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Anyone remeber getgems. They did a massive ICO screwed everyone by not doing the tech and used the money to make a banking app that token owners were frozen out of.

This is a cautionary tale for people investing inthese tpken sale icos.

Daniels partner even is now doing another ico! Called coindash...avoid.

 https://www.paykey.com/team/

Do you have evidence for what you have said? even though what you said is true about Daniel Peled, it doesn't mean his partner will do the same thing. mind you word please.

It's confirmed yes this guy running coindash was part of the getgems scam.

Where exactly is the connection between GetGemz, PayKey and CoinDash? I visited PayKey's website and indeed Peled is stated to be the "CEO", but I found no connections between them and CoinDash. I also didn't saw them running an ICO or something, but stating that they are "partners" with giants such as CitiBank, Banco Santander, Commerzbank and MasterCard to name a few, is a huge red flag. They should be notified about this.

ICO is like Meth guys - not even once.

The story i heard..

Daniel took the getgemz ico funds and used them for paykey abandoning getgemz and getgemz ico investors. Just giving them a  slighly modified telegram app for 1.2M dollars  or much more now depending on if he still has the btc.
The other guy running coindash was in with the get gemz team. Apparently just as a coder but many say had his nose in the ico getgemz trough too and is pals with daniel.

There are some threads on this section already about it i think more details there.

Either way red flags.

Well, if someone provide the leads I will make sure to notify the correct people. I currently don't have the time to make any investigations.

There were a couple of people on here who got burned and had dug deeply into this entire debacle. I will check on the other thread.

https://bitcointalk.org/index.php?action=profile;u=989936

this guy got burned for 50k so i think he was motivated to research a bit into it.

I am going to take part in the coindash ICO,thank you for your information which let me think curiously on coindash . I'll do a investigation on this.
Also I will come back here to get more info people supplied  .

By referring to "Daniels Partner" you mean Alon Muroch?

Hes trying to explain himself here:

https://www.youtube.com/watch?v=3HdKSirAo1U

at around minute 20, in case it is of interest for this thread.

Putting up such allegations without concrete claims could land you in trouble. Please back your statement with good evidence

It's time to rethink the ICO again if what you said is true.
In fact, I do like the CoinDash project , the beta test is on going now . The team is taking out product rather than a beautiful white paper.

Thanks for the input.  I was thinking about getting into it, but I will not likely get into it now.  Do you have a twitter?

Long story short:

- GetGems had VC governance from day one, there wasn't any misuse of funds.
- The validation to this is that very reputable additional investors such as MasterCard, Santander InnoVentures, CommerzVentures, Siam Commercial Bank, SBI Group invested in the company in the round A and round B investment rounds.
- Every one of these investors is exposed to the financials statements of the company and disclosure schedule detailing all the agreements and history of the company. If there was even a slight risk that the company is a scam or that there was any wrongdoing these reputable investors would have never joined.
- Alon was one of the first employees in the company and he left in order to start his own startup which is CoinDash - there is no connection between the projects.

Some facts:

GetGems was the first ICO in Israel back at 2014, it was also the first israeli crypto company to receive funding from a reputable VC (Magma) with many strong portfolio companies such as Waze, Argos, TabTale etc.

GetGems was also the first ICO to raise funds with a milestone based structure (using Koinify platform). This meant that the project didn't receive the $800k raised instantly but based on accomplishing development milestones that were detailed in advanced. Adam Krellenstein the co-founder of Counterparty and a well respected protocol developer was the arbitrator for the GetGems funds which were held in a multisig wallet.

GetGems built the promised milestones (and a lot of other features) and reached 300k+ organic mobile downloads which was a big accomplishment only few other crypto apps reached at the time, but unfortunately the adoption wasn't strong enough to raise additional funds to keep the project alive as is.

As many startups do in such a situation new ideas were thought out and eventually the project pivoted to become PayKey.

It's important to note that none of the funds raised during the token sale were used to build PayKey rather funds from Magma and additional funds from respected investors such as MasterCard, Santander, CommerzVentures were raised during the Series A round: https://www.finextra.com/pressarticle/67161/paykey-raises-6-million-in-series-a-funding and Series B funding: https://techcrunch.com/2017/10/19/paykey-raises-10m-for-its-millennial-targeted-social-banking-smartphone-keyboard/.

Some people don't realize but $800k isn't a lot of money in the startup world, it's about 12 months of operation. If you get a product market fit and traction you might be able to raise additional funds if not most likely you will close the business. A lot of startups with much more money have failed. It's hard to build a real sustainable business. Working hard and having partial success or even failing eventually is very far from a scam, and is what nearly every real entrepreneur has experienced.

Coindash was done like 6 months ago, what is the link of coindash with new icos and i think everyone is open to start his own project.

Well , this is an old topic, time has proven the guy you mentioned is not so bad , Coindash team is working well on its project,they have taken good action to the hack event they met.So just keep supporting Coindash team pls , every one of them .

Daniel Peled the alleged scammer is back on the radar! https://twitter.com/tocryptopia/status/989431321796657152

Interesting. Thanks for the link, i wonder if this will come out of this eventually

Here is the link... Getgems own blog where Daniel Peled introduced Paykey as follows

"PayKey and what it means for GetGems.

At GetGems, we have developed a technology that enables payments within any existing social network.

What is PayKey? The vision of GetGems has always been to make payments global, secure and simple.

PayKey was created by GetGems and is a patented system that enables payments to be made within social networks’ chats including Facebook’s Messenger, WhatsApp, SnapChat, Twitter etc. Leveraging these existing networks creates a simple and intuitive payment experience. PayKey enables the ability to transfer cryptocurrency (gems/bitcoin) and fiat money (USD, CNY, etc) within any social network."

Reference link for the above as follows:
https://medium.com/@GetGems/airdrops-top-11-in-buffalo-ny-paykey-and-the-getgems-web-version-4815edfbd955