Disclaimer: This article is solely based on our research and information we found on the internet about TRONSQUIRE, We don’t want to hurt sentiments of TRONSQUIRE or its investors.
Although Bitcoin’s price has reached up to Rs.36,30,000, its popularity has become far-reaching. Everyone is looking to make investments in Cryptocurrency. However, there is a lack of knowledge as to how it actually works, and many people try and take advantage of it to make a quick buck.
MLM Companies have always been a crucial part of the rise of cryptocurrency investments in India. The Sad part is, they are also responsible for putting cryptocurrency, and blockchain technology in a bad light in the country. These companies have dumped thousands of investors in the past, and continue doing that. You can still find thousands of MLM Companies promoting their own cryptocurrency, or binary plans based on other cryptocurrencies.
Based on various media Releases, Indian Investors have lost an estimated value of 10B$ in Various MLM Crypto Scams. Gainbitcoin, Morris Coin, and Bitconnect are few notable scams that finally got caught by the police, and their promoters are facing legal trials.
If you’re reading this, you probably have heard of TRONSQUIRE. You might have heard that this is the hottest, new get rich scheme in town. Many have taken to TRONSQUIRE as a means to earn a lot of money, in a short span of time, without doing much. Who doesn’t want to get rich without doing much?
To us, this seemed too good to be true. Anyone investing in cryptocurrency will tell you to tread carefully with these types of schemes. There are already people asking if TRONSQUIRE will 1000x Return in no time given how it has been growing. Furthermore, superficial research won’t give you much.
We did our own research and we have one thing to tell you – tread very, very carefully.
What is TRONSQUIRE?
According to their website– Tronsquire has developed a system by using Advanced Technology and Tron Blockchain. The system is much Simpler, more Profitable, Secured, and 100% Transparent, Tron is one of the largest blockchain-based operating systems in the world.
Their website itself gives a big warning sign, when you see misspelled content all around the place, with no team, and contact information.
We have got access to one of their promotional material, according to that: They are offering a 7 level Binary Matrix plan to investors. In Simple Words, They are pulling a large scam by capitalizing on the popularity of TRON(TRX), With over 3.5B$ Marketcap Tron is one of the top 25 cryptocurrencies in the world.
Their onboarding process was unusual. You can make an initial investment of say 900 TRX(Rs. 3250) to 100000 TRX(Rs. 370,000) , and the investment will be locked in for at least 12 months.
And their returns on investment will raise your eyebrows, that’s what is shocking, and shady here.
They claim, an investor with an initial investment of 900 TRX, can earn upto 100000000 TRX, Which is Rs. 3,68,291,478 (According to the current exchange price of TRX).
MLM for coin growth and rewards
There is an MLM scheme with TRONSQUIRE which helps you grow your TRX by getting more people to buy. You also get benefits for the people referred by the people you bought into the system. Here’s what we found –
As you can see, it’s structured just like many a ponzi scheme, with Level income incentives. Sure, MLM has been an effective marketing method back in the day, but has been rendered fairly useless in modern day businesses. Furthermore, the high rewards system suggests that they don’t expect too many people making it to the top. It’s all a bit fishy at this point, but it gets worse for the investor.
MLM has been known to only benefit the early adopters and late joinees basically get nothing because of the sheer number of people in the system.
Why is it still growing?
As We, All Know, MLM Companies target Middle Income Group which have bigger dreams to fulfill, and Meteoric Rise of Bitcoin is attracting a lot of investors in India, and they are looking for cheaper alternatives where they can invest to make quick and large returns. That’s what benefiting MLM Scammers to pitch in their schemes to them.
Tronsquire conducts regular seminars, events, and promotional online meetings to tap in investors, mostly from tier 2/3 cities, and towns.
MLM marketing inherently provides a strong word of mouth as a means of growth and this coin has increased its value much fold, all under the radar. This is what happens when there is no regulation in cryptocurrency.
Our Appeal to Media
We get it. There are a lot of eyeballs on cryptocurrencies and writing about it will get you page views. But know that you’re going to be one of the sources that people look to before making an investment decision.
If you really care about covering cryptocurrency related stories/topics, do more research make articles more fact-based. There are too many scammers out there and it is up to you to try to educate citizens about cryptocurrency and blockchain technology.
Our appeal to Indian Government
Introduce a cryptocurrency usage framework for both consumers and businesses, so that such scams can be nipped in the bud. India is a rising power in the crypto world, but governments from other countries like Japan, USA, Singapore and Australia have taken steps towards regulating crypto.
Suggestion to Indian Investors
Technical analysis is a must. Think of yourself as a venture capitalist. Understand the underlying blockchain technology that fuels the currency and see if it actually has any real-world usage. Look at the team behind it and see how they’re developing it.
You must do your due diligence before investing in a cryptocurrency. If you’re new to this, ask your peers. Join communities like ours and ask experienced investors how they do trading properly. It’s early days – beware of scammers.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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