KaratBars holds July 4th hype event, KaratGold Coin dumps 62%
In a desperate bid to prop up its ethereum-based KaratGold Coin shitcoin, Karatbars International held a “Gold Independence” event on July 4th.
Since the event, KaratGold Coin has dumped from a July 3rd 12.6 cent high, down to 4.9 cents.
Karatbars International began hyping its Gold Independence Day event in late 2018.
The event centered on a promise by CEO and founder Harald Seiz, that affiliates would be able to exchange 100 KBC for 1 gram of gold.
Seiz’s promise was quickly picked up and relayed among Karatbars International affiliates.
KaratGold Coin itself began as KaratBank Coin and was announced in early 2018.
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.
Karatbars’ gold-theme pyramid scheme had been winding down for some time, and the company needed a new gimmick to survive.
Cue the cliched jump into cryptocurrency most of the MLM underbelly has embraced.
Although the original “KBC” ticker was retained, somewhere along the line KaratBank Coin became KaratGold Coin.
After the initial Ponzi point phase (wherein Karatbars International made a mint selling KBC to its affiliates), public trading began in July 2018.
Promotional efforts over the months saw KBC hover between 0.4 of a cent and 2 cents.
It was until around April 2019 that Gold Independence hype marketing took off and saw KBC value and trading volume start to climb.
In a May 24th video uploaded to Karatbars International’s official YouTube channel, Harald Seiz reaffirmed his exchange promise;
[0:53] Our promotion for the fourth of July, the day comes very soon, 100 coins to one gram (of) gold… um, you will be excited.
On July 4th Karatbars International held its event at Planet Hollywood in Las Vegas.
It was what you’d expect from an MLM company trying to shill an altcoin, topped off by a performance by Gwen Stefani.
Although Stefani is currently on residency at the Zappos Theatre, for which anyone can buy tickets to, Karatbars disingenuously billed Stefani as a “special guest” for their event.
And that wasn’t the only thing Karatbars was disingenuous about.
Nobody at the event was able to convert 100 KBC into 1 gram of gold.
How much Karatbars spent marketing their Gold Independence event is unclear, but it paid off.
On June 3rd KBC peaked at 12.6 cents. 24 hour trading volume briefly broke through the $12 million barrier.
And then… well, what you’d expect an MLM shitcoin to do happened.
KBC began to dump hard. Today it’s sitting at just under 5 cents.
In an attempt to placate angry investors who felt they’d been duped, on July 8th Karatbars International released a video featuring Chairman of the Board, Josip Heit.
Heit backtracked on Seiz’s earlier promise, and claimed that affiliates misunderstood they would only be able to “claim” their gold.
Heit also trotted out MLM crypto excuses greatest hits, including “scammers” and “KYC”.
Long story short, Heit postponed Seiz’s 1 gram of gold promise to October.
Rightfully so, this went down like a ton of bricks with Karatbars affiliates.
Karatbars disabled comments on the Heit video and have been deleting angry comments from investors on their official Facebook page.
On July 11th Harald Seiz himself attempted to placate Karatbars investors, in a Q&A video uploaded to the company’s official YouTube channel.
In response to the question “What is happening with our coin”, Seiz admits KBC is worthless because there’s “no business” attached to it.
Despite KBC first being sold to affiliates back in April 2018, Seiz claims a business won’t be attached to KBC until September 2019.
Seiz attributes KBC dumping after the Las Vegas event to supply and demand.
Reading between the lines, that’d be zero demand and oversupply – attributable to Karatbars affiliates realizing they’ve been had and trying to salvage their losses.
Seiz goes on to implore Karatbars affiliates to “buy the coins and keep the coins”.
Curiously, in answer to “What is more profitable now: Change KBC for gold or hold the KBC?”, Seiz dodges the question and tells affiliates “nobody can see in the future, it’s up to you what you doing”.
At the time of publication 1 gram of gold is worth around $45.
As per Seiz’s promise, Karatbars International affiliates should have been able to exchange 100 KBC @ 12 cents ($12) for $45 worth of gold.
Today it’s an even better deal at $4.90 for a gram of gold. Seems like a no-brainer to me.
More pertinently though, it also explains why Karatbars will never honor Seiz’s promise.
It was all marketing bullshit to placate Karatbars affiliate investors, who collectively have lost millions investing in KBC.
At the time of publication Alexa pegs the US as the largest source of traffic to Karatbars International’s website (32%).
Neither Karatbars International, any of their shell companies, Harald Seiz or Josip Heit are registered to offer securities in the US.
Despite this, to date US regulators have not taken any action against the company.
Somebody made a ton of money selling KaratGold Coin “profit packages” and pumping KBC in the lead up to the July 4th event…
…and it wasn’t Karatbars International affiliates.
Update 30th March 2020 – Since publication of this article, Karatbars has removed all three references videos from its YouTube channel.
and dont forget the Euro 9.60 ATM withdrawal cost for each transaction. Harry laughing all the way to the bank!!
9.60 EUR to withdraw my 4.9 cent shitcoin?
HOLY FUCK BALLS WHAT A DEAL!
You are sorely mistaken and this review is both inaccurate and incomplete. 100 KBC was never going to be equal to 1g of Gold.
It was supposed to be equal to 1g of Cashgold. This changes everything.
Cashgold is a uniquely tacky piece of monopoly money like bank note except it’s not issued by any bank. this in turn has fractions of grams of gold pasted on top to give it gold value. like 0.1g, 0.2g and 0.5g etc.
KBC holders were supposed to be able to redeem the KBC in exchange for Cashgold.
Please do more research. You should also try to visit the head office in Stuttgart, it’s amazing.
It’s decorated just like an 80’s pornstar mansion, and Harald even dresses to suit the image. This is why so many American, specifically Afro-American prosperity preachers support him.
They find childhood role model in the whole system. Loud, tacky and ultimately with zero resale value. But Cashgold is still a genus idea. Nobody wants it outside of the affiliate network, therefore more people need to be recruited to make sure previous holders can sell to newer holders.
Karatbars Corporate make a cool 30% margin when affiliates sell back. Its aa good deal. Really. Its better than TrumpCoin. Its the best.
1) there is no liquidity for the gold
2) the only place you can buy and sell is the KB Website or EBAY
3) try selling to an LBMA broker
4) trinket gold
5) massive spreads to buy and sell back (to KBC)
6) overpriced gold and a gimmicky 0.1g notes
7) at end of the day the affiliates are cashing out to FIAT or crypto
8) doubful sustainable passive income on the reboot
When I’ve provided ample evidence of Harald Seiz stating 100 KBC will be exchangeable for 1 gram of gold, how am I mistaken?
This lie conned investors out who knows how much. And at the very least is a clear violation of the FTC Act.
If Seiz reneged from actual gold to the Cashgold bullshit on Jul 4th without telling anyone, cool. But that doesn’t change the fact he explicitly marketed the exchange of 100 KBC for 1 gram of gold as being available on July 4th.
Cashgold is of course worthless, and if that’s the out Karatbars affiliate investors are stuck between a rock and a hard place.
Either continue bagholding their shitcoin or exchange them for monopoly money cards that hold no value outside of Karatbars itself.
so for people with lot of KBC coins, the price on July 13th, 2019 is still above 320 satoshis. They can sell on exchange and get some fractions of Bitcoin or ETH back for it.
Even these little fractions of BTC and ETH are likely to improve in price with the next bull run in crypto markets, the only chance anyone has to recover some of their bad investments into KBC. But those holding till October, will only receive worthless Cashgold plastic notes nobody will pay anything for.
Goodluck trying to sell KBC coin on exchange or Cashgold to a non-affiliate after October lol.
If there was any worth to the KBC shitcoin argument at all, the normal blockchain enthusiasts would have pumped its value like a normal stablecoin (backed by a real commodity.) But Harald’s greed is finally going to kill off this company now.
First they mocked Bitcoin and put out long sermons to explain why cryptos are not real money, only gold is God’s money, but then they switched to crypto because quick money to be made with existing captive Karatbars membership of dumbass hoes and brothas that get impressed by sequinned shoes and rhinestone shirts preaching from the pulpit of the church of wishful black prosperity. Amen.
As for “backed by gold” – that’s an oxymoron. Why back a trustless cryptocurrency with something that requires trust??
And also, the CEO has promised 100 KBC coins can be exchanged for 1g of gold on 4th July.
Here’s the problem. There are 12 billion KBC coins which would require KB to own 120,000,000 grams of gold. That’s $4.8 billion in gold alone.
I am not aware that KB have that sort of money so how can they have that volume of gold and yet still pay out massive commissions to their cult followers?
It doesn’t add up and I predict this will end in tears just like so many other shitcoins before it.
Seeing some of the comments here reminds me of the failed Bitconnect cult followers.
“EXPOSED MORE LIES” KARATBARS MADAGASCAR MINE EVALUATION COOKED: youtube.com/watch?v=eVxqcUgekWA
what is the bad that is happening now???
Well, the people that purchased KBC on April 2018 and traded are still trading making thousands.
The system Karatbit will release in the future 15 to 20% commissions yearly easy to trade too or withdraw and sell in other exchanges.
The company has created a phone K1 Impulse and ATM machines, those things are going to make movement to the value of KBC or KCB.
Karatbars has a history of reputation, if we want to sell now we will make 400% since last year, no bad banks gives you nothing.
We all know after July 4th the coin will drop, many people only wants to use the company to profit, that is the end of storie.
If they want to continue they must wait 3 or 4 years to see a big return, only time will give answers.
Since I wrote this article KBC has dropped from 4.9 cents to 3.4 cents. Nobody is making anything.
Even if the price goes up a bit, who’s buying? Outside of Karatbars nobody gives a stuff about KBC.
I’m outside. I give a stuff.
I bought my KBC on hitbtc for .013. All I know is when I exchange 100 KBC’s that cost me $1.30, they send me a QR code that will spit out a gram of gold at the ATM’s when they come out.
That’s $42 at today’s price.
Have you done your research on where the price of gold is going?
$4 to buy a gram of gold. Seems like a no brainer to me.
They’re making them for me right now…..
Lol, So instead of making a profit your hopes are that there will be atms that shit gold?
Lol, stupid peoples fantasis are so boring and pathetic, why dont you wish for diamondshitting dragons beeing lured in by your caratbars shit alt instead?
You want gold atms when you could have gotten a dragon that poops diamonds….
Yeah anyone who thinks they’re getting a ~$42 gram of gold for $1.30 is definitely “in” Karatbars.
At best you’ll be able to sell your KBC to more gullible Karatbars bagholders at whatever the dump price is after Seiz runs out of deadlines.
Good luck with that, and sorry for your loss.
Who are the American Prosper Preachers marketing this shit?
I would love to reach out to their ministry and stop them from being sheep let to slaughter with this scam.
Clearly false information. I’ve actually read alot of articles on this site about Karatbars that are either misguided or downright wrong.
First, no its not true. Many people exchanged their KBC’s into gold. There are videos of it all over YouTube, go take a look for yourself.
Secondly, you completely ignored the fact that there has to be a system as to how often these KBC’s can be exchanged per person.
IF everybody were to exchange as many as they want, they would run out of gold. So- do you really think the company doesn’t already have a system in place to prevent that ? I know the system. But I don’t think you do.
More research please “Behind MLM”, who once even claimed that Bitcoin was a scam.
I was there. She specifically greeted all the guests for Karatbars, and it was a special performance for Karatbars affiliates. So, wrong on that point.
Harald Seiz stated that 100 KBC would be exchangeable for 1 gram of gold on July 4th. That didn’t happen.
If it did, Seiz would have caused a Karatbars bank run exchanging ~$4.90 for ~40+. Basic math.
Seiz made bullshit marketing claims to pump KBC. KBC pumped but nowhere near enough to cover 1 gram of gold. So now Seiz has to backtrack and come up with excuses.
This was all done in violation of the FTC Act, which expressly forbids MLM companies from making false marketing claims.
Not interested in doctored social media marketing bullshit. It is a fact that on July 4th, nobody walked away with 1 gram of gold per 100 KBC exchanged.
Otherwise there’d be no angry complaints and the need for corporate excuses as to why the thing you’re claiming happened didn’t happen.
Oh I’m sure she did, after management informed her Karatbars bought most of the tickets that night.
Doesn’t change the fact Stefani is on a residency and would have been performing that night regardless.
More excuses please. KBC @ 3.5 cents lolololol.
This is either disingenuous click bait, or the product of a woefully misinformed individual.
Karatbars International did in fact fulfill their promise. I was there. I attended the event in Las Vegas, and personally witnessed many people exchange 100 KBC coins for 1 gram of gold.
I personally chose not to exchange any of my coins for gold because my plan is to HODL my coins for the long term as the ratio of convertibility to gold increases to 75:1 and beyond.
Truthfully, I don’t know how feasible a game plan that is though . With an ever increasing amount of acceptance points that accept the KBC & CashGold for goods & services, I know at some point in time, I’m going to be tempted to make payments in these coins.
There’s a particular online retailer whose entire inventory I have fallen in love with. It’s pure agony trying to maintain the discipline to HODL and not go on a crazy shopping spree using my KaratGold coins as payment
PS: As inaccurate as your article is, I have no harsh feelings towards you. It is this kind of FUD that shook up & mislead uninformed owners of KBC which resulted in a sell off and precipitous price decline in the coin giving me even greater value.
The VALUE in these coins is not based on the PRICE of these coins, but rather by the gold coverage and convertibility of these coins, so yeah, in my eyes a 3¢ coin is better than a 10¢ coin.
Where else can one acquire gold for $93.30 per ounce? Isaiah 54:17
The article title is 100% accurate. Karatbars held a hype event and KBC has since dumped.
And here’s where your claim about people exchanging KBC falls apart.
KBC was ~12 cents at the time. But that doesn’t matter because we know most KBC was bought from Karatbars for far less.
Anyway let’s use 12 cents as a baseline. 12 cents * 100 = $12. 1 gram of gold at the time was worth around $45.
If Karatbars offer was made as advertised, in that it was open to the public and not a pre-selected small group who were paraded on stage for marketing purposes, why wouldn’t you trade $12 for $45?
Even if you waited just 24 hrs to sell your gold and buy back in, you’d be buying back in at ~9 cents.
Simply put: If Karatbars honored their initial marketing promise (100 KBC = 1 gram of gold), there wouldn’t have been complaining and two corporate videos trying to excuse the postponed date.
Instead we have salty Karatbars affiliates trying to justify a handful of pre-selected affiliates that were apparently show-ponied about, when that’s not what Harald Seiz publicly pitched on multiple occasions.
As for “FUD” as an excuse for KBC’s dump, the fact of the matter is KBC is worthless outside of Karatbars itself.
If you do manage to sell, you’re selling to some desperate Karatbars affiliate bagholder who sadly still thinks they’re going to lambo moon.
The only reason KBC pumped to 12 cents was Harald Seiz’s 100 KBC = 1 gram of gold marketing. You can literally plot the value pump in the lead up to the July 4th event.
Upon being revealed to be a lie, KBC subsequently dumped. Again, you can literally plot this on the public value charts.
There is no gold coverage because exchanging ~$45 in gold for ~$3.50 in KBC isn’t a sustainable business model. As for convertibility, other than fiat, what are you converting KBC to?
Nobody accepts it outside of Karatbars. That merchant you mentioned is the usual affiliate signed up to accept KBC. It’s not public adoption via true third-party merchants.
The only reason an affiliate would accept KBC for goods is the the same as they’d buy more = they sadly still believe in lambo moon.
But of course none of this comes as a surprise to you. By your own comments one can easily see you’re part of the “KBC lambo moon” crowd too.
As pointed out in the article, the sad reality of KBC is that the only people who’ve really made any money off it are Karatbars themselves.
With desperate investors who shelled out up to 1 million euro for “profit packages” slowly realizing they’ve been had, hopefully securities regulators aren’t too far behind.
Welcome to the MLM crypto space and sorry for your loss.
Unbelievable. These sheep are being led to slaughter with a smile on their faces.
How’s that wicked awesome K1 Impulse working? And those ATM’s? How’s that Karatbar bank in Miami doing?
I was approached about a year ago by an MLM dreamer. He told me with a $$$$$, I could roll it into a million by July 2019.
Umm okay. He’s approached me with several ideas from bitcoin mining MLMs to Vietnamese Dong.
Not one of his hyped schemes panned out for him. But he keeps on going.
What will happen to those country who don’t know anything about this is their any another way to do?
Cashgold has more value than a 100 dollar bill. It seems more like conspiracy to test the legitimacy of Karatbars International to keep Americans from obtaining wealth outside of the USA.
True fact that Karatbars has to come up with other income stream so they can continue exist in the business world of a MLM which has a success rate of 3%.
There’s nothing wrong with expanding into the fairly new technology of crypto currency and having success.
(Ozedit: derails removed)
I can do plenty with a 100 dollar bill. Besides transferring it to gullible Karatbars affiliates or using them in marketing videos, what can I actually do with cashgold?
If I tried to buy anything with cashgold (from a legitimate third-party merchant) I’d get laughed out of the store. If I tried to deposit cashgold into my bank I’d get laughed out of the bank.
If I borrowed $100 from a loanshark and tried to pay them back with gold slithers stuck on paper I’d get laughed out of my fingers and toes.
Obviously, you have no idea what the point of Karatbars truly is.
You speak about buying things and using it for the opposite intended purpose it was created; to create financial savings that is “tangible” and not fictitiously hollow.
You compare it with a system made to take the tangible and turn it into fiction so that it can continue to fractionalize the wealth of our nation(s).
You compare it to an abusive system that uses people as collateral rather than objectively creating a proper tool that is a means of living in the long run.
When a purposely placed balloon in the market is created to absolve debt and turn the eye of the populace away from obvious crimes.
You don’t assert to ascertain an asset and then use it like a liability. Gold and silver are probably the only tangible assets worthy any value without liability. Your arguments are invalid.
Way to post a bunch of waffle without actually saying anything.
Having covered Karatbars over the years I know exactly what it is. A pyramid scheme that used gold as a cover for chain-recruitment.
When that started to collapse Karatbars jumped on the crypto bandwagon, again using gold as a cover for investment into a pointless token.
KBC @ 3.1 cents lolololol.
If you’ll indulge me for a few moments, here’s the biggest problem I see with Karatbars… and I say this having joined as an affiliate back in 2012, and currently holding the status of VIP, meaning I shelled out $2,000 USD or so on a VIP package when I joined.
When I joined Karatbars, and thought it was one of the greatest things since Iron Man’s gold-titanium alloy, Karatbars was focused on ONE set of products… a 1.0 gram, 2.5 gram, and 5.0 gram bar of .999 fine gold, encased in a plastic card to prevent the bar from being squished, folded, bent, damaged, and so forth. That was it.
Now there were the business packages of course, the Bronze, Silver, Gold, and VIP packages that enabled you to start earning bonuses based on the amount of gold your downline was purchasing, but the Bronze package was about $100 USD back then.
You actually did get brochures and discount cards for one-time purchases to hand out with packages, and depending on which level, a set of 1.0 gram Karatbars cards.
But the promise of this company was simple… purchase gold, in small denominations, and hold onto them for the long term. That was it!
You were trading some of your fiat currency for real gold of superior quality, and that was great for diversifying your portfolio, saving for the future, etc.
We made sure that everyone we marketed to and especially brought on board that the money you spent on this gold should be additional funds that are not needed for your normal consumption and getting by day-to-day.
Don’t gamble on the price of gold going up. Just rest assured that over the years, gold has always held its value (acknowledging some bumps here and there which are expected), but overall, the value would be held in check.
A 1929 Ford Model A Tudor cost $500.00 dollars in 1929, or 25 one-ounce gold coins (at $20.00 each). On July 26th, 2019, a one-ounce gold coin was worth $1,420.00 USD. If you had 20 such coins, that would be $28,400 USD, or about the price of a base-model 2019 Ford Edge vehicle.
But that was it! It was to acquire gold as a hedge against possible market crashes, recessions or depressions, or God forbid, some kind of calamity or disaster that could disable the electronic payment networks and leave banks, ATMs, and merchant processing systems in the dark.
And the gold from Karatbars was competitive in the open market. The Karatbars denominations were cheaper than you’d get for purchasing Swiss PAMP gold bars or other types of bars from various dealers on the web.
It wasn’t a scam. You weren’t being over-charged for the gold, at least understanding that the cost-per-gram of small denominations would run you more than purchasing higher denominations like one ounce or ten ounce coins or bars.
And you have some simple options: you could either choose to have your Karatbars stored in the company’s vault for a time until you’d collected enough of them, then have them physically shipped to your door, or just leave them in the vault.
If you left them in the vault, you could easily put in a sell order and they would find a buyer for your gold, and purchase the gold back, after presenting you an offered price and if you accepted the exchange.
Granted, that buy-back price took a bit of a haircut at that time when I tested all these functions to see if they did what they said, but that spread between the buying price and the selling price was (as I was told, anyway) in the plans to get that down to 7% or so, far better than you’d get from a pawn shop or a gold dealer looking to make a profit on you.
And when you ordered your gold bars sold, and accepted the offer, they’d place the proceeds from the sale on your Karatbars Mastercard and then you could immediately spend that money.
It was much easier than having to muck around with placing an ad on Ebay or Craigslist, dealing with buyers, and payment, etc.
Or, as I said, you could have a quantity of gold shipped to your door, and then privately vault the bars or stash them as you saw fit, which would obviously be safer in cases of calamity or emergencies.
But that was the whole deal. Find people who want to save some of their wealth in gold, teach them how to use the system, and set them loose to find others to do the same.
And as distinct from companies like Amway or Herbalife or whatever, where the worst-case scenario was winding up with a garage full of SA-8 laundry detergent and soaps, or a garage full of vitamins, the worst thing that could happen is you’d wind up with a stash of gold.
Then everything changed.
Instead of just selling gold bars, and even the packages, Karatbars got hooked up with some company that was selling gold to people who wanted to use gold leaf sheets to apply to their face for facials and skin treatments.
And selling shakers of gold leaf flecks that you could shake on your food so that you could eat gold, or use it in culinary presentations, or even if you just wanted to take a glance down into the toilet and see gold-flecked excrement, if that was your gig.
And that’s when I started to get worried. It was off-message. It was off-brand. It was weird. It had nothing to do with the core product and the core values that we’d been embracing.
Cut to a few months ago, and some of my upline called me to tell me about this new crypto thing. And I wanted no part of it.
Cryptocurrencies are EVERYTHING that Karatbars was supposed to protect against! They aren’t real money. They aren’t stable. They aren’t permanent and lasting real tangible items of wealth.
It’s digital noise in a blockchain soup, that if you dig far enough, isn’t even sustainable in terms of all of the processing and computing power necessary to keep managing those blockchains.
And now they’re selling sunglasses, and this Impulse phone, which isn’t built on the Apple or Google platforms, so good luck with any apps other than the half-dozen it comes with.
And now this business with the CashGold (which I never liked, and never bought any of) and the Gold ATMs, it has all just become a mess.
And if you look on the inside, you can see just how messy this is. I see messages daily in private groups where people have transferred this many hundreds or thousands of coins from one exchange into the Karatbars exchange, but their coins never made it. So now they’re worried, and asking for help.
Or I’ve seen people who’ve now transferred their KCB coins into this new type of internal accounting unit called univals, or bonus univals, which are UNVs or BUNVs, and if you do the transaction the wrong way, it’s irreversible.
Sorry, one way only! Make sure you look closer next time! And that just leads to another issue where there are so many little acronyms and specialty pieces like KCB coins or KBC coins which now have to be merged in a “hard fork”, or the UNV/BUNV business.
And there are so many exchanges out there where members and affiliates are going to purchase these KCB coins, some of them easier to use than others, but there’s no central system, so people have problems, then come to ask for help, and sometimes someone will help but often they have to be sent back to the exchange they bought from to get assistance, when they respond.
It was so easy to learn the system when I joined. I cannot imagine what this nightmare looks like to new affiliates today.
And the worst part of all of this now… remember when I got into this the idea was to save your wealth for the future, with REAL GOLD. And we always made sure to let people know not to spend their all of their savings and liquidity in gold, as it’s not always easy to convert it the other way.
Well that all went out the window with this crypto fever. Everyone on the inside is continually patting each other on the back, reminding each other that they’ll all be millionaires and how lucky they are to have got in on the bottom floor.
And I can tell from the questions which started popping up even before July 4th, but most especially SINCE July 4th, the big “Gold Independence Day” event where SURPRISE! You’re only allowed to exchange 100 KBC coins for 1 gram of CashGold ONCE. ONE PER CUSTOMER. Oh we didn’t tell you that? Sorry.
Well now these people have obviously been encouraged to purchase LARGE amounts of these KBC coins, in the hopes that they’d flip them quickly when the value skyrocketed, and now they’re looking for advice on how to get out of this, and you can tell from the nature of the questions that these people have liquidated life savings to buy in, and are now panicking on how to get out and get some of that cash back as the current value of KCBs hovers around 2.9 cents each, after its 12 cent high.
And when they ask for help in these private groups, the ferocious and angry response they often get from insiders is that they are fools for cashing out, and they should just hold on and wait for the money to start rolling in.
And real questions about real policies and real procedures are responded to with “I don’t care, I’m on the train to wealth and I’m not selling for anything! I’m HOLDING for the future!”
They don’t even answer the questions. They don’t even care about what the original people are posting about. They just get the sunshine and rainbows clapback.
I feel sorry for the people who have been lured into this crypto mess. If somehow it turns out to work well for them and they can get their original investments back, I’ll be thrilled. I don’t want to see anyone get hurt, least of all people who were suckered by greedy upline personnel.
Karatbars is a phenomenal opportunity, as long as you stick to the 1.0 gram, 2.5 gram, and 5.0 gram (or 20 x 5.0 gram) purchases. Veer too far from that core function, and you’ll wind up in a dark forest surrounded by hungry wolves.
Imrevan Madalin I like how you keep mentioning black people in your criticism of KBC.
The claims that the flashy pimp like attire is what attracts black folks to this venture which I would not be a part of in a sneak disrespect gives you away.
I suppose if they offered meth instead of gold your type would be all over it since that seems to be something you guys are into. Well that and heroin.
The reason so many black people are involved is the promise of a “gold backed Crypto”. Black people actually like tangible items something they can see.
Personally I would not buy this Crypto coin but I just had to point your “blacks are involved and like pimps” sneak diss.
Agree with Heru 100%. It IS a sneak diss.
So most of these people attacking Karatbars really do not have a clue what’s going on.
The incentive that the affiliates receive is completely different than what your public casual buyer on an exchange would buy.
The KBC ICO phase were people’s best opportunity to get the coin at a 1/2 a penny and watch it grow from there.
Maturity date was July 4 and affiliates get 100KBC to 1 gram of gold.
Here is what pisses me and the other affiliates off:
1.) We were never told CashGold was the only way we can exchange it.
2.) We were never told fiat could never be received from KBC.
3.) They lied and told us we can now “claim” it instead of receive it.
4.) The conversion through other crypto puts us back on the market where the exchange is too ridiculous to even consider.
In 3 years Karatbars has never lied to me and I have seen them do great things for people, however this is causing me to stop everything I am doing in this company and reasses my affiliate interest.
@Heru and @Jazz,
My Ugandan wife and I laughed out loud at your typical, predictable, unintelligent, entitled, triggered reaction. You wish you lived in Wakanda, but your reality is more like Rwanda.
I am talking about 1000’s of single black mothers struggling with cashflow and opportunities JUST in the Atlanta, GA area, and the local Karatbars Pulpit Preachers are doing a great disservice to brainwash these vulnerable and easily misguided women into “PAY YOURSELF FIRST”.
I personally know dozens who have been saving 1 gram per week or month for years now, only to find they could have invested in learning instead, or some vocational training, or gone back to college or focused on distribution of a real consumable and useful MLM product.
Instead they are stuck with plastic cards in the name of bars of gold they can NOT sell to ANYONE, not even Ty Best and Michael El Dalcoe will buy back from their teams, because who wants to make a loss right?
Before you make a greater fool of yourselves in front of your communities, ask yourself what use is a gold plated single use CONDOM? Because that’s all that CashGold is.
Single use because when you withdraw from the ATM, it’s no different than a Condom dispenser. When you hold it in your hand, it’s nothing but plastic with a look and shine of gold. AND THEN? Nothing.
Nobody is going to accept it as a payment for anything. ALL Karatbars affiliates will be trying to offload their own, and the number of buyers will always be smaller than the number of sellers.
DOES THAT EXPLAIN WHY THE KBC TOKEN WAS, IS and WILL REMAIN priced at SHITCOIN levels? Not even crossing 0.00000250 BTC? The pair of dumasses like you focus on the whong thing, instead of trying to genuinely help weak, and vulnerable people in the black community.
Ask yourself this, would Dr. Miles Monroe, MLK, or other great leaders have recommended gold savings from a reputable seller? or would they have knowingly pushed hard-up struggling single parents into a commission generating system with a product that can not be sold in the open market? IDIOTS!
Horribly misleading article. The price of KBC was not affected because of anything to do with July 4th. Its because Karatbars and several other private investors have been scammed by a Marvin Steinberg.
Herald Seiz originally partnered with him to create the coin. Basically Marvin stole thousands of coins, which led many people, affiliates and non affiliates, without their coins.
They are slowly being reinbursed now, but this man Marvin Steinberg also is known to hire a company from Russia to conduct smear campaigns against the companies he has betrayed and scammed.
Marvin will likely go to jail, thanks to Karatbars helping to bust him, but thats the backstory behind why the KBC price was affected after July 4th.
Get your facts right and stop targeting Karatbars when so ignorant about whats really going on. Karatbars is a very honorable company.
You can literally plot the KBC collapse from July 4th on CoinMarketCap.
Lulz, the “we got hacked” script. Anything but the truth.
Judicial success of Steinberg Marketing GmbH against the attacks of Karat Gold Cooperation PTE Ltd., represented by the managing director Harald Seiz.
Steinberg Marketing GmbH, Mainz, informs by press release:
^^ Anyone want to provide some context to whatever that’s about? Or spam?
This is an official response from Marvin to the claims made against him – like what Andrew was parroting.
This has gone out via a wide PR circulation, so will be freely available very shortly, unlike KaratBars’.
This relates directly to the false claims by KaratBars and Harald of Marvin’s embezzlement. It contains details of the court judgement against KaratBars and of the judge’s opinion of their accusations.
This clearly proves that the ‘charges’ were false, that the claims that the litigation is ongoing are nonsense and that their whole basis for Marvin being the scapegoat is based on total falsehoods.
Yet another silver arrow to the heart of this scam.
It’s going to get very interesting from here on in.
Ah, the bullshit strawman Karatbars came up with to distract from stealing everyone’s money.
Thanks for filling that in. I didn’t pay any attention to it other than when it was mentioned a few comments back. Had no idea what this new comment was about.
Yeah – cover up your massive exit scam with more lies, effectively. They’ve been buying cars, massive villas etc with people’s money.
Dirc has also taken them to court and won. Case was on 4th July. Talk about karma! LOL
This is all going to start crashing down soon. I feel genuinely sick for those that will lose everything, but hell – the sooner these scammers are behind bars, the better.
So: Karatbars “in deviation” to the earlier judicial assertions frankly claimed the worthlessness of the tokens (!). = Ponzi Scheme ….(!!!)
Let’s keep this discussion going!
@G —-> Do you have anything I can about the case that Dirc took them to court and won? Thanks in advance!
I know someone who has unfortunately put a lot of money into this, together with a group of his friends; all on the promise of vast wealth….
He tried to convince me, but after a little online searching, it was plain to see the mines, bank and business model are all lies. T
he marketing videos are cringe-worthy and none of the main ‘characters’ have any credibility. So sad how these type of schemes can get this far…
Somebody has spent a lot of time and effort exposing Karatbars for what it is.
All they did was go over marketing smoke and mirrors spam. Due-diligence into Karatbars begins with their business model.
If you start there, you soon realize trying to justify your investment is pointless.
After joining KB as an affiliate, being recommended to join by a local business man, I quickly realised that it was a scam.
I took the gold card into a Jeweller to be valued. It was worth 40% less than I paid for it.
I then did some online research and realised it was no more than a pyramid or ponsey scheme.
As I paid by credit card to join, I was lucky to get a full refund. I have a friend that has put thousands in.
I have told him that it is a con but he just will not listen. It will all collapse in time.
CoinDesk are reporting Karatbars is under investigating in Florida for securities fraud – coindesk.com/gold-backed-crypto-tokens-promoter-investigated-by-florida-regulators
I’ll wait for an official announcement.
Having scammed people in one ICO that went nowhere, Karatbars want to do it again in Dec. I think that’ll be crunch time.
Coinidol writes also about it coinidol.com/karatbars-international-scam/
Worthless?? You call $0.020286 USD worthless??
Heck, that’s dang near 2.5 CENTS!!
No, I called an MLM pump and dump shitcoin worthless. Can’t you read?
I’m on your side Oz. I’m being sarcastic. It’s as pure as a shitcoin can be.
All good. Never can tell these days 😀
Interesting article from Kevin Thompson that I think is relevant to KaratBars…
Been trying to do research and found out who’s telling the truth, especially with this last round of reports re investigation into KaratBank in Miami…
I emailed Katie Norris at the Florida Office of Financial Regulation to confirm whether there was an investigation as stated in the CoinDesk article, as Mr Seiz denied there was anything happening..
To my surprise they replied and requested I phone them, (which I couldn’t as I’m not in the US)..
If anyone from here from the US could contact them to see if they are in fact investigating them that would be awesome, as that would prove Mr Seiz is lying re that!
Anyway I looked up the lawyer (Anna Krimshtein) Mr Seiz is using and who wrote the letter stating that the CoinDesk article is inaccurate… These are her offices:
Bit weird for a supposedly multinational business (Bank) who just raised 100’s of millions of $’s facing a potential multi million $ lawsuit to use a lawyer who works from her home :/
Not many things add up, I’m afraid…
Yes, they may not have reneged on a lot of the promises Mr Seiz has made, but they haven’t fully delivered either…
Just before something is due to be delivered, something new is introduced (phones, laptops, Nodes, ATM’s, etc), to distract people?! I don’t know, but it raises a few alarm bells?
Ultimately he’s offering a coin which is to be valued/backed by gold from mines that no-one can prove exists?!
Also when companies feel the need to put out official communication from the CEO to explain or justify a little negative post or article, then generally it means they have got something to hide, as the product should speak for itself, if it is indeed legit and provide value and they wouldn’t care if legal blocks arise as they have nothing to hide…
I bought a couple KBC when it was still 0.1c so if anything I can only dream all promises are real, but the more this continues, and with an idea of how legit businesses with turnovers of +$100m operate, this isn’t it..
There is always a mass of idiots who think they are geniuses to fill the pockets the psychopaths…
It’s sad to see do many gullible people that are being ripped off..
you can buy 1 gram of gold from JM Bullion for $53 plus FREE SHIPPING.. Karatbars is $65 for 1 gram plus cost of shipping.. WTF????? Scam artists.
Yesterday, 2 countries issued warnings about Karatbars…..The Federal Financial Supervisory Authority (BaFin) in Germany issued a cease and desist order whilst in South Africa the FSCA (Financial Regulator) warned the public not to deal with Karatbars.
Will Karatbars still be around by Christmas?
I have heard that Karatbars is listed in the FORBES MAGAZINE as one of the top 10 companies to watch. How can I verify or dispel this claim.
Also I have 22000 tokens. Are they worth anything? How can I get any thing for them. I have $2000 invested.
Call up Forbes.
No. There is zero interest in KBC outside of Karatbars.
Hard fork of KBC on the 15th of December 2019 is by the corner. What are my chances since I am holding 10k of KBC?
Nobody outside of Karatbars wants KBC.
Nobody outside of Karatbars will want a KBC fork.
It might pump for a few
dayshours, depending on how many gullible morons are left. After that sorry for your loss.
Gold is gold, if you own the physical Karatbar grams or bills, you own something valuable.
Yes, it is worth less at resale at the sales price, but unlike an $8 coffee, it does retain it’s value.
Just recently the value of Lebanese Lira dropped 30%, if something like that happens here,I’d be thrilled to have a certified recognized piece of gold.
Remember, they need to mint it, package it and transport it. All this costs money want gold at spot, buy broken jewelry. Don’t like the crypto end of it .. don’t do it.
Yeah except who is going to buy slithers of gold stuck onto paper?
Good thing that’s not how securities regulation works.
Just a quick update… I’m seeing in Karatbars groups on Facebook now that a new curve ball has been thrown at the affiliates.
Now there is a 4:1 coin reduction scheme going on, where all of the coins that people have purchased will now be quartered… so if you have 10,000 coins, you’ll wind up with 2,500 coins, all in the hopes of boosting the price of the coins.
And I’m not patient enough to try to suss out the full details, but there’s something about the fact that if you do not do this reduction or do something specific with your existing coins, they’ll essentially be “burnt” and destroyed.
This just seems to get worse…
That’s a novel 180 degree spin on OneCoin’s “we’re about to double your worthless coins, shovel in more money before you miss out on the split” schtick.
Did they wind up going with the fork or was that abandoned?
Karatbars has a new thing they are doing called FREEBAY.
I am a current affiliate who did not do well with this “business”.
When I joined in 2018 it was for the ability to buy and sell gold as a business venture. I had no idea the shitstorm that would happen right after I joined.
Nonetheless, I am now stuck with a free worthless website, 580KBC, and some Gold (more than an ounce) that I cannot get shipped to me for some reason, support always has some excuse as to why they cannnot ‘release’ my gold from the vault.
As disappointed as I am. I am more disappointed in the leaders who are still pushing this on people knowing that they will not succeed with this product and NOW since they have revamped it my upline has been sending all this crap about FREEBAY and loss of coins and gold if not transferred over to this new thing.
Can we come together and sue the shit out of the upline and the company?
So does this mean that Ty Best, Michael Dalcoe, and Tannisha Glaspie are scammers in Karatbars/Freebay?
Ponzi and pyramid schemes are scams.
Karatbars is currently a crypto Ponzi/pyramid hybrid.
Scammers promote scams.
What on earth is Harald saying?
KBC coin is “covered” not backed by gold, sort of. Maybe. What?!
Man that video is full of cringe. I got as far as “eMaIl OvEr BloCkChAiN” and had to close it.
Kwame Foster is from Foster Media, a German PR firm. Seiz is reading off a script (follow his eyeballs).
OneCoin is a good example of “we gave away coins, we didn’t sell them!” pseudo-compliance being blown apart. Seiz also makes up laws.
Securities law has been around for decades. Nothing changed with respect to securities law in 2017.
Enforcement of securities law with respect to crypto investment schemes has has stepped up but still lags in most jurisdictions.