Davorcoin Review-is it a scam?
If you are conversant with social media, you must have noticed the spread of Davorcoin. This coin is recently gaining popularity and much hype in the internet.
Before I go ahead with this review, I will like to let you know that am in no way an affiliate or promoter of Davorcoin. This review has everything I have researched as regards to this coin. I believe you can read and make your own decisions.
Is Davorcoin a scam?
What is Davorcoin?
Davorcoin is a new cryptocurrency that aims to be better than most trending coin. That’s according to what’s on their website. I found out that the company was launched in December 2016.
Though it was undergoing construction during the first 6 months of 2017 before the ICO. The ICO for Davor coin was held around November to December 2017. Going through coin market cap Davorcoin has a total 10, 438, 849 DAV and a market cap of 47,675 USD.
Davorcoin have been trying to drive the MLM network for some months now due to the collapse of Bitconnect.
Recently there was an announcement from the anonymous owners of the company. They said they were going to shut down the company.
They were actually into offering ROIs to members who invest at least $100 with them. The situation of the Davour project which comprises of the lending program lead to its collapse. This collapse has caused a sharp decline in DAV.
Not quite long before the collapse, Davorcoin was asked to cease and desist by the Texas Securities Board. They had a chance to explain why or how it could curb the Ponzi scheme attributes but rather they accepted defeat.
Who is behind Davorcoin?
According to Davorcoin, Davorcoin was created by Bankers and traders from top financial institutions. Mostly traders from Paris Europe and London. As good as it may look, there is no guarantee. They refuse to disclose major information and we have seen many Ponzi schemes go through this same pattern.
As usual, most failed schemes try to assure their customers on how they will boost their coin. Davorcoin did exactly that. They proposed to boost DAV. In their own words “our main objective is to bring DAV price where it should be. We are going to put our effort in transforming DAV into a strong cryptocurrency. We have many steps ahead that could boost the DAV value”.
Some of the intending steps are:
- They promised to start an instant exchange to altcoins: DAV could be instantly changed to many popular altcoins.
- Crypto Shop: They intend making DAV one of the popular coins that could be used for shopping.
- High performance crypto-to-crypto trading platform. The idea here is to make DAV a coin used for paying up trading fees.
- Improvement in the DAV blockchain: Seg Wit, lightning network and atomic swap will be part of the Davorcoin network. This means that Dav will be accepted by most bitcoin merchants.
- They also tend to partner with crypto debit card issuers. This will enhance payments in Dav via debit cards.
These offers are actually enticing and may sound so good for desperate Davorcoin members. This is exactly what happened to TBC users. Actually, those claims above are not reality. The Dav admins just want to get its off their back.
They went ahead to tell their customers “we will release today all lending packages we have and every user will be credited in his account the number of DAV he placed in his/her lending package plus a 10% bonus.”
It’s obvious that DAV is only trending for 6 cents following a high of $170 some months back. How can they do the magic because I see no way out?
The fact here is that there is going to be a reboot of a failed Ponzi scheme and most people are already feeling its sting.
Can we say Davorcoin is a scam?
Seriously speaking I can’t really call it scam, although there are few things you must keep in mind when doing businesses like this. This is purely a marketing scheme business and only those quite good marketing strength will be on a safer side.
There are lots of ambiguity on their site. I see such as red flags. One of the major red flags is the similarity between Davorcoin and Bitconnect. Davorcoin claim to give 48% ROI per month or even higher which is the same as that of Bitconnect. It’s no longer news that Bitconnect didn’t end well.
There is also no precise information on the companies’ team. I advise you invest with caution.
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