Guys, I just read in the comments to the contract (in etherscan) that SVD was awarded fintech company in Germany.
I understand that anyone can write anything there, but just wondering how true this is. Has anyone heard of this? And where I can read more about this? Simply if it were true, the SVD team would already boast of this achievement.
It's true and not true at the same time. Payment and Banking awarded them in March 2018, probably because of their successful ICO (raised a lot of money). But the award was withdrawn right after their PR-Stunt, so actually it's not honest and justified to say
"Savedroid is an award-winning AI-FinTech made in Germany".
https://twitter.com/paymentbanking/status/986901107854249984https://paymentandbanking.com/aberkennung-des-preises-zum-fintech-des-jahres-fuer-savedroid/That's in german but here is an english article that mentions it all:
https://cryptocurrencynews.com/icos/savedroid-scam-but-not-a-scam-pr-stunt-faces-the-consequences-of-a-terrible-idea/Also other things in that article are misleading. They say:
"We provide easy access to cryptocurrencies for everyone — absolutely no crypto exchange signup, wallet setup, and private key handling required."Truth is: Sure, one can say that it doesn't need exchange signup because Savedroid is no exchange, but user need it all for Savedroid as well. Savedroid is not Switcheo. It also requires registration and KYC etc.
Even more interesting is that no private key handling is required. Yes, exactly like on a centralized exchange if you decide to keep your money there. Problem is: As long as an Investor doesn't control his private keys he also really doesn't own the money. Like all exchanges Savedroid could get hacked and Users would lose their money.
What's better on Savedroid than on usual exchanges? It may be less complicated. But while users pay 0.x% fees on an exchange per trade, Savedroid wants 15% for each action, which means:
After a user bought into Crypto on Savedroid (15% Fees) he needs about 30% price increase to be able to sell (another 15%) and not to lose money. Not so sure how it can be smart to "save" money that way.
Also interesting is to say
"We have created a utility token with a deflation mechanism as suggested by Vitalik Buterin."Yes, they say that they'll burn a "certain percentage" of the fee. But as far as I know they've never said how much. Now everybody can calculate how many Users it will need, who make their savings-transactions on Savedroid and are willing to pay up to 15% for each action to generate that much volume that a percentage of that will reduce the SVD-supply enough to justify a marketcap of about $50 Million and a total value of significantly more.
Just btw: What do they actually mean with saying
"savedroid democratizes crypto! — We’re not kidding"? If they are not kidding they should be able to explain how they democratize Crypto? They will hold the private keys of all of their Users and they are a centralized company. What has that to do with democratizing Crypto?
And especially their PR-Stunt and their unwillingness to really overtake responsibility other than saying "We are sorry" shows their tendency to dictatorship, because who can not even move the tokens so many months after buying into the ICO while who sits on the real money that is not at risk because of all of their silly actions? Who will suffer because of a dropping price because of their damaged reputation while Savedroid rejected all who wanted to get their money back?
But yeah, an "award winning" project "democratizes" Crypto... they must be kidding! ;-)
All what I see since I watch Savedroid is smoke and mirrors. Nearly everything what they say should be questioned because they tend to mislead.