Sphere.social , possible scam?

[mandibleclaw]

By looking at the token's contract I can say that total supply is 1B, ICO's smart contract has 649,114,005.03359218 SAT and contract owner has 350,000,000 SAT. This means that they sold only 885,995 SAT.
https://etherscan.io/address/0xc56b13ebbcffa67cfb7979b900b736b3fb480d78

If you look at their website you'll see that they not only reached soft cap (70 M tokens sold) but they more than doubled that amount if you look at the bar https://sphere.social/

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[mandibleclaw]

wow no one interested in this? Of course not many people have invested in it if you read the contract but I was expecting some reactions honestly

(and yes, this is more like a bump post to let people know)

[Patatas]

wow no one interested in this? Of course not many people have invested in it if you read the contract but I was expecting some reactions honestly

(and yes, this is more like a bump post to let people know)

Maybe you could format the thread in a precise way as suggested so people can actually consider taking it seriously ? Right now,there are no accounts linked,no ANN threads linked which basically gives zero options for the DT members to take an action.

Please revise the thread with a proper format.

[mandibleclaw]

I'll give you the thread if you want : https://bitcointalk.org/index.php?topic=2437581.0

But it's not the problem, the problem is, if you look at their website https://sphere.social/, they sold more then $3M worth of tokens, while if you look at their ICO's smart contract https://etherscan.io/address/0xc56b13ebbcffa67cfb7979b900b736b3fb480d78  you'll notice that they sold just 885,995 tokens. This means deceiving investors to me

[SeveralQ]

Here are some red flags that the ConcourseQ community found while looking into the Sphere ICO:


• None of the team apart from CEO have Sphere listed in LinkedIn profile.

• CEO has limited Social Media experience, previous career history - 10 years in Hotel industry and 8 years in a Marketing company.

• Sphere Social Ltd only registered in London with Companies House mid December 2017 within minimal starting Capital.

• CTO is listed only as Blockchain Enthusiast, previous experience includes “functional analist” for ATOS.

• Claims to be ERC20 compliant, however ICO is not accepting Ethereum, therefore no smart contract to ensure.

• Whitepaper spends a lot of time talking about how current advertising campaigns waste money and are inefficient, however gives no detail about how Sphere will counteract this.

• Whitepaper makes lots of bold statements and empty promises made with no strategic detail to validate them.

• Confirms Sphere is currently available for download on Google Play and iOS, but cannot locate Sphere on iOS app store.

• Even though Google play reviews are around 4.2, many reviews are complaining about difficulties logging into App due to “parameter errors”.

• Reviews of app suggest that users can get free tokens/coins by creating an account and logging into app - Therefore has usage of app been incentivised for the purpose of publicising ICO?

• Unsure if current MVP on Google Play uses blockchain as suggested in Whitepaper?

• Should data and other multimedia files be held on Blockchain as indicated in Whitepaper, they have not detailed how this will impact performance of Social Media platform and how they intend to address scalability issues.

• Claims it does not require ID verification to make anonymous transactions, however their example of someone selling their own mobile phone through the app, so anonymity will be compromised once the delivery details for the phone are exchanged with the buyer.  Additionally, there is no recourse for the user if they do not receive the phone.

• No detail given about how users can control their data, how consumers will benefit for discounted purchases and how businesses will be able to access targeted consumer groups.


Link: https://concourseq.io/Q/Sphere