XSPEC Spectrecoin - IS THIS 100% scam or what? AVOID

[cryptohunter]

This was distributed to a handful of people for 80sats

It has never dropped below 25 ish x ico price demonstration high collusion between insiders and whales.

This is rip off clone of SDC the first wallet had SDC plastered all over it.

If you post on their thread factual statements regarding observable events even giving them the benefit of doubt they delete it on the grounds of you requoting too much of post you are directly responding too.

If you repost it removing the requoting altogether they delete it again.

This project is a dangerous and shady insider scheme.

I had previously given them the benefit of the doubt since they claimed they only distributed the vast majority to a handful of people because everyone thought the project was a scam.

However now they have  started to delete all posts enquiring or stating facts about their narrow distribution and collusion/market making it makes it look even more like a premeditated scam coin. Lying about the reasons they delete the posts too.

I would like to get the exact distributional figures. Someone said 80% went to 6 people? is that the case?

[Westfiled]

Is this Project a scam? But it will definitely not true, Because the Project has raised a little amount in the crowdsale and the developers still actively develop the Project. A lot of people want to buy this coin caused by this can be a competitor for another Project such as komodo.

[harvw]

80% of the distribution did not go to 6 people. This is simply not true.

The reason it was only distributed to a handful of people is simply because the ICO did not raise enough interest and therefore not enough people contributed to the ICO. As with most projects and even with Bitcoin, it's only ever a handful of people who really see the potential in an innovative project and thus very few people invest in it in the early stages of development (which is why we're not all as rich as Roger Ver lol!). As Spectre becomes more and more popular inevitably distribution will be spread more evenly and we are already seeing this happen now.

Yes the coin was a fork from SDC just as Dash is a fork of bitcoin, PIVX is a fork of Dash, Aeon is a fork of Monero etc. but it has enhancements which include but are not limited to a TOR+OBFS4 layer for network privacy which is a feature SDC did not have.

I've had posts deleted from threads by Monero admins for posting exactly the same way you have described but I wouldn't call Monero a scam because of this.

The fact that it has not dropped below 25 times the ICO price is simply because more and more people like myself are recognising the value of the project and are investing it in for the long term. Even at its current market cap it is extremely undervalued relative to other privacy coins which is probably another reason why the price of the coin is still moving upwards.

In time you will begin to see the value of this project especially as it becomes the most popular and most widely used privacy coin of choice by those living in countries which block the use of TOR just like I only really began to see the value of bitcoin in 2015 even after I had heard a lot about it in 2011...

[puremage111]

This was distributed to a handful of people for 80sats

It has never dropped below 25 ish x ico price demonstration high collusion between insiders and whales.

This is rip off clone of SDC the first wallet had SDC plastered all over it.

If you post on their thread factual statements regarding observable events even giving them the benefit of doubt they delete it on the grounds of you requoting too much of post you are directly responding too.

If you repost it removing the requoting altogether they delete it again.

This project is a dangerous and shady insider scheme.

I had previously given them the benefit of the doubt since they claimed they only distributed the vast majority to a handful of people because everyone thought the project was a scam.

However now they have  started to delete all posts enquiring or stating facts about their narrow distribution and collusion/market making it makes it look even more like a premeditated scam coin. Lying about the reasons they delete the posts too.

I would like to get the exact distributional figures. Someone said 80% went to 6 people? is that the case?

Hello OP, require to explain more in details on why you think its a scam

I am not a ICO investor, but i bought it during months ago when i see how privacy coins tend to be popular with the anonymity features like PIVX, MONERO.

Just wanted to ask, is the reason why you name it a scam because

1) You mentioned the distribution is unfair during the ico when only few person bought it?

2) They are clone of SDC

3) They delete the post?

I am not sure what happen within you and the team and why they delete your post, but few things i can tell you as follow by the process within this few months

ICO price were just $0.001 because only $15,000 raised for the ICO
If you have join the slack, you would see the devs giving updates very frequently and he seems to be a very technical guy because i couldn't understand those technical terms


But one thing i don't agree with is your point (1), narrow distribution. Instead of calling that scam, we should say thats the past ICO crowdfunding method.

Currently all the ICO are doing for X price for X token for EG.
1 ETH : 200 Xcoin

Previously every ICO is done distribute proportional based on how much you invested
Amount of contribution / Total Amount

Don't think calling a project scam because of the distribution is appropriate, but your other point could be valid.


Anyhow, still i think perhaps you can join the slack to have discussion with the team, you would get your replies faster

Cheers!

[cryptohunter]

See how fun it is to delete people....

I have left replies that don't try to pass this off as a personal issue.

Now then anyone wishing to refute the points in the OP without making it about 1 person are free to do so.

My point is you can not have such a narrow initial distriubution without it leading to market making and collusion.

You can not have those same people who are colluding deleting factual points referring to real observable events that took place

You can not have them say there were deleted not to hide this but only because it uses to much space requoting posts you are replying to.

Then when you remove the requotes they still delete it.

Narrow initial distribution is the key thing you need  to stamp out.

People suggesting it is because one person missed the ico is laughable.

I am against all narrowly distributed projects because they are open to gross manipulation and collusion.

this is but one of them.

The only people trying to say this is not true are the people that own that coin.

The fact I have seen that they are trying to hide this fact and then make up lies that they delete posts because of some dislike for requoting posts you are replying to is very telling.

[cryptohunter]

A sensible reply.

Okay so let me respond.

I have said that all projects with a narrow inital distribution are very prone to collusion and manipulation.

This coin has one of the most narrow distributions ever - check it out.

The point you make about ethereum - now to compare. Eth was widely distributed for an ico  also it has a large pow phase.

The price of ethereum was for many months not far from ico prices. That is what you would expect to see.

WIth market making and collusion like this and Iota you will see the price never goes near ico prices it will immediately go to 25x then 100x and stay there.

On top of this when I am telling them that their main issue is the narrowly distributed start they start deleting my posts. Then i said why do that it looks like you have something to hide. Next they said we didnt delete it because of the content they did it because they dont like requotes in their thread (lol nobody else has ever had an issue with requoting what you are replying too)
Then i removed the requotes and reposted and they still deleted it.
They (the whales that own it all and those that control the thread) that there was a terribly narrow initial distribution for 80sats and they now after a few tweaks on a copy and paste of sdc want to ransom it off for 100x or 200x for what they paid for it.

the only person here defending it are holders of that coin.

there is nothing to defend I am simply stating what happened.... they like all scams like this try to pretend it is a personal issue.

start realising you can not make it a personal issue because I am stating exactly what has happened and those are observable events.

does not matter why the initial distribution was tiny - it leads to collusion and a centralised project.

Another stupid argument they put forth like other scams have said before. If you can distribute to all 9 billion person on earth then what does it matter if you distribute to 3 people or 3000.

Well obviously it is possible to get collusion between 3 than 3000 people.

I hear there is a new version of CMC coming out that will look and rate initial distribution because obviously that is the  key here to stoping insider manipulation.

[harvw]

Going by your logic then I guess we must also conclude that every other coin which has yet to hit a market cap of circa > 50 million must also be exposed to potential collusion and market making.

There is no single coin on CMC (including bitcoin) which has not started with an initially very narrow distribution.

Furthermore, Spectre is proof of stake, which therefore incentivises Spectre investors to hold their coins for the long term which inevitably leads to long term price stability and potential uptrend thus attracting more hodlers as a result.

This is not a get rich quick pump and dump POW coin, this is a long term project that has and will continue to try to produce some of the best innovation in privacy that crypto has even seen. It's a shame that you won't be a part of it.

[cryptohunter]

Going by your logic then I guess we must also conclude that every other coin which has yet to hit a market cap of circa > 50 million must also be exposed to potential collusion and market making.

There is no single coin on CMC (including bitcoin) which has not started with an initially very narrow distribution.

Furthermore, Spectre is proof of stake, which therefore incentivises Spectre investors to hold their coins for the long term which inevitably leads to long term price stability and potential uptrend thus attracting more hodlers as a result.

This is not a get rich quick pump and dump POW coin, this is a long term project that has and will continue to try to produce some of the best innovation in privacy that crypto has even seen. It's a shame that you won't be a part of it.

I'm sorry but this is the strangest comment I have ever seen. Your post is flawed on so many levels I don;t know where to start.

How can you compare bitcoins initial distribution (which is not even fully distributed after many years to thousands and thousands of people to one distributed fully in 5 seconds to a handful of people. Both are narrow? what is this logic you talk about??

This initial distribution you are obviously not comprehending. Means fully distributed initially the entire minting ... of course the initial coins or tokens have to go to someone in any form of distribution even POW.

LOL year the 5% pos will stop them manipulating the market at making 1000's of %

Pump and dump POW coin?? like btc you mean lol

Delete your account and save yourself the shame of reading this once you have even an elementary understanding of what a trustless decentralised currency should entail.

[harvw]

Bitcoin is a highly centralised operation especially in terms of the mining of new coins - ask Roger Ver and the rest of the Bitcoin Cash team!

From a manipulation point of view we have already witnessed such things happening with Bitcoin Cash due to a huge number of coins being in the hands of a few whales. Roger Ver already pretty much admitted to this on reddit!

How are the coins fully distributed if there is an inflation rate of 5% year on year?

FYI the ICO ran for 30 days not 5 seconds lol.

Sorry mate but you clearly have no idea about how markets work and its clear that you are bitter that you missed out on this project like so many others because you did not see the potential. Don't worry man I know how you feel, I missed out on Bitcoin in 2011 as well...

[cryptohunter]

Bitcoin is a highly centralised operation especially in terms of the mining of new coins - ask Roger Ver and the rest of the Bitcoin Cash team!

From a manipulation point of view we have already witnessed such things happening with Bitcoin Cash due to a huge number of coins being in the hands of a few whales. Roger Ver already pretty much admitted to this on reddit!

How are the coins fully distributed if there is an inflation rate of 5% year on year?

FYI the ICO ran for 30 days not 5 seconds lol.

Sorry mate but you clearly have no idea about how markets work and its clear that you are bitter that you missed out on this project like so many others because you did not see the potential. Don't worry man I know how you feel, I missed out on Bitcoin in 2011 as well...

Sorry Mate.

Let me make it more simple for you in terms of round easy to understand numbers that may illustrate the problem.

What is more decentralised distribute to 50000 people or 5 people - which would lead to more obvious collusion market making?

LOL at the 5% because the only people that get these are the people that already have the tokens. So how does that even help??

I am not bitter about your SDC clone just with the most narrow distribution of any of the tokens on here.

Here is another challenge to you other than understanding the elementary math which I have provided here.

Show me 5 other projects that have a more terrible/narrow initial distribution than xspec? this is a challenge. Bring me them here.

I mean if you can even bring me 3 others I will be impressed.

If you can not ..then you clearly have illustrated this is one of the most narrow and terrible distributions of ALL the projects here. It will never attain a trustless/decentralised status.

I'll await your list.

[mandica]

I can tell you that there were 63 entries for the ICO and not 6 or 8. Yes, I know 63 is a small number, but that was largely due to endless FUD and scam allegations. At this stage I believe that we have proved that we are moving away what SDC was trying to achieve and as SDC is dead in either case that really doesn't matter anymore. Most coins are clones of other coins but this has been debated ad nauseam. We are moving towards the release of Spectre 1.4 and with updated cryptography, improved ring signatures and a new GUI and other bug fixes we are carving out a path of our own. We have managed to raise funding and hired programmers and we will develop this project further. We are as transparent as we can be and this is clearly not a scam.

ED: Also, there have been more than 2000 downloads of the wallet from GitHub, I'll get the exact number, so distribution is happening slowly and the coins are spreading. It will take some time but it will happen. I do not think that you can shout scam due to a narrow distribution only when we are doing serious work on the code.

[CrazyCreeptonaut]

Not a scam, i am following their progress and they are working and community even raised more funds lately to pay the developer to keep working on it more...

[vovannovig]

For me, this is the most reliable community and the project because anyone can communicate with the creator and programmers, solve problems and you all participate in the development.
We have a dialogue that is very important !!!

[srqrebel]

I missed the ICO by several months, and was still able to pick up a generous supply of XSPEC at ridiculously undervalued prices.  The coin has undergone two major price surges since then, and even though it is currently off its recent highs (like most of the cryptocurrency sector), my investment in this coin has proven to be a winner so far.  Add to that the fact that this coin has an honest, dedicated, and focused dev and management team, who have overcome a series of obstacles to keep on steadily developing this coin according to the roadmap, and you are going to have a real hard time convincing me that it's a scam.

If there were any credible evidence of this being anything other than a serious and honest effort to develop a superior anon coin and peer-to-peer trading platform, I would sell my coins, right now, at a handsome profit.  But there is no such evidence at all, cryptohunter's completely unfounded and unsupported assertion that "it will never attain a trustless/decentralised status" notwithstanding.

Weakest and most transparent FUD attempt ever.

[cryptohunter]

I missed the ICO by several months, and was still able to pick up a generous supply of XSPEC at ridiculously undervalued prices.  The coin has undergone two major price surges since then, and even though it is currently off its recent highs (like most of the cryptocurrency sector), my investment in this coin has proven to be a winner so far.  Add to that the fact that this coin has an honest, dedicated, and focused dev and management team, who have overcome a series of obstacles to keep on steadily developing this coin according to the roadmap, and you are going to have a real hard time convincing me that it's a scam.

If there were any credible evidence of this being anything other than a serious and honest effort to develop a superior anon coin and peer-to-peer trading platform, I would sell my coins, right now, at a handsome profit.  But there is no such evidence at all, cryptohunter's completely unfounded and unsupported assertion that "it will never attain a trustless/decentralised status" notwithstanding.

Weakest and most transparent FUD attempt ever.

I no longer care about this project I have seen far worse projects scamming far harder.

Although because you do not grasp my assertion mean that it is unfounded. It simply means you do not understand.

It is simple - you can not go from a state that requires trust (ie that a handful of persons will not collude and market make perhaps even be in a position to perform attacks based on owning such a large share (this last one may not apply to xspec)  to a state of trust.

Anyway I lock this thread now since I have no more time for xspec right now. It seems less of a probable scam than many others although I stick to my ASSERTION that this is in the top 5 of most narrowly distributed  projects of all time on this board.  If narrow distribution is not a problem for you then go with it but it can never truly be called a decentralised trustless project now.

Then again neither can most of the ico project here either.

I can't have the thread littered with false information and nonsense from people holding this coin. The search box will bring up the thread if people are researching it and they will have to do their own research and make up their own mind.

[sirsplashalot]

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A reply of yours, quoted below, was deleted by the starter of a self-moderated topic. There are no rules of self-moderation, so this deletion cannot be appealed. Do not continue posting in this topic if the topic-starter has requested that you leave.

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Quote
The argument was between the OP and myself. I apologise to the Spectre community for having caused this person enough anger to have posted this.

Simply put,

It is very safe to say this is NOT a scam, seeing as the developer has ALREADY released the update by which NO other Cryptocurrency has yet to do with the TOR OBFS4 update.

Spectrecoin is a product that literally cannot be a ripoff of anything because its one of its own.

Where is the loss?

Can you list how many coins/ico's have promised something that has yet to be released? You better start working on more scam accusations.

Of course you don't want to take responsibility for your childish actions. The boy who cried wolf didn't take responsibility for his actions either, but he still got eaten by a pack of wolves.

[g4r1n1m]

Not a scam...
the community donated some money to the developer recently, to work on his project full time
the team are nice people, you can join the slack/forum and see that yourself

[generalizethis]

This is not a get rich quick pump and dump POW coin, this is a long term project that has and will continue to try to produce some of the best innovation in privacy that crypto has even seen. It's a shame that you won't be a part of it.

How do you dole out staking rewards and maintain privacy? That seems like an impossible trick.

[sirsplashalot]

This is not a get rich quick pump and dump POW coin, this is a long term project that has and will continue to try to produce some of the best innovation in privacy that crypto has even seen. It's a shame that you won't be a part of it.

How do you dole out staking rewards and maintain privacy? That seems like an impossible trick.

EXACTLY, and this is a very good question. What people don't realize is that stealth addresses are on route to becoming the default staking addresses. So we will know the amount in circulation but will have no idea where the supply is coming from. For all we will know one address could be staking 99% of the coins. This feature is not on our roadmap, but the cryptography behind this has been confirmed and will be implemented in Q1 2018. No other cryptocurrency has done this. Please come into slack and ask @jbg this exact question. It is a very significant concept that is tough to wrap your head around.

[muenze]

Yeah its a scam they get millions of spectre coins for spamming bitcointalk

buy 808 coin instead you will probably *50 your money LOL