E-Coin Crypto Currency Review


RATING


SCAM         

1/10

What is E-Coin

E-coinz.com is a website that claims to have developed a bitcoin-like crypto currency called e-coin. But why would anyone want to buy an unknown coin when they could just buy the real thing?

Well, bitcoin and other genuine crypto currencies are not linked to any false promises, whereas e-coin administrator is promising a return of 30% per month to anyone who buys e-coin at a cost of R100 per coin.

As it turns out,  e-coin crypto currency is not real; it works like all other fake crypto currencies that have been proven to be scams in the past e.g, Bibcoin and UMC currencies.

How To Buy E-Coins?

If you are interested in buying e-coins, simply signup at the registration page. Once you have signed-up, log in and click the ‘Buy’ e-coins button.

Once the process is complete, i.e. you have paid, loaded proof of payment, and your payment has been confirmed, you will be allocated the number of Coinz you have purchased.

e-coinz buy order

The bought e-coins will be frozen for a 15 days from the date of creating the order. If you decide to keep your coins on hold for 30 days, you will earn interest of 30%.

E-coin Currency Big Lies

It is generally not easy to prove that a website promising to generate a lot of profit for investors is simply a ploy to defraud them.

But when a website is littered with misleading and false information, it makes it easier to show that the website administrators are deceitful and hence cannot be trusted.

Let us unpack some of the lies and misleading information spewed by the website.

FIRST LIE

Members can shop online using e-wallets and the platform is directly linked to partnering stores.

e-coinz partnering stores

If e-coin.com has partnering stores, then why not name the stores?

Well they are not named because they do not exist. This e-coin was only launched on 25 May 2016, and has not proven itself as worth anything yet.

So there is no way partnering stores could have been established in such a short period of time.

SECOND LIE

"E-Coin is a decentralized platform where members can buy and sell e-coins directly amongst each other without banks and a middle man connecting them."

The website claims that there is no middle man, which is a white lie again. The website administrator is the middle man. Every member who wants to buy e-coinz must obtain details of the seller through this website.

Moreover, the administrator is the only one who can transfer e-coinz from one member to another. It is also not true to state that members can buy or sell directly to each other.

How can members trade with each other when that functionality is not provided for in the system? I could not find any wallet address for e-coins.

A respected investments website, Investopedia, defines decentralisation Market as follows:

"A market structure that consists of a network of various technical devices that enable investors to create a marketplace without a centralized location. In a decentralized market, technology provides investors with access to various bids/ask prices and makes it possible for them to deal directly with other investors/dealers rather than with a given exchange."

e-coin decentralisation

The only place you can buy e-coins is through this e-coinz website and nowhere else. Therefore, stating that e-coin is decentralised is a white lie.

THIRD LIE

The website claims e-coin is a crypto currency just like bitcoin  

All evidence suggest that the E-coin is not a crypto currency at all. E-coin does not have a public document that details e-coin protocols and explains how it is generated or created. Moreover, e-coin,

  • Is not decentralised
  • Does not have a wallet address
  • Does not have a blockchain
  • Does not have exchange where people can sell or buy e-coins to each other freely

Therefore E-coin is not a crypto currency, it is just a set of generated computer numbers allocated to members by the website administrator in exchange for real money.

FOURTH LIE

The Value of the e-coin may change at any time depending on supply and demand

This is nonsense as well. Ecoins.com does not have a properly constitutes exchange to enable members to gauge authentic supply and demand. The website administrator decides what the price should be.

I have taken a screenshot of an example of bitcoin exchange where the price is determined by supply and demand.

bitx bitcoin exchange

On the left hand side there’s column indicating the amount of bitcoins and the price traders are willing to pay or receive to exchange bitcoins. The graph shows the bitcoin price at any given time. As you can see price is going and up down depending on demand and supply and what people are willing to pay.

Is there a reasonable chance of making money from E-coins?

Other people invest in Ponzi schemes hoping that they will pull out after a few weeks or months before the Ponzi collapses as they were the first to join.

This strategy would work if these schemes were operated by honest people with integrity. Unfortunately, these schemes are administered by ruthless scam artists.

As I have shown above, virtually everything they stated about e-coin is a lie. Therefore, it would be unreasonable to hand over your hard earned cash to a bunch of liars and expect them to return it with a profit.

Final Thoughts

I know that many people participate in these programs knowing very well that they are Ponzi schemes. If you are one of those people, then good luck with beating scam artists at their game.

For those who are new to the world crypto currencies; I suggest you stay away from anything that sounds too good to be true until you have educated yourself in how crypto currencies work.

If you believe e-coinz is a legitimate business and have profited from it, then share with us in the comment section below. If you have any question, you can use the comment section as well. Please share to prevent your friends or family from falling for the scam.

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