Is Dagcoin a scam? What is Dagcoin anyway? There are many emerging cryptocurrencies as of late that it can be very scary to pick in investing in one.
In this Dagcoin review, we will delve deeper into its origins and learn how this company operates. But before we get to review, let us first talk about one scam that has made news and has been dubbed as one of the biggest scams of all time – OneCoin.
According to the news, the leaders of OneCoin amassed almost $4 billion dollars from fraud and alleged Ponzi scheme. Some heads disappeared while others were arrested. Those who were prosecuted face 90 years of prison.
But what does this all have to do with Dagcoin? Drum roll please… Dagcoin came from the same team behind OneCoin. Yeah, I know. I was shocked when I found out about it too. But before we talk about that, let’s discuss what Dagcoin is first.
What Is Dagcoin?
Based on the Dagcoin official website, it is a brand new cryptocurrency that is designed for using, not trading – just like traditional money.
The company’s founder is Nils Grossberg. If you take a look at his LinkedIn profile, you will see that his aim is to provide secondary currency that you can use every day. They are focusing on Asia to help people manage their assets. Familiar? Unfortunately, this is the same statement that OneCoin brags about.
OneCoin is a huge Ponzi scheme wherein Grossberg was a huge investor. In April 2017, Grossberg registered the Dagcoin website and left OneCoin.
What Are Dagcoin Products?
Unlike the legit MLM companies, Dagcoin does not have its own products to sell to its customers. Affiliates only have affiliate membership to offer to its prospecting clients who are looking for opportunities to earn money.
When individuals join Dagcoin, they are given the chance to invest in Dagcoin. As of late, you cannot trade Dagcoin in the market. Therefore, this means that this cryptocurrency does not have any value.
I already mentioned affiliates, right? Affiliates can invest as much money as they want. The more you invest, the more Dagcoins you get. Below are the investment tiers that affiliates can take advantage of:
- Starter – invest $100 to get 100 Dagcoins
- Explorer – $500 to get 500 Dagcoins
- Advanced – $1000 to get $1000 Dagcoins
- Expert – $2500 to get 3000 Dagcoins
- Pro – $5000 to get 6000 Dagcoins
- Mentor – $12500 to get 17500 Dagcoins
- Investor – $25000 to get 35000 Dagcoins
Within 8 months, you will not be able to do anything with the Dagcoins that you invested… so there goes your hard-earned money.
However, you can gain 3% Return of Investment per week (during the 8-month period) on the Dagcoins that you presently hold. After this period, half of your earnings are paid to you, while the other half is kept again for another 8 months.
In addition to that, affiliates will get rewards from recruiting people to join plus residual commissions. The affiliate who recruited will get 10% of the recruit’s invested money. 35% of all your earnings should be reinvested to more Dagcoins.
You, as an affiliate, can join the basic tier, which only costs $20. However, you won’t be able to get the 3% weekly return of investment.
The Link That Connects Dagcoin to OneCoin
As mentioned earlier, their clear and most obvious link is Dagcoin’s CEO Nils Grossberg. He is one of the top leaders in OneCoin as seen in this post right here. Kriss Ress, who is Dagcoin’s Chief Visionary Officer, is also mentioned in that same Facebook post.
Before OneCoin website was marked as a phishing site, you can read buzz words and promises that hint that it is a scam. They frequently mention huge earning potential and high returns in a short time – which is impossible. They keep citing about joining the financial revolution which is all hype.
Another thing is their claim that OneCoin is compliant to AML. Dagcoin says exactly the same thing – that they are following AML laws to reduce criminal transactions. My thought was that “how can this be?”
The very nature of cryptocurrency is that it is not regulated and that there are no money laundering laws in place for crypto. So how can they say that they are following AML laws for security? This made me think a lot.
My Thoughts
Is Dagcoin a scam? The more I look at it, the more I can say that it is a Ponzi scheme waiting to be revealed. It is a copycat of OneCoin and from OneCoin’s investor. The fact that its founder is behind one of the biggest scams of all time does not help its name as well.
Just like OneCoin, Dagcoin aims to widen its reach by “educating” people about this cryptocurrency so they are enticed to join. They have promises that are too good to be true, ridiculous claims of trading, and list of merchants that can’t seem to be verified if they accept this particular crypto.
Furthermore, they keep comparing themselves to Bitcoin – that they have way cheaper transaction fees, and is exorbitantly faster which they can’t prove anyway.
What’s really fishy to me is the fact that they force their investors to reinvest 35% of all of their earnings to Dagcoins. Why? I just keep wondering.
This really got me curious until I decided to check them out a bit more. Here are the things that I found out:
- They have hidden WHOIS info. They don’t give out any information compared to other sites that I checked out. This is already a red flag if you ask me.
- They guarantee huge income – which is untrue in crypto because of its volatile nature.
- They compare themselves to bitcoin and claim that they are better.
- They are not on popular exchange lists.
- You need to recruit people and have them buy the cryptocurrency to earn money.
- You can only use Dagwallet to store your Dagcoins.
- They are vowing unimaginable technology such as almost zero fees and extra fast transactions – SwipeX. This is the only exchange where you can buy Dagcoin. When you check out the site, you will see very little data about it.
- There is no supporting evidence to their claim that many merchants accept Dagcoins.
As mentioned, you can only earn money from this if you invite other people to join. This can be great at first. When there are more buyers, the coin will be more popular and its price will increase. But what happens if the company has run out of people to recruit? You get nothing, zilch, nada, ZERO especially if you are in the bottom part of the group.
All these point to one thing – Dagcoin scam is real. Those are obvious red flags that you should not ignore.
Again. Is Dagcoin a scam? A big “yes”. We have already established this fact. What I need you to do now is to learn how to protect yourself. Avoid scams at all cost by doing the following:
- Do lots of research. Do not invest right away when someone approaches you about an exciting emerging crypto. Be wary of those that promise huge returns and fast income. Don’t bite the bait if they want you to make a deposit right away. Research about their founders in LinkedIn, and more.
- Don’t put all your eggs in one basket. Don’t invest all your money in something that you don’t fully trust. If you do decide to invest, make sure that you only invest an amount that you are willing to lose.
- Only follow and use credible trading sites and crypto exchanges if you buy and sell. Believe me, there are a lot of them.
I hope that you learned a lot from this Dagcoin review.
Conclusion
Investing into cryptocurrencies can be very risky, even into genuine ones. You should never invest more than you can afford to lose.
If you are looking for a way to make money online legitimately and without much risk, you should rather look into making money online from affiliate marketing.
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