The Dagcoin market is rife with shady crypto dealings and transactions
With over 500,000 members, Dagcoin MLM is one of the fastest-growing cryptocurrencies in the world. So much so, that it’s speculated that it will become the preferred cryptocurrency of the future.
But how likely is this to happen, really?
Below is why you should think twice (or thrice) before investing in Dagcoin or joining their MLM programme.
Product Name: Dagcoin
Founder: Nils Grossberg
Product type: MLM (cryptocurrency)
Overall Ranking: 1 / 10
Who’s behind Dagcoin?
Known as a man on a mission to change the world, Nils Grossberg founded Dagcoin in 2017.
Interestingly, however, little is known about Grossberg. His name is nowhere to be found on Dagcoin’s official website (and other reputable parts of the web). His name pops up on LinkedIn, but there’s not much activity there. Plus, social media platforms can be made up.
So I did some internet digging about Nils Grossberg and soon discovered why there’s not much information about him. He was part of the Onecoin team, an infamous crypto MLM known for running a Ponzi Scheme.
Some people believe that Dagcoin MLM is a copy of Onecoin, and just like it, a bad MLM opportunity.
But let’s give this man a fair review and see if he’s turned over a new leaf with this cryptocurrency.
What is Dagcoin?
It is a cryptocurrency designed to be used the same way we use money. Like getting paid, going shopping, taking loans, paying for services, travelling, etc.
In other words, Dagcoin is a digital version of money. It’s an electronic currency that replaces cash, checks, and credit cards.
Unlike other cryptocurrencies, however, Dagcoin relies on a new technology called DAG (Directed Acyclic Graph). The model replaces blocks (in the blockchain technology) to create a faster and more effective structure for storing data and processing transactions.
Their website indicates that there are 9 billion Dagcoins in total and 3 billion are currently in circulation!
But be warned, Dagcoin cannot be traded with other cryptocurrencies, so it doesn’t have any real market value!
How does Dagcoin work?
Simply put, you buy Dagcoins. The money you invest gives you an equivalent amount of Dagcoins in return.
As stated on their website, the current price of Dagcoin is $0.75. € ($0.90).
The price increases as the community and businesses that accept Dagcoin grows, and vice versa.
You can buy Dagcoing on the SwipeX Exchange, which is the official Dagcoin exchange platform.
How to Join Dagcoin MLM
Moving past the Dagchain technicalities, Dagcoin is an MLM, and as such, it should have a product or a service line. Dagcoin has neither one of them.
It’s almost a mystery how to join Dagcoin MLM. There’s no information whatsoever on their website.
I imagine that once you sign up, you’re given the freedom to invest in Dagcoin as well as sell memberships.
From other online Dagcoin MLM reviews, it would seem that the more you invest, the more Dagcoins you get in return.
If you invest $100, you receive 100 Dagcoins
But if you invest $2’000 you receive 3’000 Dagcoins
You get the drift.
But hear this, once you invest in Dagcoin you can’t do anything with it for 8 months.
During this time, Dagcoin will pay you a 3% weekly ROI ( return on investment), on withheld funds. After 8 months, 50% of ROI is (finally) paid out to you, and the rest is withheld for ANOTHER 8 months.
But wait! There’s more.
35% of all commissions must be reinvested back into Dagcoin.
If you think this sounds like a bad MLM, it is one of many. See worst MLM companies.
Dagcoin MLM: Pros & Cons
Let’s be honest, Dagcoin has many red flags that let you know that something is not quite right.
- Hidden WHOIS information?
- The website of Dagcoin does not give any WHOIS information. This is a RED FLAG.
- MLM Coin? No legitimate coin or token is promoted via MLM, but Dagcoin is. This is a RED FLAG.
- Promising huge returns: This is a RED FLAG.
- “Better Than Bitcoin”: Any company saying it is the next Bitcoin or definitely better than Bitcoin, is not. This is a RED FLAG.
- Not listed on popular exchanges: They will make you believe they are “exclusive” and “don’t need popular exchanges”. This is a RED FLAG.
- I went to the Success Factory facebook an entrepreneurial group promoting Dagcoin among other MLM’s. No link related to Dagcoin would load. All I got was “page not available or a 404 error. Another RED FLAG
The Biggest Red Flag I Found
I kept searching Google for other sites with something good to say about Dagcoin. I found this one over on Linkdin. It looked like a thorough review on Dagcoin. The problem… The links didn’t work… 404 your on the wrong page. Even the “Independent Analysis Document” failed to load.
Two links did work however. In his article he was naming, Diaxagte as a company that had signed up to accept Dagcoins as payment for it services.
His article said “They are a luxury car company that does tours with Ferrari’s and Lamborghini’s” at about $8,500 US. for a spin around town. I went to the link and look what I found. Pic below.
Part of the company’s promotion was they export to Russia, South Korea, North Korea, Mongolia, Yugara and other countries.
Where the hell Yugara is I have no idea, I might goggle it later. But it is hard to imagine North Korea having a swag of Dagcoins to pay for paint, or some North Koreans are visiting China and want a spin around town in a Lambo or Ferrari .
I just don’t think North Koreans have that sort of money to splash out. Anyway, I saw nothing on their website that said they do anything else but make paint. Maybe they have a sideline business? I don’t know.
The other link that worked was www.swipex.com which is the “Official Trading Company” for Dagcoin, which I have mentioned above. So far as I could make out, the only crypto’s they have to trade, are Bitcoin and Dagcoin.
So I will take anything in that article with a grain of salt.
It’s hard to say anything positive about the Dagcoin market other than they’ve found a way to get people to part with their real money in exchange for a fake currency. The best that you can hope for is that other people invest in it too so you can get some of your investment back.
Even then, it will be months or years before you can access whatever money you make.
And while it might seem like a big company with big numbers, there is no way to verify any of their claims—from the number of members to the amount of Dagcoin in circulation.
There is a dangerous lack of transparency and, given the CEO’s past involvement with another mouth-twitchingly bad crypto MLM, I wouldn’t be basing my hopes and dreams on Dagcoin.
Although the company claims to have faster and cheaper transaction fees than other cryptocurrencies, it hardly means anything because Dagcoin only works in its own ecosystem, where the company can do what it wants.
With so many shady things going on, you almost forget that Dagcoin does not sell any products or services either! So there’s another red flag for an MLM scam for you.
Should you invest in Dagcoin? At the end of the day, it’s up to you. If you’d like to invest in crypto MLM and future technologies, then do so at your own risk.
Want to know which other bad MLM companies to avoid? Find more advice here.