countalucard
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March 24, 2018, 07:40:29 PM |
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PayVX - anatomy of a typical scam coin
PayVX is a typical example of a scam coin. It says it will revolutionize escrow payments, where a third party holds and regulates payments for two parties engaged in a transaction. It purports to eliminate scams and frauds, while being a scam and a fraud itself. It seems to have been created by an "Idan Golomb" in early January 2018 after he watched a few videos by Trevon James and one called "How to build your own Cryptocurrency". The whitepaper is badly written, there are no technical details, and the team is composed of people who don't seem to exist, including a picture of some woman with a parrot on her shoulder, supposedly meant to be of "Jennifer Burrows" , marketing manager.
Reasons why it is a scam:
(1) No technical details in the whitepaper
The website states:
"What is PayVX? PayVX is the world’s simplest, fastest and most secure payment technology. "
Yet when you read the whitepaper there are no technical details whatsoever.
(2) Whitepaper is plagiarized
Parts of the whitepaper are also plagiarized, for example:
PayVX whitepaper:
"An escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. It helps make transactions more secure by keeping the payment in a secure escrow account which is only released when all of the terms of an agreement are met as overseen by the escrow company. "
This is taken from the website of an entirely unrelated bank, without acknowledgment:
Axioscreditbank.com:
"An escrow is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. It helps make transactions more secure by keeping the payment in a secure escrow account which is only released when all of the terms of an agreement are met as overseen by the escrow company."
(3) Sloppily written whitepaper, no evidence of any genuine academic background by the author.
"Hileman & Michel Rauchs emphasize that the biggest challenges faced by current cryptocurrency exchanges are maintaining relationships with payment gateways, banks, and traditional financial institutions. Based on an analysis of non-public data from over 150 companies in the cryptocurrency space, their study notes, “Small exchanges seem to have considerable difficulties with either obtaining or maintaining banking relationships…”
Who are Hileman & Michel Rauchs? What are they quoting from? There is no information in the whitepaper. Here the whitepaper actually quotes from a University of Cambridge study from 2017 titled "Global Cryptocurrency Benchmarking Study", by Dr Garrick Hileman and Michael Rauchs. However they do not provide a reference either in a footnote or an endnote giving the title of the work or what page the quote is from. This is sloppy and amateurish and characteristic of a scam ICO.
(4) "Team" that is entirely fictional
Then there is the team. No details are given on the website about the "Teams" educational, business, computer, or any other real life background. There is no information to be found online anywhere about these people. They don't exist.
Tom Nilsson, CEO, founder of ICO: No information found anywhere, does not exist.
Noah Brady, lead developer: No information found, does not exist.
Elof Sandstrom, Senior blockchain developer: No information found, does not exist. It's just some random old photo of a guy leaning over a cliff at the sea.
Jennifer Burrows, marketing manager: No information available does not exist. It's just some random picture of a woman with a parrot on her shoulder. Is she a pirate?
(5) Blog that is full of meaningless words
When you go to the website and click on the link to the Payvx "Blog" you get an apparently dead site full of meaningless words, such as:
"Latest News The mate was a mighty sailing man the skipper brave and sure five passengers set sail that day for a three hour tour a three hour tour being thank you for a friend up through the ground came a bubbling crude oil."
What the hell does that mean? It's gibberish.
And also:
"Michael knight a young loner on a crusade to champion cause A poor mountaineer fed the abroad You would see the biggest gift would be from me and the card attached would say thank you for being a friend..."
More meaningless rubbish. Would a real ICO have a blog full of meaningless nonsense?
(6) Evidence that one of the people connected with PayVX has no knowledge of how to create a cryptocurrency or a token
I inspected the metadata of the whitepaper PDF. I found the name "Idan Golomb" as the author. The whitepaper was created on 9 March 2018 using microsoft word 2016. Who is "Idan Golomb"? First of all, there is no mention of an "Idan Golomb" as being part of the Payvx team on the website, the twitter or anywhere else. I couldn't find anyone anywhere with that name who had any computer background. However, I found a "Idan Golomb" youtube account who has subscribed to various cryptocurrency channels including "Doug Polk Crypto", and "Trevon James" who was famous for being involved in the Bitconnect scam. The same guy commented on a video by the "Cryptocoop" channel on the PLfilm.net website called "How to build your own cryptocurrency." "Idan Golomb" commented under the video:
"I can't seem to verify and publish my solidity source code".
Is this "Idan Golomb" the same "Idan Golomb" who wrote the Payvx whitepaper?
Did "Idan Golomb", who is interested in cryptocurrencies and the bitconnect scam, create his own cryptocurrency scam?
Currently PayVX is doing a Pre-Sale with it's tokens priced at $0.04. Even at $0.00, I think they would be overpriced.
To conclude, PayVX is a complete scam for the following reasons:
(1) The "Team" does not exist, no information can be found on them anywhere.
(2) The only person we found connected to PayVX, "Idan Golomb", the author of the whitepaper, doesn't seem to know anything about cryptocurrencies.
(3) The whitepaper is plagerized, badly written, and contains no technical details whatsoever.
Conclusion:
PayVX is a scam. Do not invest in this, you will lose all your money.
PS: A shout out to Jennifer Burrows, whoever you are. Also, how is your parrot?
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