Bitcoin Forum

I've got a contact who's very excited about "cos coin", he wanted me to check it out, but it looks very suspect to me:

https://www.cosetek.com/ (https://www.cosetek.com/)

I can't get much clarity on how it works or what it's supposed to do. Does anyone know any more? He says you have to pay to join and those who sign other users up get payed as a reward, which imediatly rings alarm bells.

Looks suspicious to me, looks like a combination of MLM and Ponzi Scheme

The last platform I encountered with this feature was the Mavrodi system it's a donation-based system where you get a portion of your inviter investment this platform deserves to be in the scam section, it's deceptive there's no usage by that will add value to the community, you have to warn your contact on the dangers of investing in this kind of platform, yes its addictive to invite people because of the reward but once no more people coming in those that are late in investing will eventually lose their money.

It's definitely a pyramid scheme in the disguise of crypto currency business. I would suggest to stay out of such program available in the crypto market.

Anytime you see some platforms asking money to join and get rewards for bringing in new people, is definitely a pyramid scheme and needs to be avoided.

From the not-so-attractive website, we can probably deduce that this platform is a possible ponzi scheme where you have to pay $100 to join.

There is no information on the site except for a pop-up caption written by @coin-investor so I think that this platform is very suspicious.
Anyway, don't get involved if you don't have clear information, I feel that this is the beginning of a scam later.

Wow, the word subordinate couldn't tell louder what scheme it is. Moreover, the VIP level scheme. They claim of strategic partnership with exchanges. Well specifically which exchange? Any news about it?

Also, there is "Team" and "Agent". No Privacy Policy and ToS/TnC in sight. This is an outright scam. Without a single doubt, this kind of model is unsustainable. The website design seems specifically made only for mobile phones, well this surely might indicate something.

With that in mind, I strongly suggest you refrain from interacting or even using this site.

Same old type of scam but I wil not be surprised if still many people fall for it.

I usually don't trust links posted here. Most often, like this one, it might be a sneaky way of leading users to the site. I didn't check the site itself but I tried looking for feedbacks or assessment. And the first that came out is from ScamAdviser and it says the site might be a scam. It has a low review of this cosetek platform.

But based on your short description of how this site functions, it seems it has the common characteristics of a classic Ponzi scheme.

I have a hard time getting into the site of this project...must be my slow internet connection interfering. Now, since this is a new project we should always look at it with suspicions especially that it is soliciting investors or buyers of its coins. While I appreciate a program that pays entrants to promote the same to their friends and family, the scheme can be a red flag in itself or maybe can be branded as just another pyramid scheme to suck people's money into the program with promised benefits...and then suddenly it will be gone to heaven or dead six under the ground. Now, am not saying that everything I am posting here can be true but we can never be too careful most especially that now the interest of the public with cryptocurrency is slowly soaring with the news of the coming halving and bull run of Bitcoin in 2024.

If you are thinking of the project as a short-term investment, you should look for...

• exchanges that list this currency.
• Liquidity and trading volumes.
• Is it possible to sell this currency on all exchanges at the same price, or are there large price differences?
• The amount of liquidity flow and is it from investors or could it be fake?

These things are necessary before you think about whether the project is good or not because they guarantee that you will be able to sell it even if it is at a loss, and then these conditions do not apply to cos coin and you should tell any friend of yours not to invest in it.
If it is a long-term investment, you must have deep faith that the project will succeed because you are investing in the future, and from road map, I do not think that this project has a future.

Seek feedback and reviews from the cryptocurrency community. Online forums, social media, and Reddit are good places to get insights and opinions from other investors.

Ensure that the project complies with relevant financial regulations in your jurisdiction. Many scams operate without regulatory oversight. Understand that all investments come with risks. Only invest money you can afford to lose, and avoid making hasty decisions under pressure.

The general rule for all investors is that if you consider it suspicious for whatever reason, then you should refrain from investing. Even if your fears turn out to be in vain, do not worry, this is not the first project and not the last, so you will still have many chances to invest in a decent project.

Yeah and it's almost always what you think it is trust your gut.  Anytime you have to pay and get other people to paying to get some sort of pay out is exactly just that a pyramid scheme.  First rule of crypto never pay for anything you don't know that works.  You said it yourself you don't know how it works but you have to pay.  Steer clear.