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101  Alternate cryptocurrencies / Altcoin Discussion / Re: 3 kinds of ICOs — Protect yourself on: October 10, 2017, 01:14:21 PM
Electroneum is dishonest. Their website states:

Quote
“Cryptocurrencies are so hard to come by! The barriers to entry for most people are too large. Complex software, GPU Mining rigs, sending personal identification to strange websites.”

That’s not true. Those things are not needed with PoS and PoI blockchains.

Their website states:

Quote
“Electroneum makes it easy to access and use a super secure cryptocurrency that has all of the benefits of Bitcoin and more. Transactions in Electroneum happen faster and are more anonymous. Did you know that anyone with your public Bitcoin wallet address can see how many bitcoin you have, and your entire transaction history? Electroneum protects your transaction history and wallet contents from prying eyes, whilst leaving publicly accessible transaction hashes available for the technically discerning to authenticate transactions.”

Is the Electroneum team living in 2009 or 2017? Or, are they trying to scam newbies into thinking that Bitcoin is the only crypto currency that exists? There are many crypto currencies already that provide privacy, such as Monero, PIVX and Zcash.

Mobile? Lots of altcoins can be on the phone. Offline wallet? This is when Electroneum is deliberately misleading or lying. They state:

Quote
““Googling” for Bitcoin Hack or Ethereum Hack will find you dozens of stories of stolen cryptocurrencies. We’ve developed an OFFLINE wallet that is 100% secure. You can create as many offline wallets as you like (free) and transfer the bulk of your Electroneum to those wallets.”

Are they trying to make you think that there are no offline wallets for Bitcoin and Ethereum? There are LOTS of them.

On this interview with the CEO, he talks about how 200 million mobile phone users will be able play online gambling sites if they had crypto currencies on their phones:

https://youtu.be/qq24jCuHi7k

So, what’s so special about Electroneum? You already have a multitude of crypto currencies on your phones today.


Spectivvr.com’s white paper has only one problem that they are trying to solve. Their write up of the problem is less than one page and is one of the weakest and most nebulous problems I’ve ever read. I have no idea why a new crypto is needed.

If Spectivvr.com is trying to put virtual reality onto the blockchain, then it shows that they are clueless about the blockchain and that they have never run Bitcoin’s full node. ARToken wants to put 3D data onto a blockchain. This implies hundreds of Terabytes of data. Bitcoin’s blockchain is 120 GB and Ethereum’s blockhain is 200 GB and they are both having scaling problems.

Their business model is given in one sentence:

Quote
“Specs are a virtual reality token supporting internal platform functions like tipping, premium content purchases, and ad rewards.”

How are they going to compete against Youtube, which already provides 4k videos? What’s to stop Youtube from providing virtual reality videos? How many viewers are going to go through the hassle of buying Spec tokens just to tip video producers, when they don’t have to do that now on Youtube?
102  Alternate cryptocurrencies / Altcoin Discussion / Re: 3 kinds of ICOs — Protect yourself on: October 10, 2017, 12:21:51 PM
I agree with a lot of stuffs but i am personally not comfortable with a lot of your stands too. A lot of the good icos have no working products and can grow very huge while on the other hand a lot of the icos have working products but fail terribly. One of the best case is that ethereum. It begins as an idea when it started and it takes years and years to iron the product out, even till now it is still in the upgrade phrase. On the other hand, some icos already have products but after the fund rising, products did not get adopted or there were unforeseen problems keep appearing and the team is not able to solve. So to me, what is more important is the dev team.

You are correct that some ICOs with prototypes/products will fail and some ICOs without prototypes/products will succeed. What you have to assess for yourself is the probability. Venture Capitalists have decades of experience and they rarely invest in startups without a prototype/product. They are trying to reduce their risk.

There are a few differences between when Ethereum had its ICO and today:

  • There are far more ICOs today than back then, so you can be much choosier
  • Vitalik Buterin was co-founder of Bitcoin Magazine in 2011. This means that he was already a leader in the field, when he started Ethereum in 2014. Most of the ICOs today are not started by leaders in this field. Some of them have only been exposed to cryptocurrencies for a few months. Change Bank's "Blockchain Expert" worked in Inside Sales until 1.5 months prior.
  • Vitalik grew up in Canada and Ethereum started in Switzerland. Today, you have many ICOs coming from corrupt countries around the world. In 2014, you didn't.

There is no guarantee that any business will not fail. But, when the ICO team has a prototype/product, they have proven that they can develop. That significantly reduces your risk. With many ICOs, you have no idea if they can. You cannot trust the information on the profile of many ICOs. Just because they can hire somebody to make a video, it does not mean they can write thousands of lines of complicated code. It's like you giving money to someone to fix your car, simply because he says he can fix cars but have never fixed one before.

Y Combinator is one of the biggest startup incubators in the world. They provide a small amount of funding (approx. $25k to 50k) to startups, which usually consists of 2 founders each. Then they build prototypes or products. Then the startups give pitches to angel investors or Venture Capitalists. If prototypes or products are unnecessary, then why do they waste so much time and money before pitching to angels and VCs?

Almost all incubators have startups that consist of usually only 2 founders, that are building prototypes and products. ICOs are stacking their team with a dozen people and they still cannot build anything. With 12 people, they should've built 6 prototypes/products by now. This shows that they are simply stacking their teams with useless people, in order to impress you or sucker you in.
103  Alternate cryptocurrencies / Altcoin Discussion / Re: 3 kinds of ICOs — Protect yourself on: October 09, 2017, 10:28:36 PM
TokenStars has no explanation of why the current currency (EUR, GBP, etc.) needs to be replaced by a token. Their site says "you support a promising 14-16 year old player [athlete] - player spends money".  This means the player will sell the token to get EUR to pay for rent and food. What good is the token? Also, who is to say that the player or anyone else will honor any agreement to repay the supporters 2-6 years later? If you're a token holder, are you going to wait that long, only to hope that the player repay token holders?

PeerGuess is one of those ICOs using the same star constellation animation that I've seen on other sites. Are they using the same graphic designer, or is PeerGuess another ICO put out by the same group of scammers? Even if PeerGuess is not a scam, it is TOO LATE and TOO LITTLE.

TOO LATE: Gnosis, Augur and Stox already had ICOs to get into prediction markets, though Gnosis and Stox still haven't built anything yet and Augur built a beta that is barely usable. This shows that execution is much harder than anything they've done before, including an ICO.

TOO LATE and TOO LITTLE: Stockbet already has built software that lets people bet on crypto currencies (and stocks). PeerGuess has a sales pitch.

This shows that ICOs with large teams mean nothing. With 12 members, PeerGuess should have been able to build something. Startups at Y Combinator consists of 2 founders each and they're building prototypes and products. Since PeerGuess hasn't built anything, it probably means that most members add little to no value (assuming that they are real people), but they included them to make you think that they add value.
104  Alternate cryptocurrencies / Altcoin Discussion / Re: 3 kinds of ICOs — Protect yourself on: October 09, 2017, 04:51:00 PM
DomRaider has a fancy commercial running everywhere. It even played ahead of a Youtube video that I wanted to watch.

DomRaider is all marketing and no meat. They are probably liars as well. Their industry, dropcatching, is tiny. If it was as big as DomRaider makes it seem, then Godaddy would be making billions from it. But none of Godaddy’s revenue is attributed to dropcatching on their Income Statement. Godaddy never even mentions dropcatching anywhere in their annual filing to the SEC. Read it:

https://www.sec.gov/Archives/edgar/data/1609711/000160971117000042/gddy-12312016x10k.htm

Read this guy's blog on why he is giving up on domain drop catching. He gives multiple reasons, such as "getting more competitive", "opportunity cost is not just financial", "each successive drop catch makes less incremental improvement to our overall portfolio", "there may be better things to do with the money":

http://www.webmastering.co.uk/domain-names/why-im-giving-up-on-domain-drop-catching/

After reading the first sentence in Earth Token’s announcement, I stopped. “environmentally sustainability software”??? Is this another example of somebody trying to put the kitchen sink onto the blockchain?
105  Alternate cryptocurrencies / Altcoin Discussion / Re: 3 kinds of ICOs — Protect yourself on: October 09, 2017, 03:37:39 PM
CarTaxi got a 2.9 out of 10 rating:  https://hacked.com/ico-analysis-cartaxi/  ...which I agree with. I’m still scratching my head trying to figure out why a blockchain is needed to tow cars.

How often do you need to tow your car? Every day? Or, once every 10 years? Are you going to go through the hassle of downloading the CARTAXI app/wallet and buying CARTAXI coins just in case you need a tow in 10 years?

If you do not, and when the time comes that you are standing at the side of the highway beside your stalled car or flat tire, are you going to spend the extra 20-60 minutes to figure out how to download the CARTAXI app/wallet and buy CARTAXI coins, while you are running late to your appointment and freezing in winter or sweltering in summer because your car engine is not running?

One Bitcointalk user claimed that CARTAXI wants to be the Uber of car towing and the problem with Uber is that they don’t print receipts when paying with cash and that paying with crypto will solve this problem.

Whether the driver or Uber issues an receipt has nothing to do with the method of payment. Just because the method of payment is cash instead of a crypto, it doesn't mean that Uber cannot issue a receipt, eventually if not now.

The reason Uber drivers do not print receipts when they receive cash is because they do not want to declare that income, to avoid taxes. Tow truck drivers probably do the same thing. Do you think Tow truck drivers will want to use CARTAXI so customers will force them to issue receipts, which will make the drivers pay more income tax?

CARTAXI has a very stupid business model.
106  Alternate cryptocurrencies / Altcoin Discussion / Re: Which ICOs you suggest to November on: October 09, 2017, 03:22:04 PM

CarTaxi got a 2.9 out of 10 rating:  https://hacked.com/ico-analysis-cartaxi/  I’m scratching my head trying to figure out why a blockchain is needed to tow cars.


Their goal is to make an app for car towing and to spread it globally. Something like Uber for car towing. The aim of ICO is to enable paying for car towing services with cryptocurrencies AND cash/card. I don't know, it sounds reasonable to me - in my country Uber has a lot of problems because they don't print receipts for their services when paying with cash and IMHO paying with crypto would solve a lot of problems for Uber. Plus they have a working app and everything is transparent, unlike many other ICOs out there. Those were my reasons.

How often do you need to tow your car? Every day? Or, once every 10 years? Are you going to go through the hassle of downloading the CARTAXI app/wallet and buying CARTAXI coins just in case you need a tow in 10 years?

If you do not, and when the time comes that you are standing at the side of the highway beside your stalled car or flat tire, are you going to spend the extra 20-60 minutes to figure out how to download the CARTAXI app/wallet and buy CARTAXI coins, while you are running late to your appointment and freezing in winter or sweltering in summer because your car engine is not running?

Whether the driver or Uber issues an receipt has nothing to do with the method of payment. Just because the method of payment is cash, such as USD, EUR or YEN, instead of a crypto, it doesn't mean that Uber cannot issue a receipt, eventually if not now.

The reason Uber drivers do not print receipts when they receive cash is because they do not want to declare that income, to avoid taxes. Tow truck drivers probably do the same thing. Do you think Tow truck drivers will want to use CARTAXI so customers will force them to issue receipts, which will make the drivers pay more income tax?

CARTAXI has a very stupid business model.

Get more info:

There are 3 Kinds of ICOs - Protect Yourself
https://bitcointalk.org/index.php?topic=2243157
107  Alternate cryptocurrencies / Altcoin Discussion / Re: Differentiate between an ICO and a scam on: October 09, 2017, 03:05:08 PM
Tips to identify and analyse a good ICO:

1. Whitepaper
Read up the whitepaper, spot for any discrepancies or any thing that doesn't make sense. Identify the key idea of the project and analyse if the idea will work out or make any sense.

2. Founder Team
Do some research on the founder team members, spot if their names are short names like "Tony" compared to "Tony Jim Rodriguez". Many ICO scams out there uses very short names.

3. Contact and Address
Practice due diligence, research and look through the contact numbers and address of the project, check if they are using a legit one.

4. Read up forums
Usually scams might be identified by other victims, do a thorough research on the project you wish to participate. You might find some tell tail signs of a scam.

All in all, practice due diligence to avoid being the next victim.

All of your criteria have flaws.  They have all failed to determine if the project will turn out to be a scam or crap.

The most reliable criteria is whether the team has already built something that you can use today.

Read:

There are 3 Kinds of ICOs - Protect Yourself
https://bitcointalk.org/index.php?topic=2243157
108  Alternate cryptocurrencies / Altcoin Discussion / Re: What is more important to you about ICO? on: October 09, 2017, 03:02:22 PM
All of your criteria have flaws.  They have all failed to determine if the project will turn out to be a scam or crap.

The most reliable criteria is whether the team has already built something that you can use today.

Read:

There are 3 Kinds of ICOs - Protect Yourself
https://bitcointalk.org/index.php?topic=2243157
109  Alternate cryptocurrencies / Altcoin Discussion / Re: 3 kinds of ICOs — Protect yourself on: October 09, 2017, 01:58:59 PM
Swarm Fund is lying. They say that you need large amounts of money to buy real estate and your money is tied down for an indefinite amount of time. This is false. You can buy one share of a REIT, and there are thousands of REITs to choose from, and you can sell it one minute later.  If they start off their pitch with a lie, what else are they lying about?

There is another flaw with Swarm, which is similar to the flaw with CombiCoin. You will have to trust that the coin is backed up LEGALLY by the land title of the real estate. Who is the owner of the real estate? John Doe? Who is to say John Doe will uphold any agreement that the real estate, that has his name in the municipal records as the owner, will be ascribed to the coin holders? Is there a legal contract that you can take to a court to uphold the agreement?

Atlant and HomeToken have the same problems as Swarm. In addition to that, they both have the same problem as coin banks, exchanges and investment funds. The money is centralized into a honey pot, which makes it attractive to hackers and employees to steal.

Take many of the recommendations on Bitcointalk with a grain of salt. Many of them are pump and dumpers.
110  Alternate cryptocurrencies / Altcoin Discussion / Re: Looking for the best ICO... on: October 09, 2017, 01:55:37 PM
I can recommend you Swarm and Zumminer. Both have impressive mission and strong team.
Oh. Also in the Altcoin Announcements there is an interesting project of the game in augmented reality where it is necessary to catch coins and earn on it. They have a good community. But I don't remember it's name.

Swarm Fund is lying. They say that you need large amounts of money to buy real estate and your money is tied down for an indefinite amount of time. This is false. You can buy one share of a REIT, and there are thousands of REITs to choose from, and you can sell it one minute later.  If they start off their pitch with a lie, what else are they lying about?

There is another flaw with Swarm, which is similar to the flaw with CombiCoin. You will have to trust that the coin is backed up LEGALLY by the land title of the real estate. Who is the owner of the real estate? John Doe? Who is to say John Doe will uphold any agreement that the real estate, that has his name in the municipal records as the owner, will be ascribed to the coin holders? Is there a legal contract that you take to a court to uphold the agreement?

Take many of the recommendations on Bitcointalk with a grain of salt. Many of them are pump and dumpers.

Read:

There are 3 Kinds of ICOs - Protect Yourself
https://bitcointalk.org/index.php?topic=2243157
111  Alternate cryptocurrencies / Altcoin Discussion / Re: Which ICOs you suggest to November on: October 09, 2017, 01:51:12 PM
I see nothing new with Electroneum. Mobile? Lots of altcoins can be on the phone. Privacy? Monero, PIVX and Zcash already can do that. Offline wallet? This is when Electroneum starts misleading. They state:

Quote
““Googling” for Bitcoin Hack or Ethereum Hack will find you dozens of stories of stolen cryptocurrencies. We’ve developed an OFFLINE wallet that is 100% secure. You can create as many offline wallets as you like (free) and transfer the bulk of your Electroneum to those wallets.”

Are they trying to make you think that there are no offline wallets for Bitcoin and Ethereum? There are LOTS of them.

If Spectivvr.com is trying to put virtual reality onto the blockchain, then it shows that the are clueless about the blockchain and that they have never run Bitcoin’s full node. ARToken wants to put 3D data onto a blockchain. This implies hundreds of Terabytes of data. Bitcoin’s blockchain is 120 GB and Ethereum’s blockhain is 200 GB and they are both having scaling problems.

CarTaxi got a 2.9 out of 10 rating:  https://hacked.com/ico-analysis-cartaxi/  I’m scratching my head trying to figure out why a blockchain is needed to tow cars.

Read:

There are 3 Kinds of ICOs - Protect Yourself
https://bitcointalk.org/index.php?topic=2243157

Take recommendations on Bitcointalk with a grain of salt. Many of them are pump and dumpers.
112  Alternate cryptocurrencies / Altcoin Discussion / Re: 3 kinds of ICOs — Protect yourself on: October 09, 2017, 01:43:34 PM
Kyber brags that one of its benefits is that it doesn’t hold the users’ tokens. Therefore, the tokens won’t get hacked or stolen. They are implying that if they hold tokens, the tokens can get hacked or stolen.

Then they say that they guarantee high liquidity by “holding reserves of all tokens in the network” that users may want. They would need to hold TONS of tokens to guarantee high liquidity. By holding tokens, these tokens can get hacked or stolen, according to Kyber.

Their business model is completely flawed.

In regards to CombiCoin, their pitch is that you reduce risk by diversifying. However, they increase risk for you because they have your money and you have to believe that it’s backed by other coins. Tether is doing this already, except they back up Tether with USD.  There is already talk that Tether is not backing up their coin with sufficient USD. You’ll never know for sure that CombiCoin’s TRIA is backed up by sufficient coins. Instead, if you went out and bought the other coins on your own, you’ll never need to believe anyone’s claims.
113  Alternate cryptocurrencies / Altcoin Discussion / Re: Investing in ICO, still promising? on: October 09, 2017, 04:11:56 AM

It's promising but you really have to do your homework. A lot of scams out there, you can't rely on anything that you see advertised on Google Adwords or Redit for example. In the future much more research will need to be taken, with an increase number of ICOs the market will not be able to make every scam succeed like is currently happening.

Yes there are scams, but the majority are crap. There are 3 kinds of ICOs. Read:  https://bitcointalk.org/index.php?topic=2243157
114  Alternate cryptocurrencies / Altcoin Discussion / Re: What's the Worst ICO You've Ever Seen? on: October 09, 2017, 04:04:23 AM
All of these dentist coins, I mean what the hell. Why does a dentist need a blockchain, what a stupid idea and ICO proposal.

Reminds me of CARTAXI, which claims that towing cars need a blockchain.  I'm waiting for an ICO that thinks Santa Claus needs a blockchain.

https://bitcointalk.org/index.php?topic=2243157
115  Alternate cryptocurrencies / Altcoin Discussion / Re: WHAT is ICO on: October 09, 2017, 03:49:42 AM
There are scams, but I don't think 99% are scams. The majority are just bad and will likely fail. Read:

3 Kinds of ICOs - Protect Yourslef
https://bitcointalk.org/index.php?topic=2243157
116  Alternate cryptocurrencies / Altcoin Discussion / Re: ICO scams being launched through bot-posting forum threads. on: October 09, 2017, 03:13:27 AM
I saw the animated star constellation on multiple ICO websites. They must be using the same graphic designer, or maybe the ICOs are being run by the same person or people.

If you're evaluating ICOs, read:

3 Kinds of ICOs - Protect Yourself
https://bitcointalk.org/index.php?topic=2243157
117  Alternate cryptocurrencies / Altcoin Discussion / Re: MAGOS - Project SCAM on: October 09, 2017, 02:59:48 AM
Read:

3 Kinds of ICOs - Protect Yourself
https://bitcointalk.org/index.php?topic=2243157
118  Alternate cryptocurrencies / Altcoin Discussion / Re: 3 kinds of ICOs — Protect yourself on: October 09, 2017, 12:32:22 AM
Change Bank wants to issue a debit card, which Monaco, TenX and Centra are doing as well.

There might be enough of a market for multiple debit cards. However, the number of people who will put their coins in a bank or any centralized place, is questionable. According to this poll, the majority of people do not agree with the idea "Bitcoin bank":

https://bitcointalk.org/index.php?topic=1652815.2160

Andreas Antonopoulos recommended that you should never leave your coins at an exchange, because you are creating a honey-pot for hackers or employees to steal. By putting your coins in a bank, you are creating a honey-pot.

Also, Change Bank lies about their team. Their “Blockchain Expert” worked as an Inside Sales Rep until 1.5 months prior. Their “Blockchain Developer” never developed anything related to blockchain before.

Also, banking and insurance are very complicated businesses. None of the people on Change-Bank's team have experience in banking or insurance, with the exception of their administration person who did administrative work at a bank.
119  Alternate cryptocurrencies / Altcoin Discussion / Re: 3 kinds of ICOs — Protect yourself on: October 08, 2017, 12:57:19 PM
Everyone congratulating the OP for a great post. Lol


Sorry to burst the bubble but you know all ICOs will soon very very likely be banned globally. They all breach basic securities law. You cannot advertise the sale of a security. It's on the books in international law. Dump all the tokens you have they are soon to become worthless.

This is a very good point.  Avoid any ICO that tells you that you are making an "investment" or that you will make money, a "return" or "dividend" or that the value of the token/coin will go up.  These ICOs will be on top of the list for regulators, if they decide to come after them.

It's questionable if the new token will be deemed a security if the team sufficiently warns the buyer that the token has no value and that the buyer can lose all of his/her money.
120  Alternate cryptocurrencies / Altcoin Discussion / Re: 3 kinds of ICOs — Protect yourself on: October 07, 2017, 10:50:38 PM
Ambrosus doesn’t make sense.  Why do we need a new altcoin to record the history of products?  Even if you record the history of products on the blockchain, how do you know the data is accurate?  How can you trust the inputters of data?  How do you know it isn’t put in by the manufacturers, who will exaggerate or lie?  This sounds like another project trying to put the kitchen sink onto the blockchain.
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