In this review we explain why you should stay away from the cryptocurrency ThornCoin.
ThornCoin has a lending platform, which means that you are supposed to buy ThornCoins, lend them to the owners, who will trade a make you almost 50% per month (including bonuses). You can further increase your income with the affiliate program, you will get 13% from your referrals’ deposits across three levels.
Why is ThornCoin a scam? The short answer is that it is a copy of the Bitconnect scam that monumentally failed this year in January. We warned against it last year in October, but some people did not believe us and lost a lot of money.
Now let’s go through the long answer.
Remember that you will have to pay with cryptocurrencies, so you will never know who you sent your money to. And crypto transactions are irreversible, so nobody will be able to help you to get your money back.
Secondly, ThornCoin clearly is an investment program, just as Bitconnect was. This means that it needs to be regulated, it needs a license, otherwise it is illegal. But ThornCoin obviously is not regulated at all, so it is an illegal investment service.
It is just a matter of time and authorities will start to go after ThornCoin, just like US authorities did with Bitconnect.
So how does ThornCoin really work? It is a Ponzi scheme. It means that there are no trading bots, no high frequency trading, no manual trading, not even expert traders. This program will just collect money from the public by selling you a useless cryptocurrency, the ThornCoin.
This program will pay promised profits for some time, but money will be taken from new deposits. As you can guess, one day withdrawals will exceed deposits and the game will over.
And people who run ThornCoin will disappear with all the money, meanwhile users will be left with the useless ThornCoins that will crash down, just like Bitconnect did.
Anytime you see a crypto lending program with price projections, roadmaps with exchanges, profits of one or more percent per day, you can be sure it is a scam, because none of these things can be guaranteed, or even predicted. These programs might work for a while, but they are illegal and certain to collapse.
Stay away from ThornCoin, it is a scam and illegal investment program, a Ponzi scheme that is going to collapse.
Nobody will make you money for free, not even in the crypto space. If you are interested in cryptocurrencies, you can try trading with them, start on a free demo account with a regulated broker.
Always remember that in trading you can make, but also lose money.