Medicalchain (MTN) ICO just a pump and dump?

[staffnsnake]

I recently came across a project that purports to enable end users to access and allow permissioned access to their medical records for medical and paramedical pracctitioners stored on Power Ledger, but interfacing with apps built on Ethereum, to solve the problem of multiple copies of "siloed" medical records in different locations, so there would then be one true copy of their records.

There is a flashy whitepaper at https://medicalchain.com and a number of vids on YouTube. The videos are pretty flash.

This Reddit link provides some insights into the team leading the project:

https://www.reddit.com/r/icocrypto/comments/7osqs1/medicalchaincom_review/

They had a very strange way of running their ICO. They claimed that auditors had stated they needed to do KYC at the time of the fundraising, so they demanded pre-registration of interest in the ICO by 21st Jan, then the ICO began at 10:00UTC on Feb 01. Tens of thousands attempted to upload KYC at the same time. The team says they manually examined each of over 1700 files (out of 45,000 submitted in the first 2 minutes) and kept people waiting around 8 hours, all the while as their confirmation screens kept changing from completed to pending.

I tried to upload links to Imageshack but the editor deleted them.

Anyone who criticised the ICO process was kicked off their Telegram page and Twitter accounts.

Pre-ICO sales of the ERC20 token (MTN) were staggered, starting at around USD$0.10. The ICO price was $0.25.

A friend of mine has been keeping me up to date on the discussion on Telegram. They now make no mention of the project and are only talking about the 2.5x gain that pre-ICO investors will make.

The are listing on Huobi, gate.io and Kucoin on 05Feb 0300UTC. The dump will be interesting to watch.

Now please, do tell what we call a scheme that requires new members to invest in order to fund the gain of early adopters? From what I have seen and the way they have conducted themselves, Medicalchain looks like it make be one such scheme.

[TingCoin]

I recently came across a project that purports to enable end users to access and allow permissioned access to their medical records for medical and paramedical pracctitioners stored on Power Ledger, but interfacing with apps built on Ethereum, to solve the problem of multiple copies of "siloed" medical records in different locations, so there would then be one true copy of their records.

There is a flashy whitepaper at https://medicalchain.com and a number of vids on YouTube. The videos are pretty flash.

This Reddit link provides some insights into the team leading the project:

https://www.reddit.com/r/icocrypto/comments/7osqs1/medicalchaincom_review/

They had a very strange way of running their ICO. They claimed that auditors had stated they needed to do KYC at the time of the fundraising, so they demanded pre-registration of interest in the ICO by 21st Jan, then the ICO began at 10:00UTC on Feb 01. Tens of thousands attempted to upload KYC at the same time. The team says they manually examined each of over 1700 files (out of 45,000 submitted in the first 2 minutes) and kept people waiting around 8 hours, all the while as their confirmation screens kept changing from completed to pending.

I tried to upload links to Imageshack but the editor deleted them.

Anyone who criticised the ICO process was kicked off their Telegram page and Twitter accounts.

Pre-ICO sales of the ERC20 token (MTN) were staggered, starting at around USD$0.10. The ICO price was $0.25.

A friend of mine has been keeping me up to date on the discussion on Telegram. They now make no mention of the project and are only talking about the 2.5x gain that pre-ICO investors will make.

The are listing on Huobi, gate.io and Kucoin on 05Feb 0300UTC. The dump will be interesting to watch.

Now please, do tell what we call a scheme that requires new members to invest in order to fund the gain of early adopters? From what I have seen and the way they have conducted themselves, Medicalchain looks like it make be one such scheme.

I still do not sell tokens, I'm sure there is a lot of growth ahead of us. Why? See how the team approaches your project. On the first day they were sunk on 5 exchanges! They already provided the finished product! In the telegram they report on the work done. I believe that the project MTN is very successful!

[marktedraut]

It is definitely a pump and dump. I saw the red flag from the very beginning. I'd rather invest in smaller projects, whose potential seem limitless. One such example is AgroTechFarm - https://agrotechfarm.io. ATF enables automated Cannabis cultivation at home. ATF is a security token that strives to conquer three of the fastest growing markets - cannabis, organic food and blockchain. By joining the crowdsale investors will get 30% of the companies profits. Another great project is The Beat Token - Instead of letting computers mine new tokens, BEATs are earned by tracking sportive activities within the ecosystem. The algorithm to determine the exchange rate of the trading pair sports / BEAT will be shared among a wide range of partners. Can someone recommend me other such promising ICO's? Doesn't matter whether they're ongoing or upcoming.

[jeremycoinson]

It is definitely a pump and dump. I saw the red flag from the very beginning. I'd rather invest in smaller projects, whose potential seem limitless. One such example is AgroTechFarm - https://agrotechfarm.io. ATF enables automated Cannabis cultivation at home. ATF is a security token that strives to conquer three of the fastest growing markets - cannabis, organic food and blockchain. By joining the crowdsale investors will get 30% of the companies profits. Another great project is The Beat Token - Instead of letting computers mine new tokens, BEATs are earned by tracking sportive activities within the ecosystem. The algorithm to determine the exchange rate of the trading pair sports / BEAT will be shared among a wide range of partners. Can someone recommend me other such promising ICO's? Doesn't matter whether they're ongoing or upcoming.

Consider Cointed and Giftz.
Cointed - they stroke a partnership with VISA, Nvidia, and TAS Group. Together, they're launching Crypto ATMs all over Europe and are focusing on Green Mining. Very solid team, high ROI, well-written whitepaper.
Giftz - a loyalty rewards ICO, which brought Augmented reality into the blockchain with its partnership with BlockV. By purchasing tokens, one can actually win multiple awards (that's what happened with me, at least).
Thank me later.

[jacafbiz]

I was surprised the way they handled their ICO, just saw it on exchanges, I am not surprise by what has happened but there is need for these developers to start doing the right thing, investors are getting wiser this days and it will be wrong for someone to want to take them for a ride