Cloud 2.0 Wallet Review… Is it a Scam??? (Eg: Ponzi Scheme Like Bitconnect, USI Tech, Plus Token)

so this is it this is the scam right
here so after my video on Ponzi schemes a few people asked me to have a look
some different projects that they’re wondering about and the one I’ll be
looking at today is called cloud token and if you haven’t really done so hit
subscribe that’ll help you to stay in the look that future content I make that
helps you to find your way in the crazy and often hostile environment that is
cryptocurrency so I’ll start off with the website and we’ll go from there so
just on their website and let’s have a look after having a read of this thing
they call their business proposal it’s clear to me that it really is targeted
at people who have no idea about cryptocurrency but also people who don’t
really have any clue about investing either and the kinds of documentation
that you tend to get along with an investment this paragraph right here to
me is a massive red flag you know they’ve just dropped as many impressive
sounding buzzwords as they possibly can especially things to make it sound like
you know Bitcoin and Ethereum and everything else obsolete and this is the
next thing risk free arbitrage there you go high
frequency hedge it’s very interesting to me in this website it doesn’t really
talk at all about affiliate programs or rewards or returns or anything else like
that like the really really obvious Ponzi stuff so let’s have a look at
their wallet cloud technology and investments 2000 reviews hundred
thousand downloads 4.4 stars good grief cloud token create account I gotta say
this is not inspiring confidence let’s see if we can proceed with that one
nope so I couldn’t get any further in the app at all without a referral code
so I punched this cloud token wallet into Google and this website came up
with one of the first results and man it is a corker this website does not hold
back talking about gains and referral codes and everything else like that so
let’s just have a look at this because this this shows you everything you need
to know so crypto currency what that pays there
you go key business points profit sharing from day one eight to twelve
percent returns per month little Asterix eight to twelve percent per month that
is insane that is a huge red flag I love this credibility cloud
token app is listed on the Apple and Google store that doesn’t make you
credible really real people real technology real business plan I’ve read
the business plan I’m not convinced it’s real oh man look at this lucrative
rewards program there’s 21 levels deep let’s view this compensation plan shall
we really hit the jackpot with this compensation plan page and you can see
that the multi-level marketing of this just makes even bit connect look like
amateur hour and you know it helps make a lot of
sense now as to why you want to had a quick look on YouTube there was a whole
bunch of videos of people wanting to sign up others using their codes and
convince people this isn’t a scam when seriously this is a massive red flag
this has got to be the best bit yet so testimonials and documentation cloud
tokens Australian business registration there he go they’re registered here go
Australia it doesn’t look as though they’re actually licensed to offer
anything at all in terms of financial services if you look at any Australian
based investment business you know like bata shares for example almost always
include information about their Australian Financial Services license
number and they’ll offer things like a financial services guide that helps you
to understand more about what they offer you know if this cloud token actually is
some sort of Australian business and is offering some kind of financial services
it really makes you wonder why the detail on the actual website is so
sparse so let’s have a look at the app so I’ve got my scammy referral code
let’s go login password wonderful let me have password ah payment password there
is no short mark of quality software than something unless you use the word
password as a password and suddenly lets you use one two three four five six as a
pin well it’s very least its spitting out 12 words that are in fact a valid
bip39 wallet so let’s have a look and see how we go this is very interesting
so I’ve hit receive in the wallet and it’s giving me some addresses that they
are not the bip39 addresses that they should be not a Bitcoin
nope does not match for ethereum either I don’t actually believe this app
is running like a lot at all so I reckon if we
disconnect the network it’s gonna stop working deadness tracks so see litecoin receive please check your internet
connection there you go you can’t receive at all click send
please check your internet connection receive please check your internet
connection anything please check your internet connection so this is it this
is the scam right here so basically this is a fully custodial wallet as we saw
earlier the mnemonic phrase they’re giving doesn’t really seem to match the
addresses that is generating even though it’s a valid bit 39 mnemonic the thing is
that any non-custodial crypto wallet actually generates all of its receive
addresses locally on the device they don’t need an internet connection to
work out and to derive what all the addresses are going to be this cloud
token while it isn’t real it’s essentially just a front-end to some
website that’s basically giving you a bunch of receive addresses that really
have nothing to do with the mnemonic phrase that they’ve given you in my
previous video where I look at hostile wallets you know one of the things that
I offer there is to say that you know really any new wallet is something you
should avoid and you know this has only been out there for a few months it
really really looks as though it’s actually not a legitimate wallet at all
even though the design of it is strange it has still been designed to look and
behave like you would expect a crypto wall to behave how this exit scam is
gonna work is basically what’s going to happen is at some point in the future
maybe tomorrow maybe in a week’s time maybe in six months this cloud token
wallet is gonna have some weird hack where all the users suddenly lose all
their funds and the people who made the software who’ve been running this scam
we’re gonna throw their hands up in here and go oh it was hackers we don’t know
what happened what a surprise what a shame it’s clearly not our fault the key
con here is tricking users into thinking they are holding their own private keys
when in reality I’m pretty sure they’re not I’m calling it to me this is an
obvious Ponzi and yeah anyone using this as their wallet needs to get
their funds out now when it comes to cryptocurrency your wallet is not
something you muck around with and simply put any service at all any
service that offers a wallet that tries to masquerade as a non custodial wallet
one where you control the private keys but really is fully dependent on their
servers to show you just about everything any wallet that provides you
with a mnemonic phrase that you can’t verify and validate in other tools
itself you know run as fast as you can this wallet is gonna exit scam it’s only
a matter of time and that’s how this Ponzi scheme is gonna come crashing down
even without the dodgy wallet there’s enough red flags for the cloud token
wallet to be something you should steer well clear off it’s an obvious Ponzi
scheme and only a matter of time until it comes crashing down depending on how
long this thing drags out and how big it gets it may end up being the biggest
wallet exit scam crypto has seen yet if you know people who are getting sucked
into this scheme they may be thinking it’s real because they’re getting paid
actual rewards but the fact the matter is that’s how all Ponzi schemes work
it’s only a matter of time until the whole thing crashes down and the people
do a runner with everyone’s money thanks for watching I hope that was helpful
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13 thoughts on “Cloud 2.0 Wallet Review… Is it a Scam??? (Eg: Ponzi Scheme Like Bitconnect, USI Tech, Plus Token)”

  1. Keep all your crypto safe & upgrade to a Ledger Nano X Hardware Wallet

    Alternatively, if you prefer a 100% Open Source wallet, a Trezor One is also a great value wallet

  2. I'm convinced it's a scam now. Their app seems like a cheaply produced app, their website doesn't mention at all where they are licensed at. They have no customer support. The registration proof that they have provided is a screenshot taken on a phone, very "professional". It's all just a desperate effort at attracting desperate investors too. Sad.

  3. Pls explain further about why Cloud token able to launched in apple app store? Cloud token able to convert to other crypto such as Eth. And actually you are promoting your wallet as well through your channel?

  4. What do you know about orientum / orientum +
    Cloudhorizon eltronX with the plastic oil refinery

    Cloud horizon is clearly mlm but the part with sepco industries. in a year they would make 0.02 cents a token worth 0.25

    Now they are on 1.3 machine since 0.7 is private owned

    And by end of 2020 they would have set up 50

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