ATC Coin is a cryptocurrency that claims to be backed by Bill Gates, Warren Buffett, Eric Schmidt, and Richard Branson, among other legends. Find out if this coin is a scam today in our ATC Coin review.
What Is ATC Coin?
ATC Coin, found online at ATCCoin.com, wants you to believe that it’s the next big thing in the world of cryptocurrency. Like other MLM-style cryptocurrency scams, ATC Coin tries to convince you it’s the next bitcoin. By buying ATC Coin today, you can get rich quick – at least according to the information on the ATCCoin.com website.
Right away, there are several huge red flags about ATC Coin. The first problem is that there’s minimal information on the official website. We know virtually nothing about the creators of ATC Coin or the executive team of the company. Instead, the website focuses mostly on how much money you’ll make.
One of the most worrying things about ATC Coin is that the company dedicates a page of the website to “Legends Involvement”. That page claims Bill Gates, Eric Schmidt, and other major industry players are “involved” with the company. Obviously, there’s no evidence any major player or investor is involved with ATC Coin.
The domain was registered on March 1, 2017. The corporation, ATC Coin Ltd., was registered in the UK on May 11, 2017. The corporation lists Subhash Jewria as its Sole Director.
ATC Coin Products And Services
ATC Coin does not list any products or services on its official website. It appears that the only “product” is the ATC Coin affiliate membership.
When a company doesn’t offer any products or services, and exclusively supports itself through new memberships, we classify that as a pyramid scheme.
ATC Coin Compensation Plan And Business Opportunity
Like most pyramid schemes, the goal of ATC Coin is to convince you to give money to the company. The company claims that by giving them a small amount of money today, you can enjoy an enormous amount of money in the future.
With ATC Coin, you’re investing in a digital token called ATC Coin. The company claims the value of that coin will skyrocket in the future. You buy a certain number of coins today with the expectation that they’ll rise in value in the future.
To start, you’ll need to invest 100,000 INR (about $1500 USD) in exchange for 50,000 ATCC. You’ll receive 50,000 ATCC upfront, along with 4500 ATCC per month for 18 months.
The tokens do not appear to be based on the blockchain: they just appear to be digital tokens issued at random by ATC Coin. There’s no information about the total supply of the tokens or the mining process.
ATC Coin goes into a surprising amount of detail about its compensation plan, and how members can make money by recruiting new members. ATC Coin uses a unilevel compensation plan.
ATC Coin Features
ATC Coin offers all of the following features:
- Generate ATC Coin address
- Connect to ATC Coin network
- Update or download transactional block chain
- Send and receive ATC Coin
- No bank or government control (although the coin does appear to be controlled by the ATC Coin corporation)v
- P2P transactions
- Digital signatures for enhanced security
Ultimately, ATC Coin’s “Benefits” page just lists all of the benefits of an ordinary cryptocurrency. It’s unclear what benefits – if any – ATC Coin has over a standard cryptocurrency like bitcoin.
What Is ATCC?
ATC Coin, or ATCC, is a digital token used as part of the ATC Coin ecosystem. The token appears to have no real world applications: it’s exclusively used as part of the ATC Coin ecosystem.
One of the most unusual things about ATC Coin is that the creator of the coin claims the coin will go up in value. In fact, the ATC Coin website outlines the specific value of the coin at specific dates. In April 2017, the coin was projected to have a minimum value of 1 INR, for example. In July 2017, that value was expected to rise to 6 INR.
At the time of writing, on July 10, 2017, one ATCC had a value of $0.08 (8 US cents), which is just under the 6 INR projected valuation.
About ATC Coin Ltd.
ATC Coin Ltd. was registered in the UK on May 11, 2017. As proof, the ATC Coin website features an uploaded corporation registration document.
The Sole Director of the company is listed as Subhash Jewria, who uses a virtual mailing address owned by Garden Studios as the corporate address. We could find no evidence that Jewria has founded any other MLMs in the past, so ATC Coin appears to be his first endeavor. On Facebook, ATC Coin was seen promoting payment solutions like My Money Seva in the months leading up to the launch of ATC Coin.
Overall, there’s limited information about the executive team behind ATC Coin, or the qualifications of the creators of the company.
ATC COIN Conclusion
Ultimately, ATC Coin is marketing itself as India’s answer to bitcoin. That sounds good – until you realize that ATC Coin is essentially a multilevel marketing scam with no real-world applications. The only “application” for ATC Coin is to recruit new members into the company. No products or services are being sold here – you’re just selling memberships.
There’s also the problem that ATC Coin uses fraudulent marketing tactics to convince people about the value of the currency. The website has a “Legends Involvement” page, for example, where it mentions that Bill Gates, Warren Buffett, and other big investors are all involved with the organization. That’s a straight-up lie.
When a company doesn’t offer any products or services, and props itself up just with new members, we call that a pyramid scheme. Until more information about ATC Coin is available online, this appears to be a pump and dump digital currency scam marketed to Indians who have heard of bitcoin – but don’t know how to invest in it.