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The day before yesterday a collaborator of my team sent me, on the smartphone, a screen where they talk about Amazon Coin and its digital currency.
Underneath the image, a single comment: "Embarrassing..."
I understood perfectly what my collaborator wanted to say: now they have targeted Amazon and who knows how many clueless people will fall into the trap.
In order to prevent this from happening to anyone, I thought I would write this post with some procedures that, personally, have helped me a lot in evaluating various projects.
First, I looked at the domain to see if there could be any relationship with the company that is mentioned in the header.
www.365idealcoin.com, already no relationship with amazon appears, but out of simple curiosity I went to see...
As you can clearly see, the wording is the same, and within minutes of my co-worker sending me the screen, they had already changed it.
With this simple investigation alone, it becomes apparent that this is a scam.
I had heard about Amazon's plan to create a digital currency before, but I also knew that there was nothing to it, at least as far as the intrinsic meaning of digital currency is concerned.
Also, there has been no official statement from Amazon these days.
Anyway, I did a research and, directly on Amazon's website, it is possible to have a very precise picture about Amazon Coins.
Amazon Coins do exist and can be purchased, but they cannot be considered real coins like BTC or ETH, they are more like coupons.
Through these coupons, you can make purchases only and exclusively in the Amazon ecosystem; they are dedicated to the Amazon Store for the purchase of applications or digital books for the Kindle.
The value of a single coin is 0.01 USD and cannot be exchanged for legal tender.
These coins (or coupons, as you like to call them) do not expire if they are purchased normally, while if you participate in offers, the coins that are "given away" have an average of one year of life from issue.
I insist on the fact that these coins cannot be redeemed with legal money: this condition imposes that there cannot be a market for these coins, so the price cannot vary according to supply/demand, but only according to decisions made by Amazon management.
In the screen that was sent to me you can read in the box at the bottom that buying 13,888 coins, you earn 27,776 what? Coins? Which ones? They don't explain or even say which coins they are referring to.
Obviously these crooks make a case for the fact that many people read the astronomical numbers without pondering what they are reading and assume that the coins in question can only and exclusively be Amazon Coins.
Just to see what percentages they promise, I did some counting (even from memory they are quite easy) the capital in USD would be 138.88 (in the site they indicate precisely that 1 coin costs 0.01 USD) and in a totally inexplicable way they become, of only gain 277.76.
That, by chance, are the double of 138.88...
Adding the 138.88 of the initial budget I have a total of 416.64 USD.
Guys, let's face it, who gives us that kind of money without doing anything?
No one, in fact.
Already with just this small and simple research we were able to understand that there are some things that are not clear to the end.
To try to bamboozle people into creating an account, they give a figure about the possibility of online trading: the $250 they talk about is the minimum deposit that one can make to open a trading account.
And here comes the best part: 5100$ in one week!
Practically 2040% profit, to any trader, even beginners, it is immediately clear that it is impossible to do it: 2040% is calculated without considering a Money Management.
That is, entering the market with the entire portfolio: nothing could be more wrong.
For a 250$ portfolio the most sensible size for each operation could be around 30$.
But suppose we are reckless and enter with the whole portfolio, do we still need to look at the charts, or do we navigate by sight?
As we note, there has been little growth from 2007 onward, albeit steady. We had the real peak between March 2020 and August 2020: nothing symptomatic of the market, the momentum was caused by the pandemic.
Everyone stuck at home, the only way to receive any form of item was only online.
Even this trend should let us know that the growth is there, but we don't have the same volatility that you can have with cryptocurrencies.
The chart I have reported has a TF of one month: if we bring everything back to a daily TF we can consider a growth of a few percentage points; really far from the figures they promise.
I hope this little article can help you on how you can evaluate some advertisements that could prove to be fraudulent.
And you, what methods do you use to understand if under stratospheric rewards are hidden the pitfalls of a scam?
Write them in the comments!
Good Scam to all!!! (ahahahaha)
