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Last year, I hear about a new coin called TBC ~ The Billion Coin. When I first read about their plan, I thought it was pretty genius and, if true, would be a coin to really make an impact on the world and people's individual wealth.
I was a strong supporter of TBC and defended their claims when people called them out as a Scam. I might have even lost a few friends over TBC.
I am going to lay out a few situations that have occurred over the past year and you can decide for yourself... Legit or Scan?
I found out that TBC has done a migration just before I became involved with them. This means that members had to move to a new wallet along with whatever coins they possessed [electronically]. The address for the new wallets is of the time of this letter TBC004.net. The first flag that jumped out at me was when TBC was claiming that there was a bank that would issue Debit cards to TBC holders but only to 10,000 member so it could be tested. That was not so much a flag as the one whereby to become one of the 10,000 testers one had to register 100 people and pay a $10 wallet fee. Up to that point, the $10 fee was optional if you wanted to use the back office of Kringle.cash. The huge red flag came into play when I found out that people were making up names and email addresses to get the 100 referrals. I sent a text message to Dan Lutz, one of the primaries of TBC, and asked him why TBC was allowing this. His reply was not what I had expected. I was hoping he was going to say he would look into it and solve that problem. Instead, he replied that the bank wanted 10,000 people as testers and whatever it took they were going to get that number. SO IN OTHER WORDS [my translation], "SCAM THE BANK!" There were even post being made by members offering their services in helping others to ge their 100 names. OUCH! No problem there. TBC leaders never posted anything warning people about this.
Another red flag... people under selling the TBC coin.
One of the rules when people register with The Billion Coin is that people have to agree not to under sell the coin. There were post being made from sellers who had created wallets with 100, 200, and more coins and offering the wallets at a reduced price from the "value" of the coins in the wallets. This was becoming a problem for TBC officials because this was breaking the rules.
One quick point... no where on The Billion Coin are the primaries in the Company listed showing names, contact information, pictures, where and who they are etc. Let's call that another RED FLAG. To resolve the issue with the under-sellers, TBC shut down everyone's wallet. They turned off everyone's send button. Let's call that another RED FLAG. They can shut off everyone's wallet? As an investor, think about that one. Your investment dollars are turned off because a few people [according to officials a substantial number of people] were under-selling the coins. Imagine going to the bank to withdraw your funds and having the bank tell you they have temporarily closed everyone's account down cause some people were writing bad checks.
Over time, TBC has been turning people's send buttons back on. If you did an endorsement video you could get your send button turned back on. There were other hoops you could jump through however the endorsement video appeared to be the easiest.
Let's skip to the present.
TBC is now doing another migration. They are sending out emails to members [in batches from what I understand] letting people know when they can migrate. To migrate, one of the requirements is that you have to have paid the $10 Kringle fee. More about that in a second. Now as this migration is taking place, no one can register with TBC. RED FLAG. Even though I have my send button turned on, I can not register a new people in TBC and send them TBC. They can't register. So many red flags going off in my head I am getting dizzy.
I personally wrote Dan Lutz about a week ago telling him I wanted to buy land using my TBC. I had heard that there were property deals being made with full TBC for payment. I wanted to know when the bank debit cards were coming as I wanted to be able to convert some of the TBC I have to start working on some land deals. He reply was for me to use TBC as colateral.
If I were to find someone right this minute who would take TBC as colaterral, I would not be able to do a deal because I can not get them signed up in TBC.
So with this new problem as a result of Dan's reply to use TBC as colateral, I sent Dan a comment asking how I can use TBC as colateral as I can't sign anyone up in TBC. I also let him know that the TBC officials were not coming up with logical solutions to the problems with their crypto currency.
His reply to that was, "You ever find and bug and have to stop to take care of it?"
I realize that in new startups that there are bugs to be found here and there. I was a programmer. I was a bug fixer. With TBC, they are trying to fix bugs with more bugs.
Oh.. wait.. just got another message [while I am typing] from Dan Lutz. He said to use TBC as collateral with the bank. Unless the bank is already in TBC, I don't see that happening. I don't have a way to transfer TBC to a bank.
HEY .. let's move to another red flag. Now that people are getting the send buttons turned back on... TBC officials have announced that if anyone wants to do a transaction over $500 they have to send a request or notice to TBC officials and get permission. If anyone does a transaction over $500, their send button will be turned off again.
So now the TBC officials are going to monitor all transactions over $500? I wonder how many transactions that officials think they can handle per day.
Yea... let me take you to the next red flag.... the number of people in the TBC community. When I first go into TBC, there were under 100,000 people registered with the community. Now the web site shows over 3 million people. That is a substantial number of people. Remember the red flag about people making up members to get their 100 referrals? So they 3 million member mark is not legit. Here is another red flag. The information posted by officials was that they had not reached the 10,000 people needed for the bank to do testing of the debit card. Over 1 million member and under 10,000 people had paid a $10 fee which would qualify them to be testers? As the number for 10,000 people got closer, TBC officials tossed out another requirement that they needed 10,000 back up testers in case someone got knocked out as a tester and yes to qualify as a back up tester, one needed to pay the $10 fee and have 100 referrals. I could see a lot more fake members showing up in the community over this new requirement.
Can you see who is creating bugs in the TBC community?
Let's get back to the migration. To migrate, you have to have paid the $10 fee in your Kringle back office. Again, based on their blog post, they are short the number of people who have paid the $10 fee to qualify as a tester. One has to wonder out of the 3 million people that The Billion Coin shows as members how many people are actually active in the community.
After this migration, how many actual members will be in the community?
I am sure many people have been to one of these rodeos before. Many of the scams I have seen is where the scammer insures that a few people benefit from the scam by insuring that there are people who are getting money or whatever via taking part in the scam. When people see that someone is being paid, they think well that person got money so let's give this a shot.
There are people making trades with other people in the TBC community for land, homes, cars, pizzas, and other products and services. What will not happen as TBC officials have made it clear is that TBC will never go on an exchange. To be on an exchange, you have to allow people in the marker determine what they will pay or sell the coin for.
The premise of TBS is that is is NOT market driven which is a great selling point of the coin. The price is determined by the number of people in the community. In the case of TBC, the real number of members is can NOT be determined at this time. TBC officials have not released any status of financials for the "corporation". I have never checked the status of TBC, but I do wonder what country it is registered in.
Who are the primaries?
What is the company address?
Who is liable to investors?
Apparently, Mr. Kringle [a fake indentity] is the only person responsible for this currency.
Many of the initial videos produced by Dan Lutz included his criticism of the "cabal". Those evil people in government controlling all the money. What TBC has become is the new "cabal". They control the money, when send buttons can be turned on and off, how much one can do in transactions, and are controlling every aspect of your TBC life.
I have always had my fingers crossed that TBC would become viable. It still might do that. I believe that when the people who are attempting to control everyone's life get out of their own way and if they are going to fix bugs bring in some professional bug fixers that it just might make it. The only people that can destroy TBC are those who are making the rules.
I would propose being honest with the banks they are trying to negotiate with, being honest with the investors of TBC [those of you owning coins], and be honest with people who are looking into getting into TBC. Stop being deceptive. Stop creating fake data.
You might just make it.
Bruce Goldwell, Author, Prospeneur, and Bitcoin Investment Strategist