Friday, 30 March 2018

The Voice - Consumer's Voice

What is Carcoin?

Could you kindly investigate and give me your thoughts on Carcoin? I have been invited to some presentations at the Avani hotel and it seems this "investment scheme/cryptocurrency" is picking up pace in Botswana. I did some research of my own and it seems one first has to invest $200. What are your thoughts?

My thoughts are very simple. I think it's a scam. And I'm not wrong.

They describe themselves as a "car sharing community" and say that there is "no need to buy any car" and that they "are always there at your service". They then go on to explain that they are basically a taxi firm that "is available in every city we operate in". But they don't say which cities that might be, so I think it's safe to say that this isn't true. They even claim to be developing an app that you can use to call for a ride but this isn't going to available, they say, until December 2019. So far so suspicious. Clearly they are pretending to be something like Uber, the taxi company that operates in various cities around the world, even as close as Joburg. I've used Uber there and it's a truly remarkable way to get around. But Carcoin isn't Uber.

Soon things become a lot clearer. They start hinting that they are using blockchain technologies, the same technology used by Bitcoin. There's nothing inherently suspicious about that, the blockchain concept is certainly going to play a role in business in the future but there's no evidence this is true in the case of Carcoin. They also suggest that you can buy Carcoins, suggesting that they have their own cryptocurrency like Bitcoin. Again, there is no evidence to believe this.

I think I know what's going on here. Carcoin are exploiting the ideas behind Bitcoin and Uber to get our money from us. The clue is on their web site when they say that if you want to buy Carcoins you can do so using Bitcoin. So you give them your genuine Bitcoin cryptocurrency and they give you their fake Carcoins in return. All you'll be doing is giving your money away and getting nothing in return.

Finally, the so-called CEO of Carcoin has a history of connection with dodgy schemes so I think it's reasonable to assume that Carcoin is no more than a Ponzi scheme. Simple as that.

What is Randbuilders?

I was invited to join Randbuilders recently. Do you know about it?

You're not the first person to ask that recently. Randbuilders seem to have decided to bring their money-making scheme from South Africa to Botswana! Aren't we lucky?

Actually we're not. They describe themselves as "a Multi Level Marketing Business which enables Participants to learn to master the business of network marketing while creating an additional income stream for themselves" but they're nothing more than a pyramid scheme. The difference between a Multi Level Marketing scheme and a pyramid scheme is the former has products to sell. If you think of MLMs like Amway and Herbalife, while you won't make any money from joining their pyramid-structured business, at least there are some products to buy. With a pyramid scheme there are no products and Randbuilders is a very good example of that.

The only reference to products I could find on their web site said that when you join the scheme "you purchase master resale right to promote your own business". That's just silly. You pay to join their scheme and then you get the right to advertise your own business? Something you can do for free anyway?

The only thing that Randbuilders wants is multiple levels of recruitment and the flow of money up the pyramid they're trying to build. And they need victims to do that. Do you really want to be one of their victims?

Guess what else I discovered about Randbuilders? The person who registered Randbuilder's domain name in December last year was also an active recruiter for MMM Global, the collapsed Russian Ponzi scheme and is connected to a wide range of other schemes. Yes, you CAN judge someone by their history of involvement in scams!

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