Dagcoin Review: Scam Clone MLM Launches Ponzi Points
Dagcoin is a Cryptocurrency Multi Level Market (MLM) operation headed by one Nils Grossberg.
His LinkedIn profile suggests that he resides in Estonia.
According to him, Dagcoin’s main goal is to provide an alternative Cryptocurrency focused on the Asian market. He allegedly intends to ”help” the unbanked segment of the Asian population to manage their assets better.
However, before he founded Dagcoin, he was a significant European investor with links to OneCoin ponzi scam.
The domain dagcoin.org was registered in April 2017 by Grossberg himself. It seems that it is just around this time that he stopped promoting One Coin.
Therefore, before you go ahead and do any form of business with this platform, I want you to read this Dagcoin review in full.
Note: Bitcoin and Ethereum is going nowhere, and I fully believe in them. These are the most legitimate and popular Cryptocurrency cloud mining platforms on the web.
For professional training on Cryptocurrency investments, I implore you to learn more by following this link. With that said, we can go ahead and explore this supposed investment website.
Please note that this platform does not offer any real product or service. They only have affiliate membership.
The aim is to make you sign up and invest in Dagcoin Cryptocurrency. You cannot do that if you don’t know what this Cryptocurrency is and what it stands to ”benefit” you.
By the way, this altcoin has no value and cannot be sold outside Dagon exchange for real money. Keep in mind that this is still an MLM.
Dagcoin Investment Plans
There are 7 investment plans in total. Affiliates invest with the promise that they will earn a ROI.
The first 3 plans, Starter, Explorer and Advanced cost $100, $500 and $1000 respectively. Affiliates get an equivalent number of dag coin in exchange. For instance, if they pay $100, they get 100 dagcoins in return.
The other plans reward slightly higher number of dagcoins for less. In my opinion, this is to encourage more users to go for the higher plans because they suggest that the investor will save some money.
The Dag coin compensation plan utilizes funds deposited by new affiliates to pay commissions and bonuses to other members.
The ponzi scheme also requires that 35% of commissions paid out must be re-invested into the coin.
Dagcoin Review: Ranks
There are 11 ranks in the affiliate compensation plans. Each one of them comes with its own set of features and requirements.
The basic rank is labeled ”Affiliate” where a member is required to sign up and purchase the coin.
The rest of the ranks require that affiliates must generate at least $10,000 in sales volume in their weaker binary side.
Crown Ambassador is the highest rank which requires at least $10,000,000 in investment volume from the weaker binary side.
Their weekly rewards
Please note that this pyramid scheme does not allow using the invested coins until 8 months have elapsed.
Because they are withholding your funds, they claim to pay 3% weekly ROI.
The funds are paid out in Dagcoin Cryptocurrency. However, 50% of the remaining ROI is paid after the investor has waited for another 8 months.
Affiliate commission is 10%. Unfortunately, basic affiliates do not receive a weekly ROI.
Why Dagcoin is a scam
It’s a clone of OneCoin.
They have re-used OneCoin’s marketing pitch and even made use of the same promises of their merchants, public trading, e-commerce and so on.
They also claim that Dagcoin is 300X faster than Bitcoin and is 30x cheaper than Btc.
Also, keep in mind that no other merchant or vendor is accepting this altcoin except Dagcoin MLM itself. It is hardly surprising.
Their so-called education course is irrelevant. Affiliates are only taking part in a ponzi scheme setup. You can only learn how to make money as a Cryptocurrency investor here.
Since they are offering investment advisory services, Dagcoin does not disclose anything to do with registration. None of the securities regulators knows about them.
This is contrary to what the site claims. It says that ”Dagcoin wants to maintain good relationship with authorities”.
I assume that this statement means they will fly under the radar for as long as regulators are not aware.
OneCoin and Dagcoin scams are using a very simple model of business where only the site admin makes money. The rest will lose.
They force affiliates to buy Dagcoin with real money. But this altcoin has no real value.
The only entity that control the value of this atlcoin is Dag coin itself. They consistently assign fictitious values and pay out their ROI to affiliates.
But the coins are not trade-able. You cannot sell them anywhere due to lack of value.
Even if they get publicly listed on Coinmarketcap, their value will be worth almost nothing. The situation will worsen once recruitment of affiliates slows down. The coins will be worth zero dollars.
I do not know what Nils Grossberg intends to do with people’s money in this 8 months of withholding funds.
8 months could be a round figure. Perhaps he intends to hold them for as long as he can keep it going.
When 8 months are over, the ponzi scheme will have stolen your money and disappeared by then. Don’t say you were not warned.