An "unbiased" coin review of DeepOnion

[Ebenezar64]

I thought I would take it upon myself to try and perform an unbiased review of DeepOnion. For full disclosure, if you have read my other posts on the matter you will know that I am positive on DeepOnion, but I will try to set that aside and look at it from all sides. I will take into account the viewpoints of both those that are shouting "DeepOnion Scam" and also the others that are saying "It's the best cryptocurrency ever". Personally I don't fully believe either, but always try to keep an open mind and listen to all opinions. My Steemit article

What is DeepOnion?
DeepOnion is a small cap coin and with that comes the normal risks of higher volatility but also larger possible gains. It has been received both good and bad reviews and even though some say "any publicity is good publicity" not all reviews are good and should be taken into account. Back to the fundamental technology behind DeepOnion; it is a crypto currency that is integrated into the TOR network and ensures anonymity of the users by hiding their IP address to the other nodes. It is a combined PoW and PoS coin with most of the coins being "pre-mined" and distributed through AirDrops and Bounty campaigns. It also has an extra feature in the DeepVault which is basically a "file hash storage" on the Blockchain for file verification. The transaction speed beats out Litecoin at 62.5 tx/sec. I figure I won't go into detail on the specifics in the features themselves but leave that for other posts. This is just meant as an intro for those that haven't heard about DeepOnion before. Feel free to search more or your own or look at other posts on the matter.

Why are not everyone sold on DeepOnion?
There are some topics that are common to those that are opposed to DeepOnion together with some of my own concerns:

 1. The development team is anonymous
 2. The technology isn't unique (taken from other coins)
 3. There is no whitepaper

Anonymous development team
I understand this is a worry for some, at least it was for me. A strong team is something I look for before investing in a crypto currency. In this case, since it is a crypto that is focusing on anonymity, I can kinda see why they want to stay anonymous and I try to respect that. But how to validate their work? Well I look for other signs of a good team:

 - How is the marketing handled?
 - How well does the coin adhere to the roadmap?
 - What is the status of the features that are already launched?

In the case of DeepOnion I think the marketing has been really good. It has not been perfect since there has been a lot of DeepOnion spamming with bad english comments, but overall they have managed to get the word out there and built a strong community support. Currently they seem to be focusing on changing quantity to quality which I think is a good choice. As for the roadmap they have followed it very well, launching DeepVault (almost finished but still in development), desktop wallet with PoS staking. Some things in the roadmap have been moved, such as DeepSend to 2018 Q2, to focus on development of the Android Wallet and the Whitepaper release. This is something that can happen during a project but it is important to be aware of to make sure that development is indeed continuing and not stopping.

DeepOnion has recently added members to the development team and seem to be ready for some releases (Android Wallet, Whitepaper, DeepOnion Store) so I am still very hopeful and positive but also keeping a close watch on the progress.

DeepVault feature was launched and is still under development but the fundamental technology was sound and seemed to be working properly. Another point people are quick to point out is that the source code for DeepVault is still not open to the public and that it is a good point. Personally I believe/hope this will be released in the near future, after the developers has had time to put the finishing touches on it. But it is something I would recommend to take into consideration before chosing to invest.

The technology isn't unique
This argument I barely understand but I notice a lot of people using this, not only about DeepOnion but about many coins that they don't like. My answer to this is, why redo something that is already working and showing good results?! "Is not the whole greater than the sum of it's parts?!" The question shouldn't be if some parts have been put together from other sources, many technologies work that way. The question should be regarding the coin as a whole, does it provide something unique that seperates it from other coins? And as a whole I like what DeepOnion is trying to offer: Something more than a privacy coin with PoS Staking, DeepVault and Vote Central. If you agree with that is up for you to decide but don't forget to look at the whole and not just the individual parts.

There is no whitepaper
This is something that was bothering me about DeepOnion from the beginning, since I want to be able to read the whitepaper, understand the technology and see if has future applications and a sound user basis. Since there was no ICO in the case of DeepOnion but most of the coins was premined for community AirDrops, Development costs and Bounty campaigns I almost understand the lack of a whitepaper. Since no community funding was performed there was no need for a whitepaper early in the project. I can gladly report that the whitepaper has been promised to be released in the coming days and I for one am looking forward to reading it. If you want to wait until then to invest I fully understand your viewpoint and might have done the same in your situation.

Final words
I am sorry for such a long article but I felt it important to try and cover as many different viewpoints as possible. And to meet them with my views on the matter and that is hard to do in something shorter than this. I know it shines through that I am positive on DeepOnion and sadly that can't be helped since it is this reasoning why I have chosen to invest in the coin. Since I knew this was going to be unavoidable I instead tried to lift the points regarding DeepOnion that people are unsure on and hopefully you could form your own opinion. If you are unconvinced by my arguments, I am far from angry, rather I am delighted and hope to hear your views on the matter.

There now exist a follow up on this thread. Find the next part here: DeepOnion: An "unbiased" Review, Part 2

I am no financial expert or advicer so don't just listen to me but please do your own research and afterwards share your thoughts on the matter.

[ngovanngoc]

I first learned about DeepOnion while exploring new announcement threads in Bitcointalk forums and I stumbled upon this coin's ann thread. I started learning more about the features and the offerings this coin has and it stood out from the other ann threads. This thread reminded me of that of Ethereum and how ethereum started. I soon realized the potential of this coin and wanted to ensure I catch the bus in time!

[dvsrydin]

Great write and thanks for sharing!  DeepOnion is an interesting project, and the community/following it has developed is awesome and just keeps growing.  Thanks for sharing your opinion!

[dissident]

A fair review, and everything you say is right. There is nothing ground breaking at the moment, however the community is very strong and they based the coin on decent blockchain tech.  Low market cap combined with strong community and continual development is all you need to grow. If people don't want to invest, more power to them. I'm here to make money.

95% of the new coins that come out are nothing unique, and 100% of the bitcoin forks are nothing unique.  The ICOs raise a ton of money and it's a crapshoot as to whether they will perform or not.   These bitcoin forks are nothing more than money grabs that start out trading at an overpriced market cap from the start. I'd rather buy something low. When this thing is trading at a $100M market cap and I'm sitting on another $100K I can come back and say I told you so.

The only way this "overhyped" and "overpumped" coin will collapse is if the crypto market collapses, and in that case your top 50 coins are going to tank as well. I learned pretty early in life not to believe gossip and hearsay and look out for my best interests first. I'm not particularly worried about this one.

[redmi4x]

be very careful of this shitcoin. It has a very bad repudation and the devs are also shady as fuck. Dont invest in this overpumped piece of shit filled with lies and fake news.

[JanEmil]

To late for value I think. You need 100 coins for airdrops. To expensive now I think. If I was there from start I would say only positive ;-)

[Ebenezar64]

A fair review, and everything you say is right. There is nothing ground breaking at the moment, however the community is very strong and they based the coin on decent blockchain tech.  Low market cap combined with strong community and continual development is all you need to grow. If people don't want to invest, more power to them. I'm here to make money.

95% of the new coins that come out are nothing unique, and 100% of the bitcoin forks are nothing unique.  The ICOs raise a ton of money and it's a crapshoot as to whether they will perform or not.   These bitcoin forks are nothing more than money grabs that start out trading at an overpriced market cap from the start. I'd rather buy something low. When this thing is trading at a $100M market cap and I'm sitting on another $100K I can come back and say I told you so.

The only way this "overhyped" and "overpumped" coin will collapse is if the crypto market collapses, and in that case your top 50 coins are going to tank as well. I learned pretty early in life not to believe gossip and hearsay and look out for my best interests first. I'm not particularly worried about this one.

Good assessment and thanks for sharing your views. I think you are right that pretty much any coin/ICO is a "crap shoot" and as far as I can see DeepOnion is only going higher in price. Could it crash-and-burn"?! Of course, so could any coin, even in the top 50 but,as you say, I'd rather invest low and hope for good gains. A strong community is driving this coin forward and it has momentum, therefore I like it.

@redmi4x: As for it "being a shitty coin" and "bad rep" that is fine if you think so but feel free to share why you think that and what you are basing that on?

@JanEmil I agree that getting into the airdorp now with 100 coins = > $500 feels a bit expensive. I am lucky to have gotten in just before the "big rush" but there is nothing to say that it might not dip a bit and you got a chance to pick up some a bit cheaper. The AirDrop takes place on Sundays and if some want to sell their newly gotten coins then that might be a good time to pick up some for a cheaper price. As for "too late for value" I don't agree, the market cap is "only" $30M. Just look at the rush Verge had, going 50x in a short amount of time. Why can't it happen to DeepOnion?!

[Ebenezar64]

A fair review, and everything you say is right. There is nothing ground breaking at the moment, however the community is very strong and they based the coin on decent blockchain tech.  Low market cap combined with strong community and continual development is all you need to grow. If people don't want to invest, more power to them. I'm here to make money.

95% of the new coins that come out are nothing unique, and 100% of the bitcoin forks are nothing unique.  The ICOs raise a ton of money and it's a crapshoot as to whether they will perform or not.   These bitcoin forks are nothing more than money grabs that start out trading at an overpriced market cap from the start. I'd rather buy something low. When this thing is trading at a $100M market cap and I'm sitting on another $100K I can come back and say I told you so.

The only way this "overhyped" and "overpumped" coin will collapse is if the crypto market collapses, and in that case your top 50 coins are going to tank as well. I learned pretty early in life not to believe gossip and hearsay and look out for my best interests first. I'm not particularly worried about this one.

Good assessment and thanks for sharing your views. I think you are right that pretty much any coin/ICO is a "crap shoot" and as far as I can see DeepOnion is only going higher in price. Could it crash-and-burn"?! Of course, so could any coin, even in the top 50 but,as you say, I'd rather invest low and hope for good gains. A strong community is driving this coin forward and it has momentum, therefore I like it.

@redmi4x: As for it "being a shitty coin" and "bad rep" that is fine if you think so but feel free to share why you think that and what you are basing that on? I have tried to review most of the "negative comments" that are being said from an "unbiased" point-of-view. Is there something you think I have missed or find faulty in my reasoning?

@JanEmil I agree that getting into the airdorp now with 100 coins = > $500 feels a bit expensive. I am lucky to have gotten in just before the "big rush" but there is nothing to say that it might not dip a bit and you got a chance to pick up some a bit cheaper. The AirDrop takes place on Sundays and if some want to sell their newly gotten coins then that might be a good time to pick up some for a cheaper price. As for "too late for value" I don't agree, the market cap is "only" $30M. Just look at the rush Verge had, going 50x in a short amount of time. Why can't it happen to DeepOnion?!

[OrganicCoin]

Thanks for sharing this article! In the beginning, I was also sceptical about this coin especially because of the anonymous dev team. I am still not 100% convinced of that strategy but I think the way they interact with the community and how they progress the project clearly tells you that they work on it with the best intentions.

I could imagine that once the white paper is out and the promised "celebrity" developer is on board many of the concerns will be gone.

[nhanhzam]

White paper is not available on Deep Onion website I must say i really impress with it.
I asked about the team and the mods said most of the team have chosen to be anonymous, given the fact that it is a heavily anonymous coin, i can understand that. However, the team always deliver, and everything has been going smoothly, half of the road map have been completed with Deep Vault, Tor, and now Deep Send and Vote Central almost ready.

[Ebenezar64]

I appreciate the thought and time you put into this article. I have been trying to decide if the risk is worth the potential reward - their community is rabidly loyal, which speaks to me, but the issues you mentioned do pose some concern. I really wish I could look at the whitepaper, but I've been sifting through their forums to try to learn enough to make an educated decision.

I am glad to say that the whitepaper is out and that I have actually made a "Part 2" of this review where I follow up on my questions and statements. Feel free to check it out and maybe leave a comment: https://bitcointalk.org/index.php?topic=2862973.new#new

A direct link to the Whitepaper you can find in my signature

[GayOfThrones]

That's a fair review, I have read also the second part which is more up to date and thus even more interesting. I see you have not updated your piece with a link to it, so I will give the link:

https://bitcointalk.org/index.php?topic=2862973

[Spoetnik]

Dash and Monero dev's did not pull any of the scammy bullshit to the level that ScamOnion has.

Unbiased my god damn fucking ass NOOB.  

The stupid ass bullshit shitcoin was premined heavily and the dev stalked them with POS to make himself rich.
That makes it a scam you stupid dumb fucking dust grinding profiteers.

And i didn't even begin to get into it.. there is a hell of a lot more that makes it scammy.
If you *CHOOSE* to ignore every bad aspect about the coin and claim it's good.
Then you too are a scammy piece of shit just like the dev who made it.

Although it should be a roaring success because all of crypto is a tornado of greedy fucking losers with out a shred of integrity.
Just pathetic losers looking to scrap up some cash via the "Bitcoin thing" any way possible.

Ideology does not put money in Investards pockets ..they think.

PS:
@Ebenezar64
Noob know why i don't see your SIG ?
Take a guess hahahhaha

Signature Adblock Script [0.5.0]

[Ebenezar64]

That's a fair review, I have read also the second part which is more up to date and thus even more interesting. I see you have not updated your piece with a link to it, so I will give the link:

https://bitcointalk.org/index.php?topic=2862973

Hello, thanks for doing this, I have updated the main post with a link to Part 2. Thanks for the reminder!
I think it is good to read both to get the the full review. But it is true that the second part is more up-to-date with more recent conclusions and information.

Glad you found it interesting!

[borpolev]

It's nice that even if you have a DeepOnion signature (so you are an airdrop member), you've also mentioned a weak points. Good work !

[bramgg.crypto]

That's a good read on DeepOnion, Thank you for sharing Ebenezar. See you at the Deeponion community! 

[Aegis Platform]

Hi all. Just wondering why the deeponion team chose the airdrop method over an ICO. I'm guessing since the coins are premined, the team has allocated itself some of those coins and is using airdrops to distribute the other coins (because they don't need to raise money for development) and then as the project solidify and more people become interested, demand for the coins will grow (and the airdrop period will have ended), holders of airdropped coins will sell them on exchanges and the price will start rising, which will make the coins held by the team more valuable and they can recoup their investment. Is this analysis correct?

Also, are there projects out there that have skipped ICOs, mining (like bitcoin), airdrops, crowd donations and simply listed their coins on exchanges? Does doing that make any sense?

[BeruchN]

Very detailed and in-depth read. Thanks for sharing, you make some really good points about deeponion.

[Ebenezar64]

Hi all. Just wondering why the deeponion team chose the airdrop method over an ICO. I'm guessing since the coins are premined, the team has allocated itself some of those coins and is using airdrops to distribute the other coins (because they don't need to raise money for development) and then as the project solidify and more people become interested, demand for the coins will grow (and the airdrop period will have ended), holders of airdropped coins will sell them on exchanges and the price will start rising, which will make the coins held by the team more valuable and they can recoup their investment. Is this analysis correct?

Also, are there projects out there that have skipped ICOs, mining (like bitcoin), airdrops, crowd donations and simply listed their coins on exchanges? Does doing that make any sense?

I think it is a fair analysis. There are some more points to why choose AirDrop instead of ICO:

• With AirDrop you can get a good decentralization and distribution of your coin. Not only big money investors get a piece of the pie but also crypto enthusiast that believe in teh project can easily get involved and are encouraged to hold.
• As you say there is no initial fund gathering but instead allocations of coins are done for development. But that means that in the beginning the team pretty much works "pro-bono" until a value can be established in the project.
• As for the developers and creators they have of course gotten extra coins through the Founders Reward and that is usually like normal around 10% of total coin supply. But different from an ICO where they could run away with the money the team must show promise and actual value in the project for it to even be worth anything. It is only if they can keep showing sustained value that they will be able to sell off some of their Founder rewards to get value on their investment.

It is very hard to build a succesful AirDrop coin since the project can only continue if the intial work shows promise and the consensus is kept during the entire project that it has value. Since developers are payed in the currency everyone is working toward the same goal: Making this project have value.

That is why a succesful Airdrop could be much more promising investment oppurtunity than an outsold ICO imo. As I have mentioned I am no finacial advisor so please do your own research.

But this is in part of the reason i got interested in DeepOnion in the first place. They had managed to show value to the community and kept that up during the entire AirDrop process. Now that AirDrop is finishing I think that some will probably sell off some coins (the people that have just enjoyed the free 4-5% weekly interest) the rest will be holders that believe in the crypto long-term. And these people ahve been through the ups-and-downs of teh AirDrop stage so they won't sell cheap. That is why i think evaluation of the coin will rise as the AirDrop ends and the project "begins for real".

[ukloonion]

Hi all. Just wondering why the deeponion team chose the airdrop method over an ICO. I'm guessing since the coins are premined, the team has allocated itself some of those coins and is using airdrops to distribute the other coins (because they don't need to raise money for development) and then as the project solidify and more people become interested, demand for the coins will grow (and the airdrop period will have ended), holders of airdropped coins will sell them on exchanges and the price will start rising, which will make the coins held by the team more valuable and they can recoup their investment. Is this analysis correct?

Also, are there projects out there that have skipped ICOs, mining (like bitcoin), airdrops, crowd donations and simply listed their coins on exchanges? Does doing that make any sense?

The problem with ICOs is that the distribution tends to favor whales with big pockets. An airdrop if done properly will ensure a more even distribution of coins to reduce the chances of price manipulation.