Recently, Thorncoin has been making the rounds all over the internet.
People are asking questions and seeking answers all over social media, and this trend has afforded thorncoin affiliates the opportunity to make easy pickings.
I believe you must have heard of Thorncoin, you are interested but will like to know more about the platform before making a decision. If that be the case, then I am glad to inform you that, you are in the right place.
Before proceeding, I will like you to rest assured that I am not in any way affiliated with Thorncoin or whatever product or service it offers. I have painstakingly done my research and whatever you see here is the truth, intended to guide you towards making an informed decision.
We at Nigeriabitcoincommunity detest internet fraud and have set out to do our quota in ensuring that scams are curtailed.
Is Thorncoin a scam? Is it Legit?
Here is what you need to do.
What is Thorncoin? Who runs Thorncoin?
Browsing through Thorncoin’s official website, you will notice that there’s not much to see.
Basic information such as the company’s ownership, the date it was established, its home office or any information of that sort seems to have been deliberately left out.
The only notable information that can be found on Thorncoins official website is the date that its domain name was registered; the domain “thorncoin.com” was registered on the 21st of December 2017. Besides that, since it was not done publicly it is impossible to ascertain the location where it took place or its actual owner’s information.
Products offered by Thorncoin
Besides its ownership secrecy, Thorncoin has no products to offer.
There are no goods or services on offer for retail and as such there can be no retail activities for income generation.
The only available income source for its members is the affiliate program, where members are to invite others and earn commissions from their membership fee, so, therefore, it is safe to say that, the only thing on sale here is the membership fee, and any experienced person in the MLM space will know that is not sustainable.
Companies with such features are not new in the MLM space, but they all have something in common, UNPLEASANT ENDINGS!
Thorncoin might not be an exception.
Thorncoins compensation plan
Here is how Thorncoin works.
New affiliates are required to buy THRN points from the company, a single point cost between N180 NAIRA (50 cents) to N400 NAIRA ($1.20).
Upon a successful purchase of your THRN points, you will be required to lend this THRN points back to Thorncoin, after fulfilling the conditions above you will be qualified to earn a monthly ROI of up to 43% of your initial investment. By initial investment here I mean, the total amount you spent in purchasing THRN points.
Thorncoin offers five investment levels, and members are allowed to choose from any level of their choice. They are as follows.
- Members invest N36,000 NAIRA ($100) to N360,000 NAIRA ($1000) to earn the ROI for 260 days
- Members invest N360,360 NAIRA ($1001) to N1,800,000 NAIRA ($5000) to earn the ROI and 0.005% daily bonus for 180 days
- Membersinvest N1,800,360 NAIRA ($5001) to N3,600,000 NAIRA ($10,000) to earn the ROI and 0.1% daily bonus for 160 days
- Members invest N3,600,360 NAIRA ($10,001) to N7,200,000 NAIRA ($20,000) to earn the ROI and 0.15% daily bonus for 150 days
- Members invest N7,200,360 NAIRA ($20,001) or more to earn the ROI and 0.2% daily bonus for 120 days
Furthermore, Thorncoin provides an ROI of up to 43% per month, but unlike other platforms where you can withdraw at any time, Thorncoin locks your funds for a particular period of time, meaning you are not advised to withdraw until the lock period elapses. But there is a limitation to this, the more money you invest the lesser the lock period.
Let me give an example, if you invest between N36,000 NAIRA ($100) to N360,000 ($1000) your lock period will be 180 days, meaning if you choose to withdraw your ROI before 180 days you will pay a fee of 25%, but if you invest $20,001 or more your lock period will be reduced to 60 days, that means you can withdraw your earnings in full after 60 days.
Members can also take advantage of the referral feature, where they can invite family, friends, associates etc… and earn commissions. Thorncoin operates a uni-level referral system and offers the following rates in commissions.
- Level 1 pays 8% commission
- Level 2 pays 4% commission
- Level 3 pays 1% commission
How much do you need to join Thorncoin?
You can join Thorncoin as an affiliate for free, but you will be limited to inviting others to the system to earn commissions from their investments.
However, To earn from both the affiliate program and the monthly ROI you will have to invest a minimum of N36,050 NAIRA ($100).
Having known these, it is time to answer the big question.
Is Thorncoin a Total Scam?
From what you have read, you might have come to a conclusion that Thorncoin is a scam, while some other person might see a potential money-making opportunity in Thorncoin. But whatever you are thinking right now, I will like you to take a second gaze at the following.
- Thorncoin has a multi-level marketing system just like Ideacoin, Cryptoworld Network etc.
- The owner of the platform is unknown.
- Its actual launch date is unknown.
- Its country of origin is unknown.
- It offers no tangible products except for the promise of a 43% monthly ROI and additional bonuses should you choose to take the risk of investing higher amounts.
- There is no guarantee that you will make profit
- Thorncoin has no refund policy
- Your investment will be locked for a period of 60-180 days depending on the amount of money you invest.
What are my Final Thoughts on the Thorncoin Business Opportunity?
Thorncoin promises a monthly ROI of up to 43%, the question is “how do they generate enough funds to pay 43% monthly ROI to investors?”
In Thorncoins website, they claim to use a combination of arbitrage, trading-bots, marketing, etc… to generate the funds they offer to investors and affiliates. Here are their claims: “our trading strategy stack has several solid components which aim to ensure a stable passive income for our investors”.
“At its core, there is an algorithm trading software that utilises a complex technical analysis to make split-second decisions on what trades to take. The power of AI can combine machines learning, technical analysis and fundamental data extraction into one powerful trading tool”.
But like several other opportunities with similar claims, Thorncoin has no proof that any of these actually exists.
It seems the only income being generated and paid out in monthly ROI by Thorncoin is new member’s investments, and deducing from the above, we can clearly see that the ROI is paid by new members to old members.
As soon as the stream of new members dries up, Thorncoin will gradually collapse.
The only winners at the end will be the anonymous admins.
Want My Advice?.
I suggest you invest your time and money elsewhere. You can also read my review on USI-Tech they seem to be a better alternative to Thorncoin.