Crypto

Coinspace

Unregulated digital currencies are the perfect foundation to build a Ponzi scheme on.  New confusing ways to store money are a great way to bilk new investors that want to cash in on the next Bitcoin.  With the recent raid of UFUN and the shutdown of GemCoin as highlights, digital currencies have become a common component of online scams. My subscribers have requested I take a look into Coinspace. Here is what I have found.

Coinspace and Their Crazy Claims

Coinspace is a unique business opportunity and it is the only one of its kind. The concept behind Coinspace is the result of the cryptocurrency boom. We offer amazing benefits for people who are looking for financial success and independence. This is why our services hold massive worldwide appeal.

Our mission is to provide you with a mining service you can use for mining cryptocurrencies. We have taken great care in order to de-mystify the process of mining. This enables you to quickly master the skills required to start mining and making profit off of it without any prior experience.

Coinspace provides you with a once in a lifetime opportunity. It  revolutionizes the business world of today’s digital economy. We offer a high-income opportunity with an extensive bonus program connected to the best lifestyle awards.

Coinspace Review: Their Reality

The people running Coinspace are Mrs. Mojca Plut and Jerry Plesko. In a recent video Jerry Plesko was listed as CEO and Co-Founder of Coinspace Ltd.. He is from Slovenia. – Source Coinspacescoin.com.au

Jerry was involved with a MLM health and wellness scam calling LiveSmart 360 before he created Coinspace.

Here is a picture of Jerry Plesko  and his wife Maja Rejec when he was a representative for the LiveSmart 360 MLM.

LiveSmart 360 has been compared to WakeUpNow by businessforhome.org: Leaders not paid, vendors not paid, employee lay-offs.

Coinspace Ltd.
Whitehall Mansions
Flt 9  Triq Luqa Briffa Il
Gzira GZR 1506
Malta

The Coinspace scam is similar to the OneCoin scam. They are selling packages which generate coins that can in the future become valuable. After you buy a package, you recruit your friends and family to do the same thing. They run this scam this way so that they can say that they are not an investment. You are not investing, but buying digital coin mining.

They claim in their compensation plan that there is minimal risk in purchasing from them because of the following:

We guarantee a minimal risk and maximum security due to the exclusivity of the S-coin in its pre-launch form. We guarantee you its value by mining several cryptocurrencies already on the market. We also took the precaution of making sure the S-coin will not drop under a certain coin value. We will be able to do that by having a backup of the coin. How? We will let that piece of information remain our confidential business secret until the S-coin’s official launch.

In their income disclosure the story it a lot different: “Mining cryptocurrencies carries a high level of risk, and may not be suitable for everyone.”

Coinspace Ltd. is not licensed or authorized to conduct investment service business by the Malta Financial Services Authority.

MFSA Coinspace Ltd. Warning

The Malta Financial Services Authority (“MFSA”) has become aware that the Malta registered company Coinspace Ltd. with registered office at Mariah Building, Industrial Estate, Triq IlKappar, Mosta, Malta, having an internet presence at http://coinspace.eu/ is offering a range of services related to crypto-currencies, including exchange and cloud mining services and appears to be offering the opportunity to ‘invest’ in the ownership of crypto-currencies.

The MFSA wishes to alert the public that Coinspace LTD. is not licenced or otherwise authorised by the MFSA to provide any investment or other financial services in or from Malta, which are required to be licenced or authorised under Maltese law. The public should also be aware that any investment opportunities promoted by Coinspace Ltd. are likely to be of a risky nature with a high risk of loss of money. – Source MFSA

Coinspace claims to handle the mining process that generates valuable coins. This is just the smoke and mirrors that allows them to control the money that enters this Ponzi scheme and when it is released to old investors. With Coinspace 75% of the recruiting commission paid out a is withdrawable, the remaining 25% must be reinvested.

There is no proof that they are generating a profit from the mining they claim to be doing.

This company is using the popularity of Bitcoin to get people to purchase mining packages that have no verifiable proof that they are generating income. This is a Ponzi scheme that includes recruiting and MLM to maximize the amount of people that are brought into this scam.

Cost

It is free to join Coinspace, but you will have to upgrade to a paid package in a short period of time.

POSITION PACKAGE
PRICE   0€

Members with the FREE POSITION package must upgrade their package within 60 days after the date of their enrollment.

MICRO MINE
PRICE   150€
POINTS  20
BINARY   10€
DIRECT COMMISSION  18€/30€
(12%)/(20%)
TOTAL  28€
15 coins / 1 per day

MINIMUM MINE
PRICE   300€
POINTS  50
BINARY   25€
DIRECT COMMISSION  36€/60€
(12%)/(20%)
TOTAL  61€
30 coins / 2.4 per day

BASIC MINE
PRICE    700€
POINTS  120
BINARY   60€
DIRECT COMMISSION  84€/140€
(12%)/(20%)
TOTAL  144€
100 coins / 5.5 per day

QUARTER MINE
PRICE   1,500€
POINTS  250
BINARY   125€
DIRECT COMMISSION  180€/300€
(12%)/(20%)
TOTAL  305€
250 coins / 12 per day

HALF MINE
PRICE   3,000€
POINTS  500
BINARY   250€
DIRECT COMMISSION  360€/600€
(12%)/(20%)
TOTAL  610€
500 coins / 24 per day

FULL MINE
PRICE   6,000€
POINTS  1,000
BINARY  500€
DIRECT COMMISSION  720€/1,200€
(12%)/(20%)
TOTAL  1,220€
1,000 coins / 48 per day

DOUBLE MINE
PRICE   12,000€
POINTS  2,000
BINARY  1,000€
DIRECT COMMISSION  1,440€/2,400€
(12%)/(20%)
TOTAL  2,440€
2.000 coins / 100 per day

ULTIMATE MINE
PRICE   24,000€
POINTS  4,000
BINARY  2000€
DIRECT COMMISSION  2,880€/4,800€
(12%)/(20%)
TOTAL  4,880€
8,000 coins / 200 per day

Products

They offer no retail products for you to sell to customers.

Compensation Plan

You can earn a Direct Commission every time you personally sponsor a member with a business package. You must be active with your starter kit or be in the system with your Coinspace Business Package. Your commissions are daily, but paid weekly immediately into your e-Wallet.
Direct commission (fast start bonus) (12% / 20%)

Earn up to 1,200,000€ a month by receiving up to 50% on the volume in your weaker leg to unlimited depth. Everyone in your binary structure counts towards your commissionable volume, even people placed under you. You must personally enroll and maintain 2 active members with business packages, 1 on your left side and 1 on your right side, to qualify for an Active Member and all your binary commissions.

Matching bonus: You can earn up to 10% of the binary commissions of your personally sponsored members and up to 20% on up to 2 generations in your downline.

An automatic, weekly purchase of coins helps support both the network as well as the value of the coin by maintaining a constant demand for more coins from already-existing members. 25% of all commissions earned through network building are invested directly into the mandatory automatic purchase (mandatory purchase) of coins. Until the S-coin is officially launched the Coins are bought automatically at a fixed price of 0.5 € per Coin and assigned to your Held Account. After  the S-coin is officially launched you can use the money intended for the Mandatory buy to buy coins at market value at any given time.

Income Disclosure

Mining cryptocurrencies carries a high level of risk, and may not be suitable for everyone. Past performance is never an indicative of future results. The high degree of leverage can work against you as well as for you. In general, before deciding to participate in any mining activity you should carefully consider your objectives and risk as well as your level of experience and expertise.

Return Policy

Where the Member terminates the Agreement within fourteen (14) days after entering into the Agreement the Member must return to the Company any Products and Services the Member has purchased. He/She has to receive from the Company the following:

  • where the Member has terminated the Agreement the price which the Member paid for the Products and Services, less
    (i) a handling charge of ten per cent (10%) of the price;
  • The money has to be refunded within a period of twenty eight (28) days after the written notice of termination upon receipt.
  • The Member understands and agrees that all pertaining bonuses or commissions will be reduced upon request of refund.

– Source Coinspace Terms And Conditions

Coinspace Review Conclusion

In my opinion, Coinspace is a Ponzi scheme that is linked with a pyramid recruiting scheme disguised as a new digital currency. They use the history of the increasing value of bitcoins to sucker you into their scam. Each individual who profits does so primarily from the payments of others who are themselves making payments in order to obtain their own profit. The owner of this scam has a history of promoting MLM scams. MFSA has issued a warning about Coinspace offering an investment. Avoid the Coinspace scam.

3 Total Score
PONZI SCHEME!

Coinspace is a Ponzi scheme that is linked with a pyramid recruiting scheme disguised as a new digital currency.

3Expert Score
Trust
3
Support
3
Reputation
4
Experience
2
2User's score
Trust
2
Support
2
Reputation
3
Experience
1
CONS
  • Extremely Shady Owner
  • Scam
  • Ponzi Scheme
  • Tries to hide the truth
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1 Comment
  1. 1
    Trust
    20
    Support
    20
    Reputation
    30
    Experience
    10

    The Italian CONSOB (Commissione Nazionale per le Società e la Borsa) or Italian Securities and Exchange Commission has halted coinspace1. com sales activities, a website which has been promoting the Coinspace Ltd. Coinspace scam in Italy.

    The Coinspace scam is similar to the OneCoin scam. They are selling packages which generate coins that can in the future become valuable. After you buy a package, you recruit your friends and family to do the same thing. They run this scam this way so that they can say that they are not an investment. You are not investing, but buying digital coin mining.

    Here are the details of why the Coinspace scam has been halted:

    THE NATIONAL COMMISSION FOR COMPANIES AND STOCK EXCHANGE

    GIVEN law no. 216 of June 7, 1974 and subsequent amendments and additions;

    Having regard to legislative decree no. 58 of 24 February 1998 and subsequent amendments and additions ( “FCA”);

    Noting that, as a result of the activity carried out by the Consob supervision, have been acquired evidence about the conduct of promotional activity, addressed to residents in Italy, concerning the offer to the public ” of cryptocurrency extracting packages ” sold by Coinspace Ltd .;

    Noting in particular that, as reported in the “Business Plan” published in http://www.coinspace1.com site, written in Italian:

    – Persons interested in participating in the initiative promoted by Coinspace Ltd., which would constitute ” a unique opportunity for those who like the idea of an independent financial future ,” are offered the opportunity to purchase various types of ” extracting packages ” , consisting of a quantity of ” coins ” already included in the ” package ” and the service ” data mining ” offered by the same Coinspace Ltd., which enables the daily extraction of a further quantity of ” coins “. The number of ” coins ” already included in the ” package ” and those to come every day ” extracted ” via the service ” data mining ” is directly proportional to the price of the ” extraction package ” bought;

    – The purchaser of the ” extraction packages ” is given the option to earn a profit of 50%, reselling periodically Coinspace Ltd. the ” coins ” which he owns. Specifically, ” Every 14, and 28, the month the members are paid a fixed sum (if the members decide to sell the coins back to the company for a fixed guaranteed price of € 0.50 per coin). […] By selling the S-Coin coins back to the company in due time you can earn up to 50% profit within a year mining contract with Coinspace “;

    – Some of the ” extraction packs ” also include the ability to ” earn every day even without extraction thanks to ‘”, ” offered project actions ” that grant the right to participate in the profits that will be made by Coinspace Ltd. ” after launch S-coin “, conceived by cryptocurrency Coinspace Ltd., currently waiting to be placed on the market;

    – It is also given the option to purchase a limited number of ” packages ” of type ” Co-Founder ” that allow you to receive a ” 3% market share by total annual earnings of Coinspace “;

    Noting, therefore, that the purchase of ” extraction packages cryptocurrency ” – explicitly presented as ” income opportunities ” – means that the buyer uses their own capital in order to achieve a consistent performance in a profit paid periodically by the company, connected with assumption of the risk related to the use of the capital entrusted to it;

    ESTIMATED, therefore, that the ” extraction packages cryptocurrency ” proposed by Coinspace Ltd. seem to possess the characteristics of a financial product sub specie of financial investment, the notion of which implies the presence of: (i) the use of capital; (ii) an expectation of financial returns; (iii) the assumption of a risk connected to the use of capital;

    Noting that the purchase of ” extraction of cryptocurrency packages “, the characteristics of which are indicated, it is promoted in standardized and uniform manner, thus putting users able to decide whether to buy them or not, thereby integrating the conditions of a ‘public offer of financial products defined in art. 1, paragraph 1, lett. t), the FCA as ” any communication addressed to persons in any form or by any means, presenting sufficient information on the terms and conditions of financial products offered so as to enable an investor to decide to purchase or subscribe to these financial products, including placement by authorized persons “;

    DETECTED, following the investigations carried out on the internet , that the related initiative is promoted by the site http://www.coinspace1.com, which contains the same information published by the Coinspace Ltd. within its http://www.coinspace.eu site;

    Noting in particular that the http://www.coinspace1.com site: (i) are made of tenderer information ” extraction packages cryptocurrency “; (ii) it is encountered a communication that contains a representation of the characteristics of ” packages ” same; (iii) are a special link that refers to the site of Coinspace Ltd. and, specifically, to the page where it is possible to make a preliminary registration to the purchase of the ” packages “, as well as video tutorials designed to show users the procedure to be followed for the recording; (iv) are illustrated and highlighted the yields which could be achieved through the ” packages “, in order to encourage the purchase;

    ESTIMATED, therefore, that through the internet http://www.coinspace1.com site is carried out advertising activities aimed at promoting a commitment to the public offer of ” extraction packages cryptocurrency ” sold by Coinspace Ltd .;

    Noting also that the advertising business is the public resident in Italy, as the contents in the above site are written in Italian;

    CONSIDERING that Article. 101, paragraph 2, of the Uniform Financial Code states that: ” Before the publication of the prospectus has prohibited the dissemination of any advertising announcement regarding public offerings of financial products other than EU financial instruments “;

    Noting that, in relation to the offer described, is not being published its prospectus;

    CONSIDERING, therefore, that there is a reasonable suspicion about the conduct of its advertising activity for public offer of financial products in violation of the privacy law, and that that activity is still in progress;

    CONSIDERING art. 101, paragraph 4, letter. b) of the FCA, which provides that Consob may, in cases of justified suspicion of violation of the provisions on advertising activities, ” temporarily suspend for a period not exceeding ninety days, the further spread of advertising relating to an offer concerning products other than those referred to in subparagraph a) [the Community financial instruments, ed] “;

    WHEREAS, given the existence of these assumptions, this represents the urgency of adopting the measure identified above;

    Noting that the http://www.coinspace1.com site is registered by a person whose identity is concealed by a provider of services privacy ;

    CONSIDERING, therefore, that, at present, it is not possible to identify the authors of the advertising done through this site;

    RESOLUTION:

    And ‘suspended, as a precautionary measure, for a period of 90 days, the advertising activities carried out through the website http://www.coinspace1.com its public offer launched by Coinspace Ltd. concerning ” Extraction packages cryptocurrency ” .

    Pending the inability to identify the authors of advertising predicted, this resolution will be published only in the CONSOB Bulletin.

    An appeal against this decision may be submitted to the Regional Administrative Court of Lazio within 60 days from the date of publication.

    – Source Google translated version of CONSOB bulletin

    - CONS: Scam Untrustworthy Extremely Shady!
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