FirstCoin Club Review: Manipulating “public” trading for private profit
FirstCoin Club provide no information on their website about who owns or runs the business.
The FirstCoin Club website domain (“firstcoin.club”) was privately registered on July 15th, 2016.
The FirstCoin Club website cites “Dynamic Global Marketing Ltd” but provides no information about the relationship between the two companies.
An address in Dubai is provided, however further research reveals this address belongs to Freemont Group.
Freemont Group provide business formation services in Dubai, suggesting FirstCoin Club (and Dynamic Global Marketing LTD) exist in Dubai in name only.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
FirstCoin Club Products
FirstCoin Club has no retailable products or services, with affiliates only able to market FirstCoin Club affiliate membership itself.
The FirstCoin Club Compensation Plan
FirstCoin Club affiliates invest firstcoin with the company on the promise of a monthly ROI.
Referral commissions are paid when affiliates are recruited and also invest.
Passive ROI
FirstCoin Club affiliates deposit firstcoin with the company and earn a passive 3% to 7.5% monthly ROI (paid in Firstcoin).
- Basic – invest $200 to $1999 in firstcoin and receive a 3% monthly ROI
- Silver – invest $2000 to $9999 in firstcoin and receive a 5% monthly ROI
- Gold – invest $10,000 to $24,999 in firstcoin and receive a 7.5% monthly ROI
- VIP – invest $25,000 or more in firstcoin and receive a 7.5% monthly ROI (plus 10% one-time bonus on amount deposited)
Dubbed “FirstCoin Advertising Mining Shares”, the more an affiliate invests the higher their monthly ROI.
Referral Commissions
FirstCoin Club pay a 10% referral commission on firstcoin deposited by personally recruited affiliates.
If an affiliate recruits five affiliates, from the sixth they earn a 20% referral commission rate.
A residual referral commission rate of 7.5% is paid on level 2 downline affiliates.
Pool Income
If a FirstCoin Club affiliate personally recruits ten or more affiliates who together have invested at least $5500 in firstcoin, they receive a share in the Pool Income bonus pool.
The Pool Income bonus pool is made up of 5% of FirstCoin Club investment volume company-wide.
Joining FirstCoin Club
FirstCoin Club affiliate membership is tied to an investment of firstcoin.
- Basic – invest $200 to $1999 in firstcoin
- Silver – invest $2000 to $9999 in firstcoin
- Gold – invest $10,000 to $24,999 in firstcoin
- VIP – invest $25,000 or more in firstcoin
The more an affiliate invests the higher their income potential via the FirstCoin Club compensation plan.
Conclusion
FirstCoin Club seeks to remedy the problem of Ponzi point “cryptocurrency” MLMs (ala OneCoin) being not publicly tradable.
They do this by requiring affiliates purchase firstcoin before investing it in FirstCoin Club.
An affiliate can only acquire firstcoin via a public exchange.
On the surface this creates the impression of a cryptocurrency with legitimate supply and demand, until you scratch the surface.
The FirstCoin Project website reveals that there are 110 million firstcoins, of which 109.9 million are pre-mined.
Who owns the 99.9% of available firstcoins? Why, none other than the anonymous owner(s) of FirstCoin Club.
When a prospective affiliate puts in a buy request for firstCoin on a public exchange, they’re in reality just buying the coin from FirstCoin Club.
Once acquired, a FirstCoin Club then parks their firstcoin with the company and collects a monthly ROI.
From here it’s the same old Ponzi points business model.
FirstCoin Club take funds they receive for selling pre-mined firstcoin they generated at little to no cost, to pay FirstCoin Club affiliates a monthly ROI.
The funds are sourced from new and existing FirstCoin Club affiliates buying firstcoin to invest.
Technically an affiliate could sell firstcoin to another affiliate and undercut FirstCoin Club, but this is unlikely. There’s no practical use for firstcoin outside of investment in FirstCoin Club.
The usual “we’re gunna be the next bitcoin!” comparisons are made to market FirstCoin Club, further encouraging affiliates to keep their firstcoins parked in FirstCoin Club.
Referral commissions add an additional pyramid layer to the scheme, as they directly reward FirstCoin Club affiliates for bringing new affiliate investors on board.
As with all Ponzi schemes, a slowdown in affiliate recruitment means a slowdown in new funds entering the scheme.
This will manifest itself by way of a decline in buy orders on exchanges for firstcoin. This in turn starves firstCoin of its only revenue source, leaving it unable to meet its ROI obligations.
At that point the Firstcoin bubble bursts, with the value of the coin plummeting as affiliates rush to sell.
The owners of FirstCoin Club meanwhile quietly slink away, keeping whatever they’ve skimmed off of public firstcoin buy orders.
The FirstCoin Club compensation plan states that ‘to buy firstcoin is possible only with bitcoin‘, so recovering stolen funds from FirstCoin Club’s admin scammers is realistically unlikely.
Although convoluted through the use of public exchanges and MLM business model, firstcoin is simply yet another pump and dump altcoin.
It’ll be interesting to see how the public exchanges tackle this, especially if the public exchange manipulation model catches on.
Technically firstcoin is a legitimate cryptocurrency and functions on a technical level as such.
The problem is firstcoin was created solely to facilitate Ponzi fraud, in much the same way bitcoin can be used to power Ponzi schemes.
Whereas bitcoin has legitimate uses and genuine public supply and demand though, firstcoin has neither.
In my opinion this seems legit cryptocurency. They are listed on coinmarketcap, have blockhain etc.
Affiliate side of this business is just to promote coin.
I’m involved in cryptocurency from begining and saw FirstCoin as good trading opportunity, made some nice profit (Just on Livecoin trade platfromt), didn’t join firstcoin club etc…
The firstcoin cryptocurrency is pump and dump.
The monthly ROI is Ponzi fraud.
Oz, look at their chart, pump and dump dont look like that. They have actually decent, slow, stable growth.
How fast an altcoin is pumped has no correlation as to whether it’s being pumped and dumped.
according to posts on the net the owner/CEO of first coin is:
the alexa rankings and the price chart of firstcoin both show a sharp rise starting around may 2017.
^^meaning, as more and more recruited investors buy first coins the price keeps going up and up. conversely, when recruitment slows the price will crash too like a typical cryptocurrency MLM scam.
an affiliate of firstcoin has posted this message from Kisbenedek Gabor:
cant find any MLM history for Kisbenedek Gabor?
If the company wasn’t a pump and dump they wouldn’t hire a master leader from a Ponzi well know to lead this one. He was let go from the other company for stealing members as a top leader. So the same is happening here.
This company would not hide behind the scenes if they wanted to be a so called LEGITIMATE company.
There seems to be many legal complaints surrounding confidentiality issues with this company. The owners are hiding and do investigation on the top leader Alexandru Saiu.
He apparently has a bad track record from one Ponzi to another.
Yasir Mirza the former OneLife promoter has switched to FirstCoin. Let’s set aside all the questions about how come he switches from the “future of payments” to some inferior solution and hear what he has to say:
The biggest issue Firstcoin will challenge soon is the source of their money, because they were founded by defrauding the Turkish people who invested in Coinspace on turkish market.
Since they used several private and even business accounts, this will be revealed with criminal investigation going on in Turkey.
Among people connected with Firstcoin are: Selcuk Ozkan, Ahmet Altun, Ali Dinler and bunch of other people previously working for the same company, among them Ante Kelava, Siegfried Boschieri (they were supposenly also involved in the management of the previous company) and Alexandru Saiu, Cristina Cattaneo, Armando Perna and all others who were participating in the already mentioned ponzi scheme which was operating in Turkey named Coinspace.
Now they switched to this new Ponzi operating scheme and what is more interesting is that they are using the live blockchain, which seems legit on the first impression, but when you check all the facts behind, you will see that they are really using the blockchain to operate the Ponzi pyramid scheme. Their ROI of 7.5% or more monthly cannot sustain the long term business operation even if they think that due to the recent boom of the cryptoindustry will hold still for a long time.
The initial problem is that the money used to run the operation was taken from many innocent people in Turkey and that basically they defruaded them in first place. The criminal investigation is already in full scale in Turkey and when this will be discovered the company and its leaders will face big issues.
First it is directly connected to Coinspace in Turkey, maybe is even operated by the same management, but more important and fun is that they are using the same network and the same people who were or are still active in Coinspace.
These two companies are possibly connected somehow or shareholders in Dubai are the same, but nevertheless the fact that they started by using dirty money which they stole from people is big enough to stop Firstcoin.
Hopefully people will start seeing that blockchain or infalted Coin price which is going up recently is not the only fact by which you can determine if the company is legit or not and hoepfully the investigation will be over soon and reveal the real facts which will proove this text. More information soon…
Since I have many connections and people inside both companies who know also people near the management in both companies especially Firstcoin I will manage to provide more information on the subject.
Dont get blind and open your eyes today. Still the best possible solution is to buy BTC or ETH and hold them and dont be blindsided by the fact that a few so called leaders earn enourmous amount of money, because the chances that you will be the one are already far gone!!!
For above mentioned people we gathered the facts and also videos and some other documentation and much more that they are operating in the Firstcoin business.
It will be ionteresting to see where these people will go after Firstcoin will close its operation and also interesting to see what will happen with Coinsapce which was promoted by the same guys and/or Onecoin which gathered by far the most dirty money out there.
Again think twice before joining any of these people and check out for more info.
coinmarketcap.com/currencies/firstcoin/
its rank was 0n 35 now its rank is on 945
This website takes all mlm and breaks them down.
yes are a lot of scams and yes, you have to be careful in which you pot your money and work.
(Ozedit: Offtopic derail attempts removed)
Coinmarketcap has an error, you can see firstcoin rank and supply and charts on worldcoinindex.
Firstcoin looks amazing – it is NOT a ponzi scheme it real. Shame you are all so negative.
Using newly invested funds to pay off existing investors is as “real” a Ponzi scheme as you can get. Negativity has nothing to do with it.
They are not using transparent coin although their coin is on the blockchain, that is the reason they were delisted from Coinmarketcap already. It is just a time matter when this Ponzi scheme will collapse.
Now they still have some fuel by innocent distributors from Mexico, Korea, Vietnam and Myanmar, but when this is gone the price of the coin will fall extremely.
So beware. If some key people now would sell their coins the price would fell already, but they are still pumped by the momentum as they think the price will rise enormously.
People behind are known criminals and are hiding behind a legitimate blockchain but sooner or later they will be exposed. Poor people believe them. Do the research on Alexandru Saiu and you will see with whom you are dealing with and also about his collaborate Carlos Oestby who is directly connected with the fraud which is in investigation now.
The amount of the money which was taken from the people goes to about 50millions and the money was transferred from Turkey to Dubai.
They used the stolen funds to fund the new coin and to maintain the price for a while. But sooner or later people will run away because they will see with whom they are dealing with and where the source of funds was taken from.
More follows. As we told. We have a person inside the company who is hidden but will profit enormously when the price of the coin will start falling because he will sell the coins at the right time before it will collapse.
He himself will invest all the money to the legitimate coin which is also listed on the exchange already but on the contrary, is clean and 100% legitimate.
He himself will earn a few millions simply of the naivity of the people who are still investing into this Ponzi scheme.
Poor people, but nobody can help them. It is their fault at the end!
Where the money?
CEO: facebook.com/kisbenedek.gabor
Support: facebook.com/M0GEDA
Marketing Director: facebook.com/profile.php?id=100014161925637
TOP Distributor: facebook.com/saiu.alexandru
Ante Kelava Stole millions and collect them in Bitcoin. He is behind Firstcoin are: Selcuk Ozkan, Ahmet Altun, Ali Dinler and bunch of other people previously working for the same company.
They stole millions from Turkey and are now starting first coin among Ante Kelava, Siegfried Boschieri.
They will all be exposed for the thieves they are. Alexandru Saiu, Cristina Cattaneo, Armando Perna.
Cryptotruth, alias Mr Peppe Lucio of WIWA-COINSPACE, you’re ridiculous as your lies are, the real scammers are called Pat Berry and Jerry Plesco and you’re just a low-league stooge.
We hope to see You all in a cage soon…
I read C-CEX twitter:
Steve you’re not intelligent.
Note that C-CEX are talking about “FIRST” and not “FRST” that is another currencY: The FIRSTCOIN we are talking about infact is FRST.
Hope you will study next time before talking!
Oh, Steven, one more…
Have you seen the policy of a cryptocurrency exchange?
This is KRAKEN, a german one:
so, nothing strange in FIRSTCOIN policy!
The Only Thrue you do not say the truth 🙂
FirstcoinClub Members can not withdraw the beginning of December.
If there had not been a wallet change this would not have happened.
Bitconnect is closed. Frstcoin will be the next. End is coming…
Im very interested when this is going to go down, and how they will exit.
Source: livecoin.net/en/news/view/607
Yasir Mirza try to calm members on Facebook hahahah!!
SCAM GOING DOWN SOON!
The End:
livecoin.net/en/news/view/611
Thanks for the heads up!
After so many months, now we know the FIRSTCOIN truth and the real owners.
The project started in Hungary in August 2016 and all of them are hungarian.
They started the network in August 2016 in Hungary, Budapest.
Gabor Kisbenedek CEO/CO-OWNER ( very well known by all of the Hungarian leaders, then he decided to stay hiden)
facebook.com/kbgabor
Josip Bosnic CEO from August 2017
Gyorgy Peresztegi-Nagy CO-OWNER
Bella Kisbenedek CO-OWNER
Daniel Kormendi – IT Developer / CO-OWNER
David Molnar Gergely – SUPPORT AND MARKETING.
The project had a second Mangement team lead by the same CEO together with Ghefari Dulapandan( UK based)
Josip Bosnic CEO
Ghefari Dulapandan CIO
Andras Sz. CTO
Mr. Adrian Maximilian Necsoiu CMO
The second management team took over the Firstcoin management with a hidden agenda, to destroy the project and to create they-re own project by using Firstcoin founds and members database, after 3 months they created JAAGCOIN and announced that FirstCoin is dead.
After a few months of collecting money in JaagCoin, they took all the money and disappear.
All the other people was just members who just joined the oportunity.
Otto wrote in comment #7:
This video by Yasir Mirza on YouTube from March 2016 with 197,900 views has not yet been deleted:
share-your-photo.com/2905b3456c
youtube.com/watch?v=uaOOaZ4m44U
Although the video is more than seven years old, people are still commenting on it, most recently two weeks ago. An example: