Hello, bitcointalk community,
I intend to
question/warn the community about the integrity of following project
JWC Ventures https://tge.jwcventures.com/ bitcointalk linkMy name is
Duc Pham , Earth, I am an entrepreneur related to the software industry. Since December I got introduced to
Luan Nguyen , Texas, blended by his credentials I started to work for him for free, improving/reconcepting "his" blockchain business concepts, in exchange for various promises of future rewards and to prove myself (Yes I was stupid). I have seen nothing out of it and he used my work silently without my notice. (which I noticed months later)
Later in January I contacted him, asking him for my rewards where he stated he is busy with ICO of jwc ventures.
Having a look at it I saw
Amarjit Singh a much-trusted friend of mine included in the team, which raised the trust level of Dr. Nguyen/JWC (damn authority bias). Professor Nguyen requested me to review the jwc whitepaper, which I did and tell him some improvements, which he again implemented without direct notify me.
Furthermore, he baited me with a new business opportunity, the story was he is about to meet with
CEO of WeChat!! where he has an opportunity to explain blockchain technology and how it can be applied to payment solution. Initially, the deal was that I work out a broad pitch deck (why blockchain disruptive, payment opportunities) maximum 15-30min, while he cooperates for technical insights (0).
Initially there was no reward guarantee, but I took it because of the huge opportunity.
Fast forward I worked for several weeks, multiple nights (have other projects too...) and overdelivered,
here is a link to the pitch created 95% alone without any of his technical help.
All help I got from him was a daily reminder to send him updates of my work, some random baits & promises like future introductions or new marketing video of jwc.
The one and only big review/edit once to the slides was expanding the scope to also include AI,ML, BIG DATA explanation/impact/possibilities (whos the technical here now) by reworking the structure to expand scope add further "lessons". He did not replied to questions why he expanded the scope out of nowhere, in general,
he never answers critical questions look at thisIn process of work, I came up with a concept solution for the much likely future problem of because many people owning different crypto assets resulting in the huge barrier of using these seamlessly in a trade transaction (tech savy to use multiple exchanges, accumulative cost, point of human errors,...).
I was holding back the details of the solution and feared, as I got to perceive him as someone with low integrity to not hold up to his promises.
I contacted him about my fears there is no wechat pitch hoax, that if it doesnt work out he might take work and use it on his own.After several days of back and forth,
he ensured me that in any case of execution of this concept I am gonna be on board. So I sent him the details and final content vers. (not the designed one),
and just one day after I receive the message that he is disappointed by the quality???At that point, it was even more obvious that he would scam me, but well I finish my work cause he couldnt do it, designed the slides to make them presentable (damn sunk cost fallacy).Well, in the end, he said he didn't pitch (what a surprise), and that he is gonna include me later. Yet in the process all that was promised from introductions, jwc involvement, technical help, never seen a dime.
And one of his last message claims that I might not be included in my cross-border payment solution because it might be a different solution. LOL to my question how can it be drastically different if it is gonna be a cryptocurrency payment solution.
Since then I have not heard back from him, and this was my last message So yep here I am trying to spread publicly about this. This to warn you about Dr. Luan Nguyens low integrity.
Checking JWC website and whitepaper I see clearly many of my ideas/thoughts/research taken to improve the concept and whitepaper. I don't want to list them all, you can check some by comparing the uploaded pitch deck with whitepaper, he will probably claim that he was thinking about this since 2015 anyways.
BTW after delivery I contacted Amarjit to exchange experience regarding work with JWC, his first response was that they are fraud
. (should have asked at the beginning...
)
some critique to JWC Ventures in general:Some thoughts of mine to JWC whitepaper concept and why you should think twice if it is worth investing
- they overuse a bunch of nice sounding buzzwords without real detailed practical implications or how these nice sounding technologies will be applied, since writing all over about different industries (VC, O2O, Logistic, Sandwich?, nanosoybeans? ) fills the whitepaper space with shallowness and does not require well thought deepness
- multiple stuff written just doesn't make sense, not clearly explained how or plainly contrary like JWC tokens
- JWC tokens nebulous use, contrary information depending on source: They state it has functional utility, one of them the option to buy future sub-coins of sub-TGE meaning that these subs need to apply blockchain and ICO with JWC or JWC convert to ETH before investment (which devalues initial investment) 2. They state in whitepaper 20% of profits of JWC fund will be used to buy back JWC tokens but ONLY in case of successful exit/selling (5-10years) of one of the companies and not reinvesting the revenue from selling a portfolio company, also not included clear rules of what price buyback JWC tokens and process/rules of buyback.
Think about this applied scenario you invest into JWC "Ventures", they invest 250k-5m to a portfolio company for in exchange for 20-25% Ownership to JWC like stated in whitepaper, in 5-10 years one of them exits/sells the company (some others might not, or need further investment) and JWC will then receive 20-25% of the exit (in this scenario no further investment/dilution happened) and of that 20-25% profit of JWC, 20% will be used to buy back JWC tokens for unknown price and process. So an exit of 5m will result in 1-1.25M profit for JWC and 20% of that profit (if not reinvested, spent) 200k-250k will be avaible to buy back JWC coins for unknown price and process. So wait 5-10 years hope for exit and then hope further to be one of the lucky to sell JWC, or reinvest your JWC into maybe sub coins in a never-ending cycle - business model is flawed: no clear asset allocation, no clear parameters what startups get invested too, JokeWC tokens, could list more
- team involved don't know each other well or long
- current pipeline/portfolio of startup investment consists solely of companies owned by JWC team members themselfes. closer look at these companies reveal some are, lets say not very far in progress(I think VC would not invest)
I know I was naive, should push for contract, not work for free (I was like let me show you results and then we discuss what that was worth, turned out pretty dumb). But now my soul can rest well after working 2-3 months additionally for free.
This is no investment advice and just for educational purpose.
