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Erweiterte Suche
11.10.2019 | 15:56
(138 Leser)
(0 Bewertungen)

BERLIN, GERMANY / ACCESSWIRE / October 11, 2019 / Earlier this week, CoinDesk reported that a German company named Karatbars International, which is led by German Senator Harald Seiz, has come under investigation by Florida Authorities. The company is co-founded by Josip Heit, Alex Bodi, and Ovidiu Toma.

Karatbars is a platform that promises to give people access to gold in a digitalized form. Karatbars International developed a gold-based payment system and the company has pitched this technology as the new monetary system. Karatbars created their own cryptocurrency, called KBC, which was initially termed as KaratBank but later renamed to KaratGold.

Karatbars claims to own around 400 tons of gold in two separate gold mines. Karatbars allows people to buy gold as well as other gold products. Karatbars International also claims that this gold is sourced from mines in Madagascar. However, based on CoinDesk's research, officials at the Madagascar Chamber of Mines have stated that: "We regret to inform you that there is no Fort Dauphin gold mine in Madagascar and Karatbars does not hold a mining permit in Madagascar."

What is Karatbars?

The Karatbars platform offers some of the best compensation plans to affiliate marketers in the industry. The way these compensation plans work isn't necessarily too clear, what's clear, however, is the huge returns they provide.

Karatbars promises a 40% commission on affiliates that help sell the company's claimed gold-backed coins. Additionally, affiliates also receive a wide variety of other commissions that incentivize people to share affiliate plans with other people, bringing Karatbars new followers.

Karatbars also offers affiliates other ways to make money, including a Package Bonus, Generation Bonus, and other bonuses as well as a rank system that would compensate investors with more money if they reached a certain rank; ranks are derived from pulling friends and family into Karatbars.

The biggest compensation plan, however, was the announcement of their Karatbars Gold Independence event on July 4th. This event promised investors the ability to exchange 100 KBC for 1 gram of gold, no questions asked.

The KBC coin trades for 2 cents, and 1 gram of gold is valued at $48. Karatbars thus promises to swap 100 KBC, at a cost of $2, for 1 gram of gold, at a return of $48. This is an instant 24-fold return.

How was Karatbars Marketed?

Karatbars drew attention by promising to swap 100 KBC coins at a large return within approximately a year's time. To expand this attention, Karatbars International purchased banner ads, paid content, and influencers within the cryptocurrency space.

Major industry sites like Cointelegraph and CCN published the promotional content for Karatbars. However, both these companies have now pulled back their support for Karatbars. Cointelegraph claims Karatbars has breached the company's terms and policies. Meanwhile, CCN has revoked its ads without giving a clear reason. CoinCurb, the leading ICO news platform has assimilated the Karatbar timeline.

What is Karatbars' Dilemma?

The heavily marketed 4th of July Gold Independence Day has passed. It's been months and the projects investors have not received their bullion in return for their coins.

Karatbars insists that the bullion will be delivered eventually. However, investors are becoming impatient.

To add to the matter, a German media claims that Harald Seiz has admitted in court that the coins issued by Karatbars have no value. The sudden dilemma faced by the project's investors have led to the token's value to plummet more than 60% below its issuance price. Additionally, the lead exchange for KBC, HitBTC, has announced it will delist the coin. Meanwhile, the industry's leading market tracker, CoinMarketCap, has issued a warning on KBC.

Karatbars recently released a video featuring the CEO, Harald Seiz, in a Q&A about KaratGold Coin and other questions. The CEO stated that the coin does not have value but it will after September of 2019. However, September has passed and Karatbars has still not paid its investors their promised bullion.

CoinDesk has interviewed several KBC investors. They believe they will be paid their hold because "You can see on YouTube the gold they are stocking up."

For the time being, Karatbars International owes 1 gram of gold for every 100 KBC. Given that the project has a net supply of 12 billion coins, Karatbars needs to back its currency with 120 million grams of gold, or just over 132 tons. The gold will be worth 5.76 billion US dollars.

Contact:
Name: Mathew
Phone: +377-655-5936-214
Email: support@karatbars.com
Source: https://www.coincurb.com/news/karatbars-timeline/

SOURCE: coincurb



View source version on accesswire.com:
https://www.accesswire.com/562804/German-Senator-Harald-Seizs-Company-Karatbars-International-Investigated-by-Florida-Authorities


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