DasCoin Scam? Yes It Is In My Opinion!
DasCoin, which dubs itself the currency of trust, is a hybrid cryptocurrency that works similarly to OneCoin. Anyone who invests in DasCoin does so through NetLeaders, where you use real money (ranging from €100 to €25,000) to pay for your NetLeader license. The higher your investment the more cycles you receive and the greater the amount of DasCoins you can receive by using those cycles.
Your License is your entry point to the DasNet platform, where you build the distributed network (in which DasCoin operates) and you are given more DasCoins once the network uses your contribution.
DasCoin claims to be the first cryptocurrency to run on Apple Pay, Visa and MasterCard technology.
How Do You Earn With the DasCoin scam?
DasCoin has no product or services sold. Like an affiliate program, you earn money with every member encouraged to invest into DasCoin.
You choose a package (listed below), and you receive varying cycles and upgrades:
- Standard – invest €100 EUR and receive 1265 cycles and 1 upgrade
- Manager – invest €500 EUR and receive 6325 cycles and 1 upgrade
- Pro – invest €2000 EUR and receive 27,600 cycles and 1 upgrade
- Executive – invest €5000 EUR and receive 74,750 cycles and 2 upgrades
- Vice-President – invest €12,500 and receive 247,500 cycles and 2 upgrades
- President – invest €25,000 EUR and receive 373,750 cycles and 3 upgrades
Once you receive your NetLeaders software license, you don’t get DasCoins directly you get cycles. You can use these cycles to get DasCoins. Each licensee is rewarded with an amount of DasCoin for the level of their contribution to the network.
The company claims that only 8.5 billion DasCoins will be created.
DasCoin offers commission and bonus payouts on the people you recruit and the people they recruit. There are three parts to the compensation plan for Advocates:
- 10% Direct Sales Bonus Paid on all direct sales of NetLeaders licenses.
- 10% Network Bonus Paid on weak leg volume in binary matrix. Qualification: At least €500 Direct Sales on Left and €500 in Direct Sales on Right.
- 10 – 30% Matching Bonus Paid on up to 5 Enrollment Levels of Network Bonuses. Qualification: At least €500 Direct Sales on Left and €500 in Direct Sales on Right + Qualifying Title. Click Here for Qualifying Titles.
Here are some of the claimed benefits for DasCoin:
- CENTRALIZED EMISSIONS – A fixed supply of coins are released as a reward for providing the necessary resources for a dedicated network to exist and expand.
- PERMISSIONED BLOCKCHAIN – Only verified participants are enabled to transact in the ledger system, creating an atmosphere of integrity among users.
- DISTRIBUTED NETWORK – All data travels across a global network of computers.
- DECENTRALIZED ECOSYSTEM – The combination of blockchain and distributed network creates an autonomous ecosystem that offers integrity, security and performance.
- INSTANT TRANSACTIONS – Trades and transactions take place instantly and are non-repudiated providing maximum efficiency and integrity.
The system DasCoin uses is nothing new – it has been used by many MLM scams in the past, but without DasCoin’s cryptocurrency angle. The product sold here is the NetLeaders’ license, which is required for any member to enter the DasCoin program and receive commissions based on the number you recruit, and people (or downlines) you successfully build in your own DasCoin network.
Who are the People and Company behind DasCoin?
DasCoin was launched in 2015 alongside the CoinLeader platform, where investors purchase licenses. In early December, in lieu of database issues with its third-party IT team, DasCoin announced that the company is shifting from CoinLeaders affiliate program to the NetLeaders network marketing program created by its in-house development team.
CL Singapore Pte. Ltd. runs NetLeaders. CL Singapore is owned by Coin Leadership Limited, which is based in Dubai.
John Pretto is the Director/Co-founder of NetLeaders. While Pretto’s bio involves a wide range of companies from enterprise Wi-Fi company R66T, to streaming media tech company Hello Network, the website didn’t disclose that John Pretto was one of the big players actively promoting the OneCoin scam in early to mid-2015.
The DasCoin Board of Directors are Eberhard Wedekind, Soon Hock Lim, Terry O’Hearn, and Michael Mathias, who serves as DasCoin CEO. Like John Pretto, Mathias was also an active promoter of OneCoin. Michael Mathias was the person that approached John Pretto to join OneCoin. Mathias even hosted the U.S. launch of OneCoin on July 6, 2015.
Is DasCoin a Scam?
The DasCoin and NetLeaders website both uses extremely-general and vague terms. If you’re new to cryptocurrency, you will definitely get confused.
There are several reasons to stay away from DasCoin. These include:
1. OneCoin players – OneCoin has a very similar program to DasCoin, except OneCoin sells educational materials (that costs 100 to 118,000 euros) for trading. With your purchase, you also receive “tokens” that are assigned to “mine” OneCoins. Promoted by offshore companies OneCoin Ltd (Dubai) and OneLife Network Ltd (Belize), both of which are led by Ruja Ignatova, OneCoin continues to face legal issues in countries like Italy, Germany, India, Belize, and Vietnam (among others) and has been called a pyramid scheme by several governments.
During the first quarter of 2016, affiliates have been reporting OneCoin issues, such as unsuccessful coin withdrawals and non-renewed contracts with its banking networks. The fact that two people involved in OneCoin are also key players in DasCoin is highly questionable.
2. No real product – No information is available that shows DasCoin has an external source of income. All data available points to affiliate commissions as the only way DasCoin investors earn or get back their money. When new members dry up, then, where will these investors generate income from?
3. Bitcoin killer and other hyped up names – Bitcoin is a worldwide cryptocurrency and widely-accepted digital payment system. It has been around since 2009, and is used to buy/sell services and products in the black market. Unlike OneCoin, DasCoin and other altcoins that claim to be the “next Bitcoin killer,” the Bitcoin network is accepted by over 100,000 merchants (as of 2015).
DasCoin, meanwhile, only works within its own network, and is not considered a digital asset. DasCoin even claims that it is “to be accepted by over 60 million merchants,” but no list of merchants is available. Hyped-up claims to dethrone Bitcoin, which you can see on many of its DasCoin ads and paid reviews, are straight-up dubious.
Should you join the DasCoin scam?
No. In my opinion, DasCoin is a Ponzi scheme that uses MLM recruiting to increase the amount of people that are brought into this scam. People at the top of this company were involved in promoting the OneCoin scam. The system DasCoin uses is nothing new – it has been used by many MLM scams in the past, but without DasCoin’s cryptocurrency angle. The product sold here is the NetLeaders’ license, which is required for any member to enter the DasCoin program and receive commissions based on the number you recruit, and people (or downlines) you successfully build in your own DasCoin network. I would avoid the DasCoin scam.