Early in my life I was somehow involved in multi-level marketing schemes. One of them being Karatbars.com (not gonna publish a link to their trash site), feel free to google it at your own risk.
That scam (ejem...) 'business' earn their bread selling micro-packages of digital gold (from 1g) to their customers. So far so good. It's overpriced but it's OK if you want to purchase physical gold.
My problem with this people comes since a couple of years ago, when they tried to enter into cryptocurrency. They ran a couple of poor-managed icos (late, unfair and with a unreasonable supply given to the founders). And they claim to be 'digital-gold' sometimes even trying to mislead people into buying the idea of them being better than Bitcoin.
They even claim that KBC (their shitcoin) is backed by gold. Sure it's backed by the fiat you sent to the founders pockets.
I'm into one of these groups for fun, laughing from time to time, and trying to spark from time to time 'decent' debates about cryptocurrency, descentralization. And man, it's incredible. We sometimes talk about the 'store of value' figure of gold. You never know, it's never bad to have a good read about the good properties of gold. But man,sometimes they post bullshit like this:
For my non-spanish friends one of the admins of the group says literally (after being unable to answer any of my claims about the incompetence of their 'business leaders'):
''Here you can see clearly the effect of being backed by gold, KBC is going up while others crypto go down''.
LMAO, I posted this immediately after:
''Zoom out a bit my friend, we're talking about stores of value in 24h periods, seriously?''
This coin is priced at 0,005$/coin after a 50% INCREASE. Their PRE-ICO price was 0,01$/coin. Their ICO price (for the majority of retail users) were 0,05$/coin. It's already a 90% loss for them. From their whitepaper:
''bUt mAh sToRe oF vAlUe!?''
I can't, seriously. I'm into this group because I know face to face the admin and I had a good relationship with him in the past, but I hate when people scam other people and trash into the cryptocurrency industry.
It's enough for today I guess. Stay away from that shit please. For me it's worse than ripple. If you have any doubts regarding the shitcoin, contact me and I'll provide with more evidence if needed.
Thanks for reading. Hope you all had a good day.
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