ETHConnect is a scam or isn’t it? Cryptocurrencies are all the rage these days, and even the unknown ones are finding the limelight. But what’s ETHConnect really all about? Is it a good way to invest in cryptocurrencies, or is something else going on here?
Let’s take a closer look and uncover the truth…
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Company Name: ETHConnect
Owners: Unknown
Price To Join: $100 minimum
My Rating: 0/10
~ ETHConnect Reviews ~
What Is ETHConnect?
There is little doubt that cryptocurrencies have been running hot in recent months, and that’s lead to a proliferation of new digital coins flooding the market, as well as various investment opportunities.
But because of the popularity of digital currencies such as Bitcoin, a lot of dodgy schemes have also come out to play, many of them existing schemes that have switched over from paying out in regular money and having adopted the cryptocurrency approach to cash in on its popularity.
ETHConnect is fairly new on the scene, and the platform promises good investment opportunities to make a profit. It’s very similar to several other platforms that I know of called BitConnect and Bitclub Network, and it runs off the Ethereum blockchain.
What we all want to know is whether ETHConnect is the real deal when it comes to cryptocurrency investment, or is it some sort of scam?
How It Works
If you visit the ETHConnect website, the material is very vague about how the process of investment all works. There is also absolutely no information about who runs this website or who owns the ETHConnect company. All we know is that it’s run out of Japan.
Those are both major red flags. What are they hiding?
The idea is that members can stack, mine, trade or even lend their tokens on the ETHConnect platform, all apparently done in a very secure environment.
What’s also interesting is they operate a referral program, where you can earn more by introducing others to the platform. We’ll get into that a little more soon.
The ETHConnect Methods of Making Money
Stacking
This method is all about stockpiling your digital coins and hoping they increase in value.
Trading
Akin to trading on the stock market, you are endeavouring to make a profit on buying or selling your digital coins.
Mining
With the mining sector of this cryptocurrency, their website is very vague with regards to how it works.
Loaning
When you loan ETHConnect, you have the potential to make up to a 45% profit.
What I Really Think ETHConnect Is Doing
The fact that their websites details are very ambiguous and the owners choose to hide their identity, I’m assuming (although I don’t know for sure) that they are running a Ponzi scheme that uses cryptocurrencies instead of regular money.
There are a lot of other platforms out there running similar schemes that proclaim to be cryptocurrency investment opportunities, when in reality they are nothing but Ponzi schemes, where people generally invest real money in exchange for some new and unproven cryptocurrency in the hope of making some quick profits.
The focus is on getting new investors involved so you can earn commissions on their investments, hence what I mentioned earlier about ETHConnect having a referral program.
Ponzi schemes can only continue to operate so long as new members are constantly recruited and new money is injected into the scheme to pay the profits promised to the prior investors.
They are actually quite clear and concise regarding their recruitment scheme, unlike the investment parts of the site. ETHConnect actually make a big deal about recruiting new members and getting them to buy in.
The referral program goes 5 levels deep and works on the MLM format to distribute earnings. You stand to earn the most from your direct recruits, while the least from Level 5.
In my opinion the mining, loaning, staking and so on only exist to make this scheme appear legitimate. It’s merely a cover for what’s really going on, and that’s a Ponzi scheme in full operation.
Target Audience
This definitely is aimed at anyone interested in cryptocurrencies, although I doubt whether it would capture the attention of genuine, experienced investors. Some people also like indulging in known Ponzi schemes, because there is always the promise of quick and easy profits, although the reality is usually completely different.
What I Like
- I can’t say I’ve found something to genuinely like here with ETHConnect
What I Don’t Like and Red Flags
- For all money this is a Ponzi scheme disguised as a genuine cryptocurrency investment opportunity
- The owners won’t reveal themselves
- All we know it that the scheme is based somewhere in Japan
- Schemes like this are short-lived, and die out as soon as new recruits dry up
- Without constant new investor money coming in, no one can make a profit in any other way
- This scheme relies solely on recruitment to both survive, and for anyone to make a profit
- Places like BitcoinTalk are calling ETHConnect a total scam
- The owners of schemes like this always make money as they set it up in a way that they can’t lose out
- Most investors will simply lose their money and never see a positive ROI
How Much Does ETHConnect Cost?
It costs $100 minimum to start investing in this scheme, and each time you want to buy into a new level (so you can actually earn from that level), the price goes up exponentially. Likely you could spend thousands of dollars for zero return.
Is ETHConnect a Scam?
For all money ETHConnect is a scam, and that also seems to be the general consensus if you do some research about the company. All the decent cryptocurrency forums and platforms are labelling it a scam as well.
Ponzi schemes, while it’s possible to make some money, can’t last for long. Usually the majority who buy in simply lose all their investment money. There is also a real need to recruit and recruit like crazy, as that’s the only chance you have of making a profit.
Give this scam a miss. They will just steal your money and use you sign up details against you.
Schemes like this one are a lot like gambling, so you might have better luck with this lotto system.
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Darren Burton
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