This post was originally posted in the official Phenixcoin thread yesterday, but due to several requests about making it a new thread I will now do that.
I am going to make a long post here where I present facts about why I think Phenixcoin might be the biggest scam coin to date. I am aware that some people here will call me a troll and try to rip me for doing this. Yesterday nawazish1 let me know that he knows a lot more about this coin than I do, but after this post he might realize he is wrong. So let me start by giving some background.
I was a long time holder of Phenixcoin up until yesterday. I was actually one of the first people who mined this coin and I have been holding about 15.000 coins from the start. You can find me posting in this thread from May 21st, and most of my posts have been very positive while adding some advice and constructive criticism along the way.
Like most others in this thread I have been very excited about all the stuff the developers have been talking about and I have been waiting patiently for the releases of the casino, the exchange and of UNOCS. What happened yesterday is however totally unacceptable for any coin and goes against everything a coin is supposed to be. I am very angry about this and that is the reason why I am spending a lot of my time to make this post about everything that is wrong with the coin.
Table of contents1. The premine
2. YaCoinYeah scandal
3. The poker room
4. The constant hyping of new releases
5. UNOCS, the hype and failures
6. The block time rip-off
7. Developer has bad history
1. The premine1 million coins were premined of this coin. Everyone can see that on the fist page of the thread. This is not necessarily a problem and I was personally supporting the premine as an important part to build and support the coin. This was however on the condition that the developers would be open and 100% transparent about what the coins would be used for.
It was recommended that they post in the OP and on their webpage that there was in fact a premine. As you can all see this never happened, and it just goes to show they are trying to hide the premine instead of being open about it.
They were also told that it would be a good idea to put the premined coins in escrow with someone trusted so we all knew they would not use them for personal gain. This would have killed all the noise about the premine being a scam. Obviously the developers ignored this as well.
The developers have claimed that the premine would be used to fund poker freerolls, including a 25000 weekly freeroll. No such freerolls have ever run, and the excuse being made is that the poker room is not working properly. The developers make no response when it is suggested that maybe they should do other giveaways instead if they are struggling so much with the poker room.
No one really have any idea what the premine is being used for as there is no transparency. For all we know it might have been given away to friends of the developers or to themselves. See my next chapter for what 1% of it was used for.
All we have to go on is what the developers say in post #754. They say they have: "Sent coins to people to give away, covered some people losses on bad trades, sent pool owners coins to give away for promotion." Obviously nothing is documented and we just have to take their word on it.
It is easy to see that the premine situation has at best been handeled badly, at worst it is as many have speculated a scam. An honest premine would have been clearly stated on the website along with a ledger of what it has been spent on. Instead the developers have tried as best they could to hide the facts. Not good.
References:
Developers explain what they have used premine for (post #754):
https://bitcointalk.org/index.php?topic=211165.msg2265448#msg2265448Suggestion to have information about premine on website and to put coins in escrow. Both ignored by developers:
https://bitcointalk.org/index.php?topic=211165.msg2222004#msg2222004https://bitcointalk.org/index.php?topic=211165.msg2221876#msg2221876 2. YaCoinYeah scandalThe YaCoinYeah scandal is somewhat tied to the premine as it raised questions about what the premine was being used for and the transparency of it.
YaCoinYeah was running the first google doc exchange for Phenixcoin. He started it himself and then asked the developers for a donation. He received 10.000PXC (1% of the premine) equal to $500 at the time. A lot of people felt this was way too much for this simple task. Most google docs exchanges was at this time run without getting paid for it.
When YaCoinYeah later begged for even more donations it created a lot of drama and the price of PXC fell a lot. It has later turned out that YaCoinYeah might be a scammer and he has negative trust here on the forum. Read from page 38 in the thread or see links below for more info.
References:
Confirmation of the 10k donation:
https://bitcointalk.org/index.phptopic=211165.msg2265448#msg2265448Nice little summary:
https://bitcointalk.org/index.php?topic=211165.msg2269173#msg2269173Critics being censored:
https://bitcointalk.org/index.php?topic=211165.msg2265159#msg2265159YaCoinYeah's profile:
https://bitcointalk.org/index.php?action=profile;u=1167813. The poker roomThe poker room was released along with the coin. At first it looks very impressive, however it really does not work. I already mentioned the 25.000 freeroll not running because of problems with the poker room. There is also a lot of problems reported throughout the thread from users.
I also have a problem with the fact that the developers seem to create an impression that they are the ones who have created the poker room. When someone asked if they were coding on the poker product themselves they ignored this question when replying to the post (see references). I bet that if you ask most of the Phenixcoin supporters they believe the creators of the coin also created the poker room.
The fact is that the poker room is open source software that the developers have just changed the logos and backgrounds of. That is probably also why they are not able to fix any of the problems the users are having. They just have to hope someone else fixes it for them.
The open source software is called Cubeia Poker. I can not find anywhere here on the forum or on the poker site where the developers give any credit to Cubeia Poker. Kinda shady if you ask me.
References:
Developers are asked if they are coding the poker software themselves, ignores the question:
https://bitcointalk.org/index.php?topic=211165.msg2231959#msg2231959Picture proving they are using Cubeia Poker:
http://s22.postimg.org/eb0cntws1/phxpoker.jpg
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