HomeBlockCoin, found online at HomeBlockCoin.com, is a decentralized self-regulated financial payment network based on bitcoin lending and cryptocurrency mining. Find out how it works (or if it does) today in our review in the buzzing blockchain token sale era.
What is HomeBlockCoin?
HomeBlockCoin is a cryptocurrency that makes many of the same promises as other cryptocurrencies: it promises to offer a decentralized payment solution that helps users avoid traditional banks.
The company describes itself as “a decentralized self regulated financial payment network created for users that want to be independent from third parties like banks or the government.”
With HomeBlockCoin, no middlemen or other institutions are required for processing transactions. Using the HomeBlockCoin cryptocurrency, the network can run without any centralized servers. Transactions can be completed in seconds “without any fees”.
HomeBlockCoin also claims to be an anonymous cryptocurrency. However, it works in a similar way to bitcoin: users can see every transaction on the public blockchain, including the users involved in those transactions. However, users are represented by their wallet ID, and users can choose whether or not to reveal their name.
Ultimately, HomeBlockCoin sounds good at first glance. However, it doesn’t take much research before you realize that HomeBlockCoin seems to be an investment program similar to Bitconnect and other programs of this class. Let’s take a closer look at how it works to see if it’s a legitimate investment opportunity – or a complete scam.
How Does HomeBlockCoin Work?
HomeBlockCoin has a total supply of 28 million coins. Just 5 million coins are being released through the ICO, which began on November 4. The ICO is restricted to a certain number of tokens each day.
HomeBlockCoin also claims to have some type of mining system in place, where users can easily mine the currency at home. The company claims any device with an internet connection can be used to mine HomeBlockCoin.
It doesn’t take long before you realize there are some shady things surrounding HomeBlockCoin. In fact, the entire scheme seems similar to well-known programs like Bitconnect. HomeBlockCoin, like Bitconnect, promises guaranteed, unrealistic ROIs from automated trading software, mining, staking, and lending.
The HomeBlockCoin whitepaper claims you can earn ROIs of 0.15% to 0.30% per day, every day, in addition to “volatility software interest.” You can achieve enormous returns within a 99 to 239 day period. All you need to do is stake coins with the company, and they’ll lend the money to people who need it.
Obviously, Bitconnect and similar investment schemes have become known for scammy lending programs like this.
Scrolling further down the HomeBlockCoin whitepaper, the company confirms it has a pyramid scheme-style referral system: the company has a 7 level affiliate referral system in place, where you can earn 1% to 8% commissions from people you refer to the platform.
However, they do seem to have a lot of class and marketing bravado. Take a look at this nicely put together videos and educational materials regarding Home Blockcoin:
The HomeBlockCoin ICO
The HomeBlockCoin ICO is taking place from November 4 to November 23. During the ICO, the company is selling 5 million HomeBlockCoins over a 20 day period. Coins are priced at $1 per HomeBlockCoin.
We assume that the token will be labeled under the symbol “HBC”. However, the company hasn’t yet decided on an official symbol. It’s possible they’re worried about copyright infringement due to the fact that HBC is used by Hudson’s Bay Company.
HomeBlockCoin is specifically advertising its coins as an investment opportunity. The whitepaper has a “value prediction” section where users can see the value of the coin skyrocketing over the next few years. The company claims users can expect a valuation of about $20 USD by January 1, 2018, rising to a value of around $375 USD by the end of 2018. By the end of 2020, the value of one HomeBlockCoin is expected to be $1,000 USD. It’s unclear where the company got these valuations.
Typically, legitimate companies do not provide investment advice or price predictions in their whitepaper. It’s unusual to see this information in HomeBlockCoin’s whitepaper, especially at such a generous price prediction.
HomeBlockCoin appears to be using the similar marketing tactics as Hextra did with its ICO. They’re having a time-sensitive ICO where you enter the sale at a fixed time every day to compete for a fixed number of tokens. The company claims to sell out of all its tokens every day – although they publish no proof of this or any record of the transactions. This could be a sign of legitimate demand – or it could be a marketing tactic designed to artificially inflate demand.
Here are more pieced together videos from the Home Blockchain initial coin offering team:
and another one:
and all the facts bundled up into one according to the HBC ICO title:
Regardless what the model and math might be, you have to give HomeBlockCoin a slight tip of the hat for all of their pleasantly-pleasing marketing efforts.
Who’s Behind HomeBlockCoin?
One of the easiest ways to spot a bitcoin scam is when the company refuses to disclose team information while simultaneously offering enormous ROIs. Such is the case with HomeBlockCoin, which doesn’t have any team information, location data, or other info listed on the official website or whitepaper.
When someone asks you to send money online, yet refuses to disclose their identity, it’s a probable sign you’re being scammed.
The HomeBlockCoin.com website was registered On October 19, 2017. All website information was registered anonymously, and we can’t find a single name that’s publicly associated with the project.
HomeBlockCoin is a bitcoin investment program that appears to be identical to Hextra, Regalcoin, Bitconnect, and other infamous scams in the crypto community.
HomeBlockCoin, like its competitors, promises enormous returns for investors who contribute a small amount of money today. HomeBlockCoin claims to have a mining system, lending system, and other features that will make investors rich with no risk or hard work required. However, we have no proof any of these systems actually exist. The shadowy company behind HomeBlockCoin also claims that if you buy a token for just $1 today, that token will be worth $1,000 or more by 2020.
Ultimately, there’s a large lack of transparency around HomeBlockCoin and how it works.