CarCoin Review: ICO fake claims for Ride Sharing Application

CarCoin ICO claims to be a ride-sharing application. However, there was no evidence of the existence of such application. The company anonymous admins seem to be from Vietnam, but the names are still a mystery.
CarCoin Review: ICO fake claims for Ride Sharing Application
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CarCoin’s website has got no information about the whereabouts of the owners. The domain (mycarcoin.com) was also registered privately on 27th September 2017. So, the WHOIS search did not reveal the name of the domain’s owner. However, the advertising on the Facebook and the Alexa estimation suggests that the founder of the company is likely to be located in Vietnam.

The company claims to be a car sharing application for rides. However, an attempt to sit beside already existing competitors such as Uber and Lyft, has failed miserably. There is no such app in existence and the company is not transparent like these trustworthy applications running on the market for long.

The only verifiable product available with the company is the affiliate recruitment program. If you wish to join this program, you need to invest a minimum of 200 dollars. There is an option for free entry as well. But, this will only allow you to access the referral commission from the company.

I suggest that a company which is not transparent to its affiliate should not be trusted. Companies like CarCoin would never be able to make enough room for faith among its affiliate because of lack of coordination and transparency.

CarCoin – Compensation Plan

An affiliate is offered the pre-generated CSC points which are sold out for a price of 0.30 dollars to 0.90 dollars. After these points are acquired by the affiliates, the company further encourage them to lend back those points to the platform for monthly ROI which can reach up to 24%.

  • Plan 1: You must invest $200 – $1000 for receiving daily variable ROI for 299 days
  • Plan 2: You must invest $1010 – $10,000 for receiving daily variable ROI as well as 0.1% daily bonus ROI rate for 239 days
  • Plan 3: You must invest $10,010 – $50,000 for receiving daily variable ROI as well as 0.15% daily bonus ROI rate for 179 days
  • Plan 4: You must invest $50,010 – $100,000 for receiving daily variable ROI as well as 0.2% daily bonus ROI rate for 120 days

The company has made it mandatory to reinvest 40% of the ROI received.

CarCoin – Residual Commission

CarCoin uses binary compensation plan to pay residual commission to its affiliates. In a binary compensation structure, an affiliate is placed on the top. This top position is further split into two positions making right and left side. Thus, there are two affiliates allowed on level 1. Each affiliate on level 1 is further split into two positions making a total of 4 positions on level 2 and so on.

The recruitment is made directly as well as indirectly and it can stretch to any number of levels. After each week ends, the investments are matched on both sides and 10% of the funds that are matched from both the sides are paid to the affiliate. The left funds are carried over for next calculation week.

CarCoin – Reviews

Văn Giang: I loved this ICO and expect to see a lot more success in the coming future. The ICO was great and I would stick with this company for long.

Fred Ten: I am not happy with the offering. During the ICO period, my account was locked down. I requested for a solution but wasn’t given any direction. I believe these guys are as laid back as their program. I am not going to invest.

The conclusion from the above Reviews

There are mixed reviews for the program and the company. However, I could not find many reviews which leave me with an impression that the company is still trying to make its place among the cryptocurrency investors.

The Verdict

As said earlier, the company wants to showcase itself as the ride-sharing application. However, there is no such application that exists. To conclude, it is no different from any other lending Ponzi scheme presently operating in the market.

The funds invested by the new affiliates are used to pay the existing ones. This theory makes this program, a Ponzi Scheme. Hence, the entire structure and ROI payments depend on the new recruitments.

This suggests that once the recruitment would stop, the ROI payments will stop as well. The affiliates will be left without money. The anonymous admins will run away.

Those joining at the start would be able to get some returns. But, the majority of the affiliates will lose money after the platform will collapse.

So, if there is still a way out, grab that opportunity or you would be left to sulk after the ROI stops forever. I would advise not to invest in CarCoin ICO.

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