ICO for MONACO & TokenMarket - SHADY ICO - ​ ♦♦WARNING​ ♦♦

[kilo17]

Well here we have a Team that rushed to put together an ICO to beat Ten-X to the ICO and have screwed it up.

The Monaco Team and TokenMarket have crossed the line with adding additional Smart Contracts to the end of the ICO to take in more cash.

The original contract ended at about 17 minutes before the Website Timer.

The Team and Token Market lied to investors and said it was a "Technical Glitch" on the website.

The Monaco Team and Token Market issued another Smart Contract and restarted the ICO to get more investor funds that were trying to make the minimal Eth investment needed to obtain a Black Card

I think the original investors should have the option to have their funds refunded as we were not informed of a second contract in the original contract. I would guess that altering the terms of a contract without notifying investors is illegal in most places.  I know it would be a problem in the US where several members of Token Market reside.

If the Monaco Team is a stand up Team they will see their mistake and try to right it.

I have tried communicating with both TokenMarket and Kris from Monaco but the results were less than satisfying.

I'm Kris - the founder of Monaco. Just opened an account on Bitcointalk to answer all the questions you may have regarding our company and the token sale.
We'll be posting a thread shortly...

In terms of addressing the single most common question: why only 1 day notice. It's actually pretty simple. The single thing that pushed us to launch ahead of our original July schedule was a competitor running towards an ICO with a 90% same value proposition (FX+crypto). Our CFO was at an event at VISA Innovation Centre in Singapore on 11th of May, where he ran into another founder, who basically told him what they're working on and that their ICO is going to launch in June. We made a judgement call to finish working on our ICO within a week and launch, then spend the next 30 days to gradually build exposure and increase our brand awareness, so everyone has plenty of time to get to know us and do their due diligence.

Kris"

[kilo17]

[kilo17]

[BtcKing 1]

bounties ? anything ? 

[kilo17]

I have more stuff that I will post up tomorrow

[szfinx]

It became a red flag for me when they were referencing VISA on their website and after a few days they had to remove the VISA logo from the site and from the card.

Looks like it was a very good decision not to participate.

[TrissMerigold]

i also thinking about this , referencing VISA as main project would be need a bigger movement also they had shady bounty and shady manager who cant pay payment on time lol *cough* onegram , but well let see how this will be going , best of luck bounty hunters 

[CllickerQluicker]

why you warn about monaco after ico selling succes
if you want warn is good before ico selling

[john1010]

subscribed to this thread.. look interesting..

[Rodeo02]

why you warn about monaco after ico selling succes
if you want warn is good before ico selling

Yes it's too late to warn the investors not to invest right now because the ICO is finish it's just wasting time hope you make a warning earlier.

[kilo17]

why you warn about monaco after ico selling succes
if you want warn is good before ico selling

Yes it's too late to warn the investors not to invest right now because the ICO is finish it's just wasting time hope you make a warning earlier.

Unfortunately i didn't know they were going to add on a contract at the end of the ICO until after the ICO

[TrumpD]

why you warn about monaco after ico selling succes
if you want warn is good before ico selling

Yes it's too late to warn the investors not to invest right now because the ICO is finish it's just wasting time hope you make a warning earlier.

Unfortunately i didn't know they were going to add on a contract at the end of the ICO until after the ICO

Good job, It is up to the community to start holding these start ups to very high standards otherwise it would be the wild west all over again in crypto land. The only mechanism to fight scams are placing a high value on trust worthiness, absolute truth and integrity of those behind the projects.

[tokenmarket]

Hi,

I can tell you exactly what happened here if you care to listen.

The smart contract closed the crowd sale early - exactly 22 minutes early - owing to an error on the countdown timer.

It took exactly 10 mins to re-present the contract enabling the last 12 minutes of the crowd sale to continue as normal.

Why did we bother to do this? Because we told people the crowd sale would finish at a set time and we had a duty to deliver on that. if you have taken part in crowd sales before you will know there is always a spike in participation in the last few moments of the sale and if we had not delivered another contract  it is likely some people will have missed out on taking part.

It is good that you carry out due diligence and we always encourage it - we do the same with our clients before we take them on.

 

[emuLOAD]

IMHO the big mistake here was a lack of immediate communication and transparency.
I am obviously talking from the assumption that the ICO is legit and the team in good faith... if this is the case, communication is something that needs to happen more directly in a situation like this. It's all well and good to have a massive marketing campaign, but you need the skills and internal prep to react quickly and openly to any problem, not only from a technical standpoint.

You were never going to please everybody with this, BUT you could definitely have given a better impression.

[tokenmarket]

IMHO the big mistake here was a lack of immediate communication and transparency.
I am obviously talking from the assumption that the ICO is legit and the team in good faith... if this is the case, communication is something that needs to happen more directly in a situation like this. It's all well and good to have a massive marketing campaign, but you need the skills and internal prep to react quickly and openly to any problem, not only from a technical standpoint.

You were never going to please everybody with this, BUT you could definitely have given a better impression.

Thank you for your advice - we will take steps to ensure we communicate in a timely fashion in the future.

[kilo17]

Hi,

I can tell you exactly what happened here if you care to listen.

The smart contract closed the crowd sale early - exactly 22 minutes early - owing to an error on the countdown timer.

It took exactly 10 mins to re-present the contract enabling the last 12 minutes of the crowd sale to continue as normal.

Why did we bother to do this? Because we told people the crowd sale would finish at a set time and we had a duty to deliver on that. if you have taken part in crowd sales before you will know there is always a spike in participation in the last few moments of the sale and if we had not delivered another contract  it is likely some people will have missed out on taking part.

It is good that you carry out due diligence and we always encourage it - we do the same with our clients before we take them on.

 

Thanks for your response.  There are a few things left on the table.

1- Forget you screwed up on the Timer or Contract.  Do you agree that a Smart Contract holds the elements of an agreement between 2 parties?  If so, why is the original contract not being honored?

2 - If I buy a car and sign a contract for $20,000 at 10% interest and then do not like the terms 6 months later.  Do you think it is valid for me to White Out the interest rate and change it to 3%?  Would it stand up in court?

3 - Why the secrecy and lack of transparency?  

hint: if you decide to answer the above questions please think your answer out carefully...

[tokenmarket]

Hi,

I can tell you exactly what happened here if you care to listen.

The smart contract closed the crowd sale early - exactly 22 minutes early - owing to an error on the countdown timer.

It took exactly 10 mins to re-present the contract enabling the last 12 minutes of the crowd sale to continue as normal.

Why did we bother to do this? Because we told people the crowd sale would finish at a set time and we had a duty to deliver on that. if you have taken part in crowd sales before you will know there is always a spike in participation in the last few moments of the sale and if we had not delivered another contract  it is likely some people will have missed out on taking part.

It is good that you carry out due diligence and we always encourage it - we do the same with our clients before we take them on.

 

Thanks for your response.  There are a few things left on the table.

1- Forget you screwed up on the Timer or Contract.  Do you agree that a Smart Contract holds the elements of an agreement between 2 parties?  If so, why is the original contract not being honored?

2 - If I buy a car and sign a contract for $20,000 at 10% interest and then do not like the terms 6 months later.  Do you think it is valid for me to White Out the interest rate and change it to 3%?  Would it stand up in court?

3 - Why the secrecy and lack of transparency?  

hint: if you decide to answer the above questions please think your answer out carefully...

Please can you explain what you mean by 'why is the original contract not being honoured?' -   I am trying to understand what it is that you are unhappy about so I can hopefully shed some light on the situation

[kilo17]

Hi,

I can tell you exactly what happened here if you care to listen.

The smart contract closed the crowd sale early - exactly 22 minutes early - owing to an error on the countdown timer.

It took exactly 10 mins to re-present the contract enabling the last 12 minutes of the crowd sale to continue as normal.

Why did we bother to do this? Because we told people the crowd sale would finish at a set time and we had a duty to deliver on that. if you have taken part in crowd sales before you will know there is always a spike in participation in the last few moments of the sale and if we had not delivered another contract  it is likely some people will have missed out on taking part.

It is good that you carry out due diligence and we always encourage it - we do the same with our clients before we take them on.

 

Thanks for your response.  There are a few things left on the table.

1- Forget you screwed up on the Timer or Contract.  Do you agree that a Smart Contract holds the elements of an agreement between 2 parties?  If so, why is the original contract not being honored?

2 - If I buy a car and sign a contract for $20,000 at 10% interest and then do not like the terms 6 months later.  Do you think it is valid for me to White Out the interest rate and change it to 3%?  Would it stand up in court?

3 - Why the secrecy and lack of transparency?  

hint: if you decide to answer the above questions please think your answer out carefully...

Please can you explain what you mean by 'why is the original contract not being honoured?' -   I am trying to understand what it is that you are unhappy about so I can hopefully shed some light on the situation

The contract that expired is what I am calling the Original Contract.  That contract has the details of the Token Distribution, the sale timeframe etc in it.  Nowhere does it state that additional contracts will be made to lengthen the ICO to accumulate more funds.  The Original Contract is the agreement between Monaco and its Investors.

No one that agreed to the Original Contract Ok'ed the second contract to add more tokens to the distribution or more time to the ICO.  

In short, ALL of the investors of the Original 30 day Contract made an agreement with you that the ICO would end at the time it did in that contract and that ONLY the tokens made in that timeframe.  You have broken that contract.


To put it another way, why can't we reset the original 150 tokens/eth?  I invested the last day and only got 120/eth, I missed the deadline so we should roll it back to the beginning and add the 13 minutes so I can get the extra 30/eth.  That is what you are doing when you reset the clock on the contract.  It is just plain wrong.

[housebtc]

Those guys will surely end up in jail, it is just a matter of time before security people enter the space and the first to flip on others will get fair sentence,

[2bfree]

I'm glad I skipped that one!