Cryptocurrency: foray into the heart of the Liyplimal nebula
"Poverty is over".Liyplimmal's slogan marketing alone can sweep away a century of economic theory with a background.Incredible a priori, even if the promoter of the Global Investment Trading (Git) group who carries this investment tool, believes it hard as iron.At 39, Emile Perfect Simb (EPS) presents itself as living proof of what investing cryptocurrency is more than profitable.This former temporary teacher who bet everything on decentralized digital currencies can be proud of his social ascent.Luxury clothing and vehicles, values jewelry, the now Golden Boy takes care of his image up to his means.Cameroonian today claims an economic empire rich in around twenty companies in several sectors: real estate, liqueurs, air transport, catering, driving schools, online sale and cryptocurrency betweenothers.It is to the latter that the native of Douala owes his ascent, he who affirms Urbi and Orbi to have brewed several million dollars by investing in digital assets such as bitcoin and other.
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It is not just about investing;He creates his own token (digital active ingredients issued and exchangeable on a blockchain) including Simbcoin and Limocoin.The last one was issued on 2 blockchains that are Etherum and Binance.According to an information note, LIYEPLIMAL announces that it has launched 3.650 billion LIMOCOIN at its launch of $ 1 per unit at its launch.
The latter's course will have experienced various fortunes before recently experiencing a spectacular fall.In CoinMarketCap, a global platform for monitoring all cryptocurrencies, the value of the digital token is today at 0.02658 dollars, or about 15 FCFA.Before this event, Liyeplimal already accused delays in the payment of interest due to investors.Sufficient to sow a wind of panic within the investor community, and throw the stigma on its instigator taxed at all wind of crook.
LIYEPLIMAL: Investment or Ponzi scam?
At first glance, it is a very juicy business since the digital tokens packs purchased give rise to profitability rates that run between 2 and 37% in one year.The higher the bet, the more profitability grows.Enough to attract many people;Except that the payment delays observed and even the impossibility for subscribers to return to possession of their initial bet suggests at first glance at the collapse of the Ponzi pyramid.This is a fraudulent financial assembly which consists in remunerating customer investments by the funds provided by the new entrants.In this type of scheme, if the scam is not discovered, it ends up appearing in broad daylight when investors are too many to claim their times at the same time.The hypothesis is confirmed by a Bitcoin analyst residing in France contacted by Ecomatin: "It is technically impossible to guarantee such a high rate of profitability on a volatile asset.According to my analysis, Liyeplimal is promoting feedback on investments that defy all logic.The only way to guarantee a return on investment is by recruiting new people.Limocoin would be a perfect copy of BitConnect, a cryptocurrency born in 2016 and evolving on the model of Ponzi, but which finally collapsed in 2018, leaving many investors on the tile.For the moment, we are at the end of the pyramid and this is the reason why you hear more and more people who fail to be filled.»»
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Contact, Eps sketches a slight smile before asserting that the payment delays are just slow in the procedures."We must verify the identity of those who make withdrawal to avoid the phenomenon of terrorism and money laundering funding.We must reassure ourselves that the name that created the Liyeplimal account is the same name OM or Momo which withdraws money. Cela demande plus de temps et de concentration et lorsqu’on a plus de 58 000 demandes de retrait en un mois, il est normal que cela nous prenne plus de 60 jours pour traiter, d’où ce retard»», explique EPS. Le PDG de GIT ne part pas sans dénoncer « une campagne de dénigrement ourdie [contre moi] pour faire tomber ma structure»».“Several lobbies whose name I would not quote have arranged to bring Liyeplimal.Some even pay Facebook and Youtube influencers to denigrate the brand image of this structure which has always respected its commitments for 4 years. L’objectif est de créer la panique envers les investisseurs pour que ceux-ci se ruent pour les retraits afin que la structure soit asphyxiée»» conclue-t-il.
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To the question of whether it is possible to guarantee such high rates of profitability, our interlocutor answers, without whining, in the affirmative."In January 2020, a bitcoin was worth $ 7,000, today it is 35,000.Are we not there far above 30%? ”, He questions.Before continuing: "The asset management companies and grant companies approved in CEMAC which offer 5% yields invest in our products, receive large yields at the expense of their customers. Je suis l’homme à abattre parce que j’ai sorti le secret de la rentabilité à haute échelle»».
The price in free fall
One of the recent events that brought up to date the debate on limoocoin is the fall in its course, proof of extreme volatility.Nevertheless, what gives value to cryptocurrency is its usefulness.If necessary, EPS would have created around twenty companies with the Limo or Simbcoin as a means of payment.Simb Airlines, Simbcity, Limarket ... Despite research, difficult to have the annual balance sheets of these entities which are, according to the promoter, present in a hundred countries."By issuing for $ 3.650 billion in Limo, Liyeplimal activity should have generated equivalent profits of 3.6 billion to cover investments.Which can hardly be proven so far.We see a lot of projects on models but few concrete achievements. Ce qui nous conforte davantage dans l’idée d’une arnaque»», commente un conseiller en investissement financier agréé par la Cosumaf.
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For EPS, the reasons for this fall are in the fluctuations in supply and demand."Since a cryptocurrency is based on the law of supply and demand, then when the request is strong, the currency takes value like the case of limoocoin at its IPO in early December 2021 where it had a value of 15dollars.For about 3 weeks, the offer being higher than demand, it is normal for limoocoin to lose the value all cryptocurrencies are going through this. Aujourd’hui, le Limocoin vaut 0,03 dollars, mais dans deux ans, je peux vous garantir qu’il vaudra au moins 20 dollars»».
Illegal or not?
For the moment, launching a public call for savings to invest in digital assets is prohibited in CEMAC, even if COSUMAF still develops a regulatory framework for this.Nevertheless, the gendarme of the financial market in Central Africa did not fail on several occasions to attract the attention of investors to the risks involved by investments in these products.The Cosumaf was even followed in its momentum by the Cameroonian Ministry of Finance which threatens the active trading on Crypto Active Crypto..At the rank of the accused, Git.Despite these reminders of order, the structure continues to exercise in view and the subject of the authorities.
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Contacted by Ecomatin, the promoter of Git half recognizes his somewhat uncomfortable position, but keeps a strong hope in the management process currently in development."Let’s not forget that cryptocurrencies are a new phenomenon and therefore, Cosumaf certainly needs time to understand in order to see what to do with regard to the regulations.I am an actor, I am an investor, an entrepreneur, my role is to train young people, to inform them so that they can take charge and stop believing that the state will recruit them all one day. J’aide mon pays à ma manière ainsi que tous les autres pays d’Afrique à atteindre leur point d’employabilité des jeunes»» indique-t-il.
Centralization/decentralization
One of the principles dear to cryptocurrencies is that of decentralization which supposes freedom in transactions without the control of an entity.In a decentralized network, there is no hierarchy.No actor (or group of actors) can exert a disproportionate influence on others.One of the criticisms made against limoocoin lies on this point."Decentralization can be expressed on several vectors, for example that of sharing tokens if the majority of tokens are controlled by few people, so these have greater influence on the price.This therefore creates a hierarchy between the different actors of the network, and it will therefore be less decentralized on this vector. Les dix adresses (“comptes”) les plus fournies en Limocoin contrôlent plus de 80% des jetons» commente sous anonymat notre expert Bitcoin.In comparison with other better known cryptocurrencies, we note that more than 700 addresses control 80% of the Dogecoin chips in circulation;15,000 addresses control 80% BitcoinCash while 100,000 control 80% of Bitcoin, the most famous cryptocurrency.Is this a reason for decentralization?"It is an undeniable sign of strong centralization.If these addresses are also controlled by the same person, which is a possibility not to be excluded, then it would be even worse. Celui ou ceux qui les contrôlent pourraient inonder le marché avec leurs jetons et ainsi faire chuter le prix»» répond notre expert. EPS balaie d’un revers de la main ces arguments arguant que celui qui les avance « ne sait pas de quoi il parle»».
