Centennial of Coins Review
What is Centennial of Coins (COC)?
COC was established in the middle of 2016 by a group of entrepreneurs based in Asia. So far, it has been launched in Philippines and South Africa.
Its promotional presentations describe it as follows: “COC is a community, where two or more crew members share treasures amongst each other in a decentralised system.”
In simple terms, it means COC provides a social-financial platform for members to transfer funds amongst themselves.
By decentralised system they mean the scheme does not keep funds in a central bank account, funds are kept by participants (crew members).
The scheme claims that its aim key aim is to alleviate poverty and provide residual income to participants for generation to come. Can the scheme really alleviate poverty and provide sustainable income to participants like it claims or it is just a scam? Well, let’s have a more detailed look into how the scheme work prior responding to the question.
How Does COC Work?
According to COC, the programme is depended on the honesty and commitment of all crew members for it to be sustainable over a long period of time.
People who decide to participate in COC become crew members of the COC ship. Once you are a member by signing up at the registration, you will be required to purchase a key in order to unlock your account and gain access to your COC account.
The cost for the key is 0.04 btc, which is equivalent to about R400 at current bitcoin prices. After purchasing your key and unlocking your account, you will be free to secure coins (provide help) with a minimum of $50 or R500 up to a maximum of $5000.
After placing an order to secure coins (provide help), the money used to secure coins will start growing at a rate of 35% per month or 50% per month for bitcoins. You will be able to withdraw funds 30 days after placing your order by vending coins (receiving help).
As a crew members, you will be paid a direct referral commission of 10% every time you recruit a new members.
If you have proven marketing skills, you will start earning indirect referral commissions one you have recruited 20 direct referral and at least 180 indirect (sublevel) referrals.
Can You Make Money With Centennial of Coins?
The founders have stated that the key aim of COC is to alleviate poverty and provide residual income across generations. However, the reality is that even with best of intentions, pyramid schemes tend to create more poverty rather than alleviate it. This is because money is willingly taken from the majority of community members, and given to the minority in the community, depending on who joined the scheme earlier, who is helping grow the community, and who can control their greed.
Whether community members benefit from COC or not will depend on a few factors:
- The intentions of the founders: is it to take a small slice for themselves and distribute rest of the funds back to the community or is it to hoard almost all the money for themselves and give back to the community as little as possible.
- Marketing Effectiveness and System Management: If the system experiences a lot of technical problems and support is poor and unable to solve problems experience by participants, then it will negatively affect confidence and growth in the program. If the program is well marketed and promoted, the program will grow exponentially and be around for a long period of time, giving an opportunity for people who joined earlier to make more money.
My experience tells me that most people who operate pyramid schemes are scammers. In other words, their pyramid schemes turn into a scams because they start creating fake accounts and start manipulating the system and directing funds to their own personal bank or bitcoin accounts.
I don’t know what the intention of the COC founders, but their authentic and robust marketing of the scheme suggest they are serious about making the scheme succeed to the benefit of the majority of the community.
The founders do not hide the risks involved. Just like MMM Global, they have this warning in their website.
Because the scheme is relatively new, there is an opportunity to make money provided the founders are not scammers. Only time will tell whether founders come from a good place or not, it is just a gamble participants have to willingly take.
So far, I have seen 2 blog posts reviewing and promoting Centennial Of Coins:
www.pipcoinsouthafrica.com/centennial-coins-review - This review is not doing justice to potential COC members as it does not inform them about risks involved in these money games.
www.createcash.co.za/centennial-of-coins-review - Though not entirely accurate, the review is more detailed and points out the risks potential participants should be aware of.
The scheme will benefit many members but it won't alleviate poverty because many other members will lose out and won't be better off.
I don’t think anybody knows for how long it is going to be around but life spans of previous successful pyramid schemes suggests as life span of not more than 6 to 12 months, depending on the founders trustworthiness and marketing strategy.
Whatever you do, remember this is a pyramid scheme and it is not sustainable even in the short term. Those who decide to participate in the Centennial of Coins will be entirely at the mercy of the founders and administrators.
Pyramid Scheme Update - 18 December 2016 - Unfortunately, this so called stokvel has proven itself to be more of a scam than a pyramid scheme. It is hardly 3 months old, and yet it seems to have already collapsed. If you are lucky enough to have not joined or provided help yet in this COC, save your money and stay away from this scam.
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