A recent poll indicates that Mangalore is also a head in the Crypto investment game. People in and round Mangalore and Udupi are taking more about crypto and one among those is Buxcoin.
While Dakshina Kannada district is known for its well-educated people, it is unbelievably true that they are also often victims of online and social media frauds including this new trend of Buxcoin Investment .
What is Buxcoin?
Buxcoin, a private decentralised cryptocurrency, a peer to peer network built from the scratch of blockchain and digital ledger concept to eradicate flaws that arises from the forked coins. The main agenda of Buxcoin is to dump away the intermediates in business or in digital value transfer and appreciate peer to peer contact, uplift the economy in the aspects of (time ,less expenditure, more value and especially from more taxation).
The Buxcoin cryptocurrency has gained a lot of traction ever since it was launched back in 2015. But the official website was created in March,2017 Very Suspicious.
There are 1,500 separate cryptocurrencies today that are tracked on coinmarketcap.com. Oh wait, its cashfinex.com right ? that’s what we have been told.
The problem with buxcoin bubbles is that you can almost never tell it’s a bubble when you’re inside of it. Somehow you think it will go on indefinitely. It’s a lovely fairytale with the happy ending of buxcoin returns as showcases by sales team and we all feel we deserve and get carried away.
They are oblivious to the fact that there is anything “outside.” When you have already been a part of a investment Ponzi scheme.
I decided to write about it when people around Mangalore were asked how much are people actually investing and the amount was well above 6 figures.
Truth be told i was shocked for a second. Then i came to know it was my friend who was investing after getting the idea from a close relative who was also an investor. The guy himself had done no research and was going ahead with just the word of his relative in hopes of enormous gains.
It’s upto the reader to then decide if this a scam or it’s legit.”
The coin raised red flags because of few factors
- The scheme is a MLM; Why would you need a MLM scheme in a cryptocurrency is beyond me. I invite anyone from Buxcoin reading this answer to dispute me.
- Buxcoin doesn’t hold any significant value proposition in it’s current state.
- Has a package based program for trading
- Is not listed on Coinmarketcap where all cryptos are generally listed (https://coinmarketcap.com)
- Has its own exchange for trading and is not listed on any other exchange. There is a high chance they can manipulate it to their needs
- Does not have any way of contact other than site contact page support email
- There are hardly 2 commits in the GIT repository.
Some Facts that points suspicious activity
You cannot contact them over phone or there are no actual call center number you can call being an investor.
Main links / buttons don’t even work
Eg: Get Quote has no link to any page.
The company says The Buxcoin is one of the top science-secured crypto-networks built to ensure air-tight … Cryptocurrency, Price, 24h % Change, 24h Volume (coin), But looks like they even monitor their site. The 24h volume is last update in Jan 2017…
Buxcoin Price In India
| Cryptocurrency | Price | 24h % Change | 24h Volume (coin) | Supply |
|---|---|---|---|---|
 Buxcoin | 2.8 | 125403540.92511941 | 354010825.0147436 | |
 Monero | 407.13 $ | 16.17% | 1,223,367 ETH | 663,133 |
 DigitalCash | 7.47 $ | -1.09% | 3,352 XUC | 427,132 |
 Veritaseum | 0.22 $ | 20.80% | 211,418,299 XRP | 719,280 |
 Ripple | 84.22 $ | -14.56% | 36 VERI | 218,887 |
 Exchange Union | 709.31 $ | -1.18% | 125,361 DASH | 427,132 |
 Ethereum | 78.97 $ | 20.55% | 2,281,288 LTC | 719,280 |
 Litecoin | 156.32 $ | 1.18% | 255,226 XMR | 218,887 |
CashFinex claims that clients gain today the ability to trade the digital asset class on the most popular platform in the retail forex market, which currently offers “more than 25 pairs of margin based crypto alongside traditional crypto with exotic FX,” the company says.
System which looks like a ghost company with no links, no clients or codebase or portfolios. I could not even find the company on any official registries or listing.
The best thing i could not find was street address. Nor Facebook account , Twitter or a Linkedin account.
What is worrying is cashfinex being their own market trading option was launched a year after the buxcoin was launched. Strange!!
For your detailed comparison I pulled a google trends report , a service that launched in May 2006 that allows you to see how popular search terms have been over time on Google. See below how popular buxcoin related demographic information as estimated by Google for a year.
What is more worrying is the topic is more prominent in only three regions on India
Maharashta, Gujrath and Karnataka. Chart below from Google Trends Showing Live Info-graph.
Conclusion
Any pyramid scheme operates on the premise of the “Greater fool theory” and this is one of the reasons i have seen such business flourish on a short term basis before the founders run away with all the money. Too many red flags to ignore.
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Article by Rakesh Dsouza, Kenjar.
