4 Comments

1. Steve on Thursday, 5 August, 2021 at 12:10 pm

   You mentioned near the end of your video that Yield Nodes might invite you to do another ‘audit’. This begs the question, why are they asking affiliates like you to do their auditing, rather than a professional third-party auditor? Seems like a big red flag to me. If they are going to operate legitimately in this space, surely they should get a proper audit done from someone who is qualified?

2. CashMaster on Thursday, 5 August, 2021 at 3:12 pm

   I asked Steve at Yield Nodes and this was his reply:

   We approached auditing companies but they were not willing to audit something they do not understand. For example, we do not and we cannot hold any bank accounts as the funds need to masternode and work in the crypto space. So there are no Bank accounts that could be audited. That’s why we work with BTC as it’s the smallest bridgeable gap to masternoding with our coins and 3th party coins.

   And to be frank we realize that is a major roadblock. YieldNodes is very experimental and tries something that we do not see anywhere done and the “Audit” that we do is ultimately done to the satisfaction of our members and to give something that we would like to see other programs have to prove legitimacy. If this raises red flags that is perfectly fine as well. YieldNodes is first there for the members and has no multilevel component to it that would require a constant influx of new participants.

   It’s in its current state unregulated and unsupervised by any financial authority (and we stress that a lot) and is absolutely a high risk participation model. It’s not investing and trading.. it’s more akin to a startup so to speak . We are a very experimental bunch that strives to make extraordinary gains for ordinary people in a honest way..

   It’s not for everyone and should not be seen as such 🙂

   • Steve on Friday, 6 August, 2021 at 6:01 pm

     It seems highly disingenuous for them to say “We approached auditing companies but they were not willing to audit something they do not understand.”.

     It is not rocket science for them to get an audit done. A company like Deloittes or Chain Analysis could be hired to do this easily. Having a whole page of their website with ‘affiliate auditors’ listed is ridiculous and unprofessional, because there is a clear conflict of interest.

     If existing members are, as Yield Nodes claim, satisfied with this style of auditing, then those members must be very gullible to trust the word of hand-picked affiliates, who stand to profit from enrolling new members.

     At the end of the day, the people who deposit funds into Yield Nodes have to be confident that the company is not going to run off with their money. Sensible investors want to know how the funds are moving around, whether any money laundering is taking place, whether there is a separate account to store funds for protection against hackers/rogue directors, etc.

     Until this can be independently verified, Yield Nodes certainly is (as they admit to their credit) “absolutely a high risk participation model”. There’s no way for prospective investors to know whether the profit figures are real and that it is not a ponzi scheme.

     If the company wants to be legitimate, then its needs to do things legitimately and get a third-party auditor in. It can not skimp and be cheap and think it can get away with inviting its affiliates to be auditors. Otherwise, this casts doubt over the credibility of its other claims.

     • CashMaster on Tuesday, 10 August, 2021 at 9:16 am

       Possibly, but anyone who’s been following my site for the last 15+ years knows I wouldn’t fudge the figures for the sake of making a few quid in affiliate commission and they really don’t need to do a paid audit just to appease the tiny percentage of potential investors that wouldn’t get involved without one. I know I wouldn’t.