Elitetreum (ELT)


Confidence: 6%


Elitetreum (ELT) - Reviews & Ratings

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avatar Dr. Doom 209 rated: 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 know, leads automatically to the worst confidence rating. I will not waste too many words here, because all you need to know, is already described above. These type of ICO's focus on crypto newbies or non crypto users, so that they will believe the "amazing opportunity" very easily, because they lack the basic knowledge that more advanced crypto investors have of judging a project. Any slightly advanced crypto investor would immediately reject this offer based on the above aspects alone. No further investigation required.

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."

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avatar Crypto Anonymous 188 rated: 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 cousin's girl friend was involved in the YMCI (formerly known as SMCI), so I have seen first hand some of their promotional material, and it is 100% Multi Level Marketing/ pyramid scheme, who are perpetually launching one HYIP (ponzis) after another it seems. They are very sophisticated in making them look like a super legit company. Primarily operating in Asia, where the general population is less financially educated and therefore easier to deceive. 

One prominent example: They were promoting GMCI shares (back then listed on the Nasdaq OTC Pinksheets market (where all risky, shady stocks are listed)). They were selling shares of this company as a major investment holding company and make it look as if their portfolio existed of many different successful companies. However SEC filing reports would show that the only company GMCI owned was a mining company with large debts, zero mining activity, not even having any mining claims (existing mining claims were expired). It also turned out that in 2016, despite their claims of being such a huge company to potential retail investors, the revenue was literally zero! Yet, while the stock was still trading OTC, there was hardly any trading volume, many days no trading, or in the couple of $100's till occasionally a few $1000. Still, the market cap based on the traded prices was about $700 million. Very shady practices if you read through their company filings. Because they were late with their SEC filings at some point, they got temporarily suspended. Afterwards they decided to revoke their OTC listing and therefore were not required to file publicly with the SEC anymore. Investors were able to purchase these shares "pre-IPO" (they claimed to be listed on the NASDAQ main exchange by 2018, which was then postponed to 2019), for a rising price between $0.50 up to $1 (par value of each share $0.001), which looked like a discount from the traded price (when it was still listed) of around $2.50-3.00. If you bought more shares, you would end up higher in the pyramid reward program for higher commissions and more levels pay out. There is much more to tell from what I was able to find out, but I just wanted to give a short impression. And it seems that they are still promoting new "investment opportunities". 

Yup, if Elitetreum is promoted by this organization, I do not have to research it any further, because I already don't trust them one single bit AND their nature as a Pyramid scheme is the major red flag no-go zone! Please be aware.

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avatar Fiat Daily 109 rated: 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 promoting Elitetreum as their newest crypto money making scheme and how they will push the price by agressive marketing (in other words creating FOMO to have the participants buy more tokens). 

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.

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avatar gobro7 6 rated: 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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