When you have money to invest, there are many opportunities open to you to increase your holdings. This comes with some risks as seen with Doubleway, one of the many crypto-based schemes on the internet.
With the awareness of digital assets higher, you would expect that ponzi and pyramid schemes would have little or no patronage, but this is not the reality on ground. The fact is that there are many new entrants to the ecosystem and these are targets of these programs.
In this review, we shall look at Doubleway, a site that calls itself “The dark side of CryptoHands” promising participants an infinite earning potential. The essence is to know the feasibility of making any earnings and the risks involved in participation. That will enable you decide if this is an investment that you are willing to make.
What is Doubleway?
Although it was not explained how Doubleway relates to CryptoHands, most of the content on the site points to the fact that the suspicion that the two programs are operated by the same entity.
For starters, both are donation sites that are based on ethereum. They also claim to be based on smart contracts and so cannot be manipulated by anyone. The investing participants are encouraged with the message that their accounts are safe and so cannot be deleted at any point as seen with this:
“CryptoHands is the first ray of light to mark the beginning of a new industry and the first risk-free blockchain project in history. For the first time, not a single person in the world can affect the operation of the System. There is no company or board of directors that can block a participant’s account or change the terms and conditions of remuneration. Business and the entire network for the first time belong to the participant, not the company. And the funds on a decentralized wallet are also controlled for the first time by the participant himself, and not by the bank, payment system or the state.”
Well…what could be said about CryptoHands being the “first ray of light”? In a nutshell, that is not true because we are aware that the first smart contract had nothing to do with CryptoHands and Doubleway.
Also the claim that no one can alter the platform is not true because there is no evidence that this is a smart contract platform. Even if it is, a smart contract is deployed based on the idea or interest of the developer.
Since the participants are not privy to the terms and workings of the smart contract, it is obvious that the persons behind it could have written a contract that favors them instead of the participating members of the scheme.
For example, when they visit the Doubleway site, an intending participant is expected to send some ETH to a wallet address listed. How are they sure that the individual they’re sending funds to is not a fraudster behind the site?
How Does it Work?
The Doubleway site claims that it is complementary to the CryptoHands in that building a network in one would permit the participant to build a network in the other.
Essentially, the participant is expected to 0.08 ETH to the person that invited them every two months. Immediately they sign up and make the first donation, they’re expected to start promoting the scheme to get referrals.
The participants are lured to sign up and make donations with the promise that they could get free referrals from the system or even from the person that invited them. This is contrary to the reality seen in such ponzi schemes.
The user is expected to move on to a higher level by making a higher donation after they receive donations from their referrals. According to the site:
“Receive automatic transactions from smart contract directly on your Ethereum wallet.
According to the tabel [sic] below, on the 1st level you are transferred 0.16 ETH, on the 2nd level – 0.64 ETH, and on the 3rd level – 2.56 ETH.”
Will You Make Money?
This is basically a ponzi scheme that is fashioned as a donation platform. The participants donate to one another but in reality, it is a funnel that a scammer has put up to channel most of the ETH funds coming into the system to the fraudster that owns the site.
If you’re wondering if you would make money with this system, the first question ought to be if you are willing to participate in a scam. Many people are not aware that ponzi are scams set up to benefit the owner who sits at the top of the pyramid.
Will You Lose Your Funds?
The answer to this question depends on when you joined the scheme and the intention of the fraudster behind the site. If the so-called smart contract has been set up to pay the owner and their cronies, you’d get nothing.
But if it is meant to channel the funds of those that you recruit to you, you may get some payments at the beginning of the scheme. This means that you may make some earnings from those you recruited if you’re among the earliest participants when the ponzi was launched.
Nevertheless, no ponzi is sustainable. When recruitment dries up, the scheme collapses. One of the earliest ponzi in the cryptosphere is 333 ETH. That scam has already collapsed with many participants losing their funds.
How Long Has it Been Around?
Doubleway.io was registered on September 2019 while the partner domain Cryptohands.org was registered in January 2019. This means that the latter is more than a year old while the former is five months old. Since both sites are likely operated by the same entity, they’ll shut down at about the same time.
The quest to earn some profit is behind people falling for ponzi, pyramids and scam investment sites. You should never send your funds to any of such sites because it is a waste of time. You may even expose yourself to hacks or other malicious activities.
The site that I recommend to people would enable you grow your assets through copy trading. You actually get the result that the professional investor you copy get.
What is your experience with Doubleway or CryptoHands? Please share them using the comment box below.