Elitetreum

Elitetreum (ELT)

 25% - 4 reviews
Lendo Platform PTE Ltd is a Fintech company enabling lenders to provide fiat loans for cryptocurrency collateral and a cryptobanking ecosystem.    
Category: Coin/Token
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avatar Dr. Doom 268 rated:

Dr. Doom posted on April 23, 2019 02:26:29

Just as you thought things couldn't get any worse, then a project like Elitetreum comes along. The name alone should already make everybody real suspicious. No whitepaper, no team, focus on the promise of high investment returns, related to an organization that quite obviously seems a lot like a ponzi AND is clearly selling to investors by means of a multi level marketing program, which everybody should


One thing I would like to also point out to newby crypto investors who are reading this, and which I repeat from another reviewer on this site: "Beware of any project that starts with an ERC-20 token since the barrier to getting started is low but the barrier to creating a complete project is enormous." The second part of that statement is more for projects that are legitimately trying to build something serious. Projects like Elitetreum set the bar of achieving technical goals very low, but for newby crypto investors it may seem as something revolutionary, OR: they are just blinded by the greed of the promised get rich quick scheme.

One of the reviewers in this thread has also posted in bitcointalk. In that thread other interesting details are revealed: https://bitcointalk.org/index.php?topic=5114103.0;all. From what I read, apparently the YMCI organization is motivating their members to switch their reward payout balances on their YMCI accounts into the ELT token against a rate set by the organization (not by the market, bc it is not traded anywhere). This is obviously a strategy to prevent members from withdrawing their balances, which would lead the company to pay out real money (fiat or bitcoin), by motivating them to invest in this ICO (to make amazing returns as they claim). A token they printed themselves, which if indeed listed on any exchange somewhere in the far future, would lead the market to bring the price most likely to near zero, this way the company would have eliminated a great deal of their liabilities to their members. Now of course I am mostly speculating based on my personal experience and interpretation of events that i see unfolding, but I think a lot of people involved with YMCI and/or ELT "ICO" are going to be badly burned financially. 

Also, I just noticed, when you open the following link, it seems that their wallet itself also has its own issues ("sending private keys per email in plain text"......good heavens, that is really bad!): https://etherscamdb.info/domain/wallet.elitetreum.com. The comment section on that page also shows a comment that basically confirms my suspicion as described above: "Previous company doing pyramid scheme on investment, change to ELT to skip cash payment to its members."


avatar Crypto Anonymous 224 rated:

Crypto Anonymous posted on April 25, 2019 02:21:42

Update: seems OD Capital (promoted through YMCI) is a confirmed ponzi. Thai police has arrested and issued arrest warrants against suspects tied to this organization, read this article and it is clear that you might wanna think twice before getting involved in this mess: http://www.nationmultimedia.com/detail/national/30352051.

My


avatar Not the real Fiat Daily 133 rated:

Not the real Fiat Daily posted on April 22, 2019 23:43:09

Scam token launched by, for as far as I can judge, notorious ponzi scheme scammers. YMCI (formerly known as SMCI) is a Malaysian very likely ponzi that operates in multiple Asian countries. They did a pre-IPO ponzi with GMCI shares and they are also operating through a company called OD Capital. In the Thai video linked below you will see on screenshare an (English) announcement letter of this company


The tokens are transacted only in the wallet internally, as there are no transactions to be found on the token contract on Etherscan; all tokens are located on 1 address. The "market" price is therefore probably set by the company itself. According to their roadmap the internal "pre-ICO" will be until Q2 2020!!! Yet launching the token on exchanges will not be until a year later!! 

Meanwhile they will be selling their ELT miner to the pre ICO participants to extract even more money from the victims. References made in the announcements to bonus payouts include terms as OD5, OD6 etc, this obviously has a connection with OD Capital and their MLM bonus referrals program. Indeed, no whitepaper or technical explanation, just some random claims, no team, no github (source code they claim to release in early 2021 lol)  

If you click on the Twitter and Facebook links on their website, the links will only bring you to the ELT website homepage, so those accounts don't seem to actually exist.

Do not trust this, I have reviewed the operating companies behind this (YMCI, GMCI, OD Capital) and their program and it is cookiecutter ponzi/pyramid and their ELT token will not be any different. Stay far far far away from this. I would therefore also recommend not to use the Xrypto wallet because it is part of this scammers project.

Video link with YMCI announcement letter: https://www.youtube.com/watch?v=iLKkq6odfYI

Enough red flags to raise a lot of suspicion, but as a disclaimer: this review should be interpreted as personal opinion and is certainly not investment advice either. What I do recommend, is to do TRIPLE DUE DILIGENCE and fact check everything. But as far as I and most of knowledgeable people in crypto: any crypto project that promotes itself with Multi Level Marketing is highly suspicious and it is (impo) a financially healthy approach to just avoid those by default.


avatar gobro7 6 rated:

gobro7 posted on February 26, 2019 08:35:25

No whitepaper, no escrow security. The price according to etherscan list is still 0.00, but in their wallet there price changes everyday, where could the trade happen? No exchangers trade this token.


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