GetGemz was it a 1.2 Million USD ICO scam? or is there some hope for gg owners?

[Spoetnik]

http://m.imgur.com/a/NJnmv

http://m.imgur.com/a/06oV6

PayKey's banking partners should learn where Daniel stole his money from.

They might think twice about doing business with him.

Yup i agree this should be looked into.. anyone have the contact info ?

PS:
I never seen a legit ICO ever.
And i have given a huge pile of reasons why they are ALL scammy.
The fact you all NEED to make money does not make them legit.

Don't even bother crying decentralization then carrying on defending a 100% premined scam coin concept.
That would make you fucking hypocritical idiots.

This is not Kickstarter with their own set of rules.

This is not the Stock Market where you are trading stocks either.
Who in Crypto did time for insider trading ? no one ..ever.

Your cloned and slightly modded GPL open source code on a centralized gov controlled server called Github is not a company using an ICO for company funds either.

If you defend ICO's then you are scammy.
It makes you full of shit and a greedy silly little hypocrite.

[1714474924]

1714474924

[1714474924]

1714474924

[kame]

You can't just say all ICO's are a scam....its a retarded view not worth responding to why its wrong.

Getgems because they were a registered company I still say there is potential for litigation.

snip

Often I hear Daniel graduated from law firm that he should well prepared.

Does't matter in business world.

He must see his credibility straight forward that typical business runs based on "trust" and if he want to deal with THE BANKS, lack of transparency is meaning of termination of business with THE BANKS. Oh yes, particularly for THE BANKS. THE BANKS got to be respect to local regulations such as FISC in Japan. When THE BANKS recognize the registered company of GG has lack of transparency, moreover, most likely a SCAM, THE BANKS will silently withdraw business with Daniel.

Even Daniel (or David) shut down the GG OP, they can not escape. It will be even an evidence that Daniel and his company are very closed and smelly corporation which not suite to THE BANKS's reputation.

I am not crying that GG crypto become worthless coin. However, I can not just stand that such Daniel-like  business is still free in this crypt market although this community is contributing to cutting edge technologies - big potential to our further social society.

In short, if Daniel and his troopers keep silence to escape, we better act to Daniels's business partner/customer of THE BANKS what we concerns which will be same concern to THE BANKS.

We do not have tell them a lot. Just little facts are enough.

Or, may be somebody has already done - paykey.com site is no updates for long already, I have not. 



   

[lawsonvl]

Or, may be somebody has already done - paykey.com site is no updates for long already, I have not. 

Actually, the site has just had an update: they removed Senior Advisor David R Allen from the staff page.

This is the same guy whose primary role in Getgems was to manipulate investors into thinking that everything was going great with the company. And after the coin went bust, continued to spread misinformation for months to stop people from learning the truth.

David R Allen hadn't been seen in Getgems channels for several months... until a user today spotted him trolling under a different account.

He's allegedly now using the name/photo of the dog that can be seen in his personal youtube account.

https://www.youtube.com/user/DramaGoof
 
Some artwork to mark the occasion

http://imgur.com/a/cb0UC

[cryptohunter]

Or, may be somebody has already done - paykey.com site is no updates for long already, I have not. 

Actually, the site has just had an update: they removed Senior Advisor David R Allen from the staff page.

This is the same guy whose primary role in Getgems was to manipulate investors into thinking that everything was going great with the company. And after the coin went bust, continued to spread misinformation for months to stop people from learning the truth.

David R Allen hadn't been seen in Getgems channels for several months... until a user today spotted him trolling under a different account.

He's allegedly now using the name/photo of the dog that can be seen in his personal youtube account.

https://www.youtube.com/user/DramaGoof
 
Some artwork to mark the occasion

http://imgur.com/a/cb0UC

Good to see some people are on this.

These guys were crazy to try to scam 1.2m when their real ids are known. They are basically tainted forever. I hope some who got stung bad will never let it drop. 

[lawsonvl]

Or, may be somebody has already done - paykey.com site is no updates for long already, I have not.  

David R Allen hadn't been seen in Getgems channels for several months... until a user today spotted him trolling under a different account.

He's allegedly now using the name/photo of the dog that can be seen in his personal youtube account.

https://www.youtube.com/user/DramaGoof
 
Some artwork to mark the occasion

http://imgur.com/a/cb0UC

Good to see some people are on this.

These guys were crazy to try to scam 1.2m when their real ids are known. They are basically tainted forever. I hope some who got stung bad will never let it drop.  

Like so many scams, GG likely started with honest intentions.

But once $1.2mil hit Daniel Peled's pocket, he quickly redefined his commitments to massively downgrade the product he had promised.

This allowed him to transfer the bulk of his money, time and resources to PayKey.

By forming at least 3 companies (DMA, Getgems, PayKey), dragging things out over years, and tasking David R Allen to spread misinformation while he conveniently goes AWOL, Daniel has essentially gotten away with this scam.

One can only hope that PayKey's banking partners are aware that it was funded with stolen money.

[Spoetnik]

Agreed about the initial intentions.. which is why ICO's should not be used.
get it ?

[cryptohunter]

Or, may be somebody has already done - paykey.com site is no updates for long already, I have not.  

David R Allen hadn't been seen in Getgems channels for several months... until a user today spotted him trolling under a different account.

He's allegedly now using the name/photo of the dog that can be seen in his personal youtube account.

https://www.youtube.com/user/DramaGoof
 
Some artwork to mark the occasion

http://imgur.com/a/cb0UC

Good to see some people are on this.

These guys were crazy to try to scam 1.2m when their real ids are known. They are basically tainted forever. I hope some who got stung bad will never let it drop.  

Like so many scams, GG likely started with honest intentions.

But once $1.2mil hit Daniel Peled's pocket, he quickly redefined his commitments to massively downgrade the product he had promised.

This allowed him to transfer the bulk of his money, time and resources to PayKey.

By forming at least 3 companies (DMA, Getgems, PayKey), dragging things out over years, and tasking David R Allen to spread misinformation while he conveniently goes AWOL, Daniel has essentially gotten away with this scam.

One can only hope that PayKey's banking partners are aware that it was funded with stolen money.

They wont care... banks don't care until things go public. However, if this scandal was well covered in a few crytpo mags after paykey or any of this scammers other shit takes off big time. Then you will find he could become a pariah. This is the best you can hope for. Unless some lawyer smells blood and goes after him. Good though to see this is not being forgotten and this scammer is not totally out of the woods as yet. Great to see him and his kind brought to justice. Getgmz should still go down as a sizable scam in crypto that shouldn't be forgotten.

[lawsonvl]

https://www.paykey.com/#/team

Daniel doubled the size of his company.

Looking thru social media, it looks like he went on a hiring spree this summer.

But kept it a secret until election day.

Coincidental timing, I'm sure...

[collin_thompson]

There was rumours that the getgemz app was getting huge mobile app downloads, it seems it was completely faked however.

Yeah makes you wonder. I mean essentially the investors paid 1.6 million dollars for ....well ..not much.

Seems that funding was diverted off to his own private project. I'm hoping that becomes a large success so there is a big incentive for legal measures to be taken against them.

Another reason ALL ico funds should be held by escrows and released to them gradually as milestones are reached.

Escrow is definately needed, we need more people to vet the projects. I try my best, general rule I have now is that it is not to be trusted if it's not on my site.

hahahaha, good rule Alex. I met the guy about a year ago what he told me is that they are "pivoting" into paykey so i think the entity that controls, or received the coins, is still connected to the original supporters. But it kinda sucks that he went dark like that. I find it ironic though that anonymity is so prized until shit goes down and then everyone wants to know who you are. There are a core group of guys that are now putting out some really good ICO rating briefs that are really helpful, and it seems like there is a standard model being organically formulated. I for one would like to see vesting, and some sort of "social contract" with the investors so there is more incentive to see a project through or be transparent with the reporting. I think people are ok when things don't work out. They just wanna be kepp in the loop and not dodged.

[cryptohunter]

https://www.paykey.com/#/team

Daniel doubled the size of his company.

Looking thru social media, it looks like he went on a hiring spree this summer.

But kept it a secret until election day.

Coincidental timing, I'm sure...

interesting ...perhaps he will be reopening the getgemz thread and bringing this new team back to work on this project?

If not why not?  where did he get the funds to hire this new team? getgemz ico funds?

[lawsonvl]

https://www.paykey.com/#/team

Daniel doubled the size of his company.

Looking thru social media, it looks like he went on a hiring spree this summer.

But kept it a secret until election day.

Coincidental timing, I'm sure...

interesting ...perhaps he will be reopening the getgemz thread and bringing this new team back to work on this project?

If not why not?  where did he get the funds to hire this new team? getgemz ico funds?

PayKey CTO Markovich Offer explained the situation in chat last month:

Getgems' $800k was a reward for "completing" the milestones.

The money was not actually intended for GG's development/operating costs; it was simply a payment for work completed.

The ongoing costs of GG were to be met by revenue from the Attention Economy.

Since the reinterpretation of the AE (ad channel) has proven to be a complete failure, the project cannot pay for itself.

Thus, the project is on life-support.

....

We can summarize the scam quite easily now:

1. Present the funds as a reward.

2. After funding, redefine the conditions to make the reward vastly easier to collect.

3. Keep most of the reward as income, rather then spend it on the project.

4. Move company resources to a different project where the reward is ultimately spent.

 

[cryptohunter]

https://www.paykey.com/#/team

Daniel doubled the size of his company.

Looking thru social media, it looks like he went on a hiring spree this summer.

But kept it a secret until election day.

Coincidental timing, I'm sure...

interesting ...perhaps he will be reopening the getgemz thread and bringing this new team back to work on this project?

If not why not?  where did he get the funds to hire this new team? getgemz ico funds?

PayKey CTO Markovich Offer explained the situation in chat last month:

Getgems' $800k was a reward for "completing" the milestones.

The money was not actually intended for GG's development/operating costs; it was simply a payment for work completed.

The ongoing costs of GG were to be met by revenue from the Attention Economy.

Since the reinterpretation of the AE (ad channel) has proven to be a complete failure, the project cannot pay for itself.

Thus, the project is on life-support.

....

We can summarize the scam quite easily now:

1. Present the funds as a reward.

2. After funding, redefine the conditions to make the reward vastly easier to collect.

3. Keep most of the reward as income, rather then spend it on the project.

4. Move company resources to a different project where the reward is ultimately spent.

 

Even if they squeeze out it legally (which hopefully they wont if paykey takes off and becomes large enough to entice some legal firm to take a shot at them using gg funds for their new project) it is possible here to hound them and give them enough bad press that you can cause some damage to their new project. Either way they should not be allowed to provide such a blatant rip off/modification of already existing software for 1.2 M dollars.

Also i notice many of the main shills for this coin have gone quiet. I would hope they are not complicit and dumped out before the end came. Makes you wonder why they are not more bothered by this since apparently they had most of their crypto portfolio tied up in this scam.

[Shiroslullaby]

These guys were crazy to try to scam 1.2m when their real ids are known. They are basically tainted forever. I hope some who got stung bad will never let it drop. 

I'll gladly send anyone my real ID info if they send me 1.2 million dollars.
That is definitely enough money to move somewhere and start a new life.
Feel free to send Bitcoins to:
1QBFfxcpBSvzvtTFwu2uRV71Y3ENSV5oG4

[lawsonvl]

Also i notice many of the main shills for this coin have gone quiet. I would hope they are not complicit and dumped out before the end came. Makes you wonder why they are not more bothered by this since apparently they had most of their crypto portfolio tied up in this scam.

The scam is like a giant filter, working its way through a bellcurve of intelligence.

Out of 1250 ICO buyers, the smart and rational got out early; the naive and deluded held until the end.

I suspect most of the diehard loyalists were real investors. (I've also chatted with many of them in the app.)

They defended the scam mostly by attacking its critics. That's all they could do, since the app was clearly terrible.

Most scam victims feel shame, not anger, and that's exactly what scammers count on to make their escape.  

It doesn't surprise me then that perhaps only 1-2 loyalists have reversed their support publicly, and none after the coin delisting.

Adding to this, Daniel tasked David R Allen to spread misinformation in the wake of GG's demise.

That is, David's sole job was to manipulate the folks at the very bottom end of this bellcurve. Not a particularly challenging job...

[cryptohunter]

Also i notice many of the main shills for this coin have gone quiet. I would hope they are not complicit and dumped out before the end came. Makes you wonder why they are not more bothered by this since apparently they had most of their crypto portfolio tied up in this scam.

The scam is like a giant filter, working its way through a bellcurve of intelligence.

Out of 1250 ICO buyers, the smart and rational got out early; the naive and deluded held until the end.

I suspect most of the diehard loyalists were real investors. (I've also chatted with many of them in the app.)

They defended the scam mostly by attacking its critics. That's all they could do, since the app was clearly terrible.

Most scam victims feel shame, not anger, and that's exactly what scammers count on to make their escape.  

It doesn't surprise me then that perhaps only 1-2 loyalists have reversed their support publicly, and none after the coin delisting.

Adding to this, Daniel tasked David R Allen to spread misinformation in the wake of GG's demise.

That is, David's sole job was to manipulate the folks at the very bottom end of this bellcurve. Not a particularly challenging job...

Although that is more than likely very true. This thread and others like it should be kept alive so that we do not forget these scammers and hopefully at some point in the future all obvious scammers like Daniel will be brought to justice.

It would be a great shame for people to forget and move on fully allowing these people to get away with it entirely.

Any new information that comes to light as to what he is doing now with the ICO funds should be added here for others to read about.

I wonder if there is any advancement with paykey?

[Number 1]

Any update on this?

[ignitiondefect]

Too bad GetGems didn't work out. The concept had elements that remain valid and interesting. I'm certain it wasn't intended as a scam. However, once it began to fail, there was a troubling lack of transparency and very possibly a major conflict of interest.

[Number 1]

Too bad GetGems didn't work out. The concept had elements that remain valid and interesting. I'm certain it wasn't intended as a scam. However, once it began to fail, there was a troubling lack of transparency and very possibly a major conflict of interest.

Intended as a scam or otherwise there is clear precedence for legal action. Throughout the initial  development of Paykey Daniel Pelegrín issued statements saying that Paykey was developed by GetGems. Perhaps I am jumping the gun and GetGems adopters will be rewarded on launch of Paykey. Paykey is still under development after all.

[nowclever]

Isreal devs are always scammers, getgems, 1.2M usd, AMP synereo, scammed 5M usd. Investors are noobs.

[cryptohunter]

seems one of the getgemz group is back with

coindash ICO ....