Is there any information on PGUC – Gold Union Coin Plus? Is this another scam?

Bitcoin Questions and AnswersCategory: General questionsIs there any information on PGUC – Gold Union Coin Plus? Is this another scam?
Mana asked 1 week ago

A close friend of mine has reached out to me and asked to invest in PGUC – Gold Union Coin Plus through their website – goldunioncoins.com
They are offering .8% mining everyday for an upfront investment of $5k locked into either 3/6/12 month period. To invest you need a referrer and it seems to be based on a MLM model. Any information on PGUC and its origins will be useful. Thanks.

1 Answers
Steven Hay answered 1 week ago

Hey Mana,
 
I suggest you check out our Bitcoin Scam Test article. It’s a very helpful guide to the red flags and inevestigative techniques you can use to spot scams:
 
https://99bitcoins.com/bitcoin-scam-test/
 
While 1% daily (for a $5000 Platinum investment) doesn’t sound like a lot, it’s actually ridiculously high when you take into account the daily compounding effect. In a year, that $5000 would become $187046.
 
The GoldUnionCoin chart also looks very peculiar. Check it out here:
 
https://coinmarketcap.com/currencies/goldunioncoin/#charts
 
It crashed mid-2017 and is doing very low volume ever since, on only one exchange. From the chart alone, this coin does not look at all viable.
 
I checked out this coin’s announcement age on BTCtalk and that also sends up red flags. It appears to be significantly pre-mined and absent of any developer support:
 
https://bitcointalk.org/index.php?topic=1938998.0
 
Calling this one as a scam, and a really low-effort scam at that. Stay away!

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