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What is this KaratB/KaratGold/KBC coins?

Vlad_the_Inhaler

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I was approached by a colleague about signing up with this Karatgold crypto scheme. Anybody know anything about this?
 

PandaAttack1

ooh wee!
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If scheme is the name, I just walk the other way. :)

If you want to invest your money, look at all your options and do your own research. Never jump into a "opportunity" or "scheme" that someone presents to you without you asking. Especially if there is some form of hierarchy or affiliation system in place. Happy living bud.
 

Vlad_the_Inhaler

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I have no interest in this. I am just trying to protect her from being scammed. Scheme is not in the name but the moment I hear that a crypto is linked to a MLM system, my BS alarm goes off
 

thePridge

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Things look bleak for this pyramid... The usual signs are there... the supporters are super passionate and try and get everyone in on this "opportunity".

The whole timeline of milestones has been a mess, they had a "gold independence day" where they were SUPPOSED to be letting people exchange their KBC for Gold, but it was actually only a conversion from one token to another... you have to wait for the cashgold atms to arrive before you can withdraw that gold.

If it was LEGIT they would let you instantly convert that "gold" into the gold from their other platform and withdraw it...
 

BitcoinZAR

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To me Karatbars looks like an MLM / Pyramid scheme. The people I have seen promoting it in SA have a history of being involved in cloud mining scams that have ended up with people losing tons of money. Stay far away.
 

thePridge

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I check in on it from time to time to see if the peeps I know are still interested/doing it.

Latest update:
- launching a new "security coin" that you can swap your old KBC for.
- New coin will be worth 0.1g gold
- If you swap ASAP you get 25% extra (I mean if you launch a new coin you can give away coins like candy from the premine)
- Their blockchain phone was trash, didn't even do basic smartphone stuff properly. You add a contact and when you go to text that contact it doesn't tell you that 071 234 2345 is "mom" it just shows the number... also once you've sent the message it is no longer on your phone... it only shows the messages you receive. The "security key" thing is just a flashdisk.
- If you buy the new coin now you get 0.02% commission every time those coins get sold for the rest of your life.
- They are making their own exchange where you can do your trading stuff... you'll be able to trade the top 10 coins there.

So many more red flags...
 

PsyWulf

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Ooh nice only heard of this,now I had reason to actually do a cursory search
 

thePridge

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For a 6year old MLM it's absurd people aren't realizing it's bulldust
Honestly.... the gold is what pulled them along for so long.
As soon as they start dishing out bonuses like a government year end party it usually means they are going for a grab before shutting down. USUALLY... but who knows... this thing might wriggle for another year or three.
 

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