Crypto Anonymous posted on February 26, 2019 07:22:34
Pure pyramid and ponzi scheme scam! There seems to have been an ICO, but that was done in secrecy so it seems, so there is no definitive proof of that. Will summarize the red flags soon. I would rate this as "Shady AF" if I could, but that rating tier doesn't exist, so I have to go with the milder "Super Shady". Pay attention, the actual pyramid/ponzi activity is done through Sharenode (with their own internal SNP token, not exchange listed). Eventhough Nasgo (NSG) is technically listed on Bitforex, it doesn't appear (yet) on CMC.
As a side note, the general consensus in repsonsible cryptocurrency communities is that every project that utilizes pyramid scheme sales structures are all scams and should be avoided. And if it looks like a ponzi, smells like a ponzi, walks like a ponzi......it should be avoided too.
Nasgo claims to be the "Godaddy" of blockchain and makes investors believe they will take over a $1 trillion market. Noobs are supposed to sell their expensive packages which include a sidechain on Nasgo to small and medium sized businesses for prices between like $1000 up to $2000 (in the Sharenode program, for which you get only hot air in return). Hopefully not too many will actually start doing that, because it will give our industry a pretty bad name (maybe even more than we already have). Notably Michael Jackson's nephew is endorsing this project.
I will just summarize the main red flags and leave you with some additional resources that should fill in the blanks further. Nasgo/Sharenodes red flags:
- In their presentation (done by co founder Eric Tibbett), they already claim that they are going to take over a trillion dollar market, which would result in a 1000-1600x gain of the NSG token. Such bold price predictions are one of the biggest red flags.
- They made it seem as if they are going to have a Super Bowl sponsorship, a promoter even announced that, turned out that they were only having a VIP room, paid by token investors one could only imagine. No ads, no sponsorships, just visiting the Super Bowl.
- They announced exclusive agreements with the Cambodian government (who has banned crypto altogether) and the Chinese government. Apart from Nasgo, nowhere is any information to be found, so one can only be suspicious, otherwise this would have been all over crypto news.
- They are selling through a pyramid scheme (Sharenode). The founders have backgrounds in the MLM industry apparently
- Github link not to be found, the one that is on the explorer site, leads you back to the explorer. When you go to their account directly on Github, you will find they published their stuff more than 8 months ago and since then no activity in development whatsoever.
- their reddit account (still featured on the nasgo website) is banned.
- On their Twitter appeared pictures of their co-founder Eric Tibbett with Larry King, claiming to have had an interview with him that should be aired March 1, 2019. Interestingly enough, a fake Larry Kind account is tagged in the Nasgo Tweet announcing the interview. Don't be surprised if no interview with Larry King will ever appear!
- Details of their compensation plan are kept very hush hush and is invite only.
- As mentioned: the Sharenode tokens are not traded on any public exchange (only internally) and there is no value of that token publicly available. Earned commission can however be reinvested in those Sharenode tokens (maybe indeed better described as "ponzi points") for a nice bonus in those tokens, and thus closing the ponzi loop.
Like the author of the "BehindMLM" articles already describes, this scam is just one cease and desist order away from being shut down. Be careful and do not put your money and reputation on the line by associating yourself with these scammers! Looking at their material and social media I can only say that I thought that even Bitconnect had a better professional representation. This Nasgo is just a low budget scam with a few lower tier MLM guys trying to fake it until they (probably never) make it.
Here are the links, inlcuding a review video that very well lays down the scam case: