Dr. Doom posted on October 06, 2019 20:04:12
Most of the relevant information why this project should be looked at with the greatest suspicion is to be found in many of the previous reviews here. MLM and ponzi, don't need to know much more. I want to add an article done by Coindesk, who also dived in this project, and their findings seem to confirm all that most already thought: shady business! Some of the major takeaways in the article:
- The so-called Miami based crypto bank that the company is promoting does not seem to exist and no license has been issued.
- Florida regulators are investigating the matter
- Coindesk couldn't identify the so-called Madagascar gold mine that the company claims to have. According to the mining agency in Madagascar, no such mine exists and the company is not registered to be holding a mining permit anyway.
Full article here: https://www.coindesk.com/gold-backed-crypto-tokens-promoter-investigated-by-florida-regulators
I assume nothing is wrong with their physical gold products as long as you receive them in your own hands, but anything else the company offers, including (especially) any of its affiliate programs, I wouldn't trust it one single bit.
Cryptoexpert1 posted on September 26, 2019 20:45:36
KBC is a known scam in crypto community. I have to agree that is a ponzi scheme selling overpriced stuff like gold. They are selling stuff that never comes out and the biggest gains are by inviting more people to the scheme.
hottpfe posted on September 11, 2019 08:56:59
Scam at its finest. Classic ponzi scheme. Apparently they have no gold to back their coin, fake gold mines, plagiarism in the whitepaper and money spent in expensive events and parties. I don't know how they can still be around and listed in many exchanges.
Fiat Daily posted on August 08, 2019 17:11:29
The video review is insightful; just too many red flags all over the place! Even though they offer a tangible product that customers can buy, it is still an MLM organization and MLM + Crypto is the #1 red flag that should trigger every wise crypto investor to directly dismiss such a project.
The other red flags that count heavily for me are:
- coin price predictions
- the deceptive way they promoted the "Binance Info" page listing, as if it were an exchange listing. Literally read, the statement was accurate, but the way they wrote it, was very obviously misleading.
Considering all the smoke around the company, I do not trust them to actually store gold on my behalf to back any of their payment systems.
With a 99% accuracy I would predict that this crypto project is not going to end well!
mistergrin posted on September 09, 2019 15:21:32
So I did some of my own research into this company after I heard about it in some of my crypto communities. I really recommend this video btw: https://www.youtube.com/watch?v=PUahsBHO8j4
Anyways, my opinion of KBC or Karatbars in general is that it is full of hype and un-kept promises. Also many regulators around the world have called it a pyramid scheme (which is obviously unsustainable if not for newbies getting roped in).
Now the difference between this scheme and a pure Ponzi is that you actually get small gold pieces if you join their system. However, the true value of those gold cards is a very small percentage of your payment. Most of it goes to "the right to recruit people".
Anyways I'd just stay far far away. Go buy just gold or real crypto coins. Not something that's trying to be both and make you recruit people to really make money from your investment...
scottf posted on July 22, 2019 17:16:22
This is more of a "gut feeling" but when listening to this pitch, something feels off.
Tangible evidence is that they have missed deadlines they published publicly, someone I spoke to said they were supposed to start getting some sort of payment and they haven't, and someone tried to go to an event they were hosting in Phoenix and no one showed up apparently.
Overall, I'm leaning shady until further notice.
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