Undercover Millionaire Currency Scam Review
What is Undercover Millionaire Currency (UMC)?
Undercover Millionaire Currency (UMC) coin is a digital currency created and developed by the President and Founder of Undercover Millionaire Business Network, Mr Louis JR Tshakoane.
Undercover Millionaire Currency promoters claim that it is an innovative payment network and a new kind of money built on the bitcoin framework.
The main attraction factor to the UMC coin is the promise that everyone who purchase the UMC R 1 per coin will be rewarded with interest of 50% per month.
Undercover Millionaire Currency is not a bitcoin powered peer-to-peer platform as the as the website claims, it is a Ponzi platform for scamming innocent people.
How Does Undercover Millionaire Currency Work?
Undercover millionaire Currency works like any other get rich quick scheme. You create an account to contribute money in exchange for some numbers on your phone or computer screen, with the hope or belief that, in future, you will exchange those numbers for much more money than you originally contributed.
To get started, create an account at undercover millionaire currency registration. Fill in your personal details, including the name of your sponsor and your banking details. If your registration is successful, you will be sent a confirmation email. Then you will be ready to login.
If you have been a member of MMM Global you will recognise the dashboard design;it is its copycat.
Select the buy green buy button to order your UMC coins. You will be matched to a person who is selling his UMC coins sent his name and banking details.
Once you have made payment, uploaded proof of payment, and the money recipient has confirmed, your UMC will be allocated to you by the system.
You coins will then start accumulating interest daily. For example, if you bought R 5000 worth of UMC coins, after 30 days your UMC coins will be worth R7500. If you decide to sell your UMC, you would have made R2500 profit in a month from a lousy R5000.
How is the Undercover Millionaire Currency Coin Created?
At an Undercover Millionaire seminar in Sandton, the currency founder stated that he invested a lot of money, time and resources into creating the undercover millionaire currency.
Unfortunately, he was short on details on how exactly he created these digital coins. Therefore, I personally do not know how the coins were created. I doubt if anybody else knows as well.
All I know is that the founder said he would create 2 million UMC coins this year, and another 2 million UMC coins next year.
He did say, however, that all members who have coins bought them from him. He likened himself to a Mint. Wikepedia definition of Mint: “A mint is an industrial facility which manufactures coins that can be used in currency”
He was not even ashamed to admit that his currency is not backed by gold or anything, but it is backed by people who believe in it.
I believe that the currency started operating in May 2016 when he sold the first UMC coins. What this means that anybody buying coins at present will be buying from other members and the founder himself.
How exactly is decided if buyers should buy from the founders or other existing sellers I am not sure. But I know that anybody who want to buy coins worth over R100 000 should contact support and buy directly from the founder.
Because the owner or Undercover millionaire currency fails to explain how he created his coins, we have to presume that his digital coins are just numbers he created and decided to call them UMC coins. The members give him money in exchange for numbers that appear on their phone or computer screen.
Is Undercover Millionaire Currency a Ponzi Scheme?
Before we decide if undercover millionaire is a Ponzi scheme or not, let us check if it fits the definition of a Ponzi scheme.
A Ponzi scheme is defined as an investment scheme which uses money from new investors to pay existing or earlier investors.
Let’s look at how Undercover Millionaire Currency works. A member who bought UMC coins at the beginning of the month can sell his UMC coins by month end and make 50% net profit when he gets his money back.
The question is, where does the 50% profit come from?
We know that it does not come from business activities or investments as undercover millionaire currency only activity is to create and sell these UMC coins to members.
The 50% monthly profit comes from new members who join the scheme and buy UMC coins from existing members and the founder.
Is the Undercover Millionaire Currency founder scamming members?
The UMC coin derives its value from the 50% per month profit it promises to the coin buyers.
As soon as the founders fail to pay the promised 50% monthly profit, the pool of people who want to buy the coin will dry out.
When the scheme runs out of new people who are willing to buy the coins, the scheme will collapse and everyone who had not sold their coins will lose money.
The founder knows very well that he can’t keep this 50% profit charade very long, so has stated that the 50% monthly profit accumulation will come to an end in the future.
Going forward, people will make money from just trading in UMC coins. He stated that members can expect to make more money this way as he expects the price to increase to from R1 per coin to R166 per coin.
But we know that the UMC coin in of itself is worthless as you can’t use it for anything outside the Undercover Millionaire website. The only thing that gives it value is the promise of the 50% monthly profit to people who buy it.
So how will the value of UMC coins reach R166 per coin when the 50% monthly profit has been revoked?
Well, the founder plans to launch the UMC coin in the US and UK. He is convinced that once he introduces the UMC coins to Britons and Americans, they will pay at least R166 per coin to get their hands on this valuable coins.
The sad part is that some people actually believe this nonsense, that some gullible UK or US investors will buy this worthless UMC digital currency.
This is the same Modus Operandi used by the pipcoin scam. Pipcoin promised it’s members that it would be launching in the USA and internationally as well.
Implying that the international launch will set off high demand for pipcoins and enable pipcoin members to make a killing due to the resultant price increase. Unfortunately, pipcoin members who do not understand economics and how the crypto currency work actually believedthis hogwash and utter drivel.
The founder obviously created this ridiculous plan as a ploy to scam Undercover Millionaire currency investors.
Undercover Millionaire Currency is Pipcoin’s Cousin
Yet, Pipcoin founder and his handlers are playing games with people’s lives by dragging the scam on and on and on… telling bigger and bigger lies in the process. Some of the lies pipcoin has fed to investors:
· Pipcoin has a blockchain, referring to the fake unresponsive bitcoin copycat pipchain website;
· Launching of Pipcoin Forex Trading with software that guarantees at least one million rands a day.
· A promise to creating 100 pipcoin millionaires this year. (UMC founder has promised to create 1000 millionaires).
The great masses of the people will more easily fall victims to a big lie than to a small lie.
· As early March 2016, Pipcoin promised investors a pipcoin MasterCard but until now… dololo.
· Pipcoin Founder announced a planned meeting between himself and Facebook founder in June 2016 but until now... dololo. (Do you really think Mark Zuckerburg has time for scam artists?)
· Pipcoin Launch in New York by end of June 2016 in New York but until now… dololo.
The list of ludircrous lies by Pipcoin is endless. I just wonder how is it possible that many pipcoin investors have not figured out by now that they have been scammed and their money has gone down the drain (drain being Ref Wayne’s pockets).
I use pipcoin as an example because I can see that the same fate is awaiting UMC investors. If you check Undercover Millionaire’s Facebook page, complaints are cropping up.
Ref Wayne also operated his Ponzi scheme unprofessionally and in a disorganised manner with chaos being the order of the day and investors always complaining.
Nevertheless, it seems as if he intentionally created the latest chaos and confusion as a tactic to wind down his scheme and cajole investors into giving up.
The man thrives in mayhem, he is truly a genius in mastering chaos. It will be interesting to see how UMC founder will wind down his scam.
My advice? Undercover Millionaire Currency is a total scam.
If you are already an Undercover Millionaire Currency investor, chances of getting your money back are virtually non-existent unless you sue the scam boy in a court of law.
Don't even think about buying UMC coins, rather save your cash and spend it on something fruitful.
Therefore, making bitcoin part of your investment portfolio is a great investment strategy. You can invest in bitcoins by buying them at an exchange such as BitX. and then keep them in a safe place.
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