If you have heard of Posscoin and remotely is considering taking a closer look at the project with the hope of investing in it, it would be advisable that you go through this review of the project to avoid incurring a loss.
There is no doubt that scammers have found initial coin offering a lucrative channel of stealing from investors. This is why the number of new scams in the sector is literally increasing daily.
What seems to be happening is that fraudulent entities behind fake ICO try again even after they have succeeded in stealing some money from investors. Others who fail at first attempt come up with new names, new projects with a fresh site to make another attempt.
Scam ICOs thrive because scammers are getting more sophisticated and clever at covering their tracks. What more, their sheer numbers make it difficult to keep pace of and monitor them all.
This is why it is of utmost importance that individual investors should learn to conduct due diligence before putting money in any initial coin offering irrespective of how attractive, sophisticated and reputable the promoters of such projects may seem.
The Posscoin ICO website introduced the coin as a 100 percent proof of stake coin. It went on to state that possessing and staking the coin will give the holder staking rewards.
In introducing the coin, the site stated that,
“Posscoin is an innovative payment network and a new kind of money. Posscoin is design[sic] to solve volatility problem and also rewards users who store/HODL Posscoin on their wallet without using them online for a period of time. Minimum Balance to start receiving Monthly HODLing reward is 10,000,000POSS”
In other words, to qualify for staking, you have to purchase 10 million POSS. This will enable you reap the reward which the site does not state its value or percentage.
Among the highlighted features of the coin is anonymity while it was praised as a proprietary breakthrough of sorts.
What is the State of the Posscoin project?
From the roadmap, it is clear that the project is at its early state preparatory for its ICO. Its whitepaper was prepared in Q2 of 2018. The website with smart contract incorporated built in Q3 of 2018. Their airdrop was also distributed in the Q3.
Presently in Q4 of 2018, the project is working on its strategic partnership, community development and exchange listing.
The project claims that it has been listed in 4 exchanges but there is no link on the site to indicate which exchanges listed Posscoin.
What Are the Pros And Cons of Posscoin
The industry obviously needs more innovative projects. It is quite difficult to point at any uniqueness that is associated with Posscoin despite the claims of the promoters.
Posscoin has all the attributes of a scam coin planning to launch an ICO.
Firstly, one of the first giveaways of scam ICOs is their inability to explain in a concrete, comprehensive term what the project is all about. They rarely would project something unique that another team has not already done and even if they do, they hardly would have the patience to explain it thoroughly.
Secondly, as seen with Posscoin, most scam ICOs give themselves away through the tell-tale grammatical errors seen in their sites and whitepapers as evinced with the Posscoin project.
Although not yet proven with Posscoin, another feature of scam ICOs is plagiarism. Copying wholly or partly whitepapers belonging to other projects is a clear indicator that you are dealing with a scam.
The Posscoin Presented A Fake Team On Their Site
There is no better evidence that an ICO is a scam than the use of fake IDs. This is so because scammers would never want to use their real identities because they wouldn’t want to be caught.
A look at the Posscoin website shows that the team has no linkable profile. This in itself is enough red sign that the promoters have something to hide. You do not realistically expect any circumspect person to throw their hard-earned money to you without at least knowing the social profile of the people they are investing their money with.
A further background check using reverse engineering and image search shows that the images provided on the Posscoin website are stock photos pulled from the internet.
This is a clear indication that this is the sort of ICO project that every investors should avoid.
Bear in mind that all the photos uploaded on the site are pictures of real models pulled from the internet. None is genuine.
Without mincing words, it is very apparent that Posscoin is a scam project out to steal money from gullible investors. You can bet your last dime that money invested in this ICO will be lost.