KaratBars International to launch KaratBank Coin ICO
The latest MLM company to jump on the pointless altcoin launch is Karatbars International.
For those unfamiliar with the company, Karatbars International combines pyramid recruitment with a token gold offering.
While gold is available for purchase through the company, the focus of the compensation plan is getting people to sign up with affiliate packages.
You wouldn’t know that from visiting the Karatbars International website though, as the company is notoriously secretive about its MLM business opportunity.
In any event, Karatbars International recently released a KaratBank Coin ICO whitepaper.
According to the whitepaper;
KaratBank Coin is a blockchain-based cryptocurrency that is linked to physically deposited gold in the form of the so-called CashGold.
Each 10,000 KaratBank Coins can be exchanged for 0.1g CashGold at any time.
The KaratBank Coin website states that
the idea behind CashGold is to implement small gold bars on a specific paper which partially looks like a bank note.
However, instead of mentioning a specific currency amount, the weight of the implemented gold bar is displayed.
An image accompanying the description depicts CashGold as bits of paper with a square of gold stuck onto them.
Each coin represents an imaginary certain weight of gold whereby a quantity of 10,000 KaratBank Coins can be exchanged for physical gold in the form of 0.1g CashGold.
Other than that, KaratBank Coin is your typical “we’re better than bitcoin” ethereum token.
As far as the ICO goes, KaratBank Coin (KBC) is being sold for 1 cent to 5 cents. There are a total of 12 billion KBC tokens that will be generated.
Karatbars International affiliates are required to purchase 1000 KBC at a time.
Not surprisingly, CashGold isn’t an accepted form of payment. Karatbars International stat they hope the KBC ICO will raise $72 million in bitcoin, ethereum and fiat currency.
More on CashGold later.
In addition to being attached to a pyramid scheme, your first major red-flag with the KaratBank Coin ICO is the list of restricted countries.
United States of America citizens, residents (tax or otherwise) or green card holders as well as residents of Canada, the Peoples Republic of China or the Republic of Singapore are not eligible to participate in the KaratBank ICO.
The United States of America include Puerto Rico, the U.S. Virgin Islands, and any other possessions of the United States.
ICOs are not illegal in the US or Canada. In the US though ICOs are typically considered securities and require registration with the SEC.
Why Karatbars International want nothing to do with US regulators should be obvious.
Meanwhile up in Canada, Karatbars International was banned for being a pyramid scheme in 2016.
As for China, they have pretty strict ICO regulation too.
Singapore hasn’t banned ICOs but it is one of the countries Karatbars International operates in through the shell companies KaratPay and Karatbars Singapore.
Singapore regulators shutting those companies down would cripple Karatbars International. Management probably figure it’s best not to take any chances.
That goes for KaratBank Coin in general, for which Karatbars International has specially set up a shell company in Belize to sell it through.
The KaratBank Foundation, which issues the KaratBank Coin and is based in Belize, is unregulated.
There’s no legitimate reason for an MLM company to set up shell companies for the sole purpose of being “unregulated”.
And that’s just the tip of the iceberg.
The one premise KaratBank Coin has going for it is that it’s backed by CashGold.
The KaratBank Coins are linked to the CashGold. Everybody who has bought KaratBank Coins can exchange them into CashGold at any time; however, one should note that 10,000 KaratBank Coins or a multiple of it are required for an exchange.
Each quantity of 10,000 KaratBank Coins entitle to the delivery of 0.1g of CashGold. Therefore, they are similarly as stable as a direct investment in CashGold.
Except they’re not…
The KaratBank Coin is a speculative coin. Although the proceeds from the sale of the KaratBank Coin shall mainly be used for the purchase of CashGold, the KaratBank Coin is not pegged to the purchased CashGold.
A total loss of the money invested in the KaratBank Coin cannot be excluded.
So um, KaratBank Coin can be converted into CashGold vouchers at any time… but CashGold isn’t pegged to KaratBank Coin and somehow you can still lose all of your money.
If KaratBank Coin isn’t the equivalent of a “direct investment in CashGold”, why are Karatbars International representing it is?
And what exactly is CashGold anyway?
According to the KaratBank Coin whitepaper, ‘CashGold is designed like a bank note‘.
Therefore, it can easily be used in day-to-day payment transactions and, furthermore, the acceptance of the CashGold as a payment means is naturally increased.
The same whitepaper then goes on to state “one should notice that CashGold is not a currency”.
I suppose the bottom line is CashGold is something Karatbars International came up with that nobody outside of Karatbars International takes seriously.
Try walk into your local cafe and buy a cup of coffee with your gold vouchers. Let us know how it goes.
In line with Karatbars International’s pyramid business model, KaratBank Coin investment is attached to a single-tier 5% referral commission.
With the KaratBank Referral Payment System, people are rewarded who refer other potential investors to buy KaratBank Coins.
Offered KaratBank Coin investment packages top out at €10,000 EUR:
- invest €1000 EUR and get 100,000 KBC
- invest €5000 EUR and get 500,000 KBC or
- invest €10,000 EUR and get 1,000,000 KBC
These package purchases appear tied to Karatbars International affiliate membership. The KaratBank Coin whitepaper states the €1000 EUR investment comes with 1 year “initial free membership length”.
The €5000 EUR investment level comes with two years and the €10,000 EUR level five years.
A legitimate ICO doesn’t have annual membership fees, further differentiating KaratBank Coin from a legitimate cryptocurrency.
The bottom line is KaratBank Coin is an attempt by KaratBars International to get in on the cryptocurrency hype train.
Outside of Karatbars International KaratBank Coin is useless. And, as per the company’s conflicting information, backed by nothing more than newly invested funds.
The whole CashGold voucher exchange thing exists for no other reason than to create the illusion that KBC has something to do with the value of gold.
To that end Karatbars International provide a whole section in the KaratBank Coin whitepaper covering annual returns in gold.
This marketing clearly identifies KaratBank Coin as a security, despite the company claiming otherwise.
The KaratBank Coin is a utility token. It is not intended to constitute securities or financial instruments in any jurisdiction.
The whole marketing strategy is tied to the value of gold going up in time, and pretending that KaratBank Coin is attached to made-up CashGold vouchers.
To operate legally in any jurisdiction, Karatbars International would have to register itself with the appropriate securities regulator in that jurisdiction.
The plan however seems to be to avoid countries with strict securities laws, which again isn’t something a legitimate MLM company would do.
On a broader note, how Karatbars International intends to deal with its US affiliates in relation to KaratBank Coin might be interesting to watch unfold.
Karatbars International obviously plan to get current and former affiliates to invest in KaratBank Coin.
Currently, more than 480,000 customers from more than 120 countries have already bought smallest gold bars from Karatbars GmbH, Stuttgart, Germany.
The total investment of these customers amounts to nearly EUR 120 million.
It is therefore obvious that with this customer basis, the KaratBank Coin will achieve a high market capitalization: it will write a success story.
As I write this Alexa peg the US as the largest source of traffic to the Karatbars International website (41%).
How many of Karatbars International’s past and present 480,000 affiliates are from the US though is unclear.
What is clear though is that a company that primarily counts US residents as the bulk of visitors to its MLM opportunity website, are trying to run circles around regulation to cash in on an ICO launch.
Does the MLM industry really need another ethereum token ICO that crashes to zero after gullible affiliates have been duped out of their money?
I’m tipping no.
Update June 8th 2018 – Karatbars have renamed their coin KaratGold Coin and are currently trying to get it listed on the HitBTC exchange.
Between Bitcoiin and KaratGold Coin (neither of which are actually tradeable as I write this), HitBTC is emerging as a go to for public trading of scam MLM altcoins.
Each 10,000 KaratBank Coins can be exchanged for 0.1g CashGold at any time.
10,000 coins at ICO will cost $100 – $500 and it’s exchangeable for 0.1 grams of CashGold?
Is CashGold valued at gold price? 1 gram of gold is $40 and 0.1g is worth $4.
Exchange $100 – $500 of KaratBankcoins for $4 of gold?
Harald Seiz has been known and notorious in Germany for many years – a typical cheater! As early as 2015, his company Karat Swiss AG went bankrupt. Here is a screenshot from the commercial register in Switzerland:
Konkurs (german) means bankruptcy (english).
CashGold doesn’t seem to mean anything outside of KaratBars International.
I’m not aware of anyone accepting them other than the company itself.
Sounds like they’re sold at a premium but if you want to exchange back you lose money.
Karatbars has been a lame duck for so long I’d even forgotten about it!
On their ICO website it says the founder was born in 1963 and has been a financial consultant since 1978. At age 15?
You weren’t supposed to have caught that faux pas. I guess Internet Marketer qualifies you as a financial consultant today since there are no age restrictions to be one. You know like all the Ponzi pimps claim when they say their an Internet Marketer.
Unfortunately a few of my friends have been hooked into this scheme.
At what age did this genius leave school?
I wonder if our good buddy Steve Hoffman is still shilling this “opportunity”?
1 gram of Gold is $42.19785
If you buy 100,000 KBC then you accumulate ONLY 1 gram of “Physical gold”.
So, $42.19785 divided by 100,000 = 0.000422 is the actual value of each KBC.
Even at $0.01 they want investors to pay 23.6968 times the market price of gold!
What a genius Crooks!!..
I am confused!! How can you, as a poster of this article allow the information that you have gleamed to be so untrue. Then to allow others to further be even more untrue with their facts.
I laughed when you are trying to leave the question as to is it real gold on the paper.
24k or 99.99 is the way to determine if real or not. I have not heard of a single issue as to if it is 99.99or 24k money gold.
An mlm you are right is about getting someone to join and become a distributor. Then get them to buy products. And then at the end of every month you have to buy again.
Most do so they can move a level and are stuck with a garage of stuff ☹️ I am ok with that much gold.
The goal will be one of freedom from the banking system. That’s what gold allows. And now as you put it, walking into a store with a piece of paper and gold stuck to it. Who would accept that. I say your right.
But now I can use the tokens/coins and change them into any crypto or currenciesfrom anywhere in the world.
The goal that you forgotten to mention is that they are building to have a ratio of 0.1 gram of cashgold will equal 1 token/coin.
That then then adds great value to this crypto, unlike bitcoin which has absolutely no value.
That’s not legitimate MLM, that’s a pyramid scheme.
Change them with who?
You’ve bought slithers of actual gold and what, now you’re going to exchange them for points pre-generated by Karatbars?
Merchants (with the exception of those who have direct ties to Karatbars) aren’t going to accept KaratBank Coin any more than they are bits of paper with gold squares.
Bitcoin “Which has absolutely NO VALUE”..
trying to stop laughing….
this is a pyramid scheme just that now they try to cover with rewarding the coins and most people now assume it’s legit.
So your saying there is absolutely no value to the product? Not even being a customer?
I think these companies would be best keeping the mlm aspect out of it.
It’s one thing to be paid on a referral. But why the mlm piece.
In an ICO created by a pyramid scheme? No, of course there’s no value.
You only stand to make as much as you can convince others to purchase worthless tokens.
Because without recruitment commissions buying slithers of gold makes no sense.
Has their “ICO” idea flopped yet?
It is currently in the “FLOPPING” process. Kind of like when you burn one side of a pancake and then Flop it over to start the other side……halfway there…
But I thought the coins you can buy for 1 cent is worth 8 cent on the exchange.
actually i am one who got scammed. i bought in the third week when price was 3 cent (apparently) + a bonus for buying in early of 35% free coins.
at $535 i received 17778 coins. SUDDENLY it has listed on yobit at 1c per coin so when the ICO opened my $535 is worth only $195!!!
IMAGINE that if ANY PERSON IN THE WORLD BUYS IN NOW, their $535 will give them 53500 coins and I (the stupid one) who showed faith and trust and also excitement to earn from the commitment have actually already lost 25000 coins on coin launch date???? Does that make sense??
and what do the thousands of people all over the world do who gave them literally MILLIONS???? Our emails are not answered, does ANYONE have a clue what is going on?? or what we can do about such a situation.
These guys havealso undermined the entire crypto industry as i dont think this has EVER happened that people have actually been scammed even BEFORE launch.
It makes perfect sense: You bought into a worthless pyramid scheme altcoin on the promise of false riches.
Sorry for your loss.
At least five the people the ICO value of what anyone would get if they invested on launch date … i.e. in my 535000 coins, which ANYONE would have been given, and if they are decent ebough, the pre icon bonus based on the dates over 8 weeks till the last week as was offered offered (45%,40,35,30,25,20,15,10) …
im currently sitting with a balance of $195 ($350 loss-over 60%) and no-one is even telling me how i can at least cash it out or transfer to yobit.
Currently it seems they are holding on ALL our funds and no-one seems to know what to do about it or get some reply. WHAT IS GOING ON GUYS???
are there more forums or others globally that have the same problem, was it solved or are they ignoring everybody and keeping their cash?
Um, you do realize the only way to “cash out” an altcoin investment is to find somebody else to buy it right?
Basically Harald Seiz ran a cryptocurrency script and generated a worthless ICO.
You transferred real money in exchange for worthless ICO points and became a bagholder.
Now the only way to recover your investment is to scam someone else into becoming a worthless altcoin bagholder.
What other sites can i state my case please?
No idea. KaratBars is a German company though IIRC.
I so like the drama. Let’s see you decide to buy something that is new, has no track record, you also don’t know how the crypto works .
As you state you don’t know how to move your coins. You have to set up an account on Yobit exchange and put them up for sale. Why would you?
Do you buy a house and flip it 45 days later!? How about Spotify it opened and it went above the opening. Then it loss 10% the same day.
I guess it’s all about the spec make money and get out letting someone else hold the loss. There is no loss till you sell.
(Ozedit: Offtopic derail attempts removed)
I have wanted to know why mr. Oz started this. To worn us about what. That doing something even if it is seen as a bit more costly on first brush stroke, yet many added benifits to karatbars.
(Ozedit: Offtopic derail attempts removed)
wordy scammer meltdowns = always funny.
Harald Seiz has been known in Germany for many years as a wicked cheater and notorious! Here is a paid “interview” with him from the year 2010:
If you have to start waffling on about the “ebil gubmint”, you’ve already lost the argument.
Probably because they’ve woken up and realized it’s better to take a loss now than an even bigger one further down the track.
MLM altcoins with no value don’t just magically appreciate in value.
No warning, just pointing out the fact that a worthless MLM altcoin exit-scam will result in people losing money.
This now appears to be playing out according to plan.
well, this exactly the problem with the coin, THE PRICE NEVER WENT DOWN… we simply gave them our money and they were seklling the coin for 1c more every 2 weeks maxing out to 8c which was the price it would list…
we shoukd have known it was as scam, afterall, where were they going to find the 8x more dollars to list it at 8c …
so on opening day it was opened to the entire world at 1c and anybody could simply by in at the original discount price.
i.e. $500 gives ANYONE 50000 karatbank coins whilst the rest of us “stupids” like me paid $500 AT 0.3c 2 months ago and thus only have 18000 coins now!!!
i.e. they have kept 300 of my dollars in their bank account abd are offering me $200 back.
I have lost 60% of my money, except that it wasnt anything that lost value, the money exists in their bank account, daylight robbery.
So i decided i want to cut my losses and at least get back what is left ($200) and nobody seems to know or reply to me as to how to cash it out!!!! beware everone they are crooks!!!
Concerning Karatbars International
I’m not a fan of Karatbars but you’re 100% wrong about the business model!
I’ve had more than several free members in my organization and they’ve been free members for over 5 years and their websites are still active.
The recruiting concept is the way of affiliate programs and networks all over the world. I was recruited into the United States Air Force by an Air Force Recruiter!
You speak if though recruitment is a bad word!!! Wrong!!! I was recruited into a church by a parishioner!
Make sense about your investigation of a company! Is it profitable? Is it legally established? The answer is “YES”.
So let’s give Karatbars International a fair opportunity to help many get out of debt!
And? What exactly are you trying to prove with pointless anecdotal evidence? You can’t legitimise a pyramid scheme.
If an MLM company’s primary source of revenue is recruitment, it’s operating as a pyramid scheme.
Your silly examples of the Air Force and church are non-MLM and entirely irrelevant.
Let’s not. Recruiting someone into a pyramid scheme to get yourself out of debt makes you a garbage human being.
Article updated with news of Karatbars changing their scam coin to KaratGold Coin.
They’re also trying to get it listed on HitBTC.
An interesting article about Harald Seiz:
“Nepp” is a transcription of fraud.
So Harald Seiz earns a golden nose – and the buyers of his miniature gold bars pay a fancy price.
To read the article and comments, it would seem there are a lot of misinformed people in the marketplace willing to dismiss the facts in favor of looking down their noses and banding together to justify their unbelief.
First of all. Karatbars does not and has not portrayed itself as an MLM. For those of you who insist on calling it an MLM, it is not you mother’s mlm.
I bought a package I could afford. I haven’t paid another dime to maintain my status as an affiliate.
There are no monthly fees required to remain involved and there are no monthly inventory requirements in order to qualify for earnings.
Kartabars is an E-commerce company that borrowed from the MLM format in order to provide a plausible income for those who will do the work.
If I sit in my recliner for the next 3 years and not buy gold or invite another person into the company when I decide to get off my chair and begin working it again, I will not be penalized for my absence.
If I had the choice between a garage filled with soap, pills or potions, I would prefer to have it be gold.
As for the price. I have found that 99% of the people who complain about the price have no intention of ever buying gold. So, let them complain.
I am willing to pay the price because of all the fake gold that slips into the market. The counterfeiters will take a piece of lead and coat it with gold and sell it as 100% real gold.
Karatbars cannot be counterfeited because of the security features on the card. Karatbars will store the gold I purchase for free which is excellent.
Shipping a single gram can be almost $20.00. But for two grams the price is more affordable. The gold is shipped by FEDEX which is great for privacy.
Speaking of privacy. I have several thousand in my downline. If I did not invite them and sign them up, there is no way for me to get their email address or physical address or any other information.
The company is anal about security. If a foreign government wanted a list of residents who have purchased gold, they wouldn’t get it.
I personally value my privacy. I don’t want anyone to know how much gold I have or where I live so they can get it.
I also love the fact that Karatbars sells 1, 2.5, and 5-gram 24-karat bars embossed in a card.
About 99% of the population has never held or seen 24-karat gold. They get in a financial strain and take their grandmother’s 18-karat rings to some pawn shop to sell. And those Gold Eagle coins, only have a little more than 85% pure gold in them.
A few years ago, I called a popularly advertised gold dealer and said, I was ready to buy some gold.
After they got my email address, home address, phone number and name, the broker cleared his throat and said, “You do know that we have a $10,000 minimum purchase.” I graciously excused myself.
Karatbars doesn’t require a minimum purchase.
Say what you want. Karatbars was in under 120 countries when I got involved. Today they have affiliates in 125.
It appears it’s mainly in America where people have listened to the false media and stories to make their conclusions. If you go to other countries and flash a Karatbars card, they know it’s got value.
We, in America, have been dumbed down until we are stupid about the subject. In its 5,000-year history, gold has never been worth nothing. Gold is a store of value and an excellent hedge against inflation.
Gold is real money. Gold is God’s money. Argue with God.
(Ozedit: recruitment spam removed)
MLM compensation plan = MLM company.
So anyone not overcharging like Karatbars is, is supplying fake gold? Lol, pull the other one.
The reason you have to pay bullshit prices for gold is to prop up the pyramid scheme come ICO Ponzi scheme. It’s not rocket science.
God doesn’t give a shit about gold, Karatbars pyramid scheme or their Karatbank Coin ICO Ponzi.
RXB: WOW, can I have what your smoking, do you really feel good paying an overly inflated rate for the gold your acquiring through the Karatbars Ponzi scheme?
It’s an MLM, every time you buy, a ton of people above you get a piece of the funds you’ve submitted.
What about the big marketing push for the Karatbars ICO, I think the coins are at a penny, all smoke and mirrors…..
KBC dropped 48% today. What’s up??
Top scammers dumping. Working as intended.
I quote from an email that reached me yesterday:
I have known the sender for many years. She is stupid, simple-minded and falls for every scam.
Karatbars hasn’t bought a bank in Miami. The company hasn’t registered their illegal KaratBank ICO securities offering which the SEC, much the less entered the US financial sector.
Did Harald Seiz ever tell the truth in his life? In May he spread this message:
Below is the imprint of karatcoinbank.io and kcbank.io allegedly based in Singapore:
In this video, Harald Seiz claims that he holds a 50% interest in a gold mine in Madagascar. He also announces that he will buy a bank in Miami.
Of course, this is not an “interview” in the true sense. So it says unequivocally on the website inside-wirtschaft.de:
It is a video ordered and paid for by Harald Seiz!
To Melanie from Germany: The bank in Florida has already been bought and now Switzerland wants theirs.
KaratBars bought a bank in Florida?
Ho ho ho! And what would the name of the bank be? Where are the SEC filings???
I’m from Canada and just lost 1 thousand worth of coins because they did not list the coin as a security in America like they said they would.
I’m very sad to hear that the coin will not be a major coin at all finally.
Very interesting to see how it unfold.
I heard there is a “promise” by a top gun in that company that the Karatbar Coins is guaranteed to be 4cents on July 4, 2019.
Wow, time to sell 75% to 85% of the investment then!
Did the top gun offer to eat his dick if it doesn’t?
Well I bought into karatbars in May of 2018. I am ashamed to tell you how much I sank into this. I thank the God for pulling on me three different times to get my attention.
First off, I physically went to the grand opening of the so called bank in Miami. Upon seeing this office building. I was a little taken back.
Long story short is a virtual office building in which the cost is $55.00 a month.
I am just waiting hopefully for these coins to go up past a penny. So I can cash out and be done with ghis.
In response to Ams
If the miami virtual office building is true…. then what bout this link?
And hong kong building? youtube.com/watch?v=LGkqYWSQdNs
And there new building opening this weekend in florida?
Your comment is confusing.
Im not with karatbars… but doing research on them.
Ah, Ponzi pageantry at its finest.
These events are held for publicity. I can guarantee you Karatbars doesn’t own that office. It’s most likely on a short-term lease and no actual business operations are conducted there.
I noticed the video was shot in July. Has anyone in Miami paid them a surprise visit since then?
Same thing in Hong Kong, everything is temporarily stuck to the walls. It’s just theater for the gullible (mainland Chinese investors in this instance).
What really matters is SEC registration of Karatbars’ securities offering. You can search the SEC’s Edgar database and confirm neither Karatbars, KC Bank or Seiz are registered to offer securities in the US.
The same is true of Hong Kong and every other jurisdiction they solicit investment in.
The coin is now trading at 3 cents. For people complaining about the initial 1 cent buy in, what do you have to say now?
Putting aside the fact that KBC is nothing more than an exit-scam for an exhausted Ponzi scheme, you’re really going to crow about a 2 cent rise after the ICO was announced a year ago?
Once you run out of gullible South Africans to scam and the recent US marketing dies down, what then?
You’re still just holding another ERC-20 exit-scam shitcoin that nobody outside of Karatbars cares about. Sorry for your loss.
(edit: changed “two years ago” to “a year ago”)
What do you guys think about the July 4th 2019 100 coins = 1 gram of gold guarantee?
Without registration with regulators KaratBars’ securities guarantees aren’t worth 1 gram of used toilet paper.
ICO was announced in January 2018.
Thanks for catching that. One year ago not two.
Points in the comment still stand.
I’ve determined that the marketing portal Karatbars uses concerning its affiliate program is a very ordinary procedure for promotion and growth that many companies use.
I will say.. that I’m a little confused.. I see some here who apparently believe that ALL MLM’s are ponzis. I don’t believe this is the case. Unless there is evidence of this? Please show me.
Someone willing to buy something at a higher price does so for trust and quality reasons.
It seems like to me.. Karatbars Int leverages their quality of service which in turns provides a pool for recruiters to earn commission.
Unless a recruiter says they will sell you X but give you Y.. I don’t see how anything else is an issue.
Oz I cherish your pessimism… but its often a bit strained sometimes causing me not even to read what you say half the time.
If you think pyramid recruitment is “very ordinary”, you’re spending too much time promoting scams and/or getting scammed.
Back to the whiteboard, you’re not finished “determining” yet.
The Karatbars gold pyramid scheme jumped on the MLM altcoin Ponzi exit-scam bandwagon. There’s no need to cloud the facts with “seems to me” interpretations.
Get your eyes checked while you’re re-examining that determination whiteboard too.
The promoters in South Africa are pushing this hard and promising guaranteed returns of 450% by 4 July. How is this possible?
It seems to be some of the same individuals who are involved in Lifestyle Galaxy Mining, Tony De Gouveia and Brendon Earp-Jones.
Karot gold has 480,000 affiliates and i imagine it’s now reaching a peak in recruitment and a frenzy before this 4th July promise. the promise makes no sense – how can they offer a gram of gold for 100 coins which are currently worth 7 cents – thats a 37 dollar gram for 7 euro; sounds like pump and dump strategy and typical ‘too good to be true’ scam nonsense.
So inflated infact that i’m amazed , it’s like shoving two red flags of a curious investors nostrils!
thanks for this continuing investigation Oz – essential work. I saw Tony De Gouveia present on their FB page – my god he repeated everything 5 times at least and waffled on with no substance; he lost my confidence in 30 seconds; maybe 5 seconds.
this sounds like the Lifestyle Galaxy scam repeating itself. are there any offical reviews of that anywhere? any articles exposing Seiz et al as conmen?
Is there any chance this will work being linked to gold; though you say above it is not; it’s certainly a cluster fuck offering; they are offering Voice over blockchain mobiles also as part of the affiliate packages and future payments . i have many friends involved.
last question dear experts: so if the coin is on coinmarketcapcom you are telling me you still cant sell it unless you line up the buyer?
We have a published Lifestyle Galaxy review, search bar is on the top right.
KBC is literally a shit coin that costs Karatbars little to nothing to generate. It’s not linked to anything, any more so than deposited KaratBars funds have been linked to gold over the years.
The gold within Karatbars original Ponzi only existed when someone cashed out, and then only as an option (typically a tiny slither on a bit of paper used only for marketing purposes).
Deposited funds were kept liquid within the scheme otherwise they have nothing to pay recruitment commissions out with.
Despite what the marketing says, Karatbars affiliates withdrew in fiat, not gold (shipping costs, by design, made converting commissions into gold (after withdrawal) financially nonviable.)
Don’t BUY or PROMOT Karatbars ICO because karatbars is misleading people and missing a lot of the ICO coins purchased.
I have a first hand experience of this. I purchased Karatbars ICO in April 2018(One year today). I do not have access to it because karatbars told me that the coins are missing.
I have asked them how can it go
missing when it has been paid for? They never had any answer.
I have been emailing (removed), (removed), (removed), (removed), (removed), (removed), (removed) for my ICO purchase. I have also called their numbers (removed), (removed).
They told me that the coins purchased from 2018 are missing. This is shocking for supposed to be a multi-million dollar compamy and they can’t manage people’s $100, $200, $1000 or whatever amount you purchased.
As of today 07th April 2019, I am still trying to get hold of somebody from karatbars network to tell me where my KBC ICO purchase is, but nobody seems to know.
Karatbars is not a very good company to do business with. They are scam. They tell you to buy Karatbars ICO. After you give them your money, you do not have access to your coins because they are missing.
How can that be possible? They are a bunch of scammers.
Gee. Sounds like a totally legitimate decentralized blockchain.
It’s not so much that Karatbars is a scam, but rather MLMing and the companies that use it. So ask yourself Kancifa, is Karatbars an MLM company?
Adopt that knowledge and now apply it to whether you would give Karatbars your money. It makes sense now doesn’t it? No need to focus on the product.
Sorry for your MLM loss.
Oz thank you for the reply and your time. None of this suprises me but it’s a small world and this scam is getting so big i hope any conmen live to regret what they are doing!
Though it seems the law hasn’t caught up and the press aren’t doing there job either I’m sure the wrong peson is going to get crossed eventually.
I bought some during ICO got them through no problems and also got my bonus coins through fine cashed in 20% of mine to double my outlay and left the rest as a risk free punt.
Plenty of whining going on with this page not had a problem myself.
You’re here boasting about investing in an MLM crypto Ponzi scheme. Claim to have withdrawn 20% and call it winning?
Not withstanding whether you personally steal from those who join after you is neither here nor there, Ponzi math is obviously lost on you.
You are full of it mate who’s boasting about what you know all mouth!
All I said was I signed up to the ico bought coins and when they went up in price I took out my investment plus a profit so I have no complaints.
As far as I’m aware there are still a few people waiting for there bonus’s to be manually sorted out but the rest have had there coins with no issues.
As for an MLM I have never recommended anything to anyone let alone sold to other people which would suggest it’s not an MLM in the true sense of the word.
Of course not. You scammed those who joined after you.
Every MLM shitcoin pumps and dumps. You scammed people during the pump.
But you still stole from other people, whether you personally recruited them or not.
Not withstanding Karatbars’ compensation plan makes it an MLM. Not how many people you personally scammed.
i think im a bit late on this.i dont think this mine exists ie madagascar.. no record of gold mining in this area.no record of existence of this mine in fort dauphine.look at auditors report..for this mine.
it is so bad ..the whole report..amateurish and unproffesional.how can auditor certify the gold in amine..surely you need a geologist report instead..even the name of the mine is uncertain..have a look at report. its in webpage.
Is there any relationship between Simone Orso of Karatcoin.co in Italy, and Harald Seiz of Karatgold.io?
They are suspiciously similar. Both look to be part of Karatbit Foundation in Belize.
My uneducated guess is: Once Mr.Orso closed his ICO, he sold to or partnered with Harald Seiz.
In case you haven’t seen it yet, here is Harald’s latest Instagram post….quite entertaining.
Karat-anything is part of the same business. Shell companies, puppet management etc. etc.
And lol @ the hooker bargaining footage Seiz used in that Instagram post. What on Earth…
edit: and then a woman does a line of cocaine a few seconds later… lulz!
Looks like the cult members are going even more crazy after the Cape Town event. Harald keeps on telling people they can cash out but advises them not too – even offering people at the top of the pyramid 20% p.a. to keep their money in.
Anyone who is not caught up in the ra-ra “Harald is a God” type of idol worship easily works out why…
As soon as people start to withdraw their money, the pyramid will collapse. Who knows when the cult members will realise this though?
Scambuster, the South African leaders are boasting of their incentive trips to Harald’s villa and their business class flights. They think that this all legitimizes the business.
Harold has found a lot of new suckers in South Africa.
De gouveia, Andrew Eaton, Jacques Sassin and co recruiting aggressively. Speeches very cult like.
INCORRECT INFO in the article : Karatbars is NOT banned in Canada or anywhere else. Lol where do you get your info from.
If they were banned, you wouldn’t be able to have your gold even delivered to you, and not a single complaint in Canada about somebody not receiving their product.
Anybody in Canada can open a customer account and make an order. Affiliates are also allowed do their business in Canada, customers aside.
Very dishonest comments.
DANIEL: Your obviously up the chain in this Ponzi Scheme and trying to protect your turf, but KARAT BARS is a turd, nobody is making money on the price going up on the Karat Bars or should I say FOOLS GOLD.
The only people “Fraudsters” that are making money is off the commissions of bribing the new victims.
Keep up your bullshit stories of how great this scam is, but this is simply another MLM Ponzi Scheme that uses rah rah meetings to pump up the masses of victims…..The authorities will shut this down in due time.
I am sure the authorities are tickled to learn someone was able to entrap Karatbars into violating Canadian law some more.
But the original news release is still there, should you care to verify it.
So the only one being dishonest is KaratBars. You’re not dishonest though. You’re just a fool for believing in in a fraudulent and prohibited company.
From the Canadian authorities.
Sure you would. Karatbars is banned in Canada.
If Karatbars and its affiliates wish to continue to operate illegally there, that’s on Karatbars and its affiliates.
It doesn’t change the fact that Canadian authorities banned Karatabars. That’s why the business is and has been dead in Canada since the ban.
And why bring up gold? Karatbars is just another MLM crypto token Ponzi now.
The largest source of traffic to Karatbars’ website is the US, in which Karatbars and its promoters also operate illegally (no SEC registration).
Daniel comes on here every few years and does his Karatbars “opposite of the facts” song and dance. Then he disappears again.
The well-known in Germany fraudster Harald Seiz has advertised with false information for his business. This has caused the German BaFin to publish the following message.
Source: bj_1512.pdf, page 42
Doing a simple Google search based on the KaratCoin Bank address being 18851 NE 29th Ave #700, Aventura, FL 33180 …
– The address is indeed to a virtual office: Harbour Centre, and
– Google lists the bank office there as ‘Permanently Closed’.
I’ve got an inquiry pending at State of Florida’s Division of Financial Institutions to confirm whether or not KaratCoin Bank is licensed.
To my knowledge, the Karatbar Coin meets the definition of a ‘stablecoin’, ie- asset-backed. If so, it’s subject to government regulation as a security, as Oz has stated. In most developed countries, that’s a high bar. No pun intended.
Here’s what I received …
A big week at Karatbars this week. Free Gold and everyone excited about becoming millionaires on Thursday 4th July. LMAO!!
Surprised mainstream media have not picked up on this.
Scam promoter extraordinaire John McAfee has, shilling the “event” on his Twitter feed.
The loathsome Seiz states on his FB:
….whereas in the real world, Stefani has been in residence there for a year and all Seiz is doing is flogging marked up tickets thru the KB back office.
Still the whole point was the 9 to 12 to 9 cent KBC pump and dump on the scam exchanges that list it.
Whom ever you are you obviously do not know the difference between a pyramid scheme mlm or affiliate marketing. Most of what you claim is pure crap and lies.
There is no product at Karatbars that you must purchase to carry on. Reading through your crap I now really believe you are seriously jealous that this idea was not yours.
I have seen a number of people been helped financially. I personally . (Ozedit: derails removed)
Canada people are into karatbars in a big way and have not heard of or seen any info. Regarding karatbars being banned or illegal like income tax is.
You are way off base whom ever you are.
Considering that has nothing to do with Karatbars being a pyramid scheme, or running a pump and dump altcoin scam, it seems you’re the one who has no idea.
The Canadian Karatbars ban happened and is documented. That was back when Karatbars was a pyramid scheme. They’ve changed names and re-entered with the crypto scam.
KBC @ 2 cents lolololol. Sorry for your loss.
Addition to comment #44
The domain karatcoinbank.io is for sale:
The German telephone number mentioned in the imprint still exists!
kcbank.io shows this information: