Bitcoin Forum

Just want to give a head's-up to any potential Simcoin investors about a recent conversation I had with the dev - I hope I'm doing the right thing.

Simcoin (https://bitcointalk.org/index.php?topic=561294) is a built-from-scratch crypto being developed by a forum member with some reputation. I am not accusing him of being a scammer, but I do wonder about his judgement.

So far, the simcoin IPO has raised over $40,000 for this, essentially anonymous dev - a huge sum, far outstripping most other IPOs. It is also 100% premined with 60% being kept by the dev.

With this kind of agenda, you would expect transparency, but there is none - even the IPO wallet address is withheld.

So, a shit-load of money has been taken and today the dev released some test software, which caused a spike in investments which had been pretty flat for a few days.

I posted suggesting that risk was perceived to be falling, so ,perhaps the IPO should be re-considered - this is how it went........


sussex

Perhaps now is the time to reconsider the IPO, with this and other news in the near future, people investing today can risk their money with significantly more confidence than those who invested a week ago. I'm not suggesting to close the IPO, but the reward should be looked at.


Simcoin

So you honestly think that one week advance entitles you to more? For what?

Yes, you might perceive the risk to be lower now, but nobody forced you to invest a week earlier, you could have waited till now, that's what I was recommending anyway - invest small and gradually increase as you see things develop.

Also keep in mind, that you have invested during the safe period, where you knew the IPO won't be closed.

Now people have to gamble every day.


sussex

Hmmmmmm.........

One week ago there was nothing other than your post here, today there is actually some software. That's a big step, as evidenced by the sudden rash of investment since you released the test software.

To be honest, I'm not that impressed with your reply, it's quite defensive - I made a simple, polite proposal - that is all. Your arguments also make little sense and it is quite normal for IPOs to be operated in stages.


Simcoin

Your proposal makes little sense too.

I see absolutely no reason why you should be entitled to more.


sussex

It's a question of getting less, people have calculated their investment without realising that the IPO is, essentially, open-ended. Ok, fair enough.

Thankyou for helping me with my decision.


Simcoin

How is it my or other investors fault? It was said so right from the start!


sussex

There's nothing in "It will just end one day without any warning." and "There won't be an announced deadline...  but it will definitely not be closed until April 20." (posted april 10) that implies the IPO would remain open until...... well, when?........... perhaps after the coin is on exchanges?

You know what I am saying is not outrageous and I am being polite, so your "defence by semantics" is not encouraging.

And.... what am I accusing investors of?


Simcoin

Are you even reading what you are typing?

How is "No end date" doesn't mean "IPO will remain open"  

This is exactly what it means! That the IPO will remain open until who knows when.

Yes, maybe until the coin is on exchanges, maybe until the Judgement Day. No promises were given to you about the end date.

Enough. This argument is now closed.



This next post was deleted by Simcoin.

sussex

Lol, so the IPO may never close?

I suspect your IPO is about to dry up.




Now, to me, that's playing with semantics - surely an open ended IPO should be explicitly described as such?

But, whatever you think about the ethics, it surely changes the maths....... do you calculate your investment on the assumption of getting millions, thousands or just single coins per BTC? How thinly is he prepared to spread the IPO? How much money does he need to develop the coin?

As I say, I hope I am doing the right thing, it seems to be relevant information to me.

here you can read uncensored version of the simcoin discussion: https://bitcointa.lk/threads/ann-sim-simcoin-a-simple-coin.296182/

Thanks for that, never thought to look......  ::)

I will not invest this coin.
He has deleted my post when I asked when the IPO will end.

Yes , me too.I just said  he has keeped too much coins.He deleted my post .And the price of one coin is so high now.~I dont believe him~

I dont't see how its wrong. He's stated his conditions early on. Agreed they were unconventional. You chose to take part in the IPO and then expect it to be like a conventional IPO? That doesn't sound very fair to me. People knew what they were getting into... there was no escrow and that was explicitly stated, and still people gave him their BTC. I guess he had a reputation and other trusted member vouching for him strengthened that. Hence the IPO volume grew rather large. But that does not mean he has an obligation to reward early investors... especially when you had the option to be a late investor. You voluntarily took the gamble, and you own the consequence of it... be it profit, loss or scam.

I've already said I understand people will view the ethics differently, but people still need to take this into account in their calculations.

The top investor has 3BTC in this, do you think he will feel the same as you if he only gets a few coins because the IPO has gone on for an unreasonable amount of time?

Also, why set a date of guaranteed entry into the IPO of only ten days when the IPO could go on to till "judgement day"? If he is honest in his ambition to get as many people involved as possible, why not promise a month or a year? Seems like he was trying to induce a rushed investment and then ask everybody what the panic was.

It's tantamount to lies by omission.

Gloss it as you wish, people still need to have this bought to their attention.

You are assuming from the standpoint of an IPO holder of a regular POW coin. This is not a case like that where a miner can mine for half a day and earn what you have after the IPO.

You are also taking the ipo entry out of context. Peaople in the forum wanted a certain date that the ipo will be guranteed to remain open, so they could plan their withdrawals from other investments, etc. So he gave a date that was ample time ahead. That is not indicative of the IPO closing close to that date. You simply assumed that. If im working on a new previously never done project and if I say it definitely will not finish in a month, that does not mean it will in 45 days. It could also mean 3 months or 6 months even. So if after 45 days, you start accusing me of being late, that is your problem man. I don't need to pacify you. You got involved in the IPO when it was clearly mentioned that there will be no closing date. It was also pretty evident that there was no incentive for early investors. So you telling him to "take a look at the rewards" makes no sense.

And so what if he induced a rushed investment. You are speaking like as if the people who bought in are underage kids who had no minds of their own.

I never asked you to pacify me......... man.

As I already said, I am pointing out something that potential investors should know about since it is by no means clear from the OP that the dev is trying to maximise his IPO takings rather than asking for what he needs to complete the project - this is not the usual way an IPO works and it is not made clear by the dev. In fact, posts on his thread asking about when the IPO will end get deleted by him......... it's a reasonable question........ why would he do that?

The dev has already said that the IPO could go on until after the coin hits exchanges, meaning that he will be the only one able to trade (with his 60% premine as well as the investors 40%) because investors coins will not have been distributed. Is that also reasonable? Is that ok because the dev didn't explicitly state that he wouldn't do it?

In life and law there is an expectation of reasonable contract, many things are considered to be taken for granted unless explicitly stated as otherwise. The dev is playing with this expectation and semantics to justify his attitude.

What if the dev fucked off tomorrow with the $45,000 saying that the project has collapsed? Would this be ok by you because he didn't explicitly state that he wouldn't fuck off with the money?

A quick update:

The simcoin IPO has now reached 95BTC, or $50,000 + in real money, which seems to have excited the dev no end, although investors are less than enthused with the news that their investment is being continually diluted with no end in sight.

The dev really ought to take investors concerns into account, a lower share of the IPO is nothing for investors to shout about.

Do the math guys........

What is Simcoin? It seems like dev with some friends simply carried BTC himself to his btc wallet? :D

OK, as an investor, I thought it reasonable to ask how much funding the dev thought he needed to develop simcoin. I was polite and sincere and he immediately deleted my post, I mean instantaneously.

The dev is out of control, accumulating tens of thousands of dollars in his never-ending IPO and deleting anything that requires an answer.

I urge potential investors to check this uncensored simcoin thread:

https://bitcointa.lk/threads/ann-sim-simcoin-a-simple-coin.296182/

Looks just like another scamcoin.

IPO ? you should have never bought into it the first place.
ANY IPO ..they are all bs.

Not ALL IPOs are scams, but I grant you most are.

The only mitigation I can offer is that two forum members I trust vouched for this guys honesty, although not his PR skills - my fingers are still crossed.......

 Yes, and I believe the author will delete your topic soon.

 Can we report the admin cancel the author's self-delete right.

I see he has been busy overnight deleting yours and others posts as well as ignoring reasonable questions........ perhaps it's Kim Jong Un?

no, he's just OCD - no social skills

You think keeping the IPO open until "judgement day" is a non-issue?

WRONG ..and people who support IPO based scam coins are pieces of shit !

IPO = garbage scam .

This is not a Regulated Stock Market trading scene.

The term IPO has been applied to a new wave of digital Ponzi / pyramid schemes.. AKA: The clone coin.

What much of the guys do around this scene from EXCHANGE staff to Coin cloners pushing IPO's etc would land them jail time in a regulated market.

this is a fact period .

Ask Martha Stewart who did time for insider trading or Berni Madoff who is serving time right now for the world biggest PONZI SCHEME.

ALL the excuses and games and bullshit does not change this reality.

I really hate it when people drove by their own greed destroy the whole concept of cryptocurrency. But lucky for most of us, there is only one true coin that had, has and always will have all the features you can imagine.

Hooray!

The dev now has over a hundred of other people's BTC in his infinite IPO and investor's stakes are being still further diluted  - trebles all round !!!!  ::)

I asked him if an escrow it´s possible and he delete my posts

I have my answer

So, after a busy few days of deleting "difficult" questions and counting his $46,000, the dev has deigned to give us an answer..... of sorts.......

At the moment, the dev is saying that THE IPO will close on.............

AUGUST 12th 2016 !!!!!!

That's right folks, the IPO will be open for over TWO YEARS, but don't be concerned because the dev promises he is doing this to allow everybody a chance of investing and not because he needs the money.

Of course, it's important to remember that the IPO could last longer because the dev has stated his intention to add a day every time an investor asks him a question he doesn't like.

Hip hip!!!

Lol.... I assumed I was already on it  ;)

EDIT:

In fact, you said exactly this to me early last week, perhaps your statements can't be trusted? Or maybe you forgot while you had your head up the devs ass?

https://bitcointa.lk/threads/ann-sim-simcoin-a-simple-coin.296182/page-21#post-6156078

BAM!

this smaragda guy is part of the scam?

Would seem to be very close......

 ;) ;D

When the ipo becomes more important than the project itself is  when we start having troubles, probably the designer ia spending that bitcoins.

Im genuinely curious... do you have any mental disorder?

Simcoin is a scam.So is NxN,dirty work by same person(or ppl).

I was hesitant to comment, because sussex scaring off other investors is good for my investment, but this made me laugh ;D

People that create coins with IPO doing it for fast profit, innovation or not, this coin is already dead.

https://bitcointalk.org/index.php?topic=588160.0

No, the dev is making good money on it, it's not dead in his eyes - which seem to be watching his thread 24/7 judging by how quick my posts get deleted.

https://bitcointa.lk/threads/ann-sim-simcoin-a-simple-coin.296182/page-27

does he know closed topics cannot be reopened?

NxtCh is a social retard. It is hopeless that some people think he can make a successful coin. Better hope that he can't make it and return everyone money.

Well... it can't be any worse than these other me-too coins.

I see that the dev is now describing his investors as retards!!!

Does this guy deserve over $40,000 for a project that is nothing but words at the moment?

NxtChg.com is a scammer, he deleted my post in short time! I sent a PM, but he refused to give me a refund!

scamcoin

What I gather from reading some of the threads criticising the simcoin developer are that he spends an alarming amount of time policing any critical posts on his thread...

This is obviously a red flag.

Heres what I wrote on his thread.
It was deleted within 5 minutes.



I also posted several follow ups asking why my thread was deleted, which were also subsequently deleted for no reason.

Mass reprisals for perceived injustices, massive censorship, hubris, self-aggrandisement and a pre-occupation with wealth are common themes in dictatorships......... and we all know how dictatorships end up..........

EDIT:

I'm sure you know this, but just in case, you can see the whole, uncensored thread here:

https://bitcointa.lk/threads/ann-sim-simcoin-a-simple-coin.296182/

he is a totally scammer , I feel sorry to his action ,