I am an early investor in FireLotto and unhappy with the FUD that the team keeps alive concerning this ICO.
After the original FireLotto thread was inexplicably closed by the OP, I decided to continue the thread, especially since the ICO is still ongoing and there was a lot of interest in it.
There are still some questions that remain insufficiently answered, FL's Telegram Channel is a place where people get banned for posting "difficult" or "uncomfortable" questions. It seems like Bitcointalk is the best avenue for asking critical questions, since at least some of them have been addressed by FL admins.
- The team behind FireLotto is the same team that was behind CashPokerPro, a project where a lot of people lost a lot of money
- FireLotto's CEO was also behind ICOLAB.ME, a short-lived project that "borrowed" some pictures of Jake Brukhman and Adam Draper without asking and added them as advisers to their ICO website. Jake Brukhman exposed them and tweeted about that scam to warn people
https://twitter.com/jbrukh/status/950443915999629314, the website was closed down afterwards. The FL team refuses to talk about this.
- the smart contract addresses for token distribution and commission accumulation have not been given, possibly don't exist
- despite claiming "100% transparency" the code on Github is closed source and old
- posted in the Russian thread was a photo of the Instagram account on which Mr. Roman Demidov claimed to have "cured people from cancer, diabetes and other incurable diseases", which doesn't add to the credibility or integrity of FireLotto's CEO
- FireLotto has used three different addresses, first Cyprus, then Singapore and finally in Hong Kong, with the Singapore address apparently being in a beauty mall
- So far, all media exposure through articles has been done through paid publications, essentially advertising dressed up as editorials
- The FireLotto team claimed to have applied for a gaming licence with the Isle of Man gaming commission, the evidence presented in this respect was a photograph taken with a representative of the Isle of Man gaming commission at a trade fair. No other evidence presented and the latest response in this respect was that they are considering their options, which sounds like no application (yet). But in the Telegram channel and elsewhere they were initially boasting that the licence was only a few months away after they had applied for it. Both situations cannot be true at the same time.
- FL team claim to have registered with SEC and are allowed to sell tokens to US citizens, yet they do not use AML/KYC measures. They claim to use SAFT agreements, but SAFTs are not entered into with every person who buys tokens. Not true.
- The White Paper contained a price promise of "at least USD 1" after ICO. This was based on the sole fact that another lottery, TrueFlip (which gets mentioned a LOT in FL's wp) was sold at USD 1 at the time (totally disregarding the fact that TrueFlip has a total token supply of <9m and FL 100m).
- In many places FL claims to operate 4 lotteries, but they really only have 3, with the 4th one being listed as "coming soon" from the start.
- This is also part of the standard repertoire of admin answers, "soon, maybe very soon, after ico, in a few months" etc. No details, hardly any real answers to questions.
- Unsold tokens will be frozen for 12 months, instead of burned. The team has not yet decided how to market the unfrozen tokens next year or what to do with the income.
- Partnertships: ShangriLa is a Georgian casino with headquarter in Tbilisi. It is illegal (online) anywhere except Georgia and is mainly used for money laundering purposes. 1XBET is a scam bookmaker that is licensed in Curacao and is illegal in USA, CHINA, EU, Russia, Japan.. etc... They are mainly targeting former Soviet countries...
So please share your thoughts on this ICO project and I would like to invite FireLotto representatives to take away any and all fear, uncertainty and doubt that still surrounds this project.
PS Burn those unsold tokens!
