Is Kelsey Coin a scam?

Question

Joseph Ward · Answer

What is Kelsey Coin?

Kelsey coin is not a cryptocurrency. It is simply a “digital bank”  [1]

Kelsey coin claims that one coin will always be worth $1.

The details are very sparse but basically it seems like you sign up with your facebook account and then you can send Kelsey coin to anyone else who has signed up.

The entire process is centralized (Kelsey and his friend run everything)

They claim that they will build ATMs and an online marketplace to buy and sell things with Kelsey coin.

The only way to get Kelsey coin currently is to send USD to Kelsey (the founder) and he will give you Kelsey coin in return. (Though they promise ATMs in the future.

Short Answer

Is this a scam? Sort of, probably. (See long answer)

Is this a good idea even if it’s not a scam? No, not at all.

Long Answer

For it to be a scam, Kelsey (the founder) would have to break his promises which are:

1. If you send him USD, he will give you Kelsey Coin. The only way to test this is to send him USD and see if he gives you Kelsey Coin. I think he probably would because it only benefits him and the Kelsey coin doesn’t cost him anything.
2. Kelsey coin will always be worth $1. This one is pretty dishonest or at least naive. The way something gets its value is through the market (people buying and selling) based on supply (how much there is available) and demand (how much people want it). Sure, you have to buy Kelsey coin for $1 but what if I buy some and decide to sell it to you for $0.50? or $2? If you want Kelsey coin to be worth $1 you need to try to balance supply and demand. You can’t really control demand (you can try to influence it through marketing and so forth but at the end of the day it is up to the people to decide) so your only real option is to try to control the supply. If many people suddenly wanted to sell their Kelsey coin and there wasn’t enough people available to buy it, the price will start dropping as people are willing to sell it for less and less.
Is it a good idea even if it’s not a scam?

No, here is a list of reasons why:

1. There is a fixed supply of 1.2 Trillion Kelsey Coins. Besides the fact that a fixed supply makes it impossible to try to maintain the $1 level (see the previous paragraph about supply and demand), a bigger question is who gets those coins? Well Kelsey of course! He gave himself all of the Kelsey coins at the beginning so you need to buy them from him. Now maybe he is using those coins for good purposes but either way we have to trust him. Which brings me to the next reason.
2. We have to trust the founders! This is not a decentralized, trustless, cryptocurrency. This is just a digital bank that is not backed by anything! You may as well get a paypal account and then you at least have a company that you can (somewhat) trust instead of some random guy.
3. There is no way that this project will succeed. Because of the reasons above, no one is going to ever accept Kelsey coin as payment. In other words, it will be worthless.
Red Flags

Whenever you are trying to find out the truth about something, you will usually come across some suspicious things (red flags). This doesn’t mean that it is necessarily false when you find a red flag but as you find more, it becomes more likely that whatever you are researching is false.

Here are some that I found:

1. The first thing I found was an answer to this question given by Kelsey himself.

%3E Any person that thinks Kelsey Coin is a scam is:

1. Mentally disabled

2. Doesn't know what a scam is

3. Broke (or rich and they’re mad I’m gonna be richer than them)

4. Jealous because they know Kelsey Coin is making me the richest person in the world.

5. Does not understand how it works at all (hence why they are mentally disabled)

6. Probably watches My Little Pony
This answer gives us some interesting insights into Kelsey’s motivation (Ironically it gives us no insights on whether or not Kelsey Coin is a scam). Notice that he mentions himself being rich twice! The rest of the reasons are simply attacks on anyone who would dare question it. This is what is known as an ad hominem fallacy. This is when, instead of debating the merits of an idea, you simply attack the person who is presenting the idea or counter-idea. Any fallacies are read flags but ad hominem is a particularly big one.

2. On their website [ https://kelseycoin.io/ ] there is no explanation for how they will make this work. There is not much information at all. When people are not willing to give much information, that can often mean that there aren’t good answers.

3. Their plan [ https://docs.google.com/presentation/d/11p0DcFrG43QL4U9vYxljcoHqO6s60Ixoce1zv9RPL48/edit ] is full of naive claims without any data or logic to back it up. Their business model page and adoption method page were especially entertaining with their simplistic and ridiculous statements

So their business model is: “You buy Kelsey Coin from us and try to spend it places…”

And their adoption model is: “When people see how awesome this is, they will use it!” because doing actual marketing would be a waste of money

Motivation

Another way you can judge a project is by looking at what the motivation for it is.

Kelsey coin seems to be a way for Kelsey to give himself 1.2 trillion dollars. If Kelsey coin did take off that is exactly what would happen.

He claims it is to help make transferring money around the world to people easier but if that is his real motivation, he is going about it in a very impractical way. We already have much better solutions out there that don’t involve paying the founder over a trillion dollars.

Conclusion

Stay away from this project!!

1. What is Kelsey Coin? [ https://www.youtube.com/watch?v=50ZZDKy20lk&feature=youtu.be ]

Diana Bergy · Answer

To define, if the project is a scam or not, you should look at several points:

1. If you see an ICO which solves an important problem, it’s a good sign.

2. It should have a team of experts, usually in Telegram channel. Social media are not of less importance.

3. Check the White Paper and ask the team any question that you got while reading it. Get acquainted with the details of the ICO: rights of token holders, the price of a token, the dates, and so on.

5. If ICO is held for a working product, it means that your money will go where needed.

Richard Trummer · Answer

I have never heard of that one.

If you are new to the crypto space I highly recommend you stick to the top 20 coins from coinmarketcap.com.

For such new projects you need to do fundamental research and evaluate the team and idea behind the project. This is curcial!

Allison Parker · Answer

I do not think that Davor Coin is a scam. I think that it is a great opportunity for people to invest in and I believe that it has a lot of potential.

Kanishka Jaiswal · Answer

No,

I will not say it’s scam as because I have also enroll in Coincent 4 year program on Oct 2021 for Artificial Intelligence and for me it is going smoothly. Yes, I faced some problem and then I contacted to support team of Coincent. They have explained me whole process and help me out for my problems.

Regarding the exam for Microsoft Certification, all the question was discussed in the live session and they provided recorded lectures as well. And yes at the time of enrollment only they had mentioned to me in which domains they are providing Microsoft certification.

So I have a good experience and waiting to complete the remaining duration.

Amrutha Devi · Answer

No Coincent is not a scam as I have enrolled for the Data science with python in the batch 2022 I have successfully completed my training

Had a comprehensive and positive learning experience with Coincent Data Science with Python course. Completing the training, having live mentorship sessions, engaging with live projects, earning a Microsoft certificate, and securing a guaranteed internship are all great achievements. If you found the program valuable and fulfilling, that's what truly matters.

Coincent is a very good platform where you can start you career to gain skills.

But I have gotten all the things which Coincent team has promised me.

T Soochi · Answer

They are 100% legitimate platforms, but occasional hiccups and errors always happen. There are complainers for everything - including for zort.com - but it doesn't mean the company is fraudulent.

Luca Marino · Answer

Looks suspicious to say the least.

This is related to cryptos.

And nowadays most scams on the internet operate with cryptos.

Also, no real reviews, so no way to trust them/no if this is legit.

So I would recommend staying away from this website/stay safe…!!!

Here is the screen shot from “coinaee” dot com.

Maybe someone will fall for it and reviews will come up sooner or later.

18-203 HARI NAIDU · Answer

It’s a good platform, but initially I also thought that its fake, because few people who have randomly spreaded a false message.

But I have gotten all the things which Coincent team has promised me

David Schwartz · Answer

Yes, it’s a very obvious scam.

An investment where you put down a fixed amount of money and get fixed amounts back is called a “loan”. These “investment packages” are loans.

The worst loans in the world, credit card cash advances and payday loans, cost less than 10% for an entire week. These loans cost 30% to 90% for 5 days. So these are the worst deals ever. Only an idiot or a criminal would offer rates like this.

So is this the web site of an idiot or a criminal? I think the latter is more likely.

Tia O'Neill · Answer

The top-most thing is to research it first. Never just rush to sell your coins without knowing what you are doing in the first place. Firstly, you want to find out about the different type of pi coins there are, their scarcity and values. There is a plethora of online information — just ensure the site is credible! The Pi Coin Foundation, the American Numismatic Association or other similar sites are a good place to start.

A realistic price after knowing what your coins are worth, it is time to put a fair price on them. You're not going to make thousands of dollars off your pi coins, so don't g

A realistic price after knowing what your coins are worth, it is time to put a fair price on them. You're not going to make thousands of dollars off your pi coins, so don't get too excited just yet. Pi coins prices are variable and are largely determined by the condition & demand of the coin as well as its rarity, but generally speaking you may be able to get any where from $50 — $500 per coin. Just be careful of people that offer a rate way higher than this; it might just mean they are trying to scam you.

After understanding what you are dealing with and setting a competitive price, the next step is finding buyers. You may want to begin by listing your coins on online markets such as eBay or specialized forums like Reddit's r/coins. Be sure to include detailed details about your coins, such as condition, rarity and provenance. You should also have good photos of your coins, from different angles.

I would caution you against dealing with any buyer who is too pushy or overly aggressive. And finally, Coin trading is not a gamble. Unless you are being paid/insured properly, or someone is pressuring you to ship the coins in a hurry, then try not to send it.

Lastly, always protect your identity and never let buyers trick you into sending money without knowing who they are. Always use a secure payment method like PayPal or bank transfer and never ship any coins before you have received full payment. To sum it up, as long as you are careful and keep the aforementioned information in mind, you should be able to get rid of your pi coins without falling victim to a scam.

Always remember that this is a business, and selling collectible coins will take effort, ample time spent on doing research and exercising some well-deserved caution. Do not force anything as long as you feel uncomfortable, give priority to your safety and your peace. Happy collecting!

Akshith Akshith · Answer

Many crypto fans are interested in investing in the Terk token since it has gained significant traction in the cryptocurrency world.

Because to the Terk coin airdrop, there is a steady increase in interest in the Terk token.

However, the harsh reality is that the Terk token is merely another means for people to launder their money in the cryptocurrency market. We can classify this as one of the crypto fraud tactics.

I understand that seeing a negative review on the Terk token and Terk coin airdrop may surprise you, therefore I'll explain you why Terk token is a hoax.

We've concluded that the Terk token is a fraud based on our investigation, and the red flags for considering the Terk token a scam are listed below.

IDO that is not appropriate

Every cryptocurrency has an ICO or IDO event, in which a portion of the total supply of the coin is distributed to those who participate in the event.

The main goal of the event is to allow investors to purchase a limited number of tokens at a discounted price while also raising revenue for the project's growth.

Team of Unknowns

When it comes to cryptocurrencies, it's not just about the project or the tokenomic; it's also about the team.

Although most meme token teams are anonymous, in the case of Terkeh token, this is only a minor red flag.

Liquidity Isn't Locked

They claimed on their website that the liquidity was locked, but when the contract code was examined, it was shown to be a complete fabrication.

Liquidity is not guaranteed, and the team might withdraw the investment at any time.

Untrustworthy Airdrop

The Terk currency airdrop is only one of many ploys to get others, particularly investors, to fall prey to their fund-laundering scheme.

It's a tactic to increase the number of scam project victims by giving enough tokens to those who invite others to join the airdrop.

The airdropped token is also not tradeable until a specific date, and some of these people may be attracted by the possibility of getting the token at a lower price than the market price, resulting in a fast rising list of victims.

To sum up, you should refrain from participating in the Terk coin airdrop since it will ultimately be a waste of time. But, if you believe you're losing nothing, consider the time and effort you're putting in to recommend individuals to earn more tokens, and you might be the source of your invitee's financial loss.

Gen · Answer

BNB is the native token of BSC, the Binance Smart Chain. This is a blockchain that solves the 2 biggest issues that limit Eth. Eth is slow. A transaction takes 3 minutes to mine. Eth is also extremely expensive. It is not feasible for Eth to ever replace fiat. You could never order a coffee and pay with Eth, it’s too slow so you’d be holding up the queue and the gas to cover the cost of the transaction would be many times the cost of the coffee.

By comparison, BSC is fast (transactions take 3 seconds) and very cheap (gas costs are relatively negligible) So BSC could replace fiat in a very pract

By comparison, BSC is fast (transactions take 3 seconds) and very cheap (gas costs are relatively negligible) So BSC could replace fiat in a very practical sense. Or a token made on the Binance Smart Chain could replace Eth (and they are doing in many cases) and the gas fees for those transactions will require BNB, so either way, BNB (and its holders) benefit.

So now back to the original questions, is BNB a scam?

BNB is BSC’s native token and it’s used to pay gas fees on BSC. So it does have a very important use case, regardless of what some other answers have stated. It fuels a blockchain that really could one day replace fiat. For me, that’s a pretty epic use case. It’s not a scam. It’s an alternative method of exchanging value that solves many of the problems that existing methods have.

ALEX CARTER-CryptoRecoveryGuru · Answer

No, Binance Coin (BNB) is not a scam. It is a legitimate cryptocurrency issued by Binance, one of the largest and most established cryptocurrency exchanges in the world. BNB is used for various purposes within the Binance ecosystem, such as paying trading fees at a discount, participating in token sales, and powering the Binance Smart Chain (BSC) for decentralized applications and DeFi projects. However, like all investments, it is important to conduct thorough research and understand the risks involved. Always ensure you're using reputable platforms for buying and trading BNB. Reach out if you need further guidance or clarification.

Adriana Ellesmere · Answer

Unfair enrichment at the expense of hungry investors. COIN BITS will keep pushing you to invest more money. I think I agree with the fact that some of them were involved in OneCoin fraud.

I was tricked with their offer of initial investment of 250 Pounds and I ended up losing thousands of Pounds. Never knew it was all scam. They kept asking for my personal details which was very creepy.

David which was assigned to be my manager is full of ‘convincing’ lies. Excuses upon excuses. The account department is fictitious and does not exist in reality. Just probably 2 persons talking with over 10 different tones. What a scam web!

I’m for sorry if you still believe that your money is coming back, you are dreaming.

Telegram channel gone. Not approving withdrawals. They have been blacklisted by the FCA, The Financial Management Authority (FMA) of New Zealand, and also Bulgarian regulators

Scam company. I'll write this everywhere on the internet.

Just apologise and pay me for the emotional trauma and i'll withdrawal my petition with the FBI.

I didn't know that this was a scam until i filed a chargeback and retrieval complaint through a recommendation to (HORIZON-SECURITY,ORG) This was when i found out that you people do not offer any financial product. All is fake! Although I've gotten my money through Horizon Security but i will still destroy you.

Sheila Renee · Answer

Investing in a scam coin can lead to serious consequences, both financially and emotionally. Here are a few potential issues you could face:

* **Financial Loss:** If you invest in a scam coin, you could lose all or most of your investment. Scam coins are usually designed to deceive investors into buying worthless or non-existent assets. The scammer will often disappear with the investor's money, leaving you with nothing.

* **Emotional Distress:** Investing in a scam coin can lead to emotional distress, as you may feel angry, frustrated, and embarrassed for falling for the scam. This can be particularly distressing if you invested a significant amount of money.

* **Reputational Damage:** If you fall victim to a scam coin, you may also suffer reputational damage. This can make it difficult to find other investors or business partners in the future, as people may be wary of working with someone who has previously been scammed.

* **Legal Issues:** In some cases, investing in a scam coin may involve breaking the law, especially if the scam coin is part of a larger Ponzi scheme or other illegal activity. This could lead to legal problems for the investor.

Dunsmoor · Answer

Absolutely. Their “ICO Compliance Lawyer” was Cal Evans who was not even licensed in 2017 with his original and sole UK regulator CILEx. Cal Evans [ https://www.quora.com/profile/Cal-Evans-19 ] is a scammer and con man. That is why he has answered 80+ questions on Quora with AI-generated garbage.

Danielle Adelaide · Answer

A statement from a Client"I opened a trading account with coin-bits and was assigned an account-manager. The account manager demonstrated how they assisted their clients through assisting with winning-trades. - I was then invited to become a member of a group of 20 whose funds would be pooled in order to provide the depth of funds required to purchase bitcoin at a wholesale rate of 8% below market. - Returns guaranteed with no risk. It turned out this was not the case at all and I was tricked into allowing my funds to be used by the account manager for other purposes. This resulted in extremely large losses being posted to my account including the incorporation of excessively large swap-commissions. When i realised what was happening I was able to stop the trades still leaving my account in balance. After the incident the account manager went to ground and I have not heard from him since. After a while a new account manager came onto the scene followed by another followed by the man who now acts as my account manager. My account is still active but I want to close and transfer my remaining funds. - I have applied to withdraw $130,000. - So far they have transferred around $6000 iin two transactions with the promise of a further $110,000 . I have no confidence they will actually meet this commitment.”

His funds were recovered in 1 week, after I got involved in the case. If you have also had a similar experience , Contact me. Recovery of stolen funds does not need to be a worry to the victim. Effective Service guaranteed.

I can be reached at danielle6751 at outlook dot com

His funds were recovered in 1 week, after I got involved in the case. If you have also had a similar experience , Contact me. Recovery of stolen funds does not need to be a worry to the victim. Effective Service guaranteed.

I can be reached at danielle6751 at outlook dot com

Pritam8851 · Answer

According with Techpay Coin team, this is not a scam because their pre-sale received over $600 million in investment opportunities and their market valuation exceeds $400 million. However, at the time of writing, there are no live links to any TPC wallets or anywhere to buy them in any cash other than Etherium and Bitcoin.

Many people have called Techpay Coin an ICO a scam. Experts have made the scamming claims, and team members have stated that they have been victims of fraud. They have not kept any of their promises, despite claiming to be legitimate.

For both ICO and the project appear to be highly dubious and would be interrogated more closely by investors if it weren't for the bad publicity.

please upvote

thanks

Anonymous · Answer

Absolutely yes. This company is a fraudulent company

Read the review following this link

CoinStarHaven.com Review: Is CoinStarHaven A Scam, Or Can You Really Double Your Money In 7 days? [ https://wegetscammedforyou.com/is-coinstarhaven-a-scam/ ]

and my comment on this review based on my personal experience.

I have been scammed by this company. Coinstarhaven location is not in England as I sent a friend of mine who lives in London to the address stated in their website
50-54 Carnaby Street, Soho, London. But at number 50 there is an empty shop under renovation the other numbers do not exist.
Even if it is stated on the website that the payout after 7 days is automatic. This is not true because on the payout date you do not see anything. I contacted the online chat support to know about my pending payout, and after half an hour I received an email from the support department which stated that the algorithm could not verify my name and telephone number. Therefore a re-registration was necessary and for that, I had to pay 0.25 BTC re-registration fee and 0.30 btc confirmation fee to have my payout. I wrote to them that if a registration fee had to be paid they can detract the fees from the payout amount, the answer I received was that they use two different wallets for funds storage and for fee payment and that is not possible for them to detract the fees from the payout amount, but that I have to pay the fees in advance in order to get my payout.
I refused to pay and my payout is still pending from three months now.

because paying the fees in advance means just to increase your already lost funds. This is the signature of the fraud, in the past, many binary options broker used the same method to scam the investors. Most probably are the same people that have shifted from binary option to cryptocurrency investment.

Personal experience can be shared at the following telegram channel

@coinstarhavenscam

COINSTARHAVEN SCAM [ http://t.me/coinstarhavenscam ]