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.
SimcoinSo 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.
sussexHmmmmmm.........
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.
SimcoinYour proposal makes little sense too.
I see absolutely no reason why you should be entitled to more.
sussexIt'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.
SimcoinHow is it my or other investors fault? It was said so right from the start!
sussexThere'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?
SimcoinAre 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.
sussexLol, 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.
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