STORJ: Inexperienced Team, Poorly Managed ICO, No Transparency - No Confidence

[badenglishtea]

STORJ just concluded their ICO.

Terms of sale were clear. Investors would receive rate at time of receipt if paying in BTC/ETH. STORJ would convert BTC/ETH at conclusion of the sale. $30MM target total to be raised.

Except BTC/ETH rose during the sale, so STORJ changed the terms of the ICO mid-event. The target of $30MM was dropped and the STORJ team claimed the total progress bar was incorrectly calculating against CURRENT price, not INVESTMENT price. I guess STORJ thought nobody would care if they raised an extra $10MM at the expense of early investors.

The reason the progress bar was linked to market price was so that STORJ could still reach $30MM total had the price of BTC/ETH dropped. They covered themselves against a drop in price, and went for the cash-grab as prices rose.

Layer that with a total lack of community communication/engagement during the sale. There has been rampant speculation of STORJ playing with the numbers, to which there is no public statement.
It took three days for the STORJ team to let the community know that the reason the fundraising progress bar was dropping was because it was *incorrectly coded* to current price. Telling people there is only $1MM left and taking investments, then an hour later having the progress bar drop by $4MM, is almost fraudulent.

The STORJ team has been attacking community posters who are critical of process, then deleting comments. They are also responding to all complaints with ridiculous excuses; 'we have too few people to handle everything, which is why we need to raise money'.

The sale ended before it hit the $30MM target against the new investment price calculation. Somehow the sale went from $29.2MM to $30MM instantly?
After the sale ended they didn't even disclose totals or identify how they plan on managing the overflow of investment and investor distribution/burn plan.

I am pretty sure the entire STORJ team is running around the Consensus event instead of managing their project/ICO ..

The only way this project is going to be viable is with enterprise involvement.
This team is looking amateur at best, and incompetent at worse. Does anyone seriously think a team that is so unprepared for their own ICO could pitch and win enterprise business.

They can't even update their own website hours after the ICO ends predictably.

I am personally dumping if we get any post-ICO price boost; assuming exchanges will even list the new token based on the ICO.

[bathrobehero]

Also don't forget it was their second ICO.

"*incorrectly coded*" just like their storshare-gui client.

"dumping if we get any post-ICO price boost" - that's the plan for like everyone who gambles with ICOs.

$30M is a craaaazy amount of money, especially for a project this size.

[Quartx]

Not even part of the Storj team, but you certainly did not read the TOS or the specific details of the sale.

From the start, the terms were already set that tokens distributed would be based on btc or eth or altcoins exchanged at the time of payment

People like you would only complain when thinks doesnt go the way you want it to. You basically wants the price of eth or btc to remain stagnant instead of rising, because you now lost money in your previously held btc/eth stocks? Given that if btc or eth prices crashes after you made the token payment, I am pretty darn sure you would have reversed all your statements about how good the ico was.

Conversely, if token distributed was pegged to prices when token sale ends, you would still complain if somehow btc or eth crashes before the token sale ends, you would than complain about how you are receiving less tokens because of the price pegged to when token sale ends.

I agree that storj is poorly managed and has no transparency, therefore i propose to buy all your storj tokens bought in the sale at $0.01 cent per token, since storj would be worthless according to you anyway.

Investors are people who stick with their investments through thick or thin, like early bitcoin adopters, not people like you who treats icos like ponzis and gambles on getting quick returns only instead.

[Zer0Sum]

You can buy the tokens on Polo. The ICO just created more.

All tokens will be coverted or issued as ERC20 tokens in the Ethereum ecosystem...
This is a brilliant move by STORJ because it maximizes connections re: Metcalfe's Law 

[santaclaws]

Not even part of the Storj team, but you certainly did not read the TOS or the specific details of the sale.

From the start, the terms were already set that tokens distributed would be based on btc or eth or altcoins exchanged at the time of payment

People like you would only complain when thinks doesnt go the way you want it to. You basically wants the price of eth or btc to remain stagnant instead of rising, because you now lost money in your previously held btc/eth stocks? Given that if btc or eth prices crashes after you made the token payment, I am pretty darn sure you would have reversed all your statements about how good the ico was.

Conversely, if token distributed was pegged to prices when token sale ends, you would still complain if somehow btc or eth crashes before the token sale ends, you would than complain about how you are receiving less tokens because of the price pegged to when token sale ends.

I agree that storj is poorly managed and has no transparency, therefore i propose to buy all your storj tokens bought in the sale at $0.01 cent per token, since storj would be worthless according to you anyway.

Investors are people who stick with their investments through thick or thin, like early bitcoin adopters, not people like you who treats icos like ponzis and gambles on getting quick returns only instead.

Thanks for the explanation. I thought they were doing something fishy before I read this.

[Quartx]

You can buy the tokens on Polo. The ICO just created more.

All tokens will be coverted or issued as ERC20 tokens in the Ethereum ecosystem...
This is a brilliant move by STORJ because it maximizes connections re: Metcalfe's Law 

Each erc20 token issued will have one sjxc counterparty token burned.

No need tokens were created. The correct term is actually a coin swap, just that storj is selling some tokens they own to increase liquidity

[bathrobehero]

You can buy the tokens on Polo. The ICO just created more.

All tokens will be coverted or issued as ERC20 tokens in the Ethereum ecosystem...
This is a brilliant move by STORJ because it maximizes connections re: Metcalfe's Law 

Each erc20 token issued will have one sjxc counterparty token burned.

No need tokens were created. The correct term is actually a coin swap, just that storj is selling some tokens they own to increase liquidity

It is an ICO, regardless of the coinswap. It's a new coin with a significant portion auctioned off.

Asking huge amounts of money the second time is anything but brilliant.

[Cord]

You can buy the tokens on Polo. The ICO just created more.

All tokens will be coverted or issued as ERC20 tokens in the Ethereum ecosystem...
This is a brilliant move by STORJ because it maximizes connections re: Metcalfe's Law 

Each erc20 token issued will have one sjxc counterparty token burned.

No need tokens were created. The correct term is actually a coin swap, just that storj is selling some tokens they own to increase liquidity

It is an ICO, regardless of the coinswap. It's a new coin with a significant portion auctioned off.

Asking huge amounts of money the second time is anything but brilliant.

How so? They've now got 40M+ If they haven't sold off the coins for FIAT already,
Which is a massive ammount for development, marketing, new shit, etc
If anything the coin will skyrocket when STORJ token comes out becuase they're burning them at 1:1 rate and the devs will have less total supply owned

[whale123]

I agree that this project always seemed to be delaying things on purpose.

[Quartx]

Yea, I wholeheartedly agree with you. I mean there so many reasons why.

1. Storj doesnt hire people to trashtalk other icos or projects to spread fud
2. Storj doesnt require supporters to necropost in threads dead for 2 days old.
3. Storj definitely has lesser users than this bancor network you are promoting
4. Storj definitely cant beat your awesome non existent funding
5. Storj definitely does not have a working product.

Based on all the above reasons, I assume the ico you are promoting is paying you for necroposting in potential competitors fud threads?

Now lets talk serious allegations

I agree that this project always seemed to be delaying things on purpose.

Tell us all about the things you mention and how they were delayed won't you. Convince me that your statement is true with actual evidence.