CoinSpace an illegal investment opportunity in Italy, KYC
CONSOB, Italy’s SEC equivalent, has determined CoinSpace’s cryptocurrency offering to be a “financial product”.
Seeing as CoinSpace are not registered to promote financial products in Italy, CONSOB has effectively issued a ban on promotion of the company.
BehindMLM reviewed CoinSpace back in February, 2016. CoinSpace affiliates invest in S-Coin Ponzi points, with ROIs through an internal exchange paid out of subsequently invested funds.
CONSOB’s investigation reached a similar conclusion, finding ROIs of up to 50% per month as well as daily ROIs advertised.
CONSOB’s investigation focused on “coinspace1.com”, which markets CoinSpace in Italian.
The conclusion reached by CONSOB was to suspend promotion of CoinSpace in Italy for 90 days. The problem for CONSOB is they don’t know who is running “CoinSpace1”.
The coinspace1.com site is registered by a person whose identity is concealed by a provider of services privacy.
At present, it is not possible to identify the authors of the advertising done through this site.
CONSOB’s resolution was published on February 1st. At the time of publication the CoinSpace1 website is still promoting CoinSpace.
When I clicked “register” on the CoinSpace1 website, I was redirected to a replicated CoinSpace affiliate website.
When I clicked “create an account”, a signup form identified the referring affiliate as Danilo Presciutti (affiliate ID: 178996).
Possibly due to language-barriers, I was unable to find anything further connecting Presciutti to CoinSpace.
According to TruffaCoin however, CONSOB’s resolution makes all promotion of CoinSpace in Italy illegal.
CoinSpace for their part don’t seem to care about CONSOB’s resolution. Presciutti’s CoinSpace affiliate membership is still active and Italy is the second largest source of traffic to the CoinSpace website (Alexa).
In related news CoinSpace itself might be running out money, following the recent implementation of KYC.
Although designed to combat financial fraud, in the MLM underbelly KYC is typically used by Ponzi schemes to stall affiliate withdrawals.
Oh and it’ll be a nice little money spinner for CoinSpace too, as they’re charging affiliates €119 EUR each for KYC verification.
Affiliates who don’t cough up will purportedly be subject to withdrawal limits.
CoinSpace are directing affiliates to send their KYC documentation to “KYC Safe”. The KYC Safe website was only set up on February 2nd, 2017. It appears to be some dodgy Slovenian company set up to exclusively handle CoinSpace KYC.
I’m sure they’ll take good care of your passport, banking and whatever else personal information CoinSpace affiliates send their way.
Are you saying that KYC that Coinspace is sending is a money-making scam?
Other crypto-currencies that I am associated with do not charge for KYC, neither is it even remotely as complex as what Coinspace is making it. Regards, Barry
It might be a scam in and of itself, but more importantly it’s part of a bigger scam.
In Ponzi schemes KYC is used to slow/deny withdrawals. You only typically here about it when ROI reserves have almost run dry.
Thanks OZ for your amazing information`s all the time. This time i have to prove you wrong. Im Italian and i know the facts from behind the scene.
CONSOB is not investigating against Coinspace but against this landingpage coinspace1.com and some other landingpages like this, that some “really professional” so called networkers set up. Furthermore company is in contact from the first day on with outhorithies, to follow whatever has to be done.
Regarding KYC, there is the latest european money laundery law that especially every cryptocurrency company has to know their customer and all they did is following it and getting to know their customers.
At the end it has to be done, if it`s done by themselfs as a company or third part company, doesn`t really matter.
Last but not least i can guarantee you that coinspace is not any kind of fraud, scam or soever.
It`s one of not many serious long term project`s out there, with so many things to be launched within 2017.
There is no “behind the scene”, the information is from CONSOB itself.
The landing page is where they started, and that lead them to determine CoinSpace is an illegal investment opportunity.
And yet still promotion of CoinSpace has been prohibited. Speaks for itself really.
And what law specifically would what be? Money laundering being illegal in the EU is nothing new.
CoinSpace is a Ponzi points scam. Your investor guarantee is noted but worthless.
I’ m italian too and I know that Consob is investigating againist Coinspace.
Miner, Oz, Noscammer, hello. Half year ago was promised that coinspace will own blockchain. Does coinspace own blockchain now?
Unless a cryptocurrency is publicly tradeable, a blockchain doesn’t mean anything.
Oz thank you. The point is they promised to own blockchain more than half year ago, all I need to know did they kept the promice?
Do they own blockchain, if they reckon that official launch on the 1 st of September?
I think they provide a blockchain to affiliates, but again if the coin isn’t publicly tradeable it’s meaningless.
I would like to bring your attention towards a company called Coinspace that is registered in Mosta Malta and its a one man show run by a dictator called Jerry plesko.
When the company started they have been delivering the results by having a proper payment withdrawal system and things were going normal till October 2016 when they have sacked there 2 marketing and country opening director Luka lah & Klemen Nicolette along with their various team and pioneer.
CEO Jerry Plesko:
Jerry Plesko promised to members that company will be launched back in October 2016 however they have never launched till todays date.
This guy Jerry Plesko is only collecting money from people around the world and then let them suffer after as He hardly reply to no one. The company has no visible structure and offices where people can contact and get an answer of their query.
Jerry plesko treat Coinspace as a kingdom and he only have a few selected people who has been choosen by him.
His attitude to member is very cheap and rude He contact people only when he wanted.
The Alarming thing about Coinspace is that they donot have compliance department and CEO Jerry Plesko himself unnecessary punish and make issues for various leaders around the world.
For example: on several occeasion in Turkey, Austrailia, Pakistan, Philipine etc He personely enter in people account and take control of it and change their email addresses and Ewallet details where thousand of Euros cash lying and take control of their account.
Coinspace Australia:
The Pioneer & Director of Australia Noel Farugia who is settled in Australia from Long time. He is also a Black diamond in the company with one of the highest rank His ID has been suspended by the company from the last one month.
A reputable Executive Director who is also Pioneer in Australia and organiser of various coinspace event Mike Chipchase his ID has also been suspended and company with over 50,000 Euros sealed by Jerry Plesko (Company CEO).
There are many other leader around the world who are suffering with ID suspension issue.
There are no warning s either written or verbal before account closure. The company can anytime access to your account and change email address and account details.
Coinspace Support system:
Coinspace support system is another horrible story. It take ages to clear an issue specially if you don’t have links no one bother to help you. Several people left the business because of extremely slow and irrelevant reply by support.
Cash out Coinspace money:
Although Coinspace says that they have strong payment withrawl system but once again its big lie. Mostly it takes ages to withdrawl the payment from your coinspace wallet.
KYC and Coinspace:
An unnecessary charge of over 120 Euros in place to do your KYC. It was never mentioned before and its painful for people specially people from 3rd world countries and if you donot pay this amount then you can be terminated in 90 days.
Coinspace in 3rd world countries and country Like Turkey:
Company has closed people account unnecessary and are mentally torturing the networkers and investors to suffer.
In Countries like India, Bangladesh, Pakistan & Turkey Company don’t give any support to its members and people are in extremely pain. The biggest issue is withdrawal as Omni Pay has stopped functioning in those countries.
People who have invested thousands from those countries are concerned and have no channel to approach company.
Conclusion:-
Everything is authentic and valid and its hundred percent genuine information. The hot balloon of Coinspace is getting bigger and bigger and now its getting extremely dangerous this need to be acknowledge to the other people and I found you a great source to spread awareness.
The company is in air and its a shameful ponzi scheme with another traffic monsoon kind of profit share but the question is till how long.
Recently the company has raised their package prices and people have no option to buy and next year to renew it.
Please look into or investigate this information and unveil those people who are involved.
Thank you for the information above. I know that there is considerable concern out there, in many parts of the world.
Please keep me on your list, and up to date with whjat’s happening with Coinspace.
Please keep me updated on what is happening to Coinspace. Thank you.
This All Rumours Made By Immi Shah Who Been Caught In recent fraudulent Payment activities. Coinspace has terminated his ID.
There’s nothing “rumour” about Italian authorities cracking down on CoinSpace. You’re just regurgitating what you’re upline told you.
Sad.
Interesting know that Jerry Plesko was in livesmart360.
This finished went under. Strange how only few months later Coinspace start with him as main person…. Hmmm…
I have said from the start, how is it possible for this system to be maintained without further input from investors in an ever increasing way.
It is MLM pure and simple and when the investors stop investing in it – it will collapse big time.
Turkey country membrs now locked out blocked. All their membrs threaten legal consequnce on Coinspace..
Coinspace now illegal USA, Slovenia, Italy, Malta Pakistan & UAE!!!
How long before more countries block illegal SCAM organisation!!!
Ante Kalava firstly i dont want to go down to your level however a friend of mine insist to write down you reply.
I have proves who is cheater me or coinspace. You and your dear friend plesko has messed up life of network marketer you used to wisper in the ear of this jerry plesko and he used to play with life of people.
you guys have no experience how to manage a company thousands of people life is on stake due to poor communication, lake of management skills, rude and unethical actions etc..
I have all the valid proof about what happen since the company non professionalism and stupidity has badly affected me and my team therefore we lost all faith on crptocurrency business.
Leo Hokkenen from Australia is running a campaign against you guys as you guys messed him up too. Noel farugia account has been blocked by you guys (i am not his spokesman).
Now I have a LOL here that the company sometimes place false allegation of frauds and other times another public ally lie that i have joined other company thats why my account blocked (i have evidence)?
yes i did join a company as i need earning for my family. I am still driving an old vauxhall insignia and living in a rented house because i didnt make money as you guys have hacked and blocked us.
I cannt give an authority to coinspace mafia to make a decision of my career therefore i have kicked out this coinspace business from my life without begging anyone and moved on product based company.
now Ante Kalava why you are so concern regarding imi shah we didnt make at all as your friend jerry was keeping an eye locking account time by time and entering unauthorized in our accounts.
Dont open the stories here you are a big man earning millions, driving big cars I am not and now the true face of coinspace is unveil to people and everyone is penic.
I would request BEHINDMLM team to investigate this company neutrally. as they are another biggest curse after onecoin. I have plenty of proof that is more then enough to unveil coinspace.
Lets not open the chapters here. and shame on this baseless useless company coinspace that already established and giving sever issues and hadache to people of UK-Pakistan- Turkey- Italy – Australia and bolivia if you need any more evidence come to me I can show you how they treat network marketer who work hard in a hope to change their life.
Already done in our CoinSpace review.
It’s a Ponzi scheme and what’s playing out now is your typical Ponzi collapse. Not what you want to hear but it is what it is.
Agreed….. Imminent collapse!! That why they attempting cash grab with KYC crap…. Trying to SCAM people again!
Does anyone know if coinspace is running again in turkey? How long have they been cut off? And how did they cope after this time with their clients with their coins?
Looks like they are going down the pit.. feel sad for the newly investors as they are not fully informed.
Good people….. Read this crap that a person close to Jerry Plesko wrote…..
There is NO compnay…… It is only Jerry Plesko, Ante Kalava & guy called Carlos….
Evidence of their fraud has been given to Interpol & Europol!! Consequnces for them very soon!
I am from the Czech Republic, more than a month I do not have bills and there are no money on Papaya.
That’s why I asked here about Turkey, there were also offshoot accounts, but it’s supposed to be running normally.
From support, they wrote to me that the Czechs have been suspected of fraud and that they have suspended our access.
On Tuesdays, they wrote about the patience, so let’s see.
Hi! well, things with coinspace looks not good. Ahkmed were did you found this “crap”?
Was from direct coinspace member..close top….
They say “People that not done KYC complience by May 31 will be closed off……all their accounts gone.”…
This cash grab….. They running out money to pay people…
Will wait see Interpol / Europol investigation…
Ahkmed do not be so negative. There may be some problems, but they solve it. The Coinspace response to it is already running.
Everything Coinspace made to advance Plesko’s best friend.. Kalava…
Cutting and closing accounts people… This KYC crap is nothing but cash grab… Tehy forever pushing back there supposed public release date….
The people Klement / Luka fired because said Coinspace has never mined coins at stage…only mine after public release…. So their coins only counter on website!!!! Total Fraud!!! SCAM!!!!
I am a Nigerian and greatly impressed by the allegations and counter allegations / defence from coinspace members.
This company started just about two years ago, and those teething problems i guess are expected we all sincerely hope that Mr Jerry Plesko will get over them and turn COINSPACE in to a leading light in the cypto currency industry.
COINSPACE came in to Nigeria last year and is greatly making waves but sincerely the issue of payment for KYC brought shockers. I want to believe coinspace will get over these problems
Coinspace NOT INTERESTED in going public…. Again they mention push back date to November this year….
Plesko just got over 100 million Euro from Turkish before he blocked all of them!!!
He complete SCUM!!!!!!
Good morning everyone. I’m a Coinspace member from Australia. I first read about Coinspace in August 2016,read as much as I could seeing as I knew nothing about crypto, and joined.
In hindsight I made an emotional decision that has not yet worked out how I had greedily hoped. It is not easy to admit these things sometimes, despite trying to be as logical, patient and rational as possible throughout the process.
Now, I am concerned with the allegations above regarding Luka and Klemen being ‘sacked’ as well as the accounts of Noel and Mike Chipchase being suspended.
Being Australian this is alarming if true seeing as most members from Aus and NZ will be under them somehow. I am currently messaging an upline to see if this is true.
I personally have seen members become disaffected/negative. Some of it is self-inflicted because of greed, some of it is because Coinspace have been terrible in their communications and commitments not kept. One of these is the delay and re-delay of their launch.
With Leo and Mr Shah I can see why there has been issues as well. In my opinion these gentleman (no sarcasm) were really hyping Coinspace in an unrealistic way. I was never comfortable with their marketing approach.
However without knowing the full details of their experience I cannot comment further. One of the comments by Ahkmed above refers to an Interpol and Europol investigation. Is an investigation underway?
For what it’s worth I do not know Ante Kelava or Ali Dinler personally. I cannot comment because I have not dealt with them. I do however follow Carlos Oestby on youtube and in conference/team calls. He IS fantastic!
These men are NOT Coinspace management, they are leading affiliate/network marketers for Coinspace and therefore fall subject to Coinspace changes and decisions. I would be devastated for Carlos if he was being misled.
I’d like to give some responses to some concerns raised above..we were told that the kyc process is a requirement under the EU AML Directive 4.1 from last year. Yes kycsafe is handling it but i am not aware that they are/were created earlier this year exclusively for coinspace.
In Australia a lot of people complied and paid the 109 or 119€ fee. There is no lie that members were extremely unhappy to have this introduced.
I did not have mine completed by the due date, but we found out about a month ago that members outside of Europe are not required to pay, and that team leaders are seeking refunds for downlines who did pay.
Like most people my money is locked inside Coinspace and am hoping for the best.
The only counter claims that Coinspace is not a scam would be: is it a ponzi scheme? Not unless the cloud mining is true and that commissions paid out come from the mining of other crypto and not new members money. This is hard to verify though.
Will Coinspace launch? Only if they are organised correctly, transparently, legally and ethically. I do hope for the best and have little choice but to bope for the best. Obviously I would like to come back and say everything worked out
In saying all these things, I am extremely happy to be involved in the cryptocurrency world. Had I of not joined Coinspace I would not be taking this industry so seriously.
My involvement in Coinspace has made me sit up and take notice of what Satoshi brought to the world.
Just so you know I have an Ultimate and Full mine. Thats 30.000€ that may be lost. That’s how heavy in I am.
It may be small to some people but that is the majority of my savings, just so you know how much risk I took. Call me a fool thats fine it’s done and I’m committed.
Regardless of what happens I will stay with the cryptocurrency world. I also have some advice for newcomers that I would like to have known 8 months ago..
Go to coinmarketcap.com, read the charts and look at the histories of each digital asset. For the top 150 crypto visit their website, and if available follow the ‘Announcements’ link to bitcointalk.
For most cryptos there are forum threads, slack and reddit pages dedicated to discussing them. Find other news websites and check them regularly.
Become informed as to what you are investing in. It does help and when you read the many many pages you will see the flood of information available.
You will also quickly see the contradictions, debates and trolling amongst the community. For example a lot of tech heads absolutely hate ripple, yet it is a top-tier asset because of its links with Asian banks.
Bitcoin itself is having a civil war between the Core and Unlimited camps over the scaling issue. So what I am trying to see that there is fighting and greed everywhere despite blockchain technology offering so much to the world. I am so excited about the benefits available in the middle and long term.
Also, there are some crypto that according to the ‘experts’ should not be on coinmarketcap.com. Out of the 700+ total it is the top 200 you would like to be aware of at least in a small way.
By learning these things you will see where Coinspace can improve if it is truly legitimate. The most obvious to me are the white pages, a roadmap, active engagement with the crypto community, github pages to check for vulnerabilities and uodates via social media.
The faith Coinspace is asking from me is upside down in comparison to ‘traditional’ crypto.
There is a pattern of criteria that other digital assets take and Coinspace is not following these usual steps. Yes it may be too late for me, but I am committed long term to crypto regardless.
@Aussie Coinspace – without getting into the “how the heck do you MLM ‘money’ without a pump & dump scenario or other scandals;” your advice is on point.
I’m just amazed to see logical deduction taking place from a member of this type of scheme. So, kudos to that and good luck.
Cryptocurrency is a new and nascent field and this is only the beginning. So, you have time to put your toes into the real thing yet! I just wish there were more of you who reached this revelation, brain intact.
@Aussise Coinspace
So Australia is running or no???
@Coinspace member czech: coinspace scammers started a new scam – bereal.estate
behindmlm.com/mlm-reviews/bereal-estate-review-reselling-property-leases-130-annual-roi/
@Timothy Curry thanku for the kind words. We live and learn, fall and rise. As philosophical as that sounds it’s exactly what I am going to do if things head south. There is no need for me to be bitter. It is my lack of due diligence even though I learnt as much as I could at the time.
Nobody held a gun to my head to sign up. I know with absolute confidence that my 3 generations of uplines did not knowingly deceive me. I am in consistent contact with them and part of an emailing list by some senior members who check on us and provide updates as soon as they know them, sometimes daily.
A big part of the problem is promotion by people who are using hype to make a sale, typical stuff. Another part of the problem are members promoting the opportunity without having looked into cryptocurrency and how it works even at a fundamental level. They probably think they have but I disagree.
@Coinspace member czech what do you mean exactly? In my backoffice my package is mining daily according to plan. I am not locked out of my account right now. As far as I know Australian Coinspace members are actively promoting the product and people are signing up.
If you’re reading this and have not signed up, I would advise to pause and breathe. At this stage there is not enough clarity to be completely comfortable with. Wait 12 months to see if Coinspace does launch and is accepted on an exchange.
Can I say here that being accepted on an exchange is not the be all and all to being considered successful. There are options coming out that allow the user more flexibility and customization.
You have the opportunity to get informed. Find out how to get a wallet and which type. Find out if mining or faucets are for you. If you are experienced in forex or penny trading perhaps trading crypto is for you.
We are up against hackers, exploiters and digital pirates that as a whole never sleep or pause. Even trying to get the best advice available will not be enough. The crypto world is evolving and mutating at a pace that even the veterans cannot keep up with and predict.
Thanks, I wanted to know. In our country in Czech Republic and other countries we are weaned out of the 8th week, allegedly due to the frauds of some members.
@Coinspace member czech what do you mean? Are cashout requests taking too long? Are people locked out of their back offices? Are mining numbers increasing daily?
In Australia we do not have access to the Papaya prepaid card. We are able to sign up for the Payza or Unionpay/Omnipay prepaid cards. I signed up for the Unionpay option.
It took me quite a while to get mine sent from Malta and finally get S-coin sold, transferred, loaded and eventually withfdrawn from an Australian ATM. Now whether or not these proceeds are from actual mining profits or from new investors money is a different issue.
In saying that I haven’t received a cashout request for 3 weeks, 1 week longer than expected. When I asked card support earlier this week what is happening I was informed that it is ‘a direct consequence of system security updates. Consequently, the transaction will take a bit more time’.
I’m wondering if it is wise to start a reddit page and try collate information from members around the world. Perhaps people could shed light from their geographical locations in real time. I have seen that an Andreas Wolf is connected to the legal side of things with Coinspace, does anyone have further ideas?
Apologies, when I said earlier this week (card support) I meant earlier last week, so one week ago.
I have no access at all. When they log in, there is a message
On the question of what’s happening in support
So we do not know what’s going on with our loaded s-coins and even when it will give us access again. Communication and the situation is very bad with coinspace.
We use Papaya, that’s no problem. But since mid-March, we do not have the money.
That is truly terrible. That is 6 weeks waiting. Wishing all Czech Coinspace members luck.
Can I also say here, DDOS attacks are becoming regular within crypto exchanges.
Bitfinex was hit again in late February, the ransomware attack hit recently, and I read Jack V say that after the Gamecredits/MobileGo ICO there was a DDOS aimed at them. So it never ends. Even the best prepared are struggling.
Combine network marketing assertive/aggressive tendencies with the hacking world and you’ll probably find a lot of customers thrown into a piranha pool that they weren’t prepared for or warned about.
Please read all the blog posts where you will see there are always two sides to every story.
All members that have joined Coinspace are independent distributors and responsible for their own behaviour and actions.
The terms and conditions that each independent distributor agrees to during registration clearly stipulate what members are obligated to comply with. Everyone has the opportunity to read them and adhere to the T&Cs and those who do not comply with ALL of them, become subject to investigation by the Coinspace.
Leo Hokinen on more than one occasion produced very misleading and deceptive videos and publicised himself out in the public arena. Once it was found out that he had been receiving commissions through fraudulent means, including payments that do not comply with the AML Regulations he was suspended. Accounts are suspended whilst Coinspace does their auditing and tracking of where non-compliant activity originated from.
Many people that are posting negative reviews do not openly and willing share or take responsibility for their non-compliance with the T&Cs of Coinspace. It is not necessarily Coinspace doing the wrong thing, it is certain individuals that have be “FOUND OUT” and now frustrated with their own actions impacting on their accounts suspended.
I personally transferred funds between ewallets that was not allowed and non-compliant unknowingly and I too had my account suspended. Once I communicated and worked with Coinspace giving an explanation, my account was reinstated.
Coinspace will continue to monitor and audit all members to ensure that unacceptable behaviour is not tolerated so as not to impact the members doing the right thing or Coinspace’s name and direction being compromised.
It is easy for these individuals to point the finger at Coinspace as a company when they should be turning it around and pointing it back at themselves.
In regard to Mike Chipchase and Noel Farugia it is business as usual with no suspensions on their accounts. Perhaps this has something to do with Leo Hokinen being in their downline and compromising them.
In summary, there are rules and regulations that EVERY independent distributor must adhere to the same as there are international rules that Coinspace needs to comply with.
The vision of Coinspace and their EcoSystem structure of mining, merchant programs and payment solutions will try make this a ground breaking cryptocurrency.
Coinspace is the pioneer and leader creating a merchant program and making S-Coin a usable currency!! So excited on this revolution.
Uh, CoinSpace peddle Ponzi points. You can’t make a Ponzi scheme compliant.
And that’s the big question Oz, is the S-coin a ponzi point? If Coinspace is truly pre-mining (not ideal, but there are top cryptos which are pre-mined), and if the commissions being paid out are from the cloud mining service then the S-coin is NOT a ponzi point. If the infrastructure is there and management is telling the truth then there is NOTHING to worry about.
But if commissions and networking rewards are coming from the investment of new money by new members then the S-coin IS a ponzi point and there is EVERYTHING to worry about.
If you are bitter and have been cheated then let us know. However, please take responsibility for if you tried to cheat the system by having multiple accounts.
@realist thanks a lot for telling us of the situation with Noel F. and Mike C. that is very good. And what you say about Terms and Conditions is spot on, however they are extremely long (perhaps a good thing) and most people would not have read them.
Also, in my view Coinspace made it possible for people to become a member without providing KYC/AML and therefore opened the door for fraudulent activity. Had they of made it a requirement from the start we wouldn’t be having so many headaches.
One account, one ewallet, one submission for KYC. So to be absolutely honest a lot of the pain being experienced is also self-inflicted by Coinspace.
To any other members reading this please contribute information. If Coinspace are looking to be transparent, ethical and open then the more we know as a whole will be better for everyone, member or not.
Of course they are.
You invest, you get S-Coins, CoinSpace increase the value of S-Coins and you cash out.
Where do you think the money for your ROI is coming from?
That S-Coin is worthless outside of CoinSpace makes them Ponzi points.
And just so we’re clear, the S-coin is not increasing in value. And it never will until public launch. When you sell on either one of the 2 selling windows (14th and 28th), your S-coin will always be 0.5€
According to the sales pitch, when the coin is finally launched it is supposed to have a value of 1€ on that day.
What happens after that depends on the market. That’s how I understand it and welcome anyone else to make comments to correct me. I’m trying to make sense of the situation as much as anyone else.
Aussie coinspace – you are just deluding yourself. S-coin will never have any value above 0, same as Onecoin or any other ponzi MLM cryptocoin scheme. Main points of real cryptocurrency are:
– open source
– open trade
– open mining
– transparency by publicly available blockchain
– value directly tied to supply and demand
Ponzi cryptocurrency schemes are nowhere near this. Their main focus is to play bitcoin killer hype and gather investors money, leaving those same investors in delusion that useless ponzi points they paid for with real money will have some great value in near future.
People like you fall for this crap cause you are too blinded with all news they bombard you about bitcoin, etherium, zcash, monero etc… and the hype of scheme doing the same thing. What they don’t tell you none of those mentioned coins are MLM schemes or closed-premained.
So start using your brain for a change and accept you lost your money in a ponzi scheme.
You have proof and facts in BigCoin, KCoin and money other “Coins” that Oz covered on BehindMLM.
Unless Scoin can be publicly mined CoinSpace can say whatever they want, doesn’t mean anything.
Points you can’t do anything with isn’t cryptocurrency though. They’re just literally points.
Combine a non-public blockchain with restricted withdrawals on the internal exchange… again, this isn’t how legitimate cryptocurrency works.
Thanks for not contributing all that much to what I think is a constructive debate @AntiMLM. All of your points have been covered and are obvious.
Im looking for more information and to show support to other members looking for answers. Im happy to play devils advocate to reveal/expose Coinspace weaknesses.
If you read over all of my comments you’ll see how much thought I’ve put into it and how much I’ve read into crypto since joining Coinspace, and how much I realise I wish I knew last year prior to joining. Misled? Not by my uplines.
Were we all wrong? There is more indicating towards yes than no. Were we absolutely out of our depth? Definitely.
Am I deluded right now? Absolutely not. Hopeful, but realistic. My money is locked in and there is little I can do about it. If it’s gone it’s gone and nothing will change it.
Do I think people should be joining now? Not unless more transparency happens including launch.
As for pre-mining, yes it is seen as a scourge. Not to compare them to any MLM but what about Ripple, New Exonomy Movement (XEM) and Waves? All pre-mined and all top 10 today.
Aussie coinspace,thank you.
All true points Oz, thats why we need transparency (white paper etc). And there’s that word, ‘legitimate’. The cryptoworld mutates that fast that literally nobody can control, predict or adequately explain where it is at and why.
The infighting, the constant DDOS and the lack of knowing which assets will have real world application and commercial interest. All 24/7 normal crypto issues. So what exactly is legitimate?
The satoshi idealogy of decentralisation brings with it no regulation other than from the community. When no one is truly in control then we will all always be at risk.
Take for example 0.29 BTC that I have locked in Poloniex for 14 days wothout withdrawal. Been waiting 2 weeks for a transfer that usually takes 5 to 40 minutes. And thats from one of the highest volume trading exchanges on the planet.
None of them have MLM recruitment commissions attached.
When you start with MLM recruitment commissions you wind up with a bunch of speculative investors holding your points and zero interest outside of the business opportunity.
And I also said, not to compare them to MLM. He was speaking of pre-mining and thats what I was covering.
And when I read how much negativity is aimed at these devs for essentially blocking miners from profiting, it means that for the public to profit they would need to speculate on an exchange and be subject to whale games and big movements of capital.
You can’t isolate the pre-mining though.
The problem is pre-mined pump and dump points marketed on promises of a later ROI and MLM recruitment commissions. It’s the whole package, so to speak.
I had a good idea that you might like Oz…
On top of MLMs to expose you could also add in ICO’s and ITO’s. So much there you could investigate, and the great thing is you could look into them prior to them launching, sometimes you’ll have 6 months.
Massive movements of money being thrown at ICO’s. I read that so far this year rhere is an average if just iver 3 cryptos launching their token sale a week.
Thanks for the suggestion but I only cover the MLM industry.
Fair point Oz, and I think thats why Coinspace did a push to remove the word ‘investment’ from any sales pitch a few months ago.
They got in trouble in Malta for not having the registration for offering a financial service and now tip-toe around it. Call a spade a spade it’s an investment. Money, time, energy in with hope of a return is an investment, clear as day.
And the cowboys and reckless behaviour of promoters causes so much trouble, way too much hype without a lot of substance. Higher up the page you can hear from Imi and talk about Leo H. Two gentleman who I was not comfortable with watching on youtube.
To inexperienced ears the reality of seeing bitcoins growth will get anyones attention, it did for me. And I made a decision based on the best available information at the time. My mistake.
Higher up the page I mentioned a flood of information, i read anywhere between an hour and six hours a day in crypto and I still can’t get a solid grip on it. Coming from a non-IT or programming background its a new language. And thats only one side of it.
And if you think about it a little more, you’ll realize this makes not a lick of sense.
If they have the hardware, WHY AREN’T THEY USING IT THEMSELVES, which is SURELY MORE profitable than renting it to you?
How about from one of the CORE developers of Bitcoin that most cloud mining schemes are probably Ponzi schemes?
NOLINK://www.cryptocoinsnews.com/gavin-andresen-suspects-ponzi-schemes-bitcoin-cloud-mining/
You’re reading stuff that are filtered to your previous search patterns.
Hey @K.Chang, because if Coinspace is a scam it would be smarter to have other people pay for your rigs for you. Free miners, free mining, total profits makes more than a lick of sense.
As for mining clouds, how is anyone supposed to be able tell which one is and is not a ponzi scheme? Like Andersen says in that article ‘I suspect many…will turn out to be Ponzi schemes’.
So how will the average, non-tech savvy recruit be able to tell the difference between good and bad? They don’t know how to mine, can’t figure out how to even set up a basic wallet with a 12 seed but want a turnkey solution. This whole world is looking for fast, uncomplicated access to things they have no expertise in. But they know they want the profit.
When everything is private you don’t actually need to mine anything.
You can generate points via a script. Points appearing in affiliate backoffices leaves them none the wiser.
Like anything in life there are no shortcuts. Those who take the time to educate themselves will profit, those who don’t will likely get scammed.
All true Oz, and good luck to anyone age and technology challenged to understand blockchain.
You’re not thinking like a real crook.
A real crook would not even buy any rigs. Just pay people with incoming funds. Voila: ponzi scheme.
Because im not a crook.
Neither am I, but I can think like one for limited time. It’s mentally draining to do it all the time for people who are not sociopathic.
Buy real rigs and set them up cost real $$$. Why spend them at all?
Ask if it’s MLMing! That’s all they need to know.
No, you are an intelligent person who has played right into the hands of these crooks by overthinking this. It’s the art of distraction many magicians use.
I’m not saying your posts are bad. I’m just pointing out that that’s the mistake you made when signing up with this scam.
Exactly!
It will never launch.. been promising launch dates since last 2 years!!
If it ever does will not survive the slightest as no real backing.. there are/were countless cryptoscams out there in market, this is just another one whether you accept it or not.
Question about turks, did you have this message?
Thenks
Would alexa rank for coinspace mean anything?
alexa.com/siteinfo/coinspace.biz
Alexa ranking downward trend for Ponzi schemes = collapse.
(Ozedit: Marketing spam removed)
Is the above news are true to its meaning or it is a scam.
It’s marketing spam that has nothing to do with CoinSpace using newly invested funds to pay off existing investors. Please don’t repost.
Newly contributed funds would not be enough to pay off existing distributors, because the number of daily intake of new members (potential distributors)is decreased from 700+ per day (November 2016) to around 170 per day (June 2017) (apparently not everybody likes to provide too private info for kyc verification).
Recent breaking records of Bitcoin’s price may be contributed to the profiting, if the funds of existing distributors were invested in bitcoin and ethereum by management.
I joined CoinSpace in March 2016 from the U.S. and quickly became the #3 recruiter out of top 100.
I have over 200 members in my down line and because I own the domain name coinspace.com they suspended my account because it draws to much traffic.
I wonder what will happen to my 7500 held coins and my active mines that I paid for not to mention my pending cash withdraws.
Hi @Greg. Is your account now active? Congratulations on building a large team. It makes sense that you are unsure of your standing. It also makes sense that Coinspace would not have liked you having a domain, although registered to you, in their company name.
And if I remember correctly Coinspace did ask for people to detach the company name from web sites, blogs, social media for obvious proprietary reasons.
We were given the green light to have the company name but to make it clear that we were independent distributors and not Coinspace themself. We were also given enough time to deactivate anything that was misleading.
No offense to you Greg but when I joined Coinspace I was unsure of the process so I actually ended up on your domain. I realised though that you were web traffic funneling and I didnt appreciate that.
Hi guys,
First of all, thank you for your valuable information,
I am also a member of this project in Slovakia since August 2016, I was lucky enough to get back my initial investment, even a little bit more… but as everybody here I am trying to find out what is going on lately in this company, because I believe nobody invests in something just to get their money back, then we do not call it an investment 🙂
So far I found today this article on Steemit, (Ozedit: Steemit = spam. Please do not repost.)
Why is steemit spam ? I dont understand
@Matej
There’s a financial incentive for posting content on there from memory.
That and please don’t post marketing spam. CoinSpace has had plenty of time to implement their promises. They don’t need to be republished every time they come up with new bandaids for Ponzi fraud.
Ok, ok, I understand, just trying to help..
I would like to see some of the merchant facilities in action – perhaps in Italy. This would then show it is REAL and that the posts about Italy being closed would give a lot of evidence that this alive and well.
Is anyone getting commission paid out?
I’m in coinspace since november 2016. Yesterday after one mounth waiting, my 2050 euro papaya cash-out as been declined without any reason.
So far everything has been working correctly. Confused.
ciampak.. I know that if funds withdrawn are for anything other than commission earned or coins sold they will decline payments to comply..
Would there be funds in that request for something other than this?
It happened to me and it was because I received money from a person I lent funds to and they paid me back. Once I returned the funds they paid me.
This is going from bad to worse: Now you CAN NOT pay for your mine using your gained euros from sold coins.
Jernej Plesco (Jerry) could stop just moving the cash between e-wallets, but leave the right to use gained euros to buy own mines, if the company would be financially stable as he claiming.
Instead, he punched a big hole in the boat, depriving affiliates of the opportunity to buy own mines with own earned money.
That sneaky, slimy pathetic action caused global outrage and exposed the fact that Jernej does not recognise earned cash as a real money and that’s why he doesn’t care any longer if we recycle earned cash back to the company during the purchase of new mines.
Alexa declining is also indicating on the smell of dead rat: alexa.com/siteinfo/coinspace.biz
It’s time to involve federal police, Europol and to take legal action. More than a month has gone since the last Jerry`s webinar with his misleading conduct that downloaded as an evidence of unfair terms and misleading conduct claim for the legal action.
Here in Italy buying a new mine is still possible, I enrolled last week two new members transferring them the amount from my ewallet without any problem.
The problem is about papaya cash-out, they (support) says you need 7 weeks for system security update. About may 2050 euro cash-out declined this was the support answer:
Coinspace Member – Original Message
The only time a Ponzi scheme stop paying you is when the money has run out. It’s not rocket science.
Got the cash-out finally 🙂
Can you guys please advice as to if the company would be launching i’s coin or not. I am so worried.
Any information would e appreciated
Regards
Coinspace will never go public. They still stuck at gate… Look at every other digital currency.
This November date is pure crap!!!! This the time when statement from them will be say “Due to fact that other digital currencies are far more value, we decide that too hard to proceed…so we close down…” Thanks anyway for your money!!!!!
This Jerry Plesko has taken over 100 million euro’s from people…. It is expensive to keep a polyester wife…so most of this money went to pay for her face and tit job!!!!!
Interpol & Europol investigations are moving into high gear…. The arrests are imminent….
All people that brought others into scheme by saying “Put money into my bank account and I will transfer money to your Coinspace ewallet….”…. will be arrested and charged with fraud!!!!
So all active leaders in most countries will be taken down….. As it is illegal to do this practice…. It is only play money….. Nothing exists with Coinspace….
@Aussie CoinSpace
Just so you have the facts, I had registered the CoinSpace trademark prior to this company in the EU being started it belonged to me, they infringed on my intellectual property, however since I sold off that business I didn’t renew the trademark as a favor to them as I decided to join them and help build the Cryptocurrency business they started.
There was no intentional website funneling however any company should do their due diligence and they should have purchased the domains cost of doing business instead they are taking an arrogant position and are demanding I give them up for free, not likely.
Anyway at this point based on all the negative press and complaints of non payments etc.. They are most likely going under.
Will be interesting to see how they plan on paying out all those held coins. I see a class action lawsuit and fraud convictions in the future for these Coinspace leaders.
@ Aussie CoinSpace
Nope account still inactive, Here’s what they emailed me.
Has anyone anything to update this thread with?
Has anyone been getting money out of Coinspace?
Coinspace is not paying, support sends apologies and Jerry ignoring inquiries of team leaders. No one talk about scoins or merchant program any longer.
Last update about Coinspace:
– Coinspace Diamond Ali Dinler & other Turkey diamond HAS A CLOSED ACCOUNT
– Coinspace Diamond Siegfried Boscheri HAS A CLOSED ACCOUNT
– Coinspace Diamonds Luca Globo & Maurizio Pedrotti HAS A CLOSED ACCOUNT
– Coinspace Diamond Noel Farrugia HAS A CLOSED ACCOUNT
– Coinspace Diamond Ante Kelva HAS A CLOSED ACCOUNT
– Coinspace Diamond Carlos Oestby HAS A CLOSED ACCOUNT
– more than 100.000 member HAS A CLOSED ACCOUNT !
WHY ??? Because they ask for money and truth !!!
All decisions are made:
1. Owner of Coinspace Jernej Plesko from Slovenia
2. Owner of Coinspace Mojica Plut from Slovenia
3. CEO Coinspace Pat Berry from USA-UTAH
Today update:
– Diamond Ante Kelva started Civil cases against Coinspace in Malta
– Diamond Noel Farrugia started Civil cases against Coinspace in Malta
THEY FINALLY OPENED THEIR EYES !
We may soon know the truth!
We also have closed accounts in Central Europe since March 2017, according to unverified information, because of suspicion of the fraudulent behavior of some members of CoinSpace, when these members had, on the basis of false bank statements, to squeeze coins from mining. Compliance says all accounts are now being scrutinized.
Adnan and Nadeem are he real khanzeers around here, Adnan claimed to make a years salary in one month, I seen him the other day walking in to job centre to sign on, and Nadeem Kasamani the kanjar has been swearing is his old Tatti suit, lol.
He bought the Range Rover through personal finance and left £6,000 deposit and lied and said that coinspace have Him the car, benchod Adnan use to speak as the was having a Tatti!!
Wher are you now mate? Are you not making a years salary in 1 month anymore?
Khanzir khy olaaad, when u got to ur team in Pakistan they will walk bata chapal in ur bold head.
slm i was 6 months more than turkish coinspace accounts closed and no mail answers 30.
more people have applied to the victims and internationals court people are miserable people are threatening each other. jerry plesko frustrated everyone wanted to do but no results yet.
Hello, how have you deposited me the last time on August 11, there have been some updates on your website, I hope that everything will be resolved soon.
2 weeks ago invited leaders to Slovenia for wiwa trainers who are in the coinspace payment solution.
You can’t “resolve” a Ponzi scheme running out of money. It’s inevitable and means your money is gone.
I was in Slovenia in the mines of criptomonedas, it is real mining, to me if they answer the mails immediately, sincerely I do not think that it is ponzi we have patience, we can not assure that it is ponzi or that it is not it.
Visiting some random mining facility doesn’t prove newly invested funds are being used to pay off existing investors.
This is probably one of the biggest due-diligence fails facing the MLM crypto niche at the moment.
And if you’re using email response as a factor in determining the existence of a Ponzi scheme… well uh yeah, good luck with that.
Coinspace biggest world scam in hisotry. Jerry Plesko in court at Malta. He bought Maltese citizenship. Ante and Carlos also paid Maltese citizenship.
Thsse sccum jailed soon… Everyone has lost there money! It what happens when peoples greed clouds judgement… No such thing as get rich soon.
Always is hard work to achieve success!!!
Nah, no where near it.
As scam schemes go, it’s nothing but a pimple on the a** of ponzidom.
Maybe….. However biggest wold po Zi scam.
Hey Arkan,
I can understand your sentiments as CS has been totally mismanaged however, I have worked with Carlos and Ante, and throwing them into the same mix as CS corporate as scammers is totally inaccurate.
Carlos and Ante, were both Coinspace distributors. They were never part of corporate. Both Ante and Carlos, along with thousands of other distributors joined Coinspace believing it was a great opportunity for all and always acted in the best interest of the distributors with integrity and service.
When the company changed course, Carlos and Ante, like thousands of distributors decided to disengage . It’s that simple.
Certainly this should not result in Carlos, Ante, other leaders and the thousands of distributors who left Coinspace and took a different direction in life to be labelled as scammers.
They both tried to be part of the solution, but had zero control or influence on the pathway of the company. So they left, like you would have also.
Top net-winners in a Ponzi scheme aren’t scammers? Pull the other one.
There are no “solutions” in a Ponzi scheme. “Leaders” like Carlos and Ante steal money from everyone who joins after them and move on when there’s nobody left to steal from.
You’ve obviously made a bit of coin from those who joined after you too, otherwise you wouldn’t be here making excuses for Ponzi scammers.
Hey Arkan,
By what I read you OBVIOUSLY do not know Carlos. He is not just one of the best hard working leaders I know, but an excellent human being. He (like no other leader I know) walks the talk.
CS is just a company that their own corporate could not handle (there is no way the distributors like me or Carlos or Ante could have handled from a non corporate position).
By no means does Carlos have nor the need or will to participate in any “scamms” or “Ponzi” as you wrongly mention above. You should get to know him better, you might learn a thing or two about serious Network Marketing and Leadership…
That’s why he joined CoinSpace and ripped off who knows how much money through Ponzi scamming.
Riiiiiiiiight.
Hrm. You don’t know much about Carlos’ past, do you OMMA? Google him in connection with Santi Fuentes.
He may not be a Pete Piccolo-level scammer, but he does have a history of fraudulent investments and poor business judgment joining and helping spread fairly obvious deceptions.
Arkan:
Obviously you are not defferentiating between corporate and distributors! If you are or where a distributor then people could say “Arkan scammed everyone as he was part of the corporate team”.
Obviously you are not part of the corporate team but neither were Carlos or Ante, so get your facts straight!
@Reader
In a Ponzi scheme like CoinSpace the owners and top investors steal money from everyone else.
That makes both scammers.
this message was published 19.10. 2017 by CoinSpace, perhaps it will finally stabilize and work
Please don’t post marketing spam here.
CoinSpace has been a Ponzi scheme from day 1. There is no separate fraud conducted by affiliates, Coinspace’s whole MLM opportunity is rooted in financial fraud.
A Ponzi scheme collapsing and leaders bailing is typical when newly invested funds start to run out. Attempting to blame this collapse on “leaders” and claiming they’ve engaged in fraud, from the admins of a Ponzi scheme, is weaksauce nonsense.
it’s not spam, it’s the official report that CS sent me and other members.
Right. And the “official report” from scamming admins as to why they’re not paying investors is spam.
Ponzi schemes stop paying out when they run out of money. Period.
From a bunch of nobodies with no history in anything except copying opensource stuff. Yeah, right.
Ante Kelava is a liar, and a scammer.
Look at this video where he boasts about the “the Malta office of Coinspace”: youtube.com/watch?v=co1w-spU7yI
Skip to 1:08 and hear him say “this is not small company, Coinspace is so BIG company!” as the quickly tours the offices.
Problem is, those offices are from Regus Malta, rent-by-the hour places. See them advertized here: theofficeproviders.com/property/1348/ (you can recognize the place from some photos)
So, in that video Ante Kelave he is PURPOSEDLY LIYING to people to covince them about Coinspace’s reliability.
As I said, Ante Kelava is a liar and a scammer, not an innocent victim as you paint him.
The kamani brothers are the biggest scammers going, have u noticed all of a Sudden they are missing no where to be seen.
Nadeem kasmani is the biggest penchod going, and his harami cousin the Chaper ganju Adnan ahmed is on the down low.
have u lot ever thought about it that Nadeem kasmni the penchod lied and said coin space gave him a Range Rover for becoming the executive director of coin space?
the truth is he got the car on personal finance, he put 4K down and the rest on monthly payments.
these penchod had a big hand in this, and that other mayadi with gutter breath halima was sleeping with Adnan ahmed on the side, absolute discusting the pair of them.
they have taken all our money and are hiding on the down low. Remember guys they got referral fees for us and we need to get our money back.
now the three lions the rats use to talk out ther bottom, Harun mansoor the one that use to look like a Monkey is apparently selling fake clothes at Sunday market.
I’m assuming ther on Job seekers allowence just like Adnan ahmed the harami ganja fraudster.
Nadeem Made it out to be the big fish with so much money and he couldn’t straighten his bottom bent tooth.
halima who has slept with the majority of coin space executive directors could not even fix her horrible gutter breath, and lastly the harami chaper ganju Adan ahmed who use to wear a 3 piece suit that was 3 times bigger then his body with one shoulder pad missing has disappeared all of a sudden.
puther wait till you go back to Pakistan, they will have 100s of bata chappal in buckets full of water to smash over your bold head.
I’m sure these fraudsters said they were going to launch the coin in November 2017? We are in November 2017?
I have lost lot of money coz of these people I will never forgive them, they claim to have gone to the mining facility. it was all a lie, we need to all go the these lots house and ask for our money back.
Coinspace details also from “Paradise papers” revealed in Slovenia where Plesko is coming from.
delo.si/ozadja/lastnik-v-sloveniji-milijoni-vlagateljev-kdo-ve-kje.html
Use google translate… interesting reading..
It very sad to learn coinspace scam . My whole family invested. Being the third would country, Myanmar, our money are hard earn money.
My sis suffer most, her money are being trap in E wallet too. I pray that this similar thing won’t happen in future and hope for miracle to get our money back. God bless all.
Hello there. Please is there any news??? Have you hear somthing about all this Scam?
CoinSpace collapsed shortly after the Italian ban. That was two years ago.
Sorry for your loss.
After all these years how is it possible that coinspace scammers escaped with a large sum of money and no legal action was taken against them?!
Cuz Europe.
It’s crazy! If I miss paying 1 Euro in taxes, they quickly give me a fine. but Coinspace people who registered websites and had bank accounts in Europe, just took off with a ton of money and no consequences!