Aramcocoin. What is this really about? Is is supported by ARAMCO?

[jose chalhoub + 388]

https://news.bitcoin.com/pr-aramcocoin-launches-crypto-commodity-coin/

[Tom Kirkman + 8,860]

No.

Beware the weasely wording.  I've looked at several related articles, and this private ltd. company is based in the UK.

They try very hard to sound like they are an official offshoot of the National Oil Company of Saudi Arabia, but they are not.

Saudi Arabian Oil Company is the actual name of Saudi Arabia's National Oil Company.

This cryptocurrency is a scam, not supported by Saudi Aramco in any way.

Here is proof: go to the official Saudi Aramco website and do a search for "aramcocoin".  Zero search results found.

http://www.saudiaramco.com/en/home/search.html?q=Aramcocoin

Aramcocoin is a scam.

 

[Jimmy + 1]

Hello Friends,

                       I have send mail to ARAMCO COIN company for company regeistration details, working model and about its ICO (ARM Tokens) and they had reply me very nicely that :

1)ARAMCO COIN has no relationship with Saudi Aramco(A biggest oil producer company) 

2)they have send me incorporation certificate of UNITED KINGDOM

3)INVESTORS : Aramco coin will distributes all its leverage revenue to its investors by daily $0.01.

   TRADERS : Traders can trade their Aramco coin with 3X leverages
   So finally this project is not for trading Aramco coin like other altcoins, but with Aramco coin members can trade against Brent CRUDE-OIL.

   This is totally unique concept.

4) So finally this is not a SCAM because its Brent Crude Oil trading platform on the basis of price fluctuation whereby members will trade live index price from London Stock Exchange.

    i have sure its not a SCAM because i already purchase ARM Tokens of $1000 USD, and i receive the ARM Token instantly.

   According to ARAMCO COIN , the live trading will be start from 8th June 2018, and the price of ARM will increase by $0.01 daily from 8th June 2018. 

[Tom Kirkman + 8,860]

Ok, I'll back off my earlier statement that Aramco Coin is a scam.

However, Aramco Coin is not connected in any way to Saudi Aramco, the National Oil Company of Saudi Arabia.

The web promo tries very hard to make it sound like Aramco Coin is actually issued by Saudi Aramco, the oil company. That kind of deliberate misdirection should be a red flag.

The promo even has classic red flags such as poor English and basic grammar errors.  See this "guide" to Aramco Coin:

=================================

https://bitcoinexchangeguide.com/aramco-coin-ico-arm-token/

"Aramco is an oil producing company that came up with the Aramco coin, which is a digital currency supported by verified oil reserve assets. Aramco coin originated from the idea of having a strong currency that has a backing on raw materials. The coin allows companies and individuals to make use of the transparent exchange of digital currency with essential value that arises from oil.

Every Aramco coin stands for the worth of a single barrel of crude oil. It will be supported by a stern interest in a bundle of oil assets like Oil Future and Physical Oil plus every interest in all properties used for producing oil. The total value got after adding all interests represents the approximate value of every Aramco coins that are in circulation."

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Due diligence is called for, in my humble opinion.

 

[jose chalhoub + 388]

ok so i got it perfectly thanks for the brilliant explanations gentlemen... have a great week everyone!! 

[jose chalhoub + 388]

also in this discussion it will be interesting to read comments and thoughts on the oil coin, which is an initiative by bankers and technology managers in the United States, backed by physical barrels of oil. I find it interesting this issue. 

[Royalblood + 14]

It is interesting though that SAMA (Saudi Arabian Monetary Authority) has reportedly partnered with Ripple for cross-border transactions. 

https://theindependentrepublic.com/2018/04/10/beyond-western-union-three-good-news-that-have-potentials-to-change-ripple-completely/