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Introduction

An increasing number of merchants online are beginning to accept cryptocurrencies as a means of digital payment. There’s plenty to love about it – these digital assets help facilitate efficient, fast, and borderless payments. While plenty of individuals have justifiably been concerned about the volatility of cryptocurrencies, the rise of stablecoins has helped to ease these worries. These coins offer buyers and sellers the benefits of cryptocurrencies while helping to alleviate their concerns. 

With all this talk about stablecoins, you might also be considering getting a loan in them. There are plenty of options available, from the USD Coin (USDC) to Gemini USD (GUSD) and even DAI. For today though, we’ll explore getting loans in one of the more widely used options available – Tether (USDT). 

What are Stablecoins?

While this may come as a surprise to you if you’re not familiar with the crypto-sphere, Stablecoins are a class of cryptocurrencies that strive to maintain the same value over a period. This is done by tagging the price of the Stablecoin to another asset. In most cases, this is a state-backed fiat currency. This is done through the programming and architecture of the coin, helping to ensure that the value of the asset does not suddenly rise or drop in value. 

If you’re keen on learning more about how Stablecoins work, check out this helpful primer on Nebeus.com.

What is Tether, and why are people interested in it?

Tether has been undeniably controversial in recent months. The US government has proclaimed it to be a threat to financial stability, and many have decried it to be a scam. 

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However, in spite of the news surrounding it, it is just as undeniably integral to the digital asset ecosystem. After all, the first name that usually comes to mind when people mention stablecoins is Tether.

Launched in 2014, Tether was one of the first stablecoins minted. It has since been used by many for a variety of purposes. The most common use being used as a medium of exchange to purchase other alternative coins on various platforms. Beyond this, it is also used as a medium of payment by companies to individuals for their work. 

How to get a loan in Tether with Nebeus?

If you’re interested in getting a loan in Tether, you’re in luck! Various platforms have started to offer loans in the form of stablecoins. In particular, the UK-Spain-based platform Nebeus has started providing support for USDT, as well as USDC. This is a relatively new feature, only recently rolled out earlier in June.

If you’ve used Nebeus before, the process is more or less like the process you would usually go through to securing a crypto-backed loan. Just log in, lock your collateral in, and you’re good to go. On the other hand, if you haven’t used Nebeus before, keep reading for a general overview of the steps involved.

Step One: Sign up for an account on Nebeus 

This step is self-explanatory. All you have to do is head over to Nebeus.com and sign up for an account. Go through the simple verification process, transfer your crypto from any other wallet, and you’re good to go.

Step Two: Select your loan program

Everyone has different needs, and Nebeus has taken that into account. Nebeus features two options for you to choose from: Quick Loans and their Flexible Loans. 

If you’re unsure about how loans work and where to begin, you could get a Quick Loan first. This gives you an easy option to quickly get your hands on some Tether. The LTV here is 50%, at a 0% interest rate for the first three months. 

If you have a more specific idea of what you need, you can go ahead and choose the Flexible Loans option. You can adjust your LTV and interest rate to what works best for you. You can set the LTV to be as high as 80%, and the interest rate will adjust depending on the LTV you choose. You can only borrow up to 250,000 Euros for a maximum period of 36 months. 

Step Three: Obtain Your Tether

Once all this is done, just continue following the platform’s interface. Once you have secured your Tether, you are free to transfer it to any external wallet of your choice, as long as it is compatible with Tether. The usual caveats apply – make sure that you enter the right address and send it to a compatible wallet. Once you send funds out of Nebeus, you have to remember that these transactions are not reversible due to the nature of blockchain and ledger technologies.

Conclusion

The presence of stablecoins, like Tether, has created plenty of new possibilities. From funding an online business, traveling, or just paying for your daily needs, these digital assets have helped make life better for everyone. The future is bright for these assets, as we seem to inch closer to the goal of mass adoption.

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CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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Review

MyCOM Review: Failed ecom platform turns to crypto fraud

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Owing to MyCOM intentionally omitting details of their MLM opportunity in their marketing, this isn’t a typical BehindMLM review.

Hiding information is a common occurrence across the various facets of parent company Tesora Financial’s operations, which made putting together this review a headache.

On that basis alone I’d recommend avoiding MyCOM and Tesora Financial. MLM companies only go to these lengths to hide information when they’re up to no good.

If you want to know what exactly MyCOM and Tesora Financial are up to, read on.

MyCOM is headed up by founder and CEO Jaime Villagomez.

Villagomez is also founder and CEO of Tesora Financial Group (dba Tesora International) and all its attached shell companies.

Villagomez runs MyCOM and Tesora Financial Group from Utah in the US.

MyCOM launched in 2017 as an ecommerce platform MLM company.

Four years later, here’s how that’s going:

MyCOM’s marketplace is a failure on every measurable metric. Thus it’s not surprising Tesora Financial and Villagomez have jumped on the crypto bandwagon.

Before we get into that though I want to go over what MyCOM is pitched as.

Essentially you’re looking at the usual closed ecommerce portal with cashback. As opposed to actual cashback, affiliates, customers and businesses are paid in COMS – which Villagomez stresses “isn’t a cryptocurrency”.

That’s disingenuous though, because at some point there does appear to have been a crypto component to COM points:

That distinction aside, COMS might as well be an in house MyCOM cryptocurrency.

Retail customers receive COMS when they purchase products on MyCOM’s empty marketplace. They can’t cash them out.

Retail merchants are paid in COMS, which they can cash out.

Whether MyCOM affiliates can cash out COMS isn’t specified, which likely means they can (hush hush).

Oh and for some reason COMS can be directly invested into, which makes no sense other than as a money spinner for MyCOM.

On the MLM side of things whether commissions are paid on MyCOM investment isn’t specified.

What we do know is MyCOM charges merchants fees, which funds the cashback (referred to as “shareback” because reasons).

Of this collected cashback fee from the merchant, MyCOM keeps 30% and pays

  • 30% to the purchaser
  • 1% to 4% to the referring MyCOM affiliate (based on how much they’re paying in fees)
  • 4% to the MyCOM Pro Advisor assigned to the store
  • 15% to “regional managers”
  • 20% through a ten-level deep unilevel team

MyCOM intentionally hides this unilevel compensation structure. You won’t find it anywhere on the internet or in their marketing videos.

The reason I’ve seen cited for the deception is because MyCOM doesn’t want to be seen as an MLM company. They feel this will better position them to attract merchants (see screenshot above, that’s going swell).

Shady business practices aside, MyCOM’s Marketplace failed because it’s an outdated model.

MyCOM charges customers for access based on a three-tier pricing model:

  • Basic – no cost
  • Plus – $60 annually
  • VIP – $120 annually

The more you pay the more COM points you can earn.

Oh and as a potential customer, you have to be referred by an existing MyCOM affiliate.

That’s going up against the multitude of free apps and browser cashback/voucher extensions – all of which provide vastly superior coverage of available merchants.

No fees, no restrictive ecosystem to buy into, and some of them actually offer cashback.

That’s what MyCOM’s Marketplace business model is competing against. So it’s no wonder the concept failed.

This is the Achilles’ heel of every MLM ecommerce cashback platform. Fees have the be charged somewhere or there’s no commissions to pay out.

With respect to affiliate fees, MyCOM charges:

  • Business Consultant – $360 annually
  • Professional Rep – $600 annually
  • MyPoint Pro – $900 annually

Again, how much you spend directly impacts earning potential.

MyCOM’s business fees are:

  • Free – no cost, capped at $500 Shareback
  • Plus – $100 annually, capped at $50,000 Shareback
  • VIP – $300 annually, capped at $150,000 Shareback

Same story.

MyPoint membership is $900 annually or $75 a month. It appears to be a purely “upgrade your income potential” membership fee.

Whether commissions are paid out on the above membership fees is not disclosed. I’d assume so, otherwise what else is MyCOM doing with those fees?

Anyway now that we’ve established what MyCOM is and why it failed, let’s move onto the next phase of Tesora Financial: crypto shitcoins.

There are a ton of shell companies within Tesora Financial, only a few of which have been elaborated on.

The primary companies we’re going to reference are Bitcoin Trust, Tesora Trust, Tesora Custody and Tesora Exchange.

Tesora Financial’s primary shitcoin is Bitcoin Trust.

Based on the company’s roadmap, Bitcoin Trust (BCT) is an ERC-20 shitcoin.

ERC-20 shitcoins can be set up in five minutes or so on the ethereum blockchain, at little to no cost.

MyCOM affiliates invest directly into BCT through their backoffice.

As per the above example from Jaime Villagomez’s backoffice, Tesora Financial sells BCT to affiliates for 0.9994 USDT each.

The primary reason for BCT investment, as per Tesora Financial’s own marketing, is the implication that affiliate investors will eventually be able to withdraw more than they invested.

Due to aforementioned secrecy, I wasn’t able to ascertain whether commissions are paid on BCT investment.

Once invested in, BCT is parked with the company. In exchange for doing this, Tesora Financial rewards affiliate investors with more BTC. Internal value goes up, and thus affiliates cash out more than they invested.

In other words BCT is your typical MLM crypto passive investment scheme.

Built into this a shitcoin factory (why stop at one shitcoin), purportedly attached to themed smart-contracts.

One of these shit tokens is “mobility token”:

In a mobility token promo video uploaded in August 2020, My ECOM pitches “you can drive you dream car, for free”.

The idea is affiliates invest in mobility tokens, get more mobility tokens as a return, cash out other people’s money and that money is used to pay off the car loan.

The mobility token scheme has a place on Tesora Financial’s website under “AutoMobility”.

There you find a link to another website, “automobility.it”.

As far as I can tell, Auto Mobility is an independent Italian business that predated MyCOM.

Naturally there’s nothing about a mobility token on Auto Mobility’s website.

The only reference I found was one post on Auto Mobility’s official Facebook page, dated August 2020.

Seems kind of odd Auto Mobility isn’t advertising free cars all over its website.

Other themed shit tokens Tesora Financial pushes is a business startup (power start) and real estate (power house). Same nonsense, invest in tokens, park tokens, get more tokens, cash out – free everything.

Tesora Trust is a secret passive investment opportunity. It has a place on myCOM’s website but the company is intentionally opaque about specifics:

“Holding assets” sounds like another avenue to park tokens, get more tokens and cash out through.

The linked website domain, “tesora.io”, naturally doesn’t work.

Tesora Custody is a passive bitcoin investment opportunity, accessible through myCOM.

Deposit your bitcoin into Tesora Custody and earn more coins!

There is no sense in holding your bitcoins without trading, place them on deposit, and make them work for you!

Sounds like your typical crypto trading Ponzi scheme ruse.

Finally we have “Mining Farm by Tesora Group”, another passive investment opportunity.

Mining Farm by Tesora Group allows through Tesora tokens [sic] for community members to participate without having to manage the technology.

This is the only reference to a “tesora token” I came across.

By offering multiple passive investment opportunities through their MLM opportunity or otherwise, Tesora Financial Group and Jaime Villagomez have created and are promoting multiple securities offerings.

With all of this going down in the US, this means myCOM and Tesora Financial Group need to register their securities offerings with the SEC.

Neither MyCOM, Tesora Financial Group, any of the known shell companies or Jamie Villagomez are registered with the SEC.

And now you know why this is all kept secret and quietly marketed behind closed doors.

To recap;

  • myCOM is a failed ecommerce platform MLM company that hides the fact its an MLM company;
  • parent company Tesora Financial Group has jumped on the crypto bandwagon, launching several passive investment schemes;
  • neither myCOM or Tesora Financial Group are registered with the SEC, meaning the company is committing securities fraud and operating illegally.

You know the drill. This won’t end well.

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