- in Cryptocurrency , Reviews by Derek Marshall
Is EthConnect A Scam? The Truth [EXPOSED]
Are you searching for an open and honest EthConnect Review?.
EthConnect is certainly an opportunity that is worth a closer investigation and examination but the question is "Is EthConnect A Scam?"
In this fully independent review I'll share with you findings and my own opinion in regards to this opportunity that I have been hearing so much about.
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As I go through this investigation I'll break it down into easy to read topics:
- What Is EthConnect?
- How Does EthConnect Work?
- What Is A Smart Contract?
- Should You Invest In EthConnect?
- Is EthConnect A Scam?
- My EthConnect Review - Final Conclusion
- How I Make Money Online.
Let's get on with this fully independent investigation and find out all about EthConnect.
EthConnect Review
Product Name: EthConnect
Founder: Unknown.
Product Type: Financial Advice Newsletter
Price: Varies
Best For: Nobody
Summary: EthConnect look like a good idea, sound like a good idea but in reality it is very much a Ponzi Scheme in my opinion. When lenders stop lending..the system will collapse.
Rating: 0/100
Recommended: No
Because MORE MONEY IS Waiting For You. The Question Is: WILL YOU TAKE IT?!?
More...
What Is EthConnect?
EthConnect is at the very core of it an open source network for Peer To Peer (AKA P2P) transactions that allows its user to trade cryptocurrency a decentralised non-governmental digital currency and operates on the Blockchain.
EthConnect provides the users of the platform a place where they have the possibility to invest or store their digital currencies and reap the rewards of their investments. This is due to EthConnect offering the potential to earn interest on their Cryptocurrency.
How Does EthConnect Work?
Every transaction that you make in the EthConnect Platform will be completely anonymous unless you decide to disclose your identity.
Until that point you can easily use a nickname, even during the sign up process and fully maintain your privacy. Transaction are only possible by means of electronic devices such as smartphones, tablets or computers.
However,
All transactions are recorded and monitored (and time stamped) by means of the blockchain.
Due to the use of the blockchain technology you can consider the system as safe, completely safe.
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Evidently this is not going to be a solid and reliable way of making money on a sustainable basis. With Investment comes risk.
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What Is A Smart Contract?
A Smart Contract is a digital contract that allows two private individuals (or corporations, or a combination thereof) to perform transactions with no need or requirement of a third party.
The last transactions are viewable by anyone, the names of the individuals involved remain private.
In all essence smart contracts are simply just applications that operate on Ethereum Virtual Machines where the processing power is supplied by the Ethereum Nodes.
They are called smart contracts because you can set the "contracts" to be automagically executed when your preset requirements have been met.
Example:
Imagine having a great idea for a Startup but you are short of the starting capital - you seek funding on Kickstarter (assuming You run a Kickstarter like system running off Ethereum).
You set up the Smart Contract that collects the money and it can be set (written in) to be that when $1M USD has been reached the money gets sent to you (or the receiver, whoever that may be) or..if the funding target of $1m USD has not been met the money can be returned to each of the individuals donators/investors within the preset time frame that you selected.
Of course the value would be in and equivalent in cryptocurrency, I used USD for illustrative purposes.
Should You Invest In EthConnect?
You are probably wondering if you should take advantage of EthConnect opportunity. They do after all offer a very nice interest rates for you, this is if you participate in their lending program and loan your coins into the program.
- $100 to $1000 - Earn the same amount back in just 179 days.
- $1,001 to $5000 - Earn the same amount back in 149 days
- $5001 to $10,000 - Earn the same amount back in 119 days
- $10,000 to $100,000 Earn the same back in 89 days.
There a few portfolios in which you can invest in:
EthConnect Trading: Profits here are not on par with the possibility of lending using the Ethconnect option. But, you do get a very stable gains.
EthConnect Stacking: You gain interest here by actually owning coins. If you cant or are not able to constantly keep an eye on transactions this option is much more convenient and can be very profitable.
Ethconnect Mining: In all essence the mining of cryptocurrency and processing of transactions.
Those are the details. However, upon close inspection and examination. If everyone stops lending their coins - no interest can be paid to anyone.
In all essence it very much looks and smells like a Ponzi Scheme. Operating in a similar fashion to USI Tech, DavorCoin, iCoinPro and in a way BTC Clicks.
Is EthConnect A Scam?
In all honesty I think that there is fairly strong chance that EthConnect is indeed a scam, more precise a Ponzi Scheme.
It really does look like a Ponzi Scheme that is fully dependent on users continually lending in their coins in order to pay out the interest rates promised. As long as there more people lending in to the EthConnect - it will be able to meet those agreed interest payments.
When that is not the case...there is no actual revenue being generated with the exception of the augmented value of the coins which are subject to market conditions.
My EthConnect Review - Final Conclusion
What looks good on paper is not always good in practice. And everything is not as it seems with EthConnect.
It certainly looks like it is a Ponzi scheme in the crypto world and for the reason I don't recommend it.
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