YoCoin Is An MLM Backed Scam Coin - Yo Coin Review

YoCoin is the latest MLM investment scam looking to capitalize on the popularity of Bitcoin and other digital currencies by parting unsuspecting investors from their cold hard cash.

Since the massive success of Bitcoin in 2013 when the digital currency soared over $1,000 in value, there has been a drastic increase in online scams and schemes attempting to capitalize on digital currency. These scams range anywhere from fake cloud mining operations who promise exorbitant daily payouts, to companies selling fake made up coins that don't even exist outside of their own company website. No matter what the scam may be, the constant is that these companies all prey on unsuspecting investors and novice crypto users to line their own pockets.

The newest such scam exists around a coin called YoCoin (YOC). At first glance, YoCoin appears to be your average run of the mill scrypt coin. You can find hundreds of similar coins announced on the website bitcointalk.org. However, YoCoin has increased in value nearly 3,000% over the past week! Why? Because Yocoin is the latest MLM investment scam coin!

The details of the investment side of YoCoin do not appear to be publicly available. However, there are already several MLM savages that have been posting YouTube videos and spamming referral links to the scheme all over the internet.

In short, one makes an investment and in return, receives YoCoins. After doing so, they become part of the scheme and must then convince others to join via their referral link, and purchase YoCoins as well. Members are then compensated whenever people they refer or others in their downline purchase YoCoins.

You might be wondering, where do the funds come from to compensate the sponsors when their downline purchases YoCoins? The answer, the PREMINE! When the coin was first launched, the creators of the coin premined 20% of the total coins, or 16,800,000 coins! This means the owners own 20% of all coins in existence, and could sell them on the open market at any time and collapse the market.

With such a large premine, it would be impossible for the creators to sell their coins without crashing the market. Thus, the scheme was born! Instead of selling their coins on the open market, the company is selling their coins to "investors". These investors happily purchase the coins at the current market value with the promise of riches if they can persuade others to do the same. Over time, the premine will be sold generating huge sums of cash for the creators of the coin. However, once the entire premine is sold, what motivation will the creators have to continue developing the coin? None!

Eventually, the investment scheme will collapse, and coin holders will rush to sell their YoCoins on the open market. In doing so, the value of the coin will plummet, and investors will be left with pennies on the dollar.

In conclusion, I urge you to beware of the YoCoin scam! The investment model is a scheme, and there is no real future for the coin. When it comes to investing, always remember the old addage, "If it sounds too good to be true, it probably is".