Is Falcon Coin a Scam Lending Platform? – My Review
Oh no… another cryptocurrency lending platform. Keep your eyebrows raised and stay on alert. Lending platforms like Falcon Coin are notorious for being elaborate ponzi schemes so you have to be very cautious when it comes to these kinds of things.
But can you trust Falcon Coin? Is it one of the good lending platforms out there? Or is Falcon Coin a scam that is just going to end up leaving you with less money than when you started? All of these questions are very important to answer before investing and in this review I’ll be giving my take on it all.
Falcon Coin Review
Before I really get into this its important for me to go over why “lending platforms” are so notorious. Most of the bad taste comes from the infamous Bitconnect, which was a massive ponzi scheme once valued at over $2.5 billion that since collapsed down to well under $100 million. Thousands of people lost thousands and thousands of dollars and the problem is that no one even knows who was behind this scheme. There are lawsuits flying around like crazy and its all just one big mess.
Bitconnect used the same type of “lending platform” that Falcon Coin claims to use and that is why I’m so suspicious. Lending platforms aren’t inherently bad or scams, but they are basically an easy way to suck the money out of people and secretly use it to operate an underlying ponzi scheme.
How The Lending Platform Works
So what you do is buy Falcon Coin and then lend your Falcon Coin back to the platform so they can use it to trade with their “volatility software”. I couldn’t really find any information on this software but I assume its just a cryptocurrency trading software that exploits the volatility in the market in order to make money trading.
The problem here is that if you do lend your Falcon Coin back to the platform you don’t have any idea what is really going on. They tell you that it will be used for their software to make you money but who is to say that is true? Its not like they show you the trades it places or anything like that.
How Much Can You (Allegedly) Make?
They claim that you will make 46% per month on average with the lending platform. That is a heck or a high return and its kind of difficult to believe. But whatever… I’ll give them the benefit of the doubt because I’ve seen massive returns in this industry.
Why It Could Be a Ponzi
The whole “lending platform” thing is the perfect way to disguise a ponzi and to make it very easy to take money. As I said, you don’t really know what they are doing with your money once you lend your coins back to them. You just have to trust them, which I’m not too sure you should do.
In a ponzi scheme there is no real value provided. Older investors are paid off from the investments of newer investors. This all works out and people can make a ton of money if they get into a good quality ponzi early on, but the are literally guaranteed to fail. All ponzi’s fail because once the flow of incoming investors decreases then they can’t afford to pay older investors and there just isn’t enough money to keep it up.
The referral program that Falcon Coin offers also makes me a bit more suspicious of it all. As a member of the platform you can refer others to invest and earn commissions for doing so. You will be able to earn 3 levels deep which means you can earn from the people you refer (level 1), the people that they refer in (level 2), and the people that they then refer in (level 3).
Should You Trust Falcon Coin?
I see no good reason to trust this place. I was already suspicious before even looking into it and now that I’ve done research on it I’m only more suspicious than ever and here are a few reasons why…
1) No information on creators/founders
One thing about this that I don’t like is how there is no information on the people behind it. With legitimate cryptocurrency projects they usually give a bunch of information about the team of people that are working on it. This allows you to look into these people to see if they are really who they say they are and if you can trust them.
With Falcon Coin you have no idea who is behind it. For all I know it could be the same people who were behind the massive Bitconnect scam.
2) No Information on their “volatility software”
It would be nice if they gave some information on how their trading software works or at least something. But of course there is no information on this whatsoever. Once again you are just supposed to trust that their software does what they claims it does.
And you are supposed to trust that it does this based on what? Based on their team’s amazing track record which doesn’t exist because we don’t know who the team is behind this?
There are tons of crypto trading software scams popping up all the time. For example I just reviewed several recently that go by the names: Crypto Edge System & Altcoin Trends. You can’t be too careful when it comes to these things.
Final Thoughts on Falcon Coin
As I mentioned, when I come across a lending platform like this I am suspicious of it right off the bat. Lending platforms could be totally legitimate but there have been so many scams in this area and they make it so easy to scam people that I have a hard time trusting them.
I went in on my research into this with the mindset that its a scam and that they need to prove me wrong. But what evidence did I find that that this isn’t a scam? Absolutely nothing. There are many characteristics of this platform that are very common when it comes to scams and I just cannot put my trust in them.
I’m not saying that you can’t make money. Some people will make money in ponzi’s but the reality is that most people will lose money… guaranteed. Most people are guaranteed to lose money because of the pyramid-like structure and the funneling of money from the bottom to the top.
Invest at your own risk. I don’t advise it but its your decision. Just don’t invest more than you can afford to lose.
On another note, which is not cryptocurrency related. If you are looking to make money online check out how I do it. The reason I’m mentioning this is because I know a lot of people looking to make money with cryptocurrency are just looking for money and not necessarily interested in the crypto technology. So if you are wanting to make money take a look. I’m making over $6,000/mo consistently right now doing this.
If you have any questions or comments please leave them below and I’ll try to get back to you soon 🙂