Folk Coin: What To Make of this People’s Cryptocurrency Token?
Folk Coin, found online at Folk-Co.in, aims to create a cryptocurrency for people. Find out how it works today in our review.
What Is Folk Coin?
Folk Coin is a cryptocurrency with a unique concept. Instead of bringing benefits to its creators, the currency will bring benefits to end users, including “ordinary people, companies, and services.”
The official website describes Folk Coin as the “people’s cryptocurrency”.
Folk Coin claims it won’t need investors. However, they’re seeking money from partners who are “ready to put a piece of themselves to the project development and get a solid profit from it.”
The Folk Coin website is riddled with spelling mistakes and red flags that we’re dealing with a scam. Obviously, there’s also the problem that Folk Coin claims to be “for the people” but is actively seeking partnerships with people who want to “get a solid profit” from the project.
Another red flag is that Folk Coin specifically promises “guaranteed constant profit” to investors. That’s right: the company claims investors will never lose money through the project: you’re guaranteed to earn money.
What exactly is Folk Coin trying to create? Let’s take a closer look at how it works.
How Does Folk Coin Work?
It doesn’t take much time on the Folk Coin website before you realize that we’re dealing with a scam coin. The company has no business plan in place. There are way too many red flags to list – from the brutal spelling mistakes and grammatical errors to the awkward use of stock images and the “guaranteed constant profits”.
One of the most immediate concerns is that the company is holding an ICO throughout February and March 2018 – despite the fact that they have no apparent platform or business in place. Furthermore, that ICO is raising the price from $0.10 per token at the beginning to $3 per token by the end. That’s an absurd increase throughout an ICO – especially for a token that claims to be “for the people”.
Folk Coin doesn’t really seem to have any products or services in place. Despite the lack of a business model, however, the company guarantees profits to every user:
“The development team, together with the FOLK COIN community, uses effective methods of popularizing and increasing the value of the cryptocurrency, which guarantees profit to each coin holder,” explains the official website.
In other words, if you buy Folk Coin today, then you’re guaranteed to make money from your investment. There’s no risk!
Folk Coin also has a ridiculous referral system where it distributes 60% of money to users who refer other people to the platform. You get paid 40% commissions on the first level, for example, dropping to 2% commissions on the seventh level.
In other words, most of the money you use to buy Folk Coin is distributed to the person who referred you – the money doesn’t go to the platform’s development itself. This makes Folk Coin more of a pyramid scheme than a legitimate business.
Features of Folk Coin
Folk Coin advertises all of the following features:
Guaranteed Profit With No Risk:
All Folk Coin token holders are guaranteed to earn “constant profit” through the system.
Folk Coin will have some type of speculative tool that lets you trade on different exchanges.
Folk Coin claims to be totally anonymous.
Folk Coin claims to have no centralized management team, although this doesn’t appear to be true.
Folk Coin distributes 60% of its income to its affiliate program. In other words, for every $10 you invest in the project, only $4 will go towards the company – the rest gets funneled up the pyramid of referrers that referred you to the platform.
Ultimately, Folk Coin doesn’t appear to have any of these features or services in place.
Who’s Behind Folk Coin?
Folk Coin is a very obvious scam. One of the easiest ways to confirm a crypto scam online is when the company refuses to disclose any team information.Such is the case with Folk Coin: there’s absolutely no team information online. There’s no way to contact the company.
The company claims to be building a cryptocurrency “for the people” – which typically suggests an open source project. However, Folk Coin has not disclosed any project documentation online. This is a closed source project with a centralized management team.
The Folk Coin ICO
The ICO consists of 10 rounds. The price of each token was set at $0.10 during the first round, rising to $3 by the last round. The ICO will continue until early May 2018.
Folk Coin is distributing 9 million tokens throughout the ICO. There’s a total supply of 15 million tokens. The remaining tokens are allocated for the team (750,000 or 5%), “development” (1.5 million or 10%), and “promotion and exchange” (3.75 million or 25%).
Folk Coin Conclusion
If an anonymous individual online is asking you to send money online for an investment that pays “guaranteed constant profits”, it probably means you’re dealing with a scam. Folk Coin has all of the red flags we associate with crypto scams online.
Unless you feel like donating your money to an anonymous team of investors, Folk Coin is one project you should absolutely avoid.