The return on investment is over 500%? Is You Bank, which is known as "the world's first digital currency bank," reliable?

Banks are very familiar to most people. Legal currency access, financial management, etc. are inseparable from it. The reporter noted that the “bank” has also appeared in the digital currency industry.

The reporter noted that a platform called "You Bank" claimed to be "the world's first digital currency bank". The "bank" provides functions such as digital asset storage, payment settlement, and transactions, and claims to have five arbitrage hematopoietic capabilities. The return on investment is over 500%, and its currency management income can reach 6% to 20%.

You Bank claims to have five arbitrage hematopoietic capabilities

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Image source: You Bank official website

The "Daily Economic News" in-depth investigation found that the Beijing partner "Beijing Pangu Group Company" claimed by You Bank, did not have the information of this company, consulted its staff, the Beijing company changed to Hong Kong company. The “third-party depository” claimed by You Bank does not see commercial banks. In addition, there is also a “pull head” income model.

Lawyers believe that this so-called bank has great risks. Our country's law only recognizes that "bitcoin" is a kind of virtual goods. For other ICOs, the Chinese law does not give it legal status. It is difficult for Chinese citizens to speculate on such virtual currency to protect their legitimate rights and interests. A senior lawyer in the digital currency industry told reporters that on September 4, 2017, the central bank issued the "Announcement on Preventing the Risk of Subsidy Issuance Financing", stating that any so-called token financing trading platform must not engage in legal tender and tokens, "virtual Currency exchange business between each other, may not buy or sell or as a central counterparty to buy or sell tokens or "virtual currency", may not provide pricing, information intermediary and other services for tokens or "virtual currency." At present, China's laws and regulations have not allowed Security Token to be issued in China.

The Beijing partner can't find the Hong Kong company again.

The reporter added his staff Xiao Wang as a friend through the "Docking WeChat" shown on the official website of You Bank. Xiao Wang told reporters who are investors as investors that You Bank is “the balance of the blockchain industry” and introduces You Bank as an example of “the RMB has interest on the bank and the electronic digital assets have the benefit of the balance”. "The world's first digital currency bank, you can earn money in a digital currency bank by depositing a digital currency worth more than $500."

You Bank official website shows that it claims to be a social-based digital asset banking platform based on blockchain technology, integrating digital asset storage, digital asset payment settlement, digital asset trading, digital asset finance, trading mall, games, social equals An integrated digital asset wealth management platform. It is headquartered in Singapore and has a partnership with Beijing Pangu Group, which currently manages more than 60,000 BTCs (bitcoins).

The reporter found the "Beijing Pangu Group Company" in Kaixinbao and found no information about the company. After consulting You Bank, he sent a certificate of ambiguous registration called "China Pangu Culture Group Co., Ltd." The registered place of the company is Hong Kong. Enlighten the company on the letter, there is no other information except the company number and registration time.

“It’s still safe now”, when you answer the question of whether the reporter is safe, You Bank Xiao Wang said so.

The reporter noted that You Bank has a wide range of business. It claims to have more than 13 mainstream digital assets with quantitative value-added capabilities, providing private equity products, tools and derivatives, and providing digital asset management solutions for institutions or certain currency holders, from financial, online, industrial, and gaming to The value circulation service of the five major sectors of production and finance.

So how can we get the added value of digital assets?

Xiao Wang’s introduction to the reporter shows that there must be a referee to create a You Bank account with an intelligent robot trading system (AI Smart). However, in order to start the intelligent robot to obtain the income, it must first deposit the digital currency with a market value of more than 500 US dollars. After the deposit, the intelligent robot will automatically carry out the high-frequency quantitative trading and arbitrage. Intelligent robots will capture the different prices of major exchanges 24 hours a day, and generate high-frequency quantitative transactions.

"Opening the intelligent robot is like raising an old hen. There are eggs every day, day after day, year after year, 365 days, and daily income!" Xiao Wang said that You Bank has more than 300 professional Traders, financial analysts, 24-hour shift online to add value to users' digital assets.

Interestingly, the mainstream digital assets are deposited, but the revenue generated by You Bank is calculated based on its platform currency YBT.

According to Xiao Wang, YBT tokens can be directly converted into mainstream digital currencies such as Ethereum, Bitcoin, and usdt at any time. After conversion, they can be exchanged at the digital currency exchange. Static income and shared income are settled daily in YBT currency. At present, YBT is 1.66 US dollars, and YBT constant hair is 1 billion. Using the mechanism of “use and destroy”, the number of YBT is getting less and less, and the value is coming. The higher, the end of the year is likely to reach $150 to a few hundred dollars.

"Third-party depository" does not see commercial bank figure

The official website shows that You Bank has five arbitrage hematopoietic capabilities. Digital assets "bank" + application scenarios to build a sustainable ecological closed loop, to create a true digital asset "bank" (storage, payment, settlement, trading, credit, finance, etc.), build digital asset application scenarios (mall, financial, social, gaming , entertainment, education, sports, medical, etc.), let digital assets circulate.

The "Daily Economic News" reporter noted that the income of You Bank ranges from 6% to 500%, and services are provided from storage to mergers and acquisitions.

Among them, the functions of the wallet include storage, convenient transfer, collection receipt and currency flashing, and the wealth management tool's currency management income reaches 6% to 20%; the quantitative transaction income can reach 15% to 20%; Including digital currency lending and consumer lending, monthly income is 30% to 50%; payment, including convenience payment, credit card repayment, digital bank card, monthly income can reach 60% to 100%; in addition, there are Exchanges, crowdfunding services, etc., the return rate of more than 500%.

A senior lawyer in the digital currency industry told the Daily Economic News that at present, China’s law only recognizes that “bitcoin” is a virtual commodity. According to the General Principles of Civil Law, Chinese citizens can hold virtual property (including virtual Commodities), but for other ICOs, the Chinese law does not give them legal status. It is difficult for our citizens to speculate on such virtual currency to protect their legitimate rights and interests. At the same time, due to the imperfect price discovery mechanism of the virtual currency and the poor development of the market, the price of the virtual currency has risen and fallen. Using the virtual currency as a “leverage financing” is likely to trigger a natural person debt crisis, given that China’s “individual bankruptcy law” has not yet In the introduction, once the natural debts of the natural person will cause great psychological and social impact, investors are advised not to try it easily.

The reporter noticed that there are several articles in the rolling announcement of You Bank's official website.

You Bank said that it provides four guarantees: 1. Access at any time, no locks. When the digital currency is deposited in You Bank, you can deposit the currency and you can go in and out. 2. Third-party supervision, account security. 3. Mainstream currency, compatible with conversion. Direct storage of all major currencies, YBT pass-through, one-key seconds to a variety of mainstream currencies, to solve multi-currency storage management problems. 4. Sign the quantitative gambling agreement with the asset management party, and the asset management party will pay 10% deposit to enter the capital operation. Once the critical loss is 10% in the operation process, our account will automatically stop the loss, and the asset management party will be credited to our account. To protect the security of the principal.

The reporter browsed the official website information and did not find the relevant information of the "third party depository". After consulting Xiao Wang, he sent a video in which a person named “Liu Zong” explained that the three parties referred to “You Bank Fang, Pan Gu Fang, and Depositor (Platform)”.

According to public information, the full name of “third-party depository” is “third-party depository of customer transaction settlement funds”, which is a business provided by commercial banks, which is common in securities, futures, real estate and other trading activities.

In the “third-party depository” described by You Bank, there is no commercial bank.

There is a “pull head” income model

Xiao Wang told reporters that You Bank still has two income models: “share revenue (direct push)” and community income (level system). The reporter's research found that these two income models are based on the development of members.

In the shared revenue model, users develop different numbers of members and can get different proportions of the benefits of the members they develop.

If a user shares a member, you can get 100% of the first-generation member (storage revenue); share 12 members to get 100% of the first-generation revenue, 50% of the second-generation, and 3-5 of the 3-5th generation. %, 5% of the 6th-12th generation.

Example: A user shares or introduces a member B, which stores a digital currency worth 1 million yuan. For B members, if his expected monthly income is 100,000 yuan, then A can also get 100,000 monthly income, which is 1.2 million yuan a year.

In addition, depending on the user's different currency value in the You Bank community, you can enjoy different benefits from the community.

According to Xiao Wang, the storage currency value reaches 200,000 US dollars for V1 members, and can enjoy 5% of the community's income; reach V2 (develop 3 V1 members), can enjoy 10% of the community's income; reach V3 (3 V2), can Enjoy 15% of the community's income; reach V4 (3 V3) and enjoy 20% of the community's income.

Senior lawyers in the digital currency industry told reporters that on September 4, 2017, the central bank issued the "Announcement on Preventing the Risk of Subsidy Issuance Financing" (hereinafter referred to as "Announcement"). The announcement pointed out the token or "virtual" used in the financing of token issuance. "Currency" is not issued by the monetary authority, does not have monetary attributes such as legal and mandatory, does not have the legal status equivalent to currency, and cannot and should not be used as currency in the market; any so-called token financing trading platform may not engage in The exchange business between legal tender and tokens and “virtual currency” shall not be traded or used as a central counterparty to buy or sell tokens or “virtual currency”, and may not provide pricing or information intermediary services for tokens or “virtual currencies”. At present, China's laws and regulations have not allowed Security Token to be issued in China.

Article source: Daily Economic News

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