For the past few years, the blockchain technology has been gaining an unbelievable amount of the global investors’ attraction. In fact, we’ve seen how different cryptocurrencies have been surfacing lately to offer a decentralized way of endorsing products and services.

Source: Cryptolization

At this time of writing, the total money invested in Cryptocurrencies is more or less $250 Billion. 43.09% of which is invested in Bitcoin while 56.91% is diversified in other cryptocurrencies.

If the total market capitalization of cryptocurrencies is to be listed in American stock exchanges, it would rank on 13th spot.

Though we’ve heard success stories of how people became instant millionaires through investing in ICOs and through trading cryptocurrencies, we’ve also heard several stories of investment rip-offs. The decentralized nature of the blockchain technology in which no central entities such as governments or banks can get in the way of executing transactions makes it susceptible for fraudulent attacks.

Because of the great potential of earning through these so-called digital currencies, there’s no wonder how some people take advantage of its popularity to lure investors who most likely have little to no idea about how Cryptocurrency works.

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Just recently, Philippines’ Security and Exchange Commission released an advisory on Freedom Traders Club and Ploutos Coin.

Source: Ploutos Coins' Website

Ploutos Coin has been gaining popularity both online and offline, claiming that this will be the next bitcoin. The Freedom Traders Club headed by Mark Freeman created such coin which is believed to “skyrocket” from $1 to $3 after six months since its release last January 2018. Some people even claimed that it could go as high as $100!

The following are the relevant information about Freedom Traders Club and Pluotos Coin that were gathered by SEC. Apparently, the Freedom Traders Club has been very active in giving seminars throughout the Visayas and Mindanao regions.

• FREEDOM TRADERS CLUB is a forex trading or forex auto-trading club founded by MARK FREEMAN;
• MARK FREEMAN created a new system to invest in their trades called PLOUTOS COIN;
• The value of PLOUTOS COIN increases through supply and demand;
• PLOUTOS COIN was first sold on 1 January 2018 at USD1.00; e. As of the date of the seminar, the current value of the coin is USD1.75;
• Income is generated when the value of the coin increases;
• The price movement of PLOUTOS COINS is similar to Bitcoin which is derived from demand and supply; and
• It is publicly announced that the price of PLOUTOS COINS will “skyrocket” after six months.

Source: SEC Advisory on Freedom Traders Club and Ploutos Coin

Though the returns seem so good to be true, the backbone of Ploutos coin seems nowhere to be found. There is no whitepaper, roadmap, total token supply, crowdsale and token sale. All of which are essential for EVERY CRYPTOCURRENCY to be released publicly.

It also appears that the team and its supporters do not have a profound understanding of cryptocurrency and blockchain technology. All they know is Ploutos coin will be listed in Forex and will gain in value through supply and demand. It doesn’t even offer any products or services, unlike other cryptocurrencies.

The Enforcement and Investor Protection Department of SEC also finds this case alarming, leading to a release of a** penalty advisory to those who invite or recruit other people** to join or invest in this venture or offer investment contracts.

Likewise, those who act as salesmen, brokers, dealers or agents of these companies in selling or convincing people to invest in the investment scheme being offered by these cryptocurrency mining companies including solicitations and recruitment through the internet may likewise be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code and penalized with a maximum fine of Five Million pesos (P5,000,000.00) or penalty of twenty-one (21) years of imprisonment or both pursuant to Section 73 of the SRC.

Source: SEC Advisory on Freedom Traders Club and Ploutos Coin

My Personal thoughts about Ploutos Coin

Ploutos Coin is a scam.

I have reviewed different cryptocurrencies which can be found in the following links:

• MEDIBLOC: A Decentralized Healthcare Data System
• The GoChain Network and its Recent Developments
• Streamity: Giving Birth to a Powerful Peer-to-Peer Cryptocurrency Exchange Platform
• BandZ: A Decentralized Network That Will Revolutionalize the Global Internet
• Fusion: Bridging the Gaps of Blockchains' Cryptofinance
• qiibee: Be Rewarded With Brand Tokens for Being a Loyal Customer
• KINDS Ads: A Kinder Digital Marketing Experience Through Blockchain Technology
• The Rise of a Decentralized Network for Artificial Intelligence: How Can You Earn From It?

However, this is my very first time to review a cryptocurrency which doesn’t even have its own whitepaper where the product information and token technicalities can be found. Mind you, even the fraudulent ones exerted great efforts in making a whitepaper to make it more believable to the investors.

No one can prophesize the price of a coin. No one.

I actually find it a dumb idea to release a token for the sole purpose of earning through price appreciation. Ploutos Coin claims that it will be the “Next Bitcoin” which is a total delusion to entice the public. Really? A token that has no products or services offered can do that?

Even the most skilled traders cannot predict the price of a certain cryptocurrency, they can only make price assumptions based on the historical data of a certain token.

But here's Ploutos Coin which seems to be so sure of how much it can go as it promises a guaranteed return to entice the general public and create some hype.

For the benefit of those who don’t know about Bitcoin, it is the first cryptocurrency created for the purpose of creating virtual peer-to-peer transactions without any interventions of a third party. You can read more about the concept of Bitcoin and other Cryptocurrencies in my previous article. CLICK HERE.

Ploutos Coin does not have a concrete Pyramiding Scam Plan.

I have said it. No whitepaper. No roadmap. No token sale. No Crowdsale. Ploutos Coin must be so hyped to accumulate a snowball effect of investments that they forgot to research about the legalities of publicizing a digital currency. Shaking my head.

Their website ploutos-coin.com doesn't even have any information about the token.

Furthermore, there is no option for signing up. Only predetermined members are allowed to login and this leaves me a big question mark. It should be open for the public to attest the credibility of the token just like any other cryptocurrencies.

Ploutos Coin is targeting the public who have little to no idea about how Cryptocurrency works.

As I see it, most of the people promoting Ploutus coin does not even know what a cryptocurrency is. All they know is they are risk-takers. Oh boy, I’ve been there already, so I completely know the drills of how investment scheme works.

Why am I doing this?

I don’t get anything from doing this. I could just keep my mouth (or fingers) shut and let other people learn their lessons. But I couldn’t. I couldn’t afford to watch my fellow Filipinos being scammed once again.

Believe me, I’ve been there countless time before. Nonetheless, I made my previous mistakes as a motivation to learn things the right way and move forward instead of blaming myself for how dumb I was.

Please don’t make the same mistakes I did before. And please, if you care about your fellows, stop making them believe that they can actually earn from this. You should value your relationships more than money.

I am also encouraging my fellows who are knowledgeable in this matter to speak out and spread the awareness. Save your family, friends, and fellows from the financial losses that may happen.

To everyone, may this serve a lesson to do your own research before taking a leap of faith for your finances, because the greatest risk comes when you have no idea on what you are doing.

Disclaimer: If you think Ploutos coin is legit in every way, kindly reach me through this email, [email protected] and send me the proof of its legitimacy. I will then make another review of how “legit” Ploutos coin is. Otherwise, kindly refrain from dragging our fellow Filipinos into this trap.

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Posted from my blog with SteemPress : https://pinayteenvestor.com/2018/07/14/ploutos-coin-a-scam-or-not/

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