I came across a post where someone was telling about a new coin known as Cloud Token (CTO), the individual was making profits out of it so he was persistent that this is a legit program. He believed it so much that it is a legit thing that he even lent me $20 so i can test it out.
So the question is : Is Cloud Token a Scam or Not ? Is Jarvis AI trading Bot actually something real or just another MLM /Ponzi waiting to execute their Exit Scam.
As of now they pay , YES. You can see their CTO payouts in your wallet and you can withdraw them. That is how the system works. It will pay you out in small dividends and keep expanding their network until the day all this stops working and they will vanish. When they will vanish is something only a few know, It can be any day tomorrow or a month or two.
When you do not know how something works but it does give you money, so shouldn't you highlight this when you refer others ? that it pays me but I have no idea how .. But please refer through me because that way I can make more money $$$ and you will also start making some and you will also start referring people to make money and that is how Multi Level Marketing or MLM Works.
Crypto Token is nothing special but their Jarvis AI bot is what make it special. Jarvis Bot is a bot which uses AI to trade for you. Excerpt from Cloud Token website on Jarvis
Futures option arbitrage means according to the band trend of BTC, ETH and other currencies, the leverage is 10 times to 100 times, and the two-way transaction can make profits regardless of the ups and downs.
With 10 to 100 times leverage, the benefits far exceed the spot trading market.
All arbitrage systems have an accuracy rate of 99.9% and the error is almost zero. The system writes the proceeds into the program and automatically enters the Cloud Token JARVIS intelligent trading system to generate dividends and promote rewards. The platform is validated by CTO as the central medium.
Cloud Token claims to generate external ROI revenue through their Jarvis AI bot. The bot supposedly engages in arbitrage, but there is no evidence of external revenue being used to pay affiliates. The only verifiable source of revenue entering Cloud Token is new investment. As the App doesn't show us the Tx ID which can be verified on any Blockchain.
Jarvis Bot is so awesome that Ronald Aai posted a video showing how Jarvis works on his facebook post and the video resolution is 320p, which mobiles record in 320p in 2019 ? . With what I can see is that it can be bogus data as what they tried showing is not linked in any way and the static window on binance doesnt prove anything aswell, we all know how 'inspect element' is done.
Ronald also has another video showing off jarvis in details here , you tell me what you think about it ? Do see that at 3:00 he clicked on CLI and said "see the order cancelled" , yeah left click on CLI cancelled the order. Funny ?
Working of Jarvis AI as mentioned in their Whitepaper :
1. Members deposit ETH/ BTC into Jarvis Asset Management Pool
2. Varoom gathers data on Pair and Trade Size from 38+ cryptocurrency exchanges
3. Varoom assigns asset to Jarvis AI BOT
4. Varoom sends instructions to Jarvis
5. Jarvis perform trades on exchanges (TA/Arbitrage)
6. Data collected from the latest price of CoinMarketCap.com
7. Affiliate Program rewards members in CTO via the “ Jarvis Dispersant Wallet + Engine”
8. The rest of the Deposits Asset Earnings transfers to Jarvis Asset Reserve
9. Jarvis Asset Reserve maintains float in conversion wallet. For actions e.g. Withdrawal actions
10. Members can always convert CTO to ETH, BCH etc…
Most of the their website is filled with words which make no sense, and it pretty much jargon. They talk about decentralized wallets, I mean what ?. So-called mobile wallets are not actually true wallets but just some Java interface that connects with their own servers. Thus in effect, you transfer your funds in their wallet and they keep showing you a dummy balance in your mobile wallets. If this company shuts down its servers, you won't be able to withdraw your funds with your mobile wallet credentials. So it's all centralized systems. The recent update did link them to actual wallets which give you a wallet address aswell, thats one step towards having normal wallets while they allow you to have private key of ETH wallet address only.
So its decentralized wallet but when you participate with jarvis it becomes centralized. Its funny when they say such things thinking that everyone is naive.
You can go through the Whitepaper if you want but there is nothing which will provide you any insight to the project or how it is suppose to work, it is just like any other ICO we have seen.
- 28 Page whitepaper where there is not a single reference of Cloud Token / Jarvis or what their App is about till Page 17.
- From page 17 onwards they have again mentioned all sorts of network attacks and information which is not relevant.
- there is no technical section which describes the actual project. No mention of CTO and how it is suppose to work or "HOW IT IS ACTUALLY WORKING".
CTO is an Ethereum based ERC20 token, which you can see here , while its interesting that the token is still sitting in four wallets. What about all the payouts they give in CTO ? from where are those coming ?
Mobile app based Ponzi schemes seem to be the new flavour for the MLM crypto niche. Since late last year we’ve seen the launch of Plus Token, Super CodingFly (SCF Token) and WoToken. Cloud Token is more of the same. Each of these app token scams is attached to a worthless altcoin. In this instance it’s Cloud Token (CTO). CTO is generated at little to no cost. Through their app, Cloud Token raises the internal value of CTO, which in turn allows affiliates to cash out. By cashing out, Cloud Token affiliates are paid from subsequently invested funds. In a nutshell, you sign up as Cloud Token affiliate and invest. Your investment is stolen by existing Cloud Token affiliates. You then steal money invested by those who join after you.
Those who get in early and promote scams like Cloud Token are acutely aware of how they work.
Early Cloud Token investors build their CTO balance by direct investment and convincing others to invest. The are able to withdraw the majority of invested funds, due to their CTO balances being replenished by their unilevel team.
Questions you should ask anyone who tries to make you invest in anything related to cryptocurrency ...
What is the source of revenue?
What is the problem they are solving?
What is the value proposition?
Who is the target audience?
What is the go-to-market strategy?
Does the customer need, want, and is willing to pay for it?
What is the market distinction?
What is the exit strategy?
Crypto Token Wallet ( https://www.cloudtokenwallet.com/ ) is another MLM and it will make few rich while many will be left high and dry, someone said "CTO is not a scam because they plan to run off after 1 year" - by that definition we all have one year to scam others, eh ? . If you want to test the app which needs referral code you may use 1042523617 but i would strongly suggest NOT TO INVEST ANYTHING IN THIS APP and if you are brave enough to risk it , atleast DO NOT RECRUIT Others
Update: Even Queen Wiki says its not a scam, so definitely it becomes a scam, because Faith like to shove referrals down our throats. That's her endgame