In a “State of the Union” video revealed a number of days in the past, Tom McMurrain has revealed CoinMD is going through a “monetary hurdle”.
CoinMD has grown rapidly – actually too rapidly and we’ve got run out of working capital. This can be a good and dangerous drawback.
Pending injection of recent funding, McMurrain has threatened to “shut the doorways” by the tip of the month.
Based on McMurrain (proper), CoinMD goes via a “short-term money crunch”.
[00:49] The answer is lots of people who’ve a vested curiosity pitching in (and) providing to assist a bit bit to repair it.
In try to boost funds, McMurrain launched a crowdfunding marketing campaign on Crowdfunder.
[1:12] The Crowdfunder marketing campaign is stay and I’m dedicated to attaining the $100,000 purpose.
If we don’t attain this purpose we might haven’t any alternative however to shut down CoinMD by the tip of the month.
We’d like a minimal of say a thousand members, who’re keen to speculate $100 or extra to maintain the CoinMD imaginative and prescient and mission alive.
People who do make investments have been promised fairness, CoinMD tokens and commissions “to promote to a future member, so you’ll be able to recoup your funding”.
In different phrases McMurrain is on the lookout for new CoinMD bagholders, or current bagholders to tackle extra luggage.
Then, in true Ponzi vogue, the one option to get well losses is to dump mentioned luggage onto new bagholders.
As per a response acquired from Crowdfunder assist, as of some hours in the past Crowdfunder has eliminated McMurrain’s CoinMD marketing campaign.
The CoinMD marketing campaign was faraway from our platform.
Regards,
Assist
CoinMD launched in mid 2017. The corporate’s enterprise mannequin is actually “blockchain one thing one thing I wrote an book on Amazon as soon as one thing one thing healthcare”.
On the core of the enterprise are CoinMD and CoinRewards tokens, which McMurrain generates on demand at little to no price.
By means of the CoinMD compensation plan, CoinMD and CoinRewards tokens are dumped on traders.
Neither token is publicly tradeable and thus they maintain no worth exterior of CoinMD itself.
The MLM aspect of the enterprise is your typical MLM cryptocurrency hype mannequin with pyramid recruitment.
Since inception neither CoinMD or McMurrain have registered with the SEC, that means the corporate operates illegally within the US.
Leaning into his former OneCoin downline, McMurrain managed to carve out a gullible group of traders from Nigeria.
On the time of publication Alexa estimates that roughly 73% of visitors to the CoinMD web site originates out of Nigeria.
Neither McMurrain or CoinMD are registered with the Nigerian SEC both.
In the meantime whether or not anybody in Nigeria has healthcare via CoinMD is unknown.
The corporate doesn’t present any audited disclosures to the SEC or its traders.
This consists of how a lot has been invested in CoinMD since 2017, what invested funds have been spent on and the way a lot is left.
Outdoors of CoinMD, McMurrain additionally operates what he calls the “Titan Buying and selling Membership”.
Hey CoinMD Household,
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Titan Buying and selling Membership is LIVE and you probably have a Silver Membership or above the $4995.00 Annual Membership Charge is waived.
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Titan is an “in-house” Group Alliance Partnership so your CoinMD Group is protected and now you can begin producing $1500 each day BTC commissions beginning right now.
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Register and watch the automated webinar system do the explaining, enrolling and coaching for you!
Right here’s an concept; maybe McMurrain can “prequalify” himself for a $100,000 unsecured mortgage.
I imply if it’s adequate to push onto CoinMD traders, why not “be a product of the product” and save CoinMD within the course of?
Certain beats begging Nigerians for more cash…
Replace seventh March 2019 – In a followup e mail got down to CoinMD affiliate traders, Tom McMurrain is now claiming all is nicely.
Replace twentieth July 2019 – Tom McMurrain has taken the “State of the Union” video referenced on this article offline.