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Crypto enthusiast Jan Kowalski posted an article on the StakedWallet cryptocurrency wallet on his Medium blog. He did it for a reason. The fact is that the product is very similar to a financial pyramid. The service offers its customers passive earnings in the form of daily charges of up to 1.5 percent per account. At the same time, the earnings of the StakedWallet user increase in proportion to the time of his participation in the project. That is, people are promised the golden mountains - at least in theory. And this should be feared.
You can’t even look for such percentages for honest and real earnings. Well, the organizers of dishonest schemes act in the same way as several decades ago. Users are promised great interest, and at first they really get them at the expense of new people. That is, new customers come and share their money, which goes to pay "interest" of the old. As soon as the flow of new people stops, the pyramid collapses, and lovers of easy money are left with nothing. Naturally, the income goes to the organizers.
Another cryptocurrency fraudulent scheme
The terms of participation in the program seem very generous. Initially, the owner of StakedWallet has access to 0.6 percent of charges on the amount of his funds in his wallet per day. This figure is increasing to 1.5 percent per day after nine months of participation in the project. Accordingly, for the first year a person will allegedly receive 302 percent per annum, and then the profit will reach 547.5 percent per annum.
However, there is little doubt that the matter will even reach the charges of 1.5 percent of daily income. Typically, such schemes do not work for a long time, so nine months is too promising a forecast for such an activity.
The wallet has a lot of positive reviews on the Google Play, App Store and Trustpilot. But here everything is not so simple: with a more detailed study it becomes clear that almost all of them are wound. For example, one user on Trustpilot stated that he managed to earn “millions of bitcoins” using StakedWallet.
As you know, today 18.33 million bitcoins are in circulation, and their maximum number is limited to 21 million. Of course, it’s impossible to earn “millions of bitcoins” - and so it hurts in this way. This is at best a bad joke, although in this context it is more like trying to trick inexperienced investors who do not understand anything in cryptocurrencies.
The creators of the application also have a bad reputation. One crypto enthusiast mentioned the Westland Storage platform in the comments. Here is his review.
You all need to be arrested. I am following you and waiting for the result. Give me back my money. Thieves from Westland Storage and stakedwallet.io stole my 10 LTC.
The comment deals with the Westland Storage financial pyramid, which collapsed in 2018. At that time, its creators disappeared with investor money, and investors themselves lost everything.
The author of the article, Kowalski, was among the deceived victims of Westland Storage. He noted that StakedWallet is very similar to a financial pyramid. Both projects have a lot of similarities in website design, application user interface and even token code.
Alas, such schemes are not rare, and they really work. Once again, we note that such a profit in such a short time in the field of cryptocurrencies is impossible. There are no genius traders, miracle algorithms and clairvoyant investors and they will not earn money for someone. And if they existed, they would quietly earn exclusively for themselves. Well, the promise of passive income with hundreds of percent per year is a clear sign of a fraudulent scheme. Therefore, we recommend warning less experienced friends about such a scheme. So the scammers will not get the money.
You can’t even look for such percentages for honest and real earnings. Well, the organizers of dishonest schemes act in the same way as several decades ago. Users are promised great interest, and at first they really get them at the expense of new people. That is, new customers come and share their money, which goes to pay "interest" of the old. As soon as the flow of new people stops, the pyramid collapses, and lovers of easy money are left with nothing. Naturally, the income goes to the organizers.
Another cryptocurrency fraudulent scheme
The terms of participation in the program seem very generous. Initially, the owner of StakedWallet has access to 0.6 percent of charges on the amount of his funds in his wallet per day. This figure is increasing to 1.5 percent per day after nine months of participation in the project. Accordingly, for the first year a person will allegedly receive 302 percent per annum, and then the profit will reach 547.5 percent per annum.
However, there is little doubt that the matter will even reach the charges of 1.5 percent of daily income. Typically, such schemes do not work for a long time, so nine months is too promising a forecast for such an activity.
The wallet has a lot of positive reviews on the Google Play, App Store and Trustpilot. But here everything is not so simple: with a more detailed study it becomes clear that almost all of them are wound. For example, one user on Trustpilot stated that he managed to earn “millions of bitcoins” using StakedWallet.
As you know, today 18.33 million bitcoins are in circulation, and their maximum number is limited to 21 million. Of course, it’s impossible to earn “millions of bitcoins” - and so it hurts in this way. This is at best a bad joke, although in this context it is more like trying to trick inexperienced investors who do not understand anything in cryptocurrencies.
The creators of the application also have a bad reputation. One crypto enthusiast mentioned the Westland Storage platform in the comments. Here is his review.
You all need to be arrested. I am following you and waiting for the result. Give me back my money. Thieves from Westland Storage and stakedwallet.io stole my 10 LTC.
The comment deals with the Westland Storage financial pyramid, which collapsed in 2018. At that time, its creators disappeared with investor money, and investors themselves lost everything.
The author of the article, Kowalski, was among the deceived victims of Westland Storage. He noted that StakedWallet is very similar to a financial pyramid. Both projects have a lot of similarities in website design, application user interface and even token code.
Alas, such schemes are not rare, and they really work. Once again, we note that such a profit in such a short time in the field of cryptocurrencies is impossible. There are no genius traders, miracle algorithms and clairvoyant investors and they will not earn money for someone. And if they existed, they would quietly earn exclusively for themselves. Well, the promise of passive income with hundreds of percent per year is a clear sign of a fraudulent scheme. Therefore, we recommend warning less experienced friends about such a scheme. So the scammers will not get the money.