Getnode is a so-called masternode pool that promises its members a passive income. In a video for self-promotion, Getnode calls itself the “first active crypto fund”. The German homepage is available at the URL https://www.getnode.io/. Are you familiar with Getnode and have you made an investment on the online platform?
Or would you like to know more about this provider or the market situation in online trading? Then contact a lawyer to discuss your issue personally. The law firm Herfurtner Rechtsanwaltsgesellschaft mbH advises clients from Europe on investor protection.
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If you are considering investing your money with an online provider, you should first find out about the provider in question. In this context, it is practical to have access to Getnode ‘s practical reports. In many cases, the research can be done conveniently online.
If you search for Getnode payout, Getnode test or Getnode forum in a search engine , many results will be displayed. Mostly these lead to blogs or forums where experiences with Getnode are discussed or where one comes across Getnode feedback.
However, all in all, it is difficult to assess the truthfulness of the published experiences with Getnode. This is because the texts that can be found on online platforms and online trading providers on the net are not always written from a neutral perspective.
Currently, Getnode’s payouts are stalling. Customers receive pool value calculations that are far below the investment amount. So if they cancel their membership, they will incur substantial losses. Many customers fear total default.
Low pool value
The low pool value is justified by the fact that bitcoin has risen more strongly and faster than masternode coins. Because the cheap Masternode coins are sold against the more expensive BTC, this also influences the pool value.
Whether this corresponds to the facts is not comprehensible for the customer. The notification of the pool value does not contain any reliable figures. Rather, it only refers to the pool value and the influence of the bitcoin value.
Figures that would be necessary to comprehend the value are not provided. A verification is therefore not possible for the customer.
Currently, no questions are answered by Getnode’s support. For the reason, they refer to an email dated 14 January 2022, which states:
Dear investors, partners and members, After careful consideration and despite our emotional concern, we have to inform you about the following. As some of you may have already noticed, or as already communicated by our CEO Patryk Labus in the Telegram chat, due to stricter regulations and demands of the Estonian authorities, there have been talks regarding the trading licence of the company GetNode (GetJP Consulting OÜ). The Estonian authorities demanded disclosure of all customer data ( incl. Bitcoin addresses and account data). GetNode did not want to submit this for reasons of data and customer protection. Furthermore, as a secondary request, GetNode’s current KYC / AML – Officer was no longer accepted. Due to the non-disclosure of customer data, GetNode’s trading licence in Estonia was revoked. While in 2020 Estonia was still considered a prime destination for crypto companies due to its crypto-friendly regulations, this has changed, causing many companies to move out of Estonia. GetNode also had plans to move the company to Montenegro. For this purpose, an independent company was founded in Montenegro and the corresponding infrastructure and logistics structure was created, despite the fact that the masternode market was already in a degressive phase, which also continued to intensify. The falling masternode market, to a certain extent understandably, caused a lot of resentment among our customers. Unfortunately, this displeasure resulted in some people personally threatening the shareholders Patryk Labus and Jirka Lissewski. Initially, the threats were limited to telephone calls and messages. Then, when the private addresses of the shareholders became known and were sold on, there were also personal visits to the private address of Patryk Labus. For this reason, Patryk Labus decided to resign as shareholder and managing director. As a result, the relocation of the company to Montenegro will not take place. After considering the consequences, the idea of pursuing the matter with the police and seeking police protection due to the massive threats was not pursued further, since on the one hand all customer funds would be frozen until the investigation is completed and on the other hand a successful clarification is unlikely due to the anonymity of the threats. After several joint meetings, Mr. Lissewski agreed to finish winding up GetNode and to pay out all customers their investment in cryptocurrencies at the current value, since with the resignation of Mr. Labus, no more euro payments are possible. We kindly ask you to refrain from further threats, as otherwise the only option left is to put the company on hold until the police investigations are finished and thus no payouts can be made. We want to avoid this as much as possible and ask for your understanding. GetJP Consulting OÜ Tuukri tn 19-315 10120 Tallinn Estonia
According to its own information, the company is to be wound up. In addition, investments are to be paid out proportionately in cryptocurrencies at their current value. Due to the low pool value calculations, customers are threatened with high losses.
The termination of the membership in the Masternode Club is regulated in the general terms and conditions of the provider. Here you will find the following entry:
‘Approval of this TOS includes membership of the Masternode Club (see separate club constitution). Membership for each Deposit shall be for a period of 180 (one hundred and eighty) calendar days and shall automatically renew for 180 calendar days unless membership is cancelled by the User.
Location of the Company and Regulatory Status of Getnode
A provider’s own website also provides useful information for the interested investor. Here, it is important to pay attention to the statements on the registered office and the regulatory status. The website of Getnode states that the provider Getnode Ltd. has its registered office in Malta.
However, no address is given. Contacting the customer service for written requests is possible via e-mail. The corresponding address can be found in the provider’s imprint. At the same time, the provider gives the following data in the imprint:
Getnode Ltd. GetJP Consulting OÜ Tuukri tn 19-315 10120 Tallinn Estonia
This inconsistency has not yet been resolved. Whether the provider Getnode is supervised by a European financial supervisory authority cannot be answered without doubt. For evidence of registration with the German Federal Financial Supervisory Authority (BaFin) or the British Financial Conduct Authority (FCA) cannot be found.
On its website, Getnode describes the possibility of joining a club to generate passive income. Getnode bundles so-called masternodes in a pool, similar to an equity fund. The members’ payments are invested in different masternodes, which generate different returns that benefit the members.
According to its own information, Getnode is the largest masternode club in the world and at the same time the first masternode pool. Getnode’s principle is to act as safely as possible, which is why they prefer sustainable coins and are oriented towards high trading volumes.
From Getnode’s point of view, there are three main reasons that speak in favour of its own offer:
- leading market position: operation of the first and one of the largest masternode pools worldwide,
- Leading edge thanks to blockchain and masternode experts on the team,
- attractive conditions for investors by retaining only 25% of the earnings.
In the meantime (as of February 2021), there are over 7,000 members at Getnode. The team consists of eight employees who have experience in the financial sector, with cryptocurrencies and as developers. Getnode’s payouts are made every 14 days and the Getnode return is between 0 and 100 % p.a., although they do not want to commit themselves.
Registration and membership with Getnode
Those who want to use the offer and invest in the Masternode Club must first register as a member. The registration is free of charge. After the Getnode login as a registered member, the capital to be invested is paid in. A minimum amount of 1,000 euros or 0.035 BTC (as of February 2021) applies.
There is no upper limit. As soon as one has joined the system and made a deposit, one automatically receives a share of the profits in the form of regular distributions. These can be made in euros or bitcoin, depending on the customer’s wishes.
The club’s articles of association state that the board of directors is elected by the members as a regulating body, which compiles the masternodes in the pools on behalf of the members. The board consists of 5 members.
It is not clear from the documents or the website who currently makes up the board and when this election last took place and when it will take place in the future.
Excursus: Online investments and associated risks
Even after the upheaval at the top of the ECB, experts believe that there will be no significant adjustment of monetary policy in the foreseeable future. Investors who some time ago were still satisfied with an investment in traditional stocks are therefore turning to higher-margin options.
Those who want to use the services offered by an online provider should, under all circumstances, inform themselves about the provider’s reputation and performance. As a result of digitalisation, the liberalisation of world trade has also found its way into the finance and investment sector and expanded the range of services on offer.
In the search for high-margin options, one comes across more and more offers from various trading platforms that often do not have their headquarters in Germany. This can lead to problems, especially when it comes to applying for payouts.
In addition to the possible language barrier, there is often no special contact person available, unlike at the local bank. However, especially when it comes to topics such as cryptocurrencies, foreign exchange trading or CFDs (Contracts for Difference), you should seek detailed advice if you are considering investing in them.
Without external support, it can happen that private investors, especially those with little experience, do not fully recognise the risks or assess them incorrectly. If the investment then develops in the wrong direction, the online trading platform will often suggest that additional money be injected to make up for the shortfall.
Often this is not successful and the investor has to write off the invested capital, possibly even to the point of total loss.
Losses with online investments?
In the event of losses, one should immediately refrain from injecting further funds. Instead, the first thing to do is to discuss with the contracting partner why the losses occurred and whether there are ways to compensate for these losses.
If you do not receive a plausible answer, you can seek investor protection and contact a lawyer. The law firm Herfurtner Rechtsanwälte will check whether you can assert claims against the trading platform and, if desired, enforce them directly against the provider.
If you would like to start an exchange with one of our lawyers, you can access our contact area here.