There are many different methods of generating income or profit in the cryptocurrency ecosystem. Some participants in the cryptocurrency industry choose to mine crypto, while others choose to perform strategic investment and trading. All of the various different methods used to generate income in the crypto world- apart from simply buying and holding- share one common factor: they’re not easy or simple.
While this may seem obvious, the cryptocurrency market is home to many different platforms that seek to capitalize on the laziness of investors and their ignorant assumption that it’s possible to generate guaranteed profits with little to no effort. The most common type of platform that attempts to target these “investors” are high yield investment programs, or HYIPs.
High yield investment programs are also present in the traditional investment market, and essentially all function in the same way. HYIPs offer investors the opportunity to deposit capital into a managed fund, which is then used to fund aggressive, speculative ventures. In most cases, they offer extremely high ROI over a short period of time.
These platforms are known for being particularly risky investments, as many high yield investment platforms don’t do any investing, and simply pay out older investors with funds deposited by new investors until the entire system collapses, resulting in the total loss of all capital.
Even when investing in reputable HYIPs, it’s important to remember that you’re effectively giving control over your funds to a third party that will then use them to invest in aggressive high risk ventures. HYIPs in the crypto market are beginning to become more complex in order to obfuscate their speculative and risky nature.
Many crypto based HYIPs are starting to launch initial coin offerings in an attempt to draw unsuspecting investors in, but recently we’ve seen a trend in which HYIPs establish what appears to be a fully-functioning blockchain based platform in order to attract investors.
In this article, we’ll take a look at ZoZo Coin, a new HYIP that uses a particularly sophisticated front. We’ll take a look at the ZoZo Coin platform and highlight the key points that identify it as a HYIP to help you remain alert to these platforms in future.
What is ZoZo Coin?
At first glance, ZoZo Coin appears to be a complex but successful blockchain based platform. The ZoZo Coin website describes the ZoZo Coin platform as a “one-of-a-kind blockchain-based cryptocurrency designed to deliver blazing fast, secure and near-zero cost payments to anyone in the world”.
Figuring out exactly what ZoZo Coin actually does, however, is a little more complex. The main page of the ZoZo Coin website makes a number of conflicting statements regarding the purpose of the ZoZo Coin platform. Firstly, ZoZo Coin is described as a business model in which users can purchase virtual goods online.
ZoZo Coin also provides potential investors with a somewhat confused reference to segregated witness, outlining the “ZoZo Coin Lighting Network”, which doesn’t actually exist. ZoZo Coin then goes on to explain that the platform is a cloud mining service that allows users to mine cryptocurrency without the need for hardware.
Assessing the ZoZo Coin “About” page, however, yields an entirely different explanation in which ZoZo Coin is a “Robotic Process Automation” that accelerates mortgage processing. It’s clear that the ZoZo Coin is absolute nonsense, and doesn’t actually do any of the things it states.
If ZoZo Coin is not a cloud mining service, a blockchain network, or a real estate escrow service, what is it?
How ZoZo Coin Really Works
The truth of the matter can be found in the ZoZo Coin FAQ page. ZoZo Coin is a blatant HYIP- in broken English, the Zozo Coin FAQ page states the following:
“Our strive is it to offer cryptocurrency holders a great service to make good investement (sic) decisions. For this we have developed in the last 12 month a state of the art algorithm which makes up to 5% per day”
From this information, it becomes clear that ZoZo Coin is a high yield investment program- and a bad one at that.
The ZoZo Coin Verdict
Given the shady nature of the ZoZo Coin platform, it’s highly unlikely that you’d actually receive any returns if you invested in it. The links to the “iOS and Android mobile apps” don’t even work. It’s not even written in grammatically correct English. Our verdict on ZoZo Coin? Stay far, far away.