retail sales profit with them. Today, there is a number of well known corporations and individuals found Coince as a rewarding place to invest and double their money bimonthly because investing has never been so safe and easy. We hope you will join us and discover these rewards for yourself.
Here is how Coince is presented to people:
Coince Scam Reality
The company they are using to provide a cover for Coince was created in 2008 and it is called Power Supplies & Equipment Limited. They claim Power Supplies & Equipment Limited is a major leader in the UK wholesale electricity market. This would be impossible since they are not registered with the UK’s regulator for Gas and Electicity markets: Ofgem. The Coince scam was launched in 2016. On Alexa you can easily see this 2016 launch in their traffic to their website.
Coince claims to be located at 1 LUMLEY STREET, MAYFAIR, LONDON, W1K 6TT.
There are 107 companies listed at the same address as Coince.
Their registered at the offices of Slaven Jeffcote. A tax consultancy and accountants firm in London. They are also named on the formation documents as the legal representatives.
The company is owned by 2 Egyptians who have set their “Administration Address” as the same place as the supposed office: Amr Mahmoud Fawzy Dessouky and Ahmed Abouelmagdas Elsayed. Both of them do not live in the UK as stated on their formation documents.
Prior to that, it was owned by an organisation who own a portfolio of companies with desirable names which are kept in “non-trading” status until someone buys them.
The companies accountants noted that the majority of profits are sent to an Egyptian company called “Egyptian Marketing Consultants” of
24 Iskandar El Akbar St.
Muḩāfaz̧at al Qāhirah
How the Coince scam works:
1. Open An Account
2. Make An Investment
3. Watch Your Investment Grow
4. Withdraw Your Daily Earnings
5. Recruit Others
When you look at the earnings for this company you find that they make hardly any money. There is next to nothing backing up the returns they claim to offer you with this investment.
In 2014 they made £ 28,866.
In 2013 they lost £ 56,835 – Source Companieshouse.gov.uk
Never invest in something you don’t understand. Any money making opportunity that offers regular 3% per day returns for 60 days is a Ponzi scheme.
Ponzi schemes like to use the cover of a money making method that few people understand to hide the reality that they are paying early investors using the investments of later investors. In the original Ponzi scheme Charles Ponzi promised clients a 50% profit within 45 days, or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the United States as a form of arbitrage. There have been endless versions of this type of scam run all around the world.
The person Joseph Miller that Coince uses on their sample share certificate is not an officer in Power Supplies & Equipment Limited. As of 12/1/2016 there are only 1000 shares for this company. On their filings as of 2016, the only officers listed are Amr Mahmoud Fawzy Dessouky and Ahmed Abouelmagdas Elsayed.
They use paid testimonials from Fiverr as their testimonials.
Coince is free to join, but you must invest at least $10 to participate in the income opportunity.
They offer no products or services for you to sell to customers at retail.
The Coince compensation plan allows you to invest a minimum of $10 up to $500,000 and you will earn 3% daily for 60 calendar days and the principal (invested amount) will not be returned.
There are referral commissions available for the money your recruits invest, this is paid three levels deep:
level 1 (personally recruited affiliates) – 5%
level 2 – 2%
level 3 – 1%
They offer no Income Disclosure. They offer no balance sheet that shows they have the profits to backup the incredible rate of return in their investment.
You can request your principal back and cancel your investment without any fee and receive your funds in your wallet immediately if any technical issues occur on their side . – Source Coince FAQ
Coince Scam Conclusion
In my opinion, everything about Coince is a deception to get you to invest in the Ponzi scheme they are running. They do not give the names of the actual people behind the company, they use fake shares, paid testimonials, and they have little or no profits to backup the 3% daily profits they are offering. They are trying to hide the reality that they are paying early investors using the investments of later investors. I would avoid the Coince money making opportunity.
Payment is not proof that a money making opportunity is not a Ponzi scheme. Ponzi schemes pay early investors to get more victims to join.