Xian Coin (XNC) by Xian Gaza Crypto Scam in the Philippines?

Xian Gaza, who is known for being a self-confessed scammer, now has new project in the cryptocurrency world: Xian Coin (XNC). Is this something you should be investing in? (Spoiler alert: No)

Have you ever wondered how cryptocurrency works? Its wonders and how money actually goes in and out of it. A lot of people are still skeptical of cryptocurrency – probably because it’s not something tangible that you purchase but simply a “product” or service a company wants you to buy. A digital asset as accountants tag it. Here’s how you can get Bitcoin and other crypto in the Philippines.

So let’s define cryptocurrency. Cryptocurrency has been a word circulating around the world wide web. Cryptocurrency is a form of payment that can be exchanged online for goods and services. These currencies are often called tokens that can be traded specifically for goods or services of a company. 

What is Xian Coin?

Which brings us to Xian coin. Xian coin as per Xian Gaza himself is a cryptocurrency that he wants to be like “bitcoin” which is another type of a cryptocurrency token.

Invested Lifestyle claims that Xian coin would be an exit scam. An exit scam is a fraudulent practice by unethical cryptocurrency promoters who vanish with investors’ money during or after an ICO or Initial Coin Offering.  The modus operandi is simple: promoters launch a new cryptocurrency platform based on a promising concept; the ICO then raises the money from various investors; the business may or may not run for some time; and then the promoters who had collected the ICO money disappear, leaving the investors in the lurch. 

Xian Coin (XNC) Crypto Claims

Here are some information we got from Xian through this video: 

  1. Xian coin is the first local cryptocurrency.
  2. Xian coin is not legal, it’s currently not registered with as a business or any government entity.
  3. Xian coin currently doesn’t have any value, market nor demand. 
  4. Money is being printed as per the gold reserves the central bank has. 
  5. An investor only needs to purchase Xian coin with their money in Philippine peso and in return they would be storing Xian coin in their digital wallets and once the value rises up, the investors can now sell the coin and “earn” from it. 
  6. Since he Xian owns the coin, he controls the supply and the price of the coin. 
  7. Xian says he won’t be running away with the money. 

Xian Gaza Cryptocurrency Debunked

A lot of which has been debunked and explained by Invested lifestyle; with much disgust and a glass of alcohol in hand. Here are some explanations from Invested Lifestyle. 

  1. Xian doesn’t have a decent knowledge of finance and fiscal policy because he has been comparing the Xian coin to the means of oil, gold and fiat money. 
  2. Gold reserves have not had the means of determining money since the 1930s. 
  3. Cryptocurrency that are legal decentralized using blockchain and involves white paper and smart audit. 
  4. In a fearless prediction, invested lifestyle says that in the future, Xian would only be inventing a value for the coin and create a whole FOMO or Fear of missing out. And when people start to invest, he’ll run for the money. 
  5. “Shell companies” means that he is already putting the money away, and it won’t be taxed anymore. 

Creating a self weeding garden, that’s how Invested lifestyle described how Xian is creating the whole scenario. He is seducing people into sorting themselves into different categories can be all sorts or useful – and not just in admirable ways. The goal of this scam is like the Nigerian scam as the Invested Lifestyle laid out- it is like the prince and princesses that emails you from time to time, telling you that they would be sharing the fortune that they currently have. Too good to be true? Yes, definitely. It might not work on you but it would work on a few especially the gullible ones. 

Once your trust has been taken into account and you continuously believe in what they are promoting, you’d constantly be in their hands and therefore scammed redundantly. 

Is Xian Coin or Xian Gaza Cryptocurrency a Scam?

Most likely. Let’s see what our Securities and Exchanges Commission says about Xian Coin:

TLDR: SEC says that Xian Coin clearly shows indication of a possible Ponzi scheme. If you aren’t familiar with the scheme, it’s one of the oldest scams in the book. New investors cough up money so that older investors get “paid” and the cycle continues until the scammer can’t get new investors anymore.

Here’s how you can generally tell if it’s a scam, just like what XUM crypto or XUM coin is: 

  1. A lot of scammers don’t look like scammers, they are very charismatic and friendly.
  2. 99% of what a scammer says is true, the 1% will drain your money out. 
  3. If it’s too good to be true, it probably is. 

Xian coin may be a scam but currently there are people that are  investing their time and money into the product. If you look through the website, currently there are multiple transactions being made for Xian coin which is also known as “Transaction Hash” or TxHash. There is a continuous growth of the price and value. From 50php, it is now at 90php. The website actually sounds really informal as you read through it. Some may opt to play Axie Infinity to earn money in the Philippines instead.

There are other similar sketchy cryptocurrency projects. The Pi Network coin is also one of them as it works similar to an MLM scheme.

Xian Gaza: A Criminal Mastermind?

There is an actual section where it says “Xian Coin (XNC): Born from the Mind of a Criminal Mastermind” not sure how it should be taken into context, it explains how the coin would be working to be able to put the financial power and freedom back into the users’ capital. 

The website also includes an explanation of how the journey would be for the whole of the people that would be investing for his coin. It would be starting from his Xian Crypto Bank (XCB). Mining and Initial coin offering would be made and afterwards, the holders are free to use the coin as how they want it to use. 

Overall, cryptocurrency is still a growing field. Investing into one is still a high risk. As my accountant friends say, you almost don’t have anywhere to go and demand for your money once this cryptocurrency goes bankrupt because it is not backed up by any government or legal entities. Invest with your own safety and money in mind.