My Opinion

On April 23, 2017, PlatinCoin got announced as a cryptocurrency without mining ("There Will Not Be Mining"). As soon as those responsible people realized that they are only operating a Ponzi scheme instead of an MLM system, they quickly invented without any consideration a minting option. Until today none of these scammers has been able to explain a difference between mining and minting.

After the scammer Alex Reinhardt also suffers on chronic overestimation and apparently, like all scammers, is too lazy to acquire or buy missing specialist knowledge, he has now unmasked himself. This scammer has still the opinion that it is still possible to generate LiteCoins on mobile phones. Even someone who has already robbed many people for a lot of money cannot buy intelligence with the stolen money.

Alex Reinhardt was previously known from his collaboration with SwissCoin. He was rated very high in the affiliate base and was supposedly the key promoter for the cryptocurrency team. According to reports, however, SwissCoin was a clear Ponzi system, from which was warned by Switzerland, Nigeria and Germany immediately before the administrative structure collapsed.

Today SwissCoin has a value of zero, the project is dead and worthless. According to some reports, the project was seen in its premises and processes as "almost identical fraud to OneCoin".

Alex Reinhardt reportedly stopped working with SwissCoin in January 2017, just one month after the foundation of PLC Group AG.

It has been claimed that PlatinCoin (originally from PLC Group AG) is a sophisticated Ponzi / Pyramid system that is flooded with red flags, allegations, and warnings from key financial authorities. In particular, BaFin (Federal Financial Supervisory Authority from Germany) has warned against investing in PlatinCoin. The CEO of PLC Group AG, Alex Reinhardt, was also an employee of SwissCoin, a Ponzi scheme that collapsed shortly after PLC was founded.

In order to dispel the suspicion of operating a pyramid scheme, people try to protect themselves under the guise of renting the most modern, but most likely worthless, equipment.

According to the publication [PLC] PlatinCoin - PreLaunch Cryptosystem Announcement [.pdf (350.86 kb)] from April 23, 2017, 16:27:56 in the Bitcoin Forum, the primary company behind PlatinCoin was PLC Group AG, which is still registered in Switzerland.

Here is a brief excerpt from the PlatinCoin announcement:

Website: https://platincoin.com/en/
Wallet Client: https://platincoin.com
Official registration of the company: https://www.zefix.ch/en/ and here: www.moneyhouse.ch and here: https://zg.chregister.ch
Blockchain: https://platincoin.info/
Kraudfanding platform: http://projektstarter.eu/
Press: http://izvestia.ru/news/681782
Instruction to registration: https://youtu.be/IUTA7NB9_lM
The messenger: https://elvn.com/

Third generation crypto asset 10 second transactions.
First Secure PoW+PoS Coin. Based on gibrid PoW + PoS own patented system. Provably Secure.
No 51% attack.
No mining. No double spending.
There will be no TOKENS,
There will be no SPLIT,
There Will not Be Mining
NO DIFFICULTY!

So far, however, there are several follow-up companies or subsidiaries or allegedly "independent" organizations having nearly the same name, which have connections to the PlatinCoin project:

• PLC GROUP AG Switzerland founded on 28.12.2016
  Address: Baarerstrasse 14, 6300 Zug, Switzerland.
  Registered capital: CHF 100,000
  CEO: Reinhardt, Alex, German citizen, Berlin
  Member of the Board: Vecellio, Orlando, from Poschiavo, area Freienbach, Switzerland

  According to :gerlachreport, Orlando Vecellio, board member and sales manager of PLC Group AG, announced in an internal email, which :gerlachreport should also have, the end of the cryptocurrency PlatinCoin on July 24, 2017.

• PLATIN GENESIS DMCC, founded on Oct 22, 2017.
  This company was located at JUMEIRAH LAKE TOWERS SWISS TOWER UNIT NO 1004-44 DUBAI, UAE.
  The license of this company expired on Oct 21, 2019 (Screenshot).

  A rogue who thinks evil is involved, but on Nov 29, 2018 the BaFin published the following warning Platincoin has no authorisation under section 32 of the German Banking Act (Kreditwesengesetz – KWG) under the topic unauthorised business:

  The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) hereby announces that it has not issued Platin Genesis DMCC ("Platincoin") with authorisation to conduct banking business or provide financial services in accordance with section 32 of the KWG.

  The company is not subject to supervision by BaFin.

   

• PLC GROUP AG DOO SLOWENIA, founded on July 25, 2018.
  Address: Letaliska Cesta 33E, 1000 Ljubljana.
  Registered capital: € 10.000
  Managing director and sole shareholder: Alex Reinhardt

• PLATIN GENESIS ASIA LTD, registered on March 11, 2019.
  Previously the company name was AMATECH LTD.
  Address: UNIT 2512, 25 / F, LANGHAM PLACE-BÜROTURM, 8 ARGYLE STREET, MONGKOK, HONGKONG. (Screenshot)

  This address is currently listed in the data protection regulations and the general terms and conditions.

PLC Group AG and its follow-up companies are very young companies that were founded exclusively for the purpose of this project.

Laut den oben angeführten Firmen ist Alex Reinhardt, der Mann welcher mit diesem Projekt in Verbindung gebracht werden kann und er ist das Gesicht des Projekts an jeder Ecke. Er besitzt zwei LinkedIn Profile:

1. Alex Reinhardt [.pdf (1,73 mb)]
   from Berlin, Germany with current 35 contacts, where he appears as Founder and CEO - ELVN
   
   
2. Alex Reinhardt [.pdf (1,70 mb)]
   from Berlin and surrounding area, Germany with more than 500 contacts, where he only mentions Blockchain & IT as a job title.

It is striking that he does not want to establish direct connections in his profiles to his companies or PlatinCoin. He is content to present himself as the founder and CEO of ELVN. However, the page elvn.com provides a link to the current company Platin Genesis Asia Ltd.:

The second LinkedIn profile is linked to a Crunchbase profile by Alex Reinhardt. A connection to PLC Group AG Switzerland is only established on Crunchbase. To compensate, the company Platin Genesis Asia Ltd. not mentioned at all for that. There it says (Screenshot):

Alex is a venture investor, business development expert, serial entrepreneur, co-founder and CEO of PLC Group AG, located in Switzerland.

Alex is an economist with over 10 years of practical experience in the startup and venture capital industries. He is an entrepreneur and founder of more than 10 projects in the IT and FinTech (Financial Technology) industries with a total capitalization of more than 100 million euros. In only one and one-half years, he was able to create an international community which today unites more than a quarter of a million people around the world.

More than 3 years ago, Alex became an active evangelist of blockchain technology. Given his interest in blockchain technology, he is looking for and supporting technologies and projects that will make a significant contribution to the technological development of our society.

In PLC Group AG, Switzerland, Alex is responsible for finding innovative solutions and promoting them around the world.

The address Mong Kok, Kowloon, Hong Kong only becomes visible on the ELVN crunchbase profile (Screenshot). The name Alex Reinhardt is also mentioned as the company founder.

The meaningful negative ratings for the PlatinCoin Wallet, for which according Google Play Store Alex Reinhardt is responsible. Of course you don't have to look at positive reviews, since everyone can create multiple accounts and praise the manufacturer / supplier. Scammers are naturally lazy and therefore there is no meaningful information getting found in fake reviews. With negative reviews is it of course also possible too, but there you can get more information where you can get an idea of the credibility.

The following reviews are from the German Playstore translated to Enlish:

H M
November 20, 2019

You can look at your coins on the wallet and send them to others, but deposits and withdrawals have been blocked for a long time on the exchanges. So they have no value if you can't sell them. Shitcoin! The alleged value is artificially held up by trading bots. When I hear "innovative app with many features" - it's ridiculous. The wallet cannot do what others have not been able to do for a long time. This also applies to the stupid messenger ELVN.

schlaf-kunst
February 14, 2019

a scam if you look in the code, just a mlm who don't want anything else but steal from people, this thing is not even censorship resistant. it doesn't even have 1 property of crypto. the inventors need to get skinned and killed

Cloud-Droid Cooperation
February 8, 2019

A non-existent coin that wants to keep up in the crypto world is rubbish. This system will not be successful and will eventually break, ultimately it was no different with OneCoin and GiraCoin. At some point the authorities (BaFin) and the state come and then there are a lot of problems with the company! You can go straight to the casino in the end, it's the same thing, because the bank always wins!

Ferdi Kocamemik
January 3, 2019

transport pin supposedly wrong !! that can't be serious! I write the transport pin 1 to 1 as I wrote it down and they tell me wrong! greatest cheek! stay away from this company!

A Google-User
December 3, 2018

also had 210 plc go in now, suddenly only 11 plc !!! everything lied !!! you'd rather put 200 euros in slot machines in aamina zig zag !!

Marc Krause
September 27, 2018

People stay away from the company, they are rip-offs. I have been missing my 150 PLCs for more than a year, which I am not being paid. Support written a thousand times everywhere, even on Facebook. I also sent screenshots and screenshots of the transactions as proof, no reaction from PLC just that my request was processed and that has been over half a year. Simply disgusting. Stay away from the company and never deposit here !!!!!!!!! You will never see your money again !!!!

Rob Smith
June 6, 2018

How can it be that my dashboard suddenly has 1000 PLC less after the update, I can also prove this with screenshots, since I already thought that someday no one would be able to see through. 1000 coins are already a lot of ashes for me at the current exchange rate. I wrote the support twice, but so far only one "we will take care of your concerns".

Sven Müller
April 25, 2018

Nothing works here. Even after the update I can not transfer my coins .. because I am not verified, it should be 3-7 days that is now 1 month ago you can not get your coins you can not trade or anything! let alone the payment in cash or the like !!!

Michel M.
April 7, 2018

Wallet imported, allegedly wrong transport PIN ... But if it is not ... new wallet created, there is no way to get the coins from the dashboard ... only the famous "Coming soon ..." which you can know already from the Homepage ... was almost no different and would be a huge step forward if everything would work immediately ...

Patrick
April 7, 2018

After the update you have to import your wallet. The transport PIN code is said to be incorrect, but this is not the case. So I can't get into my wallet.

ThanksMia
March 30, 2018

My plc are simply gone after an IPO .. that is not the purpose of crypto the vision of crypto is that you have control over your own money, the plc group ag has clearly broken it and should be punished hard for it!

Raul Gonzales
January 8, 2018

Similar experiences as Viktor Nuamow. Bought coins worth € 250. The transaction was eventually deleted, 1250 coins gone. Several emails sent to support, not even an answer. A company that shits on customers. With me down through. Thank you PLC, gave you several times the chance to make up for it all, but I cannot recommend it to anyone.

Daniel Kuttler
December 23, 2017

Can't connect the wallet to the PLC account manufacturer, nor can I register for the wallet.

Dede Akk
December 20, 2017

My platinum coins just disappeared on the wallet .. Fortunately, deleted again immediately were free.

Sound People
July 24, 2017

Error over error, coin cannot be changed on a exchanger and is not listed anywhere, who knows if it is a coin at all.

The Bulgarian "OneCoin" inventor Ruja Ignatova has probably brought investors around 4 billion US dollars. From the "crypto-queen", however, lacks any trace and the FBI determined.

The alleged cryptocurrency "Onecoin" is at the center of the largest crypto fraud case yet, but the machinations have been discovered. According to investigators hundreds of thousands of investors could have lost more than $ 4 billion through the alleged cryptocurrency, which promised investors quick riches. Where the money has remained is currently unknown.

The main offender is the Bulgarian Ruja Ignatova. In London and elsewhere, she promoted Onecoin as an elegant inventor and made great promises to investors. Onecoin was touted as a "Bitcoin killer". Media gave her the title of "crypto-queen". She allegedly brought hundreds of thousands of people for her money.

Entrepreneur with mafia relationships

Her brother, Konstantin Ignatov, has according to the investigative site Inner City Press at least confessed to American FBI investigators and admitted several offenses in New York, including money laundering and fraud. Many investors are coming from the UK. The BBC has released a major podcast series about the machinations of the alleged cryptocoin inventor, who also allegedly has connections to the Bulgarian mafia.

Despite all this, there is still a website on which Onecoin stirs the advertising drum. It is advertised with slogans like: "Be part of the financial revolution." and Onecoin is "the first transparent, global cryptocurrency for everyone". The advertised digital money promised high returns for investors. It also announced that millions of people in underdeveloped countries in Africa and Asia will have access to financial services.

Onecoin is a pyramid system

Onecoin was and still is not a cryptocurrency, based on the blockchain technology, but a rather simple pyramid scheme: The first investors could make high profits, as more and more investors put money in the system, but in the end are high losses. Although Onecoin denies any illegal activity on the site, such methods are fraudulent.

In 2017, Onecoin is said to have raised more than $ 4 billion from investors worldwide, including some £ 100 million from British citizens. In October 2017 Ruja Ignatova disappeared suddenly, since then she is wanted by the FBI.

Onecoin in the BBC news:

• OneCoin lawyer on trial for role in 'crypto-scam' - BBC News
• Cryptoqueen' brother admits role in OneCoin fraud - BBC News

Every customer from a company likes to get something in return for his hard earned money. The chances that you get nothing in return and even get teased if you are a customer from Converge ICT Solutions Inc. is very high. One guy from Converge or one who is only licking on their shoes even asked me why I have a rant against Converge. I have no rant against Converge, I have only a rant against technical and business incompetence, especially if someone tries to tease me. I had a good experience with the Converge field technicians as they try to understand the problems of their customers, but the support staff has no idea about what they are doing. Here can everybody find how service request are getting handled from this deadbeats. They do everything for avoiding to move their own ass and fix their own internal network problems. It looks like that Converge is even not able or does not have the knowledge to fix their network problems.

Before you take a look at the traces I have made, you should understand how they need to get interpreted. Here is the description of the IP addresses shown in the traces:

1. 192.168.1.1 is the private IP address of my home router
2. 10.105.0.1 is the router from Converge, to which the cable modem is sending all the traffic.
3. 202.69.189.77 is a router from Converge where all the outgoing traffic for US and Europe gets routed
4. 10.70.10.33 a private IP address of a router inside the Converge network, which is not answering to pings. For this reason the IP cannot get monitored with standard tools.
5. 202.69.189.177 one more router inside the Converge network on the way for reaching the oversea lines
6. 202.69.188.109 one more router managed by Converge on the way to the oversea lines.
7. 202.69.189.218 the last router inside the Converge network located at the Philippines. This router sends the traffic to Los Angeles/US using the services from Level 3 Communications Inc.

For knowing the way packages are taking you can even take the tool tracert from the Windows command line. The result is looking like shown in the following screenshot:

As we like to monitor only the IP addresses at the Philippines in the responsibility from Converge ICT, we take as last IP their last router with the IP address 202.69.189.218. I have used as monitoring tool the open source software Ping Tracer. Ping Tracer is sending out each second a ping to the routers on the way and shows the time needed until the answer got received and the lost packages (red colored) in a graphic. If you are debugging a network, then you have to start at the nearest router where the lost packages are starting. All other failures can be a follow up from the first router. By respecting this rule you have to search in our case, as the following screenshot is showing, for the problems in the connection from the router with the IP 10.105.0.1 (0.76% packet loss) and 202.69.189.77 (13.9% packet loss). The 0.76% packet loss at the IP 10.105.0.1 can be a result of a tailback of IP packages in a retry queue when the queue is full.

Here the results of such a monitoring, which I have sent to the support from Converge ICT solutions on January 14, 2018:

One day after the above support request got sent, the situation die not get changed. I have sent on January 15, 2018 the next support request to Converge ICT Solution with the values of a new trace:

On January 16, 2018 I got the email response from Converge ICT Solutions, that the "problem got solved". Here a screenshot from the email:

A sign of quality of the Converge support is already the empty link (http://), which shall get clicked to reopen the ticket. As expected is the result from their "work" the same like before. With other words - they have nothing done to solve the problems as the following screenshot is showing. The email got received on January 16, 2018 03:07pm and the screenshot got taken on the same day at 07:50pm:

A nice detail how Converge ICT Solution is how they are scamming their customers. It gets shown, by the following screenshot taken on January 16, 2018 at 04:33am, that Converge ICT Solutions is selling more bandwidth than they are able to handle inside their own network. As at this time normally all people are still sleeping and the network is during this time not really under heavy traffic. So the packet loss at this time is low, but still available. It is the problem from Converge that they have been too lazy for fixing their own internal network and the problems are now falling to their head by making problems for their customers.

A trace back from a server in Austria/Europe shows that not one package at the oversea lines gets lost. The problem is getting found in the internal network structure and the network design. The outgoing routes are taking a different way as the incoming routes. While outgoing routes are passing Los Angeles by using the Level 3 network are taking incoming routes to the users IP addresses from Europe a route from ntt.net and if you like to trace the last IP address 202.69.189.218, where the router sends all traffic to Los Angeles, then the inbound route is taking the routes from hgc.com.hk passing Hong Kong. A OSPF (Open Shortest Part First) seems to be a foreign word for the Converge ICT network technicians.

Summary: If you have the possibility to avoid this Internet provider you should avoid them. Even Internet amateurs are able to bring up better results and a better connectivity.

Where ever some money can get earned, you'll find scammers. Nobody is able to hindrance them in doing their dirty business. Even the restrictions for signing up at upwork.com are not able to avoid scams. On the other site it can be also a trick from upwork.com for bringing more of their subscribers into a paid membership.

All scammers have one common property: They are lazy. Some are even too lazy for using their own God given brain. In the actual case where I got yesterday on March 18, 2017 an invitation for a work, which got posted on December 24, 2016 and the result of the work should got delivered on February 1, 2017! Nobody can get done a work in the past. LOL

The funny thing about the invitation above is, that the invitation for the interview got withdrawn before I had the possibility to react on it. This makes upwork.com also suspicious, because at this platform everybody has limited connection possibilities. Their official reason for limiting the possibilities for bidding on offers is avoiding spam. On the other site is the behavior from their clients, withdrawing invitations before they get answered, counterproductive for their own reputation.

Suspicious is also that Philip Pateman is offering since more than 2 month a part time job, where you have to work only 2 hours a day and get a payment of $1,500/month + bonuses and nobody takes such a job or is able to fulfill the requirements for the job. It gets shown in the following screenshot, where is written under the job offer that he has hired one from 781 sent invites and under the caption "About the Client" is written 3 Hires, 0 Active - $0 Total Spent!

Another joke of the century gets found in the job description. Philip Pateman needs to hire 5 Freelancers, who are working at least 2 hours per day and are getting paid $1,600 per month. That makes a sum of $8,000/month. For this amount of $8,000/month I even would work 10 hours a day and 6 or 7 days a week. LOL

Anyway, I even would not be able to fulfill the requirements for this job, because of my problems with the Internet provider here at the Philippines. In the job offer is written "Must be accessible, online during agreed-upon hours". If someone takes a look at my article Converge ICT Solution Inc. - a service desert and teasing their customers then he will find out that I'm not able to guarantee such a requirement. For this reason I don't need to apply for such a job.

For the case that Philip Pateman is not an invention from upwork.com for stealing your connection points, then Philip Pateman from Belfast is using his real name and location. A search for Philip Pateman from the UK phone directory returns 19 results and only one is living in Belfast. Based on the 2006-17 Electoral Roll is he in the age group between 40 and 44. He is living together with Karen Mary Pateman (Karen Mary Mcmahon). A Philip Pateman from Belfast gets also found at LinkedIn. He is providing the following information about himself: He likes to be an Assistant Assembly Clerk to the Committee for Finance working at Northern Ireland Assembly since August 2009 and has at the moment 124 friends or contacts at LinkedIn. He describes his job as:

Supporting the Assembly's Committee for Finance in undertaking its advisory and scrutiny role in relation to the Department of Finance. Includes procedural advice, policy analysis and professional support.

For the case that all the information described here, is also fitting together in reality, then Philip Pateman has sent me an invite for his sham job offer and has been searching afterwards by using his favorite search engine for my name. In the result he has found my blogs and did not like to get famous. So he has withdrawn the invitation.

An alternate possibility is still available too. upwork.com has invented Philip Pateman from Belfast for reducing your connection points faster.

In any case is the job offer provided at upwork.com by Philip Pateman nothing else than a scam or an offer for being partner in crime of Philip Pateman.