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1  Economy / Scam Accusations / [SCAM ALERT] TERNIO - Founders running a different kind of SCAM - Must Read on: March 15, 2019, 06:31:28 AM
***SCAM ALERT***
***TERNIO SCAM***

Ternio (built on Stellar) project is claiming themselves to be capable of 1M TPS but never shown that to anyone. They've posted an audit report of the same on there website - https://ternio.io/audit/ but anyone can see it for themselves and see how fake it is. It's been audited by a company called "Null Bash", with address "304 S Jones Blvd, Suite 2104, Las Vegas, NV, 89107". Now this so called "Null Bash" company seems to have no internet presence.

Here's what makes Ternio a SCAM:

False promises made during ICO to lure the investors:

1. They claimed during ICO that they've been accepted by 3 top 10 exchanges for listing. After they finised ICO in June 2018, they got listed on BitForex (certainly not a top 10 exchange). And since then till now they've not registered on any exchange. When people ask about the same in there telegram group, admins counter it with huge listing fees asked by the exchanges, and most of the top 10 exchanges having wash trading and fake volume going on. If you ask a little bit more on that, they block you from telegram group claiming you to spread FUD.

2. They claimed that 2 big household companies (known to most of the people and hinting on the line of amazon google facebook etc) have agreed to work with Ternio and use there advertising blockchain platform for advertisisng there products. But even after 10+ months of ICO ended, not a single discussion on that, and yes if you ask it more than twice, you'll get a ban.

3. They have said that unsold tokens during ICO will be distributed to the ICO participants with atleast $30 worth of investment. It's been 10+ months now and they didn't distributed them and banning the people if they ask the same in there telegram group. Clearly they don't want to distribute those unsold tokens and keeping them for themselves. I'll attach some pics for the discussion happened regarding the same here in some time.

4. They have started an airdrop and asked everyone to create an stellar wallet, preferable on LOBSTR as they have some kind of partnership with LOBSTR team. They have told everyone for the 4-5 months that airdrop tokens will be sent to LOBSTR account after 6 months of ICO end. ICO ended on 15th june so distribution was supposed to happen around mid december. But then they changed there decision at the beginning of december and asked people to create an account for there new product "Blockcard" and airdrops will be sent there only. They didn't send any email to the participants of airdrop stating the same, only informed it on telegram group. Since airdrop was going to happen after 6 months, many people were not active on telegram and waiting to get it on there LOBSTR wallet. But when they didn't received any token in dec 2018, they asked about it on telegram and got a surprise that nothing can be happen now. They started banning the people who ask about missing the airdrop. Founders keep those unclaimed airdrop tokens for themselves.

5. They also have a referral program running and for each referral they're giving 50 TERN tokens. The rule was simple that people need to register on there website and that's it. No KYC required, no ICO investment needed, no condition of joining there telegram group either. After 10 months of referral program being ended, when people asked about referral tokens, one of the founder "Ian Kane" said that all the referrals had to go through KYC. I asked them personally many a times that why someone will do KYC after 10 months of initial registration, they've no reply of that. When many people started saying it's not fair and they have to come up with other solution, they started banning the people. Everybody knows that more than 90% of people are not going to do KYC after 10months and mos probable they would have forget about registering on ternio. So founders are keeping all these tokens for themselves.
Here's the link to the referral stats - http://stats.ternio.io which has been taken down now so no one can see there referral count. But few people have around 2k referrals and some have 1k+ referrals. While the site was up I calculated that around 6M referral tokens was supposed to be distributed. Now they are keeping 90% of them for themselves.

6. Biggest claim was that they've applied for patent on there technology. All the patents pending are easily searchable, I tried to search for Ternio on USA patents website but didn't find it. When asked about it on there group, they said we've made the patent request in such a way that it's not searchable. Again a statement which makes no sense to anyone. But yeah, you can't ask them, coz you'll get a ban for that.


Questions around there Fake Audit Report:

1. There auditor's website is nullbash.com (if you'll open it by going to www.nullbash.com, it won't open, it opens only when you remove www prefix). Anyone can understand from there website that if at all they exist, how fake they seems to be. There's no mention of there address on the website, no mention of them doing blockchain testing. And the big thing is you can try to contact them through contact-us page but they never replies. I've tried to contact them at least 5 times but no response from them in last 45 days. Few members have asked about how the ternio team/founders chose the Null Bash and how they contacted them for blockchain testing, there reply is they don't remember it now. Also one of my friend lives in Las Vegas and he personally checked the address "304 S Jones Blvd, Suite 2104, Las Vegas, NV, 89107" and it's a home address, not "Null Bash" company's.

2. Here's the link to there audit report - https://ternio.io/audit/ . There's no mention of data collected and which methods are used to verify that Ternio can cross 1M TPS. Just one line is written that auditor is confident of ternio exceeding 1M TPS. Anyone can read that report and see for themselves that it's not an authentic audit report. I highly doubt if they ever had an audit of there code.

Questions around there new product "Blockcard" and suspicious competition going on:

1. They've introduced a new product called "Blockcard", a physical crypto card approved by VISA. Investors need to send crypto and it automatically gets converted to TERN. So to happen this, cryptos like BTC/ETH/XLM needs to be sold and TERN needs to be bought, but if you ask them, they don't tell how it's happening or through which exchange they're doing this conversion, and they keep on saying that it's Magic. Many people have complained about getting lesser TERN's in respect of Crypto deposited, and asked them which exchange price they've used for conversion, but they don't entertain such queries and even then don't tell that which exchange rates are applied during conversion.

2. For the "Blockcard" mentioned above, Ternio is running a competition and will send the cards for free for top 100 TERN holders. Strangest thing is that this competition has No End Date. You can check that on there own medium article here - https://medium.com/@ternio/the-ternio-blockcard-has-arrived-1f3e33577600
Here's the exact sentence from there above article - "The top 100 accounts with the highest amount of crypto deposited in their BlockCard account will receive their BlockCards in phase 1. There is no set end date to when this contest will end, so users are encouraged to deposit the maximum amount they are comfortable with and will utilize on the BlockCard"

3. They've shared a video on telegram group that "Blockcard" being used in USA. I'll upload the video to youtube or any file sharing website and provide the link in some time. In video anyone can see that when they're handing over the card for the payment, they took the camera away and it's not visible if they gave the blockcard or some other card for payment. It's done very cleverly.

4. They're claiming that card has been approved by VISA, but in there all advertisement banners they've not showing VISA logo. When asked about it, they say that they chose not to show VISA logo. Who doesn't want to take benefit of getting approved by VISA? Why're they hiding it?

Questions around there advertisement of Amazon Partner Network:

1. They're advertising there Advanced tier status with Amazon Partner Network, which is just a gimmick of using the name of Amazon to get more people buying there TERN tokens. They're also claiming that there code has been checked by the "Amazon" itself, which is not true again, and not showing any proof of that too.


Final thoughts:
1. There are so many questions surrounding there promises made during ICO, especially being approved by 3 top 10 exchanges to list them. Clearly it has benefited them to raise funds and they've cheated there investors.
2. They are keeping all the unsold tokens during ICO which was supposed to be given to ICO participants for themselves.
3. They are keeping undistributed airdrop and referral tokens for themselves.
4. There so called pending patent is not searchable on USA pending patents website.
5. There audit report is fake and the company which have done the auditing doesn't exist. No Github presence, no code repository available for third party to check. No proof of there 1M TPS blockchain.
6. They're running a competition which has no end date. What kind of competition has no end date?
7. They're advertising there Amazon APN partnership (which you can get by paying yearly fees to Amazon) but chose not to advertise there VISA approved card. They're contradicting there own statements.
8. They're banning the people if asked a question 2-3 times to which they don't have any answer.


I'll update this post with some screenshots of there telegram group discussions and as a result of banning of the people who initiated them.
2  Economy / Scam Accusations / [SCAM] LGS, LPC, LRM - All 3 from same team - All of them are pure SCAM on: December 13, 2018, 06:37:51 AM
What happened::
LPC, LGS, LRM - These 3 coins are created by the same team in the last 6-8 months. Not possible for any team to work simultaneously on 3 projects at once, and that too within so much less time frame.
Most of the members showing in there website are either social network manager or social media marketing and working in parallel for other projects as well. So clearly they couldn't come under the core team.
I've asked many times for the core team details on there discord server but it always goes unanswered. They never shared a single pic of there team working in an office or attending any seminar.

See this guy - https://www.linkedin.com/in/murat-ya%C4%9F%C4%B1z-2495b3170/
He's mentioned as official representative of Turkey in the LogisCoin website, now from his profile it's clearly visible that he's still pursuing his studies.

Another guy - https://www.linkedin.com/in/paramanathan-pradeep-36a4a1168/
He's mentioned as official representative of India, whereas it's clearly mentioned in LinkedIn profile that he's just a discord moderator.

One more - https://www.linkedin.com/in/branimir-metlicar-2427b9166/
In his LinkedIn profile he himselft has mentioned this - "I work for lot company's like Dash, Lightcoinpay , Logis, Coin2pay, CryptoFlow, Nyerium, My core business is developer blockchain, helping with masternodes, and most important Marketing. I'm allso Strategy And Marketing Advisor". It seems he's a developer, helper, marketing guy, strategist and advisor as well. He's also not limited to only working with LGS/LPC/LRM but to other projects like NYERIUM, Coin2Play etc.

There whitepaper is full of spelling mistakes and incorrect grammar. Just check the profile of there team members on LinkedIn and you'll see that it's also full of spelling mistakes and other things.

First they didn't inform the actual team working and responsible for LGS/LPC/LRM, secondly whatever guys they've mentioned are working in parallel with different projects.

Scammers Profile Link:
https://bitcointalk.org/index.php?action=profile;u=892980

Reference Link:
https://bitcointalk.org/index.php?topic=5075570.0

Just see there website design, all 3 have similar design and similar payouts for Masternode rewards. Too much similarity.
https://lightpaycoin.org/
https://logiscoin.cc/
http://lrmcoin.com/

Amount Scammed:
Unknown, could be very well in excess of 200+ BTC/$600 thousand+

Additional Notes:
Stay away from all these projects and look out for them in case they come up with any new coin. Report them to moderator as soon as they post an article with new coin.


Look out there team members in the website, same members and same profile pics/images used everywhere. I'm reverse searching those images to find out further info, will update once I have enough info. I have shared the team members pic at the bottom.

Also there's another thread about how LPC scammed the people - https://bitcointalk.org/index.php?topic=4518967.0
And see this comment who digged in more about the address posted on there websites - https://bitcointalk.org/index.php?topic=4518967.msg46179583#msg46179583



LightPay Team (LPC Ticker)


LogisCoin Team (LGS Ticker)


LRM Coin Team (LRM Ticker)



***Update 14th Dec***
Just checked the lightpaycoin github account and it seems more than 50% of the 47 commits is just updating the readme file and 30%+ is merging those changes. No real development update, no commit whatsoever regarding the project. Also the last commit was done 3 months back on 1st Oct 2018.
Here's the LPC github account commit history - https://github.com/lpcproject/LightPayCoin/commits/master

Found this comment from user "lordbanana" who has shared how logiscoin has been exploited in the past - https://bitcointalk.org/index.php?topic=4970217.msg48592377#msg48592377

Another thread where LGS have been caught of pumping there thread and as a result OP got banned and thread got deleted - https://bitcointalk.org/index.php?topic=4925071.0

Also in the above thread the pattern is clearly visible that user karry86 has seen rising the price higher for LGS, similar pattern exists in LRM as well with the same user karry86.

***Update 12th Feb 2019***
Here's the official statement from the team stating that LRM has nothing to do with LPC/LGS - https://medium.com/lightpaycoin-official/important-lpc-update-e80c567de133
It took them only 4 months to come up with this statement, the team was aware of the new LGS coin all this while but didn't do anything for the entire 4+ months.
3  Alternate cryptocurrencies / Altcoin Discussion / Different categories of coins and tokens - Invest Wisely on: August 27, 2018, 01:23:29 PM
I am only 10 months old in this blockchain/crypto space. I have invested initially for the sake of taking quick profits, even saw 4x of my investment in jan 2018 but didn't book a profit and still HODLing onto my coins and tokens. I have started with $1000 investment and in the next subsequent dips in market, entered another $500-700. As of now my investment stands around $3500. And I'm now adding fiat of around $200 monthly.

I have learned about some really cool projects, they seems cool to me, I might be wrong though  Smiley
But what I have learned is that one should not HODL there entire investment in just similar altcoins. I have done a bit of my research and have divided the coins into different verticals/domains. If I have to add another $2-3k fiat in crypto, I would divide my portfolio into different verticals in crypto space.

Here are those verticals/domains:

1. Payment coins (BTC, LTC, NANO) - Both are targeting to be used as method of payment in the coming future. BTC would be first choice by returns from it will be low but steady. LTC could give 3-4x more gains than BTC but more risky than BTC.

2. Anonymous Coins (XMR, ZEC, DASH, PRIV) - Almost similar vertical as first except that these are basically have enhanced feature of making non-traceable anonymous transactions. Again I have written the coins as per the Lowest risk/returns to higher risk/returns as per my research. PRIV is the newest of all, only couple of months old. What I like most about them that they have not done any ICO to raise money and they are giving tokens for spreading news about them to there community members. More than 50% of tokens, around 11M of total 21M will be distributed for free.

3. Platform Tokens (ETH, XLM, NEO, IOST, ICX) - Platforms that allowed dApps to be built on them, thereby increasing the blockchain applications and need of there tokens, as a result price will increase. ETH and NEO are most favorable and they are here for quite some time now. Developers of both have already proved themselves every now and then.

4. Exchange Coins/Tokens (BNB, KCS, HT, GVT) - These coins or tokens will be generally used inside there own exchange to reduce the trading fee by some percentage (generally 50%). As paying in other crypto yields more fee, people generally who trade in exchanges will be paying fees in respective exchange coin. Also these exchanges do a quarterly buy back and burn of there tokens, thereby significantly increasing there price.

5. Social network coins/tokens (STEEM, MITH, GTO) - These coins will be used within the social network platform built around them. Many users can earn by simply posting/liking/replying to articles/images.

6. Security tokens (POLY, SWARM, SECURITIZE) - Currently only polymath allows security tokens to be built on there platforms. As per SEC chief all ICO's can be deemed as security in the coming future, there's huge opportunity for polymath. Another two platforms are worth mentioning in this section are SWARM and SECURITIZE, though the latter don't provide any tokens to be used in there platform and they make use of DS protocol. I'm still looking into more details on SECURITIZE. I know of another ICO (MOBU), which are on the same line as POLY is but they're still in ICO stage so can't say much about it.

7. Crypto loan (SALT, NEXO, MoneyToken) - This is a quite new vertical and an interesting one. People can deposit there fiat and take fiat as loan. It will help the people who needs fiat money for smaller amount of time but don't want to sell there crypto holdings. It could be the next big thing in crypto space.

Besides these there are several projects which are trying to replace traditional businesses using blockchain, like replacing online e-commerce, taxi-booking services, online advertisement etc. I have some projects to research on this vertical too, but don't know where to put them at. Maybe I'll put them under traditional business replacements projects (doesn't sounds cool though, suggest me if you can think of any good name).

These are the verticals as per my knowledge and research done yet, there could be many others which I have surely missed. I will update my post as and when i'll come across them.
4  Bitcoin / Bitcoin Discussion / [NEWS] [Update 4 - 9th August] Bitcoin ETF Versus SEC - Who'll win this time on: July 25, 2018, 12:57:18 PM
We all were eagerly waiting for 10th august to know the SEC's decision. Now we have to wait a bit more to know that Smiley
https://www.coindesk.com/sec-delays-decision-on-direxions-bitcoin-etfs-until-september/

Personally I think it's good for the market and also it shows that SEC members are thinking a bit more before coming to any decision. Since the proposal asked for the wider public comments, 100's of comments have been made on there proposal and needless to say mostly in favor of supporting the ETF approval move. Also it keeps the hope alive among the investors and crypto world people.


Update 1: It's mentioned in the article that this delay doesn't include CBoE Bitcoin ETF application and "none of the ETF proposals being postponed are from VanEck and SolidX", and CBoE will trade BTC shares backed by VanEck and SolidX trust. In total there are 5 ETF applications in process, one of them is from CBoE. So decision on CBoE application still may happen on 10th Aug.

Update 2: Out of 5, one of the ETF application filed by Winklevoss twins has been declined by SEC:
https://www.cnbc.com/2018/07/26/winklevoss-twins-bitcoin-etf-rejected-by-sec.html
https://cointelegraph.com/news/cnbc-winklevoss-twins-bitcoin-etf-application-rejected-by-sec

Update 3: (This is in context for the above update 2 where SEC rejected Winklevoss ETF application) - SEC commissioner disagrees with the SECís rebuttal - That's a very good sign
https://globalcoinreport.com/sec-commissioner-disagrees-with-sec-bitcoin-etf-rebuttal/

Update 4: SEC delayed the ETF for remaining 9 ETF's to 30th sept. Fate of all the 9 ETF's will be revealed in under 2 months. They're going to the same path as they did in last year.
https://www.coindesk.com/the-sec-will-decide-on-9-bitcoin-etfs-in-the-next-2-months/
5  Economy / Scam Accusations / [SCAM] Ethereum Private Key scam - Sneakiest Scam - Be aware and Stay Safe on: June 21, 2018, 09:59:20 AM
I am in many airdrops group in telegram. In one of the group I saw one person sent his private key in the group. I thought to check that private key and it turns out that it contains $178k worth of ICX tokens. It has no ETH to pay for gas fees, so I too think of sending some ETH to cover for GAS and withdrawing those ICX tokens. But then I thought of it for a second that it's too good to be true and started searching on google. And I find out that it's another kind of scam currently running. As soon as you transfer the ETH, it will get transferred to another address, way before you could try to withdraw those ICX tokens.

Bascially these steps :
1. Guy posts his MEW private key in a chat.
2. $100+k worth of tokens (ICX, MNE, etc) in it, no ETH for gas.
3. Many people in the chat send gas to take it.
4. Smart contract. Auto-sends theETH to another address; keeping tokens in the same account.

These scammers are getting cunning by each passing day.

More about this you can read here - https://bitfalls.com/2018/04/13/creative-new-scam-honeypot-private-key/
For technical part of how it's done and why you'll never able to withdraw tokens, read this - https://hackernoon.com/the-sneakiest-ethereum-scam-ever-6dc138061235


Be safe guys, and remember if it's too good to be true, it probably is. Stay away from these dreams. Always think twice Smiley
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