Is Coince Really a Scam?
Coince Power Supplies and Equipment Limited describes itself as a British Multinational Corporation that was founded in 2008 and is headquartered in London.
It then goes on about how it became one of the leading companies in electricity supply, and eventually created a safe and risk-free environment for investing in bitcoins cloud mining.
In short, Coince is telling potential investors that it is a bitcoin cloud mining company that can safely double your investment every 2 months.
For example, if you invest $2 000, your account will be credited with $60 (3%) every day for 2 months.
At investment expiration date, you would have been paid your original investment of $2000 plus $1800 profit, adding to a total of $3600 back in your pocket, which is almost double the initial investment in just 2 months.
You are probably thinking, “Can Coince pay that much profit?”, or is Coince just a scam?
With such an abnormally high return, it would be easy just to declare Coince a scam or Ponzi scheme. The difficulty is that Coince seems to be a legitimate business as it is registered with the Companies House as a non-trading company in the UK. Moreover, the company has a telephone number as well as an address to their offices in London.
1. Is Coince a Real Company?
Digiconomist review of Coince uncovered interesting information about Power Supplies and Equipment Limited Company, aka Coince.
The information shows that the company has a financial statement compiled by a real firm of accountants and signed by Power Supplies and Equipment Limited two directors, Mr A A Elsayed and Mr A M F Dessouky.
Since Coince seems like a real company, there’s too many unanswered questions and misleading information presented on the Coince website.
Unfortunately, the financial statements have not been audited and therefore they cannot be relied upon. Moreover, for one of the leading electricity supply companies in the UK, their annual turnover of £138 624 is too low. One would expect a leading electricity supply company to have a turn over to running into millions of British pounds.
Even more worrying, I could not find any information about the 2 company directors who signed its financial statement.
Though evidence before us indicate that Power Supplies and Equipment Limited is a real company, the information we have about the company leaves a lot to be desired, and so the company cannot be trusted.
2. Coince has an Ambiguous Business Model
Coince is not very clear in explaining its business model. One is not sure if Coince is:
· An electricity supply company,
· Or an equipment supply company,
· Or an investment company
· Or a cloud mining company.
· Or they do all of the above.
Coince described itself a both Power Supplies and Equipment Company, and a British Investment Company; when one cut through the BS, it becomes clear that they are likely a bitcoin cloud mining company.
We can never be sure because they have presented the business model in an ambiguous and confusing manner. However, from experience, an ambiguous business model is a red flag for a Ponzi scheme or a scam business.
3. Coince Accepts Unanimous Payment Systems Only
Legitimate companies who have nothing to hide tend to use traditional methods of payment such as credit cards or PayPal.
This shows that the real owners are hiding their true identities. I suspect that they only reason they are hiding their identities is that they know they are running a Ponzi scam and do not want to be traceable when their Ponzi scam shuts down.
I don’t think it’s a good idea to hand over your money to a business owner who is hiding his identity.
4. Guaranteed Income
A definite sign of a scam or a Ponzi scheme is a company that promises investors high returns with little or no risk. This is exactly what Coince promises its investors as per the screenshot below from their website. Guaranteed returns.
5. Coince Investment Too Good To Be True
A company can pass all tests that show it is a legitimate business, but if it fails the “too good to be true” test, stay away from it.
No company or human being in their right mind would almost double an investor’s money in 2 months when they could simply go to the bank and take a loan at a cheaper cost.
This is exactly what Coince Investment is promising, a 40% interest per month which is too good to be true. You can expect this kind of interest in the well-known pyramid and Ponzi schemes such as MMM, Pipcoin, and Billcoin.
6. Coince Lies, Mistruths, and Misinformation
My perusal of the website reveals that Coince cannot be trusted as its website is full of mistruths and misinformation.
Coince claims that it accepts all major payment systems when it only accepts Perfect Money, Payeer, and bitcoin – all anonymous payment systems.
In FAQs, Coince goes further stating they will soon be accepting PayPal and credits cards. We all know that’s not going to happen because it will require real Coince owners to reveal their identities.
What I find more interesting is that the company claims to have been operation since 2008, yet it has a website that’s 6 just months old. If they have been operating from 2008, where is the older website?
Of course, there’s no other website because the company started operation in January 2016 as an HYIP website.
It is an HYIP website because it is listed on HYIP monitors. Legitimate companies never get listed on HYIP monitors.
Coince is a Scam. It is a Ponzi scheme. Don’t just walk away from it, run.
As a rule, do not trust or invest in any bitcoin mining company. If you want to mine bitcoins, buy equipment and do the mining yourself.
If you want to invest in bitcoin but cannot do the mining yourself, then invest in Bitcoins by buying them and keeping them in your bitcoin wallet. If the price of bitcoins increases substantially over time, then you can sell some of them and make a profit.