Bitcoin Scam Site Warning – Coince

Now that HashOcean has left the Bitcoin cloud mining scene- and a lot of user funds with it – people are looking for new alternatives. Interestingly enough, they are not looking for the services they know will pay over an extended period of time. Bitcoin cloud mining is not about a quick ROI, as it can take up to a year or more to break even. However, Coince is promising people the moon and the stars, and they are attracting investors.

Coince – A Risky Investment At Best

Before we go further, it is important to note Coince has been paying out [most of] its users for quite some time now. However, that doesn’t make the company more or less legitimate than others. HashOcean paid out users for nearly a full year before going tits up as well.  Coince is also actively marketing their services on a wide variety of platforms, all in an effort to make them appear more legitimate.

It is also important to distinguish between Coince and HashOcean. The latter was focused solely on Bitcoin cloud mining, which is always a risky business. Coince, on the other hand, positions itself as a Bitcoin investment company. While this may sound a lot more promising, they are effectively in the cloud mining industry as well.

So what do users get when signing up for the Coince investment package? First of all, there is a  60-day Bitcoin cloud mining contract, although there is still an electricity cost to take into account. The company also promises guaranteed returns, which is quite a bold claim. Plus, investors are promised a 3% return on their investment every single day. For a 60-day contract, that would mean a 180% return.

Now that the Bitcoin halving has taken place, it will be interesting to see how this company justifies a steady 3% daily return. Any legitimate company will see the mining rewards drop significantly, and it is simply not possible to pay out the same amount every single day. Moreover, maintaining the rates for a 25 BTC block reward of a 12.5BTC block reward make things look very fishy, to say the least.

So far, it is also difficult to find any credible feedback about the Coince platform. The only proof of payouts is hosted on their website – without transaction IDs – and no reputable members are getting paid by the look of things. Just looking at the Bitcointalk forum goes to show only “newbie” accounts are posting proof of payment. Plus, most of the payment proof are PerfectMoney transactions, as there seems to be very little Bitcoin action going on.

Invest in this company at your own risk. They may be paying for now, but that situation will not last indefinitely.

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