I want to discuss why this project, SocialRemit, is a scam in hiding. Sorry in advance, I am not a jr. member and my images will not appear as images. Any link that says "imgur" is an image you can view.
SocialRemit (
https://socialremit.com is a project that seemed to be promising. They are in the business of tourist real estate - so, you buy the SREUR (SocialRemit Euro) token, they get your euro, they carefully with their advisers invest in real estate, and when they get their RoI (Return on Investment), you get yours. Sounds good, right? No flaws to be found, it sounds foolproof since real estate
typically increases in value over time and that, in return, would increase the value of the cryptocurrency.
More about the token. It is an ERC20 token, running on the Ethereum blockchain. You can view the smart contract at
https://pastebin.com/qYCKY8sN. It has a maximum supply of 300,000,000 tokens. SocialRemit's address here owns a large majority of the SREUR, as you can see at
https://etherscan.io/address/0x69449b9583eee836713a11a887db71330cbc49e7 - at the time of writing they own 243,924,995 SREUR. Also at the time of writing, the token has a declared value of 0.70EUR / 0.784USD according to SocialRemit (that is what they are selling it for on LAToken) but according to many users in their Telegram chat (
https://t.me/SocialRemit) the token is worth less than a US penny. The latest price on loex.io at time of writing is 100 satoshi, or 0.0097EUR / 0.011USD. As you can see, it is nowhere close to being worth a euro as promised.
Some more background is, SocialRemit has said the reason for the price being so low is due to their so-called "stability API" which they explain can be turned on and off and it affects the price with volatile effects. They have attributed that they turned it off to the fact that people are selling the tokens for such low prices.
https://imgur.com/Q3iPG42.pngNow, you may disagree with me, but I see a very large problem with that. It would be a very bad thing if a cryptocurrency author had the ability to directly affect the price like that (excluding halving and things like that) with the flip of a switch. SocialRemit is coming out, directly saying they have this capability (whether or not this is true, I will explain why it is sort of true shortly) and most people who invested in this token aren't batting an eye. Why? They are saying they can influence the price whenever they want to, which means this currency is NOT a decentralized one.
For those less technical, this is important to know.
An API is not an application. It cannot be switched on or off. An API stands for
application programming interface, and it is just that - an interface between the "main" application and the "requesting" application. For example, it is used by many cryptocurrency sites to get the latest price of coins and tokens from CoinMarketCap. (
https://coinmarketcap.com/api/)
An example API request to Google's YouTube API:
GET https://www.googleapis.com/youtube/v3/channels?part=contentDetails&mine=true
(from
https://developers.google.com/youtube/v3/sample_requests)
All APIs do is let an application talk to another application, and ask it for information. (Don't believe me? Read
https://medium.com/@perrysetgo/what-exactly-is-an-api-69f36968a41f) This fellow Telegram user explains it with some sass, and I like that:
https://imgur.com/Bx34tPx.pngNaturally, I was banned when I called them out on this fact.
https://imgur.com/QJbxCMC.pngSocialRemit is, somehow, influencing the price of their own token. See, I believe they are trying to get people to sell it back to them for very low prices, so that they can then raise the price and the people who originally sold may buy again at a higher price. What I find odd is one place they are selling says it is worth nearly one euro while another says it is worth practically nothing. How they are influencing the cost, calculating the prices, or who the hell is behind this and responsible for this whole pandemonium of a sale is unknown to me.
Let's talk team members. One recently died (RIP Doodran Rahim Shaker) according to the team on Telegram (which, the context was odd, see image below), but I cannot find anything online that says he passed away, so I assume it must have been recent. He was one of the few key team members with an online presence. Leonardo Andres Reyes Estevez, the owner, does not exist online whatsoever besides his business registrations and one photo of him. (
https://www.socialremit.com/assets/team_1.png) Grigory Wazin, or captainhook9999, is a Chinese man living in the Russian Federation and a developer for SocialRemit - he was earlier found to have been assuming another person's photo. Source:
https://bitcointalk.org/index.php?topic=5075610.0. Esteban Campmany Meca and Miguel Munoz can be heard on a radio program speaking in Catalan about another company VerifyCat Group ES MX at
https://www.youtube.com/watch?v=eWPjHKqvdgA. But these are the only key people I can find. The lack of presence online of the owner and the fact no team member ever appears in a video of any kind is concerning to me.
Context of Doodran's death was quite odd, almost to make people feel bad and stop questioning the company. They say the pause of some 30% thing was due to the death of him.
https://i.imgur.com/BhaOr9q.pngYou can view around 19 screenshots of user complaints and company responses at the Imgur album I created at
https://imgur.com/a/AzCLaxB, all from the Telegram chat.
I never invested in this project, but the tactics of the company have always been suspicious. What do you think?
