I love the purple colour as much as anybody. What’s not to like? Purple is associated with royalty and class. But make no mistake about it, there’s nothing remotely royal or classy about purplemining.ltd and what it stands for. This will end badly for whoever joins the platform. Consider this purple mining limited review a warning.
Judging by the traffic the platform is already generating, it’s clear that many people will be hurt when it ultimately crashes like platforms like this do. I did a traffic analysis of the purplemining.ltd website and found that it has over 46,000 daily visits despite just being launched around October 2020. It also has over 8k telegram members. Just wow! And that’s what prompted this review. If there’s one thing you should take out of this purplemining.ltd review, it is this: Popularity is not the same as authenticity. Many popular platforms end up being scams. And most times, it’s because people ignore the obvious red flags. They let themselves be blinded by greed and poverty that they don’t do the necessary research needed before investing in any platform.
(See my list of recommended investment platforms here)
And yes, I know it has lots of positive Trustpilot reviews. As I explained here, you should never base your decisions to invest solely on Trustpilot reviews. Softradeai also had many positive reviews on trust pilot, but we all know how that story ended.
That said, let’s get on with this purplemining.ltd review where I highlight all the suspicious practices and setup of this platform.
1. Emphasis on money instead of how the money is generated: Founders of scam platforms know money is the priority for most people. And so people don’t care what a platform does, provided they can make money from it. The truth is this: avoid any platform like purplemining.ltd that has no clear explanation of what it does, only that it makes money.
Judging by the name of the website, you could think it’s one of those companies that does cloudmining, but you’ll be wrong. On the homepage of the platform, it’s clear to me that the founders are clueless. I’m sure not many who joined the platform read anything on the website before joining, or they’d have seen it too. The website’s welcome section says the company’s goal is to help you gain with bitcoin and other cryptocurrencies. What does that even mean? How?
So I went to the FAQ section to find more information. See screenshot below.
You cannot just tell everyone your company is a prominent representative of the international financial market without backing it up with hard facts. If it’s possible to do that, I might as well start calling myself a superhero…lol. See, people, these are all lies, purplemining.ltd is not prominent anywhere, and there’s certainly no proof of any trading or mining activities going on here.
2. Pretending to be legally setup: like many scam companies before it, like the recently crashed multimine, purplemining.ltd pretends to be a legit company by getting one of those ridiculously cheap and meaningless U.K certificate. In fact, I’ve talked about it many times before on this website. Scam platforms buy this empty certificate because it’s easy to obtain, and there are no criteria needed or any background check done before it’s issued. You can simply apply online here, and in 28-48 hours you’ll get it. It cost just about 15 pounds. Now you know why the U.K certificate of incorporation is used and loved by scammers.
3. The company address gimmick: Founders of scam platforms like purplemining.ltd will also try to deceive you by pretending to have a real company address. The truth is anyone can get a U.K address. You don’t have to be in the U.K even to get one. The same companies will help you arrange that phony U.K certificate can also get you a free company address. Websites like this one here also provide such services, so don’t be deceived.
4. Ridiculous Investment plans: Upon joining purplemining.ltd, you’ll be required to choose any of their investment plans. Purplemining.ltd has 3 investment plans
First plan: Earn a total of 299% on a minimum investment of 0.0005 BTC (about $10) with profits made every hour
Second plan: Earn 400% on a minimum investment of 0.04 BTC (about $80) with profits also made hourly
Third plan: Earn 70000% after 7 days on a minimum investment of 0.5 BTC (about $9800)
Yeah, if you know anything about cryptocurrency investment, then you know this promise is as ridiculous as it gets. If they are paying right now, it’s only because this is a Ponzi, and they are paying old investors with new investor’s money and eventually, the rate at which people join the platform will reduce, and the system will ultimately crash when no new members are joining the platform.
But why are these investment plan ridiculous?
No Crypto investment can promise you such high returns and consistently too. I don’t even care if they are trading with the most sophisticated trading bots in the market; it simply isn’t happening. Hourly profits? Oh, please. And don’t get me started about mining. Everyone knows that bitcoin mining isn’t that profitable anymore because of the halving event I explained here. Also, mining farms are costly to run since it involves lots of hardware resources and electricity. You’ll need millions to set up a mining platform that will be able to accommodate lots of users. Purplemining.Ltd never claims to have a mining farm so wait…how’s the mining carried out? From the sitting room of the scammer? Don’t be deceived. No mining or investment is going on here. Purplemining.ltd is another Ponzi scheme.
5. Unknown Founder: Purplemining.ltd does not name any founder on its website. Of course, it’s not difficult to see why. The scammers don’t want to be held responsible when this eventually turns out to be a scam. But I did check the company registration details on that U. K certificate. It names Riley, Paul Anthony has the only company director. Ask yourself if a so-called ‘prominent’ company will have only one individual associated with it. Often scammers like the founders of purplemining.ltd would hire someone to play the founder’s role. Don’t be fooled.
6. Hidden domain information: Information about when a website was registered and when it will expire is usually public information. Nothing to hide. But questionable platforms hide their information because they don’t want you to find out that the website was registered to last for just 1 year. Purplemining.ltd hides information about its domain name only because it has something to hide, and that’s a huge red flag.
But why is the platform so popular?
It is popular because most scam platforms pay for a while to establish trust, and then when you begin to trust them and invest more, they disappear. Most of them hardly last for 6 months. Purplemining.ltd has only been around for 2 months. They’ll pay for a while before they reveal their true scam nature.
The platform is also popular because of its affiliate program. It pays direct referrers 5% commissions and indirect referrers 1%. Many are promoting this platform to earn commissions. At ideasdome, we will never promote a scam platform. You can count on that.
What if you’ve invested already?
Too bad. But maybe there’s a way out. Try to get your capital back as soon as possible and stop investing. A platform like this could crash at any time.