Why I think Cloud Token Wallet is a scum, but I invest anyway — results after 1 month
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Hey so, I was getting more and more upset with cloud token. It seems like they just wanted to steal people’s cryptocurrencies to me. I don’t expect my 500$ or so, to have it back. Treat this more as a research done by me than an opportunity to make money.
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This is not another article copying stuff from the Internet. Here I will present my 1 month results of investing in Cloud Token. If you are here for the referral code, just scroll to the very end, but I strongly recommend reading the whole article. Enjoy!
Cloud Token Wallet (CTW) claims to be a cryptocurrency wallet where you can make money just by keeping the money in the wallet. By blocking your cryptocurrencies on the wallet, you let it be invested by a artificial intelligence (AI). AI supposedly moves the cryptocurrencies between many crypto stock exchanges to make money on the differences between stocks and because of the predictions that it makes on how the rate of a cruptocurrency can change. All you need to do is to download the Cloud Wallet app, send cryptocurrencies to the wallet and let the AI invest it.
While it all seem valid on a first glance, there were some things that were making me join the project with caution. First of all, let us look at the user interface of the mobile application:
This is just my opinion, but when I downloaded that I thought of it as a quickly written app to scum people.
Even the loading screen looked suspicious:
There can be found pages on the Internet where people just give their referral codes, so others can join and start making money. But the pages look similarly to the one below…
Wait… Referral code?
Yes. You need a referral code to create an account there. Things will start to get interesting, but I will come back to this later on
Searching continues
After searching online, I’ve found that actually the project is quite new, but I couldn’t find the exact release date, nor I could find some names behind the project.
The only official sources about the project I’ve found were their main page and youtube channel. Their channel is full of different translations about the project idea. Not many info in total when you gather everything all together.
You can find a white paper supposedly describing technology behind Cloud Token, but I couldn’t find any reference on their website to that whitepaper, so I don’t recommend you to get info from there.
What about the AI then, is it real?
The AI is called Jarvis AI and I couldn’t find any info about it. There is no open source code shared and not much is being said about the AI.
Ok, so can you make money out of it or no?!
You might be surprised with the answer, but yeah. Looks like it’s working and you can withdraw cash from the app.
One month ago I’ve invested over 100$ and sent it to the bot.
Before sending money to the bot, the app warned me that if I withdraw the cash withing 30 days, they will take 10% fee from the invested amount. This, as bad it looks like, made me think that this might not be so scummy as I thought before. Obviously, if we’d withdraw the money a few days after depositing them, it could be not profitable for the Cloud Token team, so I’ve agreed on the terms.
During these 30 days, I could see under the Rewards tab some daily pay outs. It was all given to me in a form of CTO (Cloud Token, the “cryptocurrency” of theirs).
After 30 days, the total amount of CTO on the wallet reached about 10 CTO. This was approximately equal to 5$. Not bad, huh?
The only way to cash the tokens was to convert it to ETH (ethereum). One important note! The minimum amount of CTO to be converted to ETH was 10.
After the conversion, I’ve withdrawn the 2,5$ in ETH to Dapper wallet and it was successful!
The other 50% of received ETH, I’ve put to the bot again, so it can invest more money.
And after a few days, I’ve noticed that the average daily reward increased from 0.36 to 0.4 CTO, noice?
Let us do some analysis on this
Let’s say we invest 100$ like in my case in the business and we put all of this to the bot. Let us also assume a 5% profit after 30 days.
After 3 years of keeping money on the wallet and converting them to ETH we could collect 579$ on the wallet. These calculations are silly though, because they do not take into consideration the changing rate of CTO.
Suppose the CTO value will increase over time by 5% every month
The numbers looks a little better than before. Now there is also one more variable to add. The average amount of collected tokens will increase, because we invest more money every month.
The first month I’ve manage to collect 10.8 CTO. Given what I see in the current month, I’ll expect to get around 12 CTO after the next 30 days. How do the numbers look like when we consider increasing the average rewards?
Ok, the rewards increased pretty fast here.
Do the numbers even have any value?
I believe they do! One thing to be extremely careful here is just a fact that CTO might not increase so much. If instead we’d assume the increase of 1% in the CTO rate every month, the numbers would look like below.
Looks pretty amazing anyway.
Ok, what should I be careful about here? My list of cons:
- There are a lot of fees if you try to convert currencies, put money to Jarvis or withdraw the profit
- CTO is not a cryptocurrency! That’s why it is called a token
- There is no really a common communication channel except Telegram one, but being on linux I have troubles joining that. Anyway, I’ve never used Telegram
- You have to join by using someone’s referral code. Stuff like that always looks pretty bad to me
- There are no names of developers or a company behind the business. I am a software engineer and if I would create life-changing business, I’d love to shout that I was one of the involved people
- App has got some buggs and often internet connetions messages
On the other hand, I’ve found some pros of the whole idea:
- There is going to be a life event presenting Cloud Token 2.0!
- People can buy tickets using the app and they can pay with CTO (kind of nice?)
- You get a daily rewards from investment
- App is in Google/App store
- The app is being updated frequently
- Supports major cryptocurrencies
- There is a youtube channel of Cloud Token
Let’s get back to the referral code. What benefit do I have if you use my code?
So if you use my code to join and you put minimum of 500$ to Jarvis. They will give me some profit based on your earnings. Before 500$ there is nothing for me or for you. There is more to say about referrals program, but it deserves its own article, this one is already too long.
Do I recommend joining the Cloud Token?
Ok, I’ve got a weird feeling that if someone point a finger on Cloud Token team claiming they are scum and will prove them illegal, the CT team is ready to quit. Meaning, they’ll just disappear and no one will ever see their money again. They show no names behind the project, the app looks kind of bad, the fees are everywhere and it’s hard to believe that if someone has got an AI to trade on market, they share the technology just like that.
On the other hand the numbers look fine — daily rewards are there, the cryptocurrencies rates are real and you can even check what Jarvis is doing with the cryptos in real time.
If you are a person that has got some cryptocurrencies and does not really know what to do with them (like me!) maybe it‘ll be a good idea to make the money work for themselves. There are no investments that will for sure make you profit. That’s why these are called investments! I didn’t want to invite anyone to the business before trying it myself. I’ve tried it and I will still take the risks associated with it.
The end
Send some love if you found it helpful:
- ETH address: 0x39af1c54d4ce4790f8be880b269bcbc224860963
- CAGE address: DfFDPQWeeCrYcuQk3ASs4jafxWrUQ5EfzS
- HVN address: HBpoj2KwgTKz6BtDJGYbfSpWUjhfZa53LC
- XCH address: xch1uaz3rm0lw72p4xyzsq6e95e7pj8cntzjn5wr94fx9vln6gp8r5cqn455p6
Thank you!