Is Mish Coin a Scam? – Get the facts here!
Name: Mish Coin
Website(s): www.mishcoin.com
Price: $0.10 per Mish Coin
Owners: Unknown
Bare Naked Scam Rating: 4 Thumbs Down
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Every day, more and more Cryptocurrencies surface on the internet with a promise of getting it listed on a Cryptocurrency exchange. Mish Coin is one of the examples, and I’ll tell you why you shouldn’t fall into this scheme.
Mish Coin is relatively new, I am the 59th person who joined the program, and I am sure there will be more people joining in. If you are one of them, you need to read this article before you purchase any Mish Coins. In this review, I will be sharing with you what a cryptocurrency is, and the risk involve if you decide to purchase it.
NOTE: Do not associate the Crytocurrency “Mish Coin” with the coins offered in Mish International Monetary Inc (MIMI). The coins offered in MIMI are physical metal coins.
As at the date of this article, 5 March 2016, it is said that Mish Coin is in stage 1 of a 3 stage process. You are told that you can buy a Mish Coin at $0.10 in Stage 1, and watch it grow to over $400 once it is out in the open market in Stage 2, and in Stage 3 you can expect to reap 4,000 times profit from each Mish Coin, or use your Mish coin to trade for products and services.
They say when it is too good to be true, it probably is.
In the case of Mish Coin, my prediction is that it will never hit stage 2 which means Mish Coin will never be listed on an exchange, and the value of it will be equivalent to zero.
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What is a Cryptocurrency?
I have written a several reviews on Cryptocurrencies, like Global Coin Reserve (GCR coin) and OneCoin. GCR has been listed on an exchange after many months of probing from its members, but it has lost almost 98% of its value since inception. Onecoin has yet to be listed on an exchange, and there are no indication as to when it will be listed.
Before I dive into the reason why you shouldn’t be involved in new cryptocurrencies, let us take a look at what exactly is a cryptocurrency.
Though Cryptocurrency is said to change the world of trade, but many opportunist take Cryptocurrencies as a form of profiting from people like you and me.
To be honest, I too can setup a website to draw people in to purchase a bogus cryptocurrency that I came up with, and before it surface to an exchange, I close it down and run with the money I’ve collected.
The Risk of Investing in a Cryptocurrency
On top of what I have said above regarding a bogus Crytocurrency, if the Cryptocurrency ever get listed on an exchange, there is a risk that it may lose its value within a short span of time.
The price of a Cryptocurrency is driven by its supply and demand. If the demand is high and the supply is low, the price will head north, and vice versa.
Take GCR Coin for example, the value of a GCR coin is 0.0023 during its inception on 24 August 2015, and it came down to 0.00002429 in February 2016, losing 98.94% of its value. Imagine those people who were heavily invested into the GCR Coin at inception, they would have lost a fortune.
As I have said, the price of a Cryptocurrency is driven by demand and supply. When a new Cryptocurrency enters the market, you need to assess how you can use the Cryptocurrency, whether you can purchase items from a supermarket or store with the Crytocurrency or you can exchange the Cryptocurrency for a service like a haircut.
These are the drivers that will bring success to a cryptocurrency. Remember, when there are no one accepting the cryptocurrency, there will be no value to it.
Why shouldn’t you purchase Mish Coin?
There is no saying as to what the Mish Coin will be used for. Within the Mish Coin program, you can’t find any information on how you can utilize the coin. So, if my prediction is true, Mish Coin will be a hit and run program where the owners will get all the money that they can and close the program, and you are left with nothing.
At least in GCR coin and OneCoin, it mentions that their coins can be used in some specific malls or sort, but in Mish Coin, no information is available.
Within the Mish Coin program, it only provides you with marketing tools that you can use to attract people to the program.
How to buy a Mish Coin?
The only way you can buy a Mish Coin is to pay by Bitcoin. If you do not have Bitcoin, you are suggested to buy Bitcoin from Localbitcoins.com.
I have not verify the legitimacy of Localbitcoins.com, but since Mish Coin is a no go, I wouldn’t waste time on reviewing Localbitcoins.com.
My Sincere Advice to You
I would suggest that you give Mish Coin a miss because the risk to investing into it is too high. You will never know if you can recover your investment in future, at worst, you will lose 100% of your investment.
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Your pal,
Jack