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This post is a review of the coin mentioned above. All the information mentioned in the post is in public domain and verifiable. And we will post reference links and photos for cross-checking. 1. Abbreviation SCO
If you guys would have done a simple Google search, you would have noticed that there’s already an SCO coin posted on Bitcointalk.org.
Here’s a link of the said coin announcement. https://bitcointalk.org/index.php?topic=3449878.02. Shopper Coin TeamGenerally, when anyone looks into an ICO for investing, one of the first things to notice is the skillset of the team- whether the team members have that ability to finish the undertaken project. It is necessary that when I invest in an ICO, the project should have team members who have vested interests in the project, and not in a third party outsourced company. Except for two founders, all the team members mentioned in the given whitepaper and the website are third party employees (outsourced).
Moreover, except for a couple of members, none of the team members has experience of any sorts in cryptocurrency projects.
Here is the link for the excel sheet which contains their Linked profiles and respective company name. https://www.dropbox.com/s/x6240k29899wagw/ShopperCoin%20Links.xlsx?dl=0
In case, after this review, the ShopperCoin team makes any changes in their LinkedIn accounts, here’s the link for their downloaded LinkedIn profiles and screenshots https://www.dropbox.com/sh/efyc3mat0gk7ip7/AABuN1MD8T_NvDLEPJqd03q4a?dl=0.
3. RegistrationThe registration of the ShopperCoin is done in Singapore. However, their team is not based in Singapore. Except for a selected few, almost everyone from the team is based in India. 4. CFO Mariam Malek
CFO in any company has a very important and vital role when it comes to the company’s finances. However, we couldn’t find any trace of the said CFO on LinkedIn, which arouses suspicion. 5. Whitepaper
We are not even discussing the contents of the whitepaper; only a very important technical aspect. On their shoppercoin website, their whitepaper is available to download on Google drive; it shows the incompetence of their technical team, ie their CTO Mrinal Sharma. Here is the link of Google Drive from website https://drive.google.com/file/d/1Rrsre1lwKns1y-U5LXJlAs9H6KqEGCnY/view, In case they change this again here is the link for the screenshot https://www.dropbox.com/s/yxk3ih3pzbjgb2c/Whitepaper%20Link%20from%20Website.png?dl=0 6. Economics of Crypto
The total market supply for this coin is 1 billion. And almost 30% of the total coins are pre-mined, this figure is too high.
According to the website, their private sale is going to go live on 29th June 2018 and will end on 20th July 2018. Here, Shoppercoin will cost 35-40 cents to the ICO investors, a figure which is too high for someone who has nothing to show but a website and a shoddy whitepaper, and Shoppercoin also mentions that they will be selling the unsold coins (against the proclivity of the crypto market) for 55 and 60 cents per coin. That means it will happen after the Crowdsale. If all the coins are not sold out by January 2019, a month when they will list Shoppercoin on the private exchange, then the private sale investors will have a maximum of 15-25 cents as a profit on each coin. Because people will not buy from the exchange as the coins are easily available at 55 cents a coin. So, there is an explicit chance the coin will eventually crash.
7. Mike Jain aka Mehul Jain, fraud?
White paper and website mention the COO as Mike Jain. However, we found another facebook profile named Mehul Jain of the same person with same photos. So, we are not sure which one is genuine. [/b] Link for Mehul Jain ID - https://www.facebook.com/contactmehulLink for Mike Jain ID - https://www.facebook.com/mike.jain.372Link for the Screenshots of both Facebook accounts - https://www.dropbox.com/sh/4bycd3lsflka53l/AAD2UBiBIHENqrh_IQTpnBILa?dl=0
In conclusion, several factors like lack of proper research, incompetent team, lack of vision, no trace of CFO on LinkedIn or any social media and two different Facebook accounts of the COO makes the whole project look complete dicey.If you want an honest and in-detailed review of your ICO projects and the improvements that can be made so you get the maximum possible outcome for you ICO, feel free to drop me a message or reply on this thread I will contact you.
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