Scientologist and Nation of Islam student minister Tony Muhammad a/k/a Abdul Malik Sayyid Muhammad has launched “Peacecoin Inc.”
While Peacecoin sounds cryptocurrency-ish, it is not a cryptocurrency. Peacecoin is simply a for-profit company that manufactures and sells silver, gold, and platinum coins along with jewelry and apparel.
The spot price for one ounce of silver today, June 2, 2021 is $28.05. The price for a 1.13 ounce silver Peacecoin is $129.00:
There is no financial sense or logic in overpaying for silver or anything else. For example, a one ounce US Silver Eagle is selling today at $41.03, which is $13.00 over spot price:
Mr. Muhammad promotes his company as the “Peacecoin Movement.” In order to join the Peacecoin Movement, then, consumers apparently must purchase his overpriced products.
If this sounds like Scientology, here is the big reveal: The for-profit “Peacecoin Movement” is associated with Scientology’s “United in Peace” front group. United in Peace is lead by Scientologist Alfreddie Johnson and Scientologist/Nation of Islam minister Abdul Malik Sayyid Muhammad:
United in Peace has monthly “peace rides” during which participants hand out copies of Scientology’s “The Way to Happiness” on the streets of Los Angeles. Also distributed are copies of The Nation of Islam’s Million Man March Pledge.
The actual legal entity conducting the peace rides is called the United in Peace Foundation and it is a 501(c)(3) tax-exempt charitable organization. United in Peace is part of Scientology’s Association for Better Living and Education International (ABLE). ABLE is the holding company for many of Scientology’s secular front groups.
It appears that Mr. Muhammad has linked the non-profit United in Peace Foundation to his for-profit California Peacecoin corporation.
The Peacecoin Team:
Peacecoin’s filing with the California Secretary of State shows that the for-profit company has 1,000,000 shares. No information is provided on the beneficial owner(s) of the shares.
The sister company — Peacecoin Jewelry Inc. — also has 1,000,000 shares. No information is provided on the beneficial owner(s) of the shares.
Peacecoin states that it has plans to build job training centers across the US. However, this raises the logical question: After paying the salaries of the team — as well as the cost of goods, manufacturing, shipping, and corporate taxes on profits — how much money will actually remain to build the proposed job training centers? No specifics are given at the Peacecoin website. Indeed, the general concept offered is vague.
Bottom Line: We salute the work of building job training centers. But why does this goal require a for-profit intermediary which sells its products significantly over market prices? Mr. Muhammad could have simply solicited donations directly through the United in Peace Foundation or another 501(c)(3) specifically created for the planned job training centers.
The California Secretary of State filings:
Categories: The Scientology Money Project
Dead Elijah Muhammad AND Yakub are jellie as phuck…
“Why didn’t we think of that?”
Looking at the way certain Redditors are devouring silver, perhaps Tony Muhammad was hoping to “cash in” on the trend. The HODLers are, hopefully, price savvy enough to spot the markup and avoid.
Grisianfarce: Interesting thought. Tony Muhammad started the company in Dec. 2020 so the timing fits. One point I noted: Delivery for a Peacecoin is 7-14 days which suggests to me that Peacecoin carries very little inventory and makes coins as it gets sales. IMO, this is the case because it is incredibly expensive to buy and hold a few thousand ounces of silver when your plan is to sell Peacecoins at 3x the price of a US Silver Eagle.
i guess i know what my kids will be getting for their presents from their “OT 8” father
So if you don’t like your coin or figure out that you’ve been had, do you now have to submit to scamology “arbitration” in order to not get your money back?
I agree, the key question here is: Why is this not a non-profit? Sadly, even a n-p allows for plenty of opportunity for skimming in its own rights, such as doling out lavish salaries and benefits packages to executives before those that ostensibly benefit see a dime. But apparently, even that structure is not flexible enough for these guys’ self-enrichment.
This is a corporation that promises to give a fraction of every sale to a cause–albeit without any accountability or transparency at all as to how much that fraction actually is.
Except that with typical for-profit corporations, it is understood that their primary purpose is to make a profit. We all know that while, say, Apple most likely is supporting some charities, Apple’s sole purpose it to make as much profit as possible even if that involves questionable labor practices in China and tax refuge in Ireland.
If Apple were to decide to no longer support any charities whatsoever, most of us would not even notice let alone care. After all, we’re buying an iPhone product, not membership in a peacePhone movement from them. Our purchasing decision is based on its intrinsic value, as judged by the price of cell phones the broader market offers. Few would pay 300% of its value because Apple supports cooler charities than Samsung. Let alone, go for the 3-pack or 5-pack while we’re at it.
If nothing else, the similarity between this “product” and the trinkets that the cult sells is uncanny.
One quibble. You state: “While Peacecoin sounds cryptocurrency-ish, it is not a cryptocurrency. Peacecoin is simply a for-profit company that manufactures and sells silver, gold, and platinum coins along with jewelry and apparel.”
However, te Peacecoin website states that it offers a cryptocurrency in addition to physical coins:
https://peacecoin.io/services
* * * * * BEGIN EXCERPT * * * * *
Peacecoin is a cryptocurrency designed to bring everyone to a single economy. We are offering Ethereum based ERC-20 crypto coins and there will be enough for everybody.
* * * * * END EXCERPT * * * * *
The following promotional video appears to confirm that they offer cryptocurrency:
https://youtube.com/watch?v=45S9FO492zY
/
Why jump on one bandwagon when you can jump on two at the same time. The physical coins may be over priced but the crypto coins will be pure profit to NOI.
This reporting is deceptive intelligence. Peacecoin is not scamming anyone and have fulfilled the obligations that they have set out to fulfill and has been very transparent with the members. I am a member and we are doing very good things in the short time that we have been open since January 2020. We are accumulating silver, cryptocurrency, and beta testing the exchange that Peacecoin has a great relationship with. If you want to know anything about Peacecoin these are over 2000 members who are doing very well and who love the company and it’s owners. Every company when it starts have its ups and downs and they have been very transparent with us. We meet once a day for presentations and we meet once a week for trainings, and once a week for Corporate Updates where everything is laid out on the table to us. So stop hating on us our $125 package includes a very high scale website with a back office, we have a Crypo Academy that is teaching us about blockchain technology trading, mining and cryptocurrency from A-Z we get the one ounce of silver and the 300 cryptocurrency which is all assets. When we go on the exchange we will create value because we have a mission with a purpose and we have members from all over the world joining. So please stop with the lies, deceit, and slandering because I bear witness as I am a member. Ask any member and they will tell you the same.
Tara, We never wrote that Peacecoin is scamming anyone. That is your dub in. What we wrote is this: “Peacecoin is simply a for-profit company that manufactures and sells silver, gold, and platinum coins along with jewelry and apparel.” This is true and correct. We posted screenshots from Peacecoin’s website and PDF’s of the corporate documents to prove what we wrote.
We noted that Peacecoin’s 1 ounce physical silver coins sell for $125 an ounce. We contrasted this price by stating that a one ounce silver Walking Liberty was selling at $41.03 on the day we wrote our story. People are free to pay Peacecoin, a for-profit company, $125 for a one ounce physical silver Peacecoin. No one is stopping them from doing so. What Peacecoin does not disclose is what percentage of its profits go towards their stated goal of building trade schools.
In order to give Peacecoin full coverage of what it says, and not what we say, we are posting its white paper in a new article.
Tara said: “We meet once a day for presentations”
Every day? Presentations on what? Don’t be vague – we’re not buying mystery sandwiches here.