Chesscoin ICO .... Stay away!

[letsplayagame]

Without question this is a horrible idea. The ICO model is extremely greedy and development is focused on ideas that will not work. Any online chess tournament with significant prizes will attract bots strong enough to beat the best players in the world.

No evidence of Chess DAPPs ideas of any value have been presented. I see lots of buzzwords and zero substance.

Stay away!

There are thousands of chess games played online everyday. Enthusiastic chess players spend a lot of time playing chess without any achievement. Many chess softwares and websites have built up modern platforms for chess players to fight against computer and human or to join online tournaments in all formats which are the same as authentic tournaments. The difference between those two tournaments is that online players just receive virtual medals without any material value. If there is a game-based platform in which chess players are paid whenever they win a game or a tournament, it would be great chances for millions of people whose dreams are to play chess for real award. That platform which is based on an advanced  prize delivering system will hold both amateur and professional tournaments in all levels. Accompany with the quick development of blockchain technology, that platform will eventually come true. We, the men who are enthusiastic in both chess and cryptocurrency have been working hard to build up a Blockchain based Chess Dapp or Decentralized Chess Playing Platform which is fueled by a cryptocoin, named ChessCoin.

   

    

ChessCoin Specifications

   

    Coin name: ChessCoin
     Coin Ticker: CHESS
     Algorithm: Scrypt
     Type: Hybrid PoW/PoS
     PoW lasts for 4096 Blocks
     PoS works from beginning.
     Block reward: 64
     Target spacing: 64 seconds    
     Max supply: 74.666.667
     Premine percent: 64%
     Premine amount: 48.000.000
     Min stake time: 2 hours
     Coinbase maturity: 32 blocks

Premine is used for ICO to raise fund for further development of ChessCoin based Dapps. PoW which lasts not too long (4096 blocks) is for stabilizing and securing ChessCoin network at the early phase. 32% anual stake reward would not be high because this will encourage ChessCoin investors to hold it for long term. One another important thing is that an impressive PoS reward will be more attractive to chess community. The more people join in , the more value ChessCoin will increase.

[ArticMine]

So this is a blockchain implementation of the Fool's Mate, https://en.wikipedia.org/wiki/Fool%27s_mate, where those who buy this coin are on the receiving end of the mate.

[jjacob]

I agree that it looks like a 'scammy' idea.
You don't have any bitcoin based chess tournaments right now, only because it is very difficult to prevent online cheating.

[insidertradingeverywhere]

Without question this is a horrible idea. The ICO model is extremely greedy and development is focused on ideas that will not work.

something all these icos have in common because if you had something that would work you would release it without presale because that would be the road to success, everyone knows that. So ICO = scam or broken product by default

Not 99% but 100% of icos are cashgrabs but most you people only notice when quality is through the basement already.

I just very quickly look over the text. "Premine 64%" it hurts my eyes. If i would see something like that i'd close the tab in less than a second.

[ICOcountdown.com]

If it's not on http://icocountdown.com don't trust it. 

[Nick70001]

If it's not on http://icocountdown.com don't trust it. 

Haha nice plug. It must be a scam

[Isolani159]

Without question this is a horrible idea. The ICO model is extremely greedy and development is focused on ideas that will not work. Any online chess tournament with significant prizes will attract bots strong enough to beat the best players in the world.

No evidence of Chess DAPPs ideas of any value have been presented. I see lots of buzzwords and zero substance.

Stay away!

There are thousands of chess games played online everyday. Enthusiastic chess players spend a lot of time playing chess without any achievement. Many chess softwares and websites have built up modern platforms for chess players to fight against computer and human or to join online tournaments in all formats which are the same as authentic tournaments. The difference between those two tournaments is that online players just receive virtual medals without any material value. If there is a game-based platform in which chess players are paid whenever they win a game or a tournament, it would be great chances for millions of people whose dreams are to play chess for real award. That platform which is based on an advanced  prize delivering system will hold both amateur and professional tournaments in all levels. Accompany with the quick development of blockchain technology, that platform will eventually come true. We, the men who are enthusiastic in both chess and cryptocurrency have been working hard to build up a Blockchain based Chess Dapp or Decentralized Chess Playing Platform which is fueled by a cryptocoin, named ChessCoin.

   

    

ChessCoin Specifications

   

    Coin name: ChessCoin
     Coin Ticker: CHESS
     Algorithm: Scrypt
     Type: Hybrid PoW/PoS
     PoW lasts for 4096 Blocks
     PoS works from beginning.
     Block reward: 64
     Target spacing: 64 seconds    
     Max supply: 74.666.667
     Premine percent: 64%
     Premine amount: 48.000.000
     Min stake time: 2 hours
     Coinbase maturity: 32 blocks

Premine is used for ICO to raise fund for further development of ChessCoin based Dapps. PoW which lasts not too long (4096 blocks) is for stabilizing and securing ChessCoin network at the early phase. 32% anual stake reward would not be high because this will encourage ChessCoin investors to hold it for long term. One another important thing is that an impressive PoS reward will be more attractive to chess community. The more people join in , the more value ChessCoin will increase.

Poorly thinking of a Chess Grandmaster.
No matter where the ChessCoin's project will go.
It will help widespread Chess games to the world of cryptocurrency. I guest this is also your purpose when you appear here.
This has been the first project ever introducing Chess into this big forum. Then its efforts deserve a Bravo instead of damn.

[insidertradingeverywhere]

truth is you can't compete with chess.com with that garbage-coin.

[aioc]

truth is you can't compete with chess.com with that garbage-coin.

Of course they know that but I don't think they are here to compete but to complement the world of chess,let's give it a chance ,the fund is on escrow,they are doing a legit campaign i'm watching this campaign we don't know how will it goes.maybe this so called grandmaster are pissed off because he is now the first one who thought this idea..

[LegitPoker]

maybe have site that welcomes bots? Make it for the programmers and let them compete vs eachother. (maybe get lots of stailmates and just take rake)

[jjacob]

maybe have site that welcomes bots? Make it for the programmers and let them compete vs eachother. (maybe get lots of stailmates and just take rake)

Stalemates are not the result when computers play against each other. The stronger engine usually wins.
In any case, bitcoin can be used to fuel any platform. You don't need an alt.
I suspect it will turn out just the way  letsplayagame predicted.

[letsplayagame]

There are far too many red flags to ignore:

1. Greedy ICO model with trading happening on Yobit before ICO has ended
2. Social media signature campaign, and strange relationship with BellaCoin while ICO is still running
3. ICO funding page and BCT announcement are very unprofessional. No evidence they have the competence to create a site similar to chesscube.com as they claim: https://bitcointalk.org/index.php?topic=1510517.100
4. Anonymous or pseudonymous online chess tournaments with significant prizes will not work due to the strength of chess engines today
5. Even if they could build the chess playing platform they describe, Chesscoin would add no value. Bitcoin would work just as well. BTC network effects are far more important that any chess "branding" of a cryptocurrency
6. You will not find one well known chess player, tournament sponsor or chess website to endorse Chesscoin.
7. This project is appears solely designed to make money for its "developers" and will do more harm than good for the reputation of cryptocurrency within the chess community

https://twitter.com/ChessBTC/status/749981017310695424

[letsplayagame]

Stalemates are not the result when computers play against each other. The stronger engine usually wins.

Draws (without stalemate) are the most common result in high level chess. This is even more true for computers than humans, simply because computers make fewer mistakes.

In any case, bitcoin can be used to fuel any platform. You don't need an alt.

I agree.

[ivan1975]

There are far too many red flags to ignore:

1. Greedy ICO model with trading happening on Yobit before ICO has ended
2. Social media signature campaign, and strange relationship with BellaCoin while ICO is still running
3. ICO funding page and BCT announcement are very unprofessional. No evidence they have the competence to create a site similar to chesscube.com as they claim: https://bitcointalk.org/index.php?topic=1510517.100
4. Anonymous or pseudonymous online chess tournaments with significant prizes will not work due to the strength of chess engines today
5. Even if they could build the chess playing platform they describe, Chesscoin would add no value. Bitcoin would work just as well. BTC network effects are far more important that any chess "branding" of a cryptocurrency
6. You will not find one well known chess player, tournament sponsor or chess website to endorse Chesscoin.
7. This project is appears solely designed to make money for its "developers" and will do more harm than good for the reputation of cryptocurrency within the chess community

https://twitter.com/ChessBTC/status/749981017310695424

I agree, it all looks very suspicious.

[letsplayagame]

https://twitter.com/ChessBTC/status/749981017310695424

Avoid Chesscoin. Tons of red flags:

1. Greedy ICO model with trading happening on Yobit before ICO has ended
2. Social media signature campaign, and strange relationship with BellaCoin while ICO is still running
3. ICO funding page and BCT announcement are very unprofessional. No evidence they have the competence to create a site similar to chesscube.com as they claim: https://bitcointalk.org/index.php?topic=1510517.100
4. Anonymous or pseudonymous online chess tournaments with significant prizes will not work due to the strength of chess engines today
5. Even if they could build the chess playing platform they describe, Chesscoin would add no value. Bitcoin would work just as well. BTC network effects are far more important that any chess "branding" of a cryptocurrency
6. You will not find one well known chess player, tournament sponsor or chess website to endorse Chesscoin.
7. This project is appears solely designed to make money for its "developers" and will do more harm than good for the reputation of cryptocurrency within the chess community

This is the same guy that bashed this project when it is just started but so far chesscoin has come a long way their is a guy in the Bigup community that keeps bashing the project and he ask 4 bitcoin just to stop bashing Bigup coin we are now seeing it maybe this guy will ask the dev for 10 bitcoin just to stop bashing this project..

I ask the community to give this guy a negative trust ..

I have never heard of Bigup coin and have not asked anyone for Bitcoin. If sharing my opinions about a potential scam results in a negative trust rating then I have no problem leaving Bitcointalk.

[khalized]

If it's not on http://icocountdown.com don't trust it. 

That doesn't imply anything! You might have not listed them maybe because they haven't paid you some comission! 

In general I will only trust those ICOs that are securely escrowed by a well known escrow provider.
In this case I don't trust Chesscoin for a cent!

[raphma]

these days, ICO always seems a bad investment... scams everywhere. no profissionals work with proper escrow, good  website and project details. i would prefer to do some dice rather than a ICO like this.

[fortunecrypto]

If it's not on http://icocountdown.com don't trust it.  

This site could be of help to investors but the word If it's not on http://icocountdown.com don't trust it is very misleading I have an investment on Chesscoin and so far the dev is delivering ..

Why would they trust and list any Ico here when you are not an authority of these kind of projects
so instead of paying you commission the dev should rather pay to develop a good coin than pay you ..

[ICOcountdown.com]

If it's not on http://icocountdown.com don't trust it.  

This site could be of help to investors but the word If it's not on http://icocountdown.com don't trust it is very misleading I have an investment on Chesscoin and so far the dev is delivering ..

Why would they trust and list any Ico here when you are not an authority of these kind of projects
so instead of paying you commission the dev should rather pay to develop a good coin than pay you ..

I do due dilligence on the projects.

Check the github, I don't even see a basic chessgame imbedded in the code.

https://github.com/coinforchess/chesscoin

Seems like a very simple clone

I have called many negative projects before all of them have came true: https://medium.com/@icocountdown/

I am not hating on it, good luck with the project.

[robelneo]

If it's not on http://icocountdown.com don't trust it. 

That doesn't imply anything! You might have not listed them maybe because they haven't paid you some comission! 

In general I will only trust those ICOs that are securely escrowed by a well known escrow provider.
In this case I don't trust Chesscoin for a cent!

If you go on the first page of Chesscoin on their announcement they hire Sebastian ju to manage the Ico
https://bitcointalk.org/index.php?topic=1102721 and so far the dev team is delivering what has been promise you can check chesscoin thread to verify all these..