333ETH has been in the news in recent weeks for an obvious reason: it is among the most popular decentralized apps (dApps) on the Ethereum network. The platform has also attracted attention to itself due to the sort of business it runs. In this review, you should know everything you need to about 333ETH to make informed decision about it.
It should be noted that the first rule in online investment should be that you conduct due diligence to ensure that the investment would give you the promised return with certainty.
This is essential because there are many ponzi schemes that would pay the initial investors just to create awareness about the business. The later investors get shocked the day they switch on their computers only to find out that the business has gone. Gone with their hope of making any profits.
What is the 333ETH Project?
333ETH is an investment platform promoted as creating an avenue through which investors have opportunity to earn daily 3.33 percent of their investment. This daily payment is reportedly life-long.
It is based on the Ethereum smart contract, the self executing program that runs according to preset conditions. This means that after a smart contract has been uploaded, no party can alter it.
The project website explains,
“Our automated investment distribution model is written into a smart contract, uploaded to the Ethereum blockchain and can be freely accessed online”.
The site went further to say that,
“In order to insure our investors’ complete security, full control over the project has been transferred from the organizers to the smart contract: nobody can influence the system’s permanent autonomous functioning.”
According to the site, the organizers created a “simple but unique system of distribution of finances”. This distribution system pays 83 percent of contributions to the users, 11 percent is allocated for the promotion of the project, 3 percent for technical support, 2 percent for employee salaries while a mandatory gas fee was allocated 1 percent.
What Is the State of the Project At The Moment?
3.33 percent daily income is a lot of money for those willing to take the risk. It is no surprise then that the 333ETH platform is one of the most popular dApps on the Ethereum Network.
As at the time of this review, the platform has generated 7325ETH or the equivalence of $1.6 million. However, it is at this point that the crypto community really took notice of it for a reason.
What Are the Pros And Cons of 333ETH?
In our analysis and reviews of projects at Cryptoinfowatch. We explore the pros or some of the good that we found in the project. Nevertheless, since these are high risk, high yield investment schemes, investors are advised to read through the full review to understand what our conclusion is and not just jump to conclusion just because a project has some positive aspects to it.
The Pros Or Advantages of 333ETH
According to a BitcoinTalk post apparently made by one of the operators of the scheme, they said that it is possible to earn ether without trading. The 333ETH is apparently paying the users of the platform what it promised. That is why there have been no dissenting voices among the user community.
Daily 3.33 percent is a substantial sum as a return on investment. That it is a one-time contribution that guarantees a lifetime of payment makes it particularly attractive to many. No wonder the scheme is generating much interest.
Being based on smart contract means that there is little interference with the way the scheme has been programmed to run. The investors may feel safer knowing this. The promoters of the project in the referred post stated that,
“the unique system of protection of deposits, enabling safe and guaranteed to keep all deposits are constantly increasing degree of protection. The whole system is fully automated, smart contract automatically distributes funds and makes payments on a daily basis.”
Cons or Disadvantages of 333ETH
There are many things that are wrong with the 333ETH setup. First, the project does not specify how “it is possible to earn income in ETH without trading”. In other words, it is stating that it is minting the ETH profit it is distributing from thin air. This is the first sign that things aren’t quite right with 333ETH.
There is no mechanism by which the company generates the digital currency profits of 3.33 percent it pays investors. That should make every investor wary of this particular offering.
Who Are The People Behind 333ETH?
Every legitimate business is proud to have their clients know those behind it. This is not the case with 333ETH. There are no indications who the founders are. So there really is no one the investors will hold liable if anything goes wrong. And it is so easy for something to go wrong in the setup 333ETH operates.
As stated previously, the company allocates 11 percent to advertising the project. This means that a project that has no known source of income still uses funds contributed by investors to pay for marketing campaign. This points to the reality that having new investors is critical to the survival of the business.
Another is the fact that the project is actively incentivizing referral system, showing that new recruits and sign-ups are the bread and butter of the project.
Then the question is,
“What happens when there are no new investors joining the scheme?”
AdolfinWolf of Bitcointalk seemed to have given the right answer in his comment in which he said,
“And so once the money in the fund runs out the payouts stop, causing most of your “investors” to lose money, as you’re taking a 17% cut. It might be transparent, but it’s still extremely scummy and a pyramid scheme where I can’t fathom how most people will even be able to even break-even.”
It is interesting to note that the project encourages people to contribute citing safety of investment because its smart contract code has a waiver function that keeps the agreement off limits to even the founders. This however is not a guarantee that people won’t lose money when there are no more new contributors.
Another interesting fact is that the founders activated a Refusal of Ownership. In essence, they have hands-off the business but are still sitting around somewhere making 17 percent cut from every fund contributed by the investors.
In the FAQ on the project site, the fifth question was,
“What will happen to the project if the organizers disappear?”
The answer given was,
“The project is INITIALLY completely self-contained and lives on the network, the developers will not be able to affect him [sic].”
However, the correct answer is that the organizer are already invisible since there is nothing linking them to the project except of course that they are sure of their 17 percent whether “appeared” or “disappeared”.
Interestingly, the dApp extension MetaMask has released damning statements on the 333ETH project. MetaMask which recently added optional block against the site made a tweet in which it wrote,
“This site was never the most used dApp, and it was actively phishing people. We will be adding the ability to skip our block page, we don’t mean to tell people what they can visit, but this site is an active scam.”
There are many things that are inappropriate in High Yield Investment Programs. The reality is that it is morally wrong to collect money from people for selfish interest while promising them financial gain.
This is the scenario applicable to 333ETH. What is obvious is that the organizers are aware that the scheme is not sustainable. There also is no altruism in their actions since their intention in setting up the program is strictly pecuniary gains.
It is just a matter of time for the scheme and any other which adds no value to the society but takes from people to collapse. This is so because they reap where they didn’t sow.
Every investor has to bear in mind that whenever a project does not have identifiable managers that are accountable, it means that the hazard associated to such project far outweighs the perceived gain accruable to investors.
That no founder or team member of 333ETH is willing to stake their reputation should raise a red signal to every investor. There absolutely is no one to hold responsible. In other words, you put your money in the scheme at your discretion and risk.
In conclusion, Cryptoinfowatch declares 333ETH an active Scam. People sending their hard-earned cryptocurrecy to the project will soon come to grief.
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