Citereum, found online at Citereum.com, describes itself as “the coin of city”. Find out what that means today in our review.
What Is Citereum?
Citereum is a cryptocurrency lending scheme currently preparing for an ICO on May 1, 2018. The project’s official website claims the currency “allows owners to earn Citereum through Advance Rewards Funding, Token Staking, and by purchasing the coin using crypto currencies.”
What exactly does that mean? As far as we can tell, Citereum has no purpose outside of the “Advance Rewards Funding” ecosystem. The coin is exclusively used within that rewards ecosystem.
In reality, after taking a closer look at Citereum, the entire project appears to be a scam. The company refuses to disclose team information. They advertise investment opportunities with high guaranteed daily profits. Plus, there are countless grammatical errors and contradicting sentences across the low-quality website and whitepaper.
With that in mind, let’s take a closer look at how Citereum works.
How Citereum Crypto Coin Of City Staking & Lending Works
The creators of Citereum plan to issue a total supply of 34 million Citereum tokens. However, just a few paragraphs later in the whitepaper, the team claims they’re never making more than 25 million Citereums – so it’s unclear how many Citereums will ever be created.
Citereums cannot be used to purchase any products or services. Instead, the only function of Citereum tokens is to be used within the loyalty program and the “advance rewards funding program”. These programs function like multilevel marketing initiatives: you earn money in exchange for referring other users to the platform. Citereum even has a lending program that seems to pay users daily dividend rewards.
Obviously, when you start seeing advertisements for things like a multi-level commission structure and daily dividend rewards, it’s important to be skeptical. There are hundreds of scams in the cryptocurrency industry that feature similar programs.
Basically, Citereum claims users can stake tokens on the platform, then earn money every day. You lock your Citereum tokens into the lending program, then earn daily interest.
Citereum has another major red flag telling us it’s a scam: the company claims to have an automated cryptocurrency trading program that generates enormous, guaranteed daily profits for investors. Here’s how the whitepaper explains that system:
“With the use of our monetize bots, we have designed one of the most accurate and reliable automated cryptocurrency trading systems to ensure that all our investors who are not ready for the stress of trading and staking on their own can lend their coins to the system and still make tons of profit.”
Yes, even if you know nothing about cryptocurrencies, you can give your money to this magical “trading bot” and earn guaranteed daily profit. That doesn’t sound legitimate.
Citereum CTR Token ICO Details
There’s a total supply of 25 million Citereum tokens (CTR), although other sources on the official website mention a total supply of 34 million tokens. In any case, only 10 million tokens will be issued through the ICO.
A pre-sale begins on April 15, with the main token sale beginning on May 1. Tokens are being sold at a price of $0.20 to $1.20 per token. The token sale concludes on June 25.
Who’s Behind Citereum?
Everything on the Citereum website and whitepaper tells us it’s a scam. One of the final red flags is that the company refuses to disclose the identity of its team. We don’t know the name or background of anyone involved with the project, nor do we know anything about the founding team.
Typically, when a company refuses to disclose any team information while running a scammy lending program, it means it’s being run by a team of scam artists.
The Citereum whitepaper mentions that they’re unable to disclose team information “due to legal and tax issues”.
Everything about Citereum tells us that we’re dealing with a scam. The website and whitepaper are a mess of contradictory information about the company. The information we do see is very bad: Citereum claims to have a lending program, for example, that pays guaranteed daily profits to investors. They also claim to have a magical automated trading system that never makes a bad trade: that trading bot uses advanced algorithms to generate profits every single day.
On top of all of this ridiculous information, Citereum refuses to disclose its team, its location, its contact information, or any other information you’d like to see before investing in a company.
Ultimately, based on everything we can see online, Citereum is a complete scam. You can check it out for yourself today online at Citereum.com.