Oh boy...the shills are back.
We’ve been getting requests to review Dascoin, and to be frank, we’ve been avoiding it because it’s pure crap.
Nonetheless, we have followers (who soon won’t be followers) once we explain Dascoin (not to be confused with DAS...a Dash fork).
Let’s dive in…
Dascoin (ticker: DASC)
Wtf is this shit?
Dascoin is a “cryptocurrency” project that has nothing cryptocurrency-like about it. You can’t mine Dascoin, it’s not secured by a network of nodes, you can’t stake Dascoin, it’s not decentralized, and heck, you can’t even easily buy DASC directly. We’ll explain…
Dascoin markets itself as a network of trust, accepted by millions of merchants (lol..no list of merchants to be seen though), and was created not by one team, but by development companies they paid and have listed on their site. The team is a bunch of marketing guys, NOT technical or financial guys.
Basically, it’s a multi-level-marketing scheme using crypto as an angle and was inspired by guys associated, or at least actively interested with OneCoin. This can be a long article, wasting time explaining bits of ‘technology’ but most of the whitepaper is really about how the DasEcosystem works.
So, in a quick few sentences, you’ll gain a sense of why you should avoid this crap. Dascoin has “NetLeaders” who educate others on ‘crypto’ and the beauty of Dascoin convincing them to buy NetLeaders licenses. To purchase Dascoin, the entry to do so is through these licenses that range from ~$120 to $25,000+. The licenses are paid in fiat currency (lol). The higher license that is purchased the more Dascoin can be earned through ‘cycles.’ Cycles are different than the DASC cryptocurrency. Cycles are what provides you access to the services and ecosystem. They help secure the network.
Also, Dascoin is distributed by the team, hence no mining. When they feel it’s best to inject more currency into the community. All in all, why would an excellent cryptocurrency project based on trust not have any sort of mining, have centralized emission of coins, and encourage these expensive licenses sold by “NetLeaders?” That’s for you to decide.
If you have questions about this, let us know. This is a summary and not a detailed outline of every service they claim to offer or how everything functions, but you get the idea.
Who tf is behind this shit?
This is the best part. Michael Mathias is behind it. He was interested in OneCoin as seen in this YouTube video, of him talking about the extent of his involvement. Basically, it seems the timeline is that he was interested in OneCoin, spoke with the team, and discussed their launch in the US. He noticed they are not registered with FinCEN and this scared him away. They rationalized to him why they are exempt. This scared him away (lol), so with the liking of the marketing affect that OneCoin had, he wanted to do it “right” - now we see Dascoin. OH yeah, he also allegedly hosted the launch here in the US for OneCoin.
There you have it, folks, Dascoin sitting at #1905 on Coinmarketcap, and will probably continue to fall.
Hope you learned some shit and be sure to follow us on Twitter!
- Mike and Aaron