Would you trust a controlled ICO? XIAN COIN in particular...

[Casdinyard]

I posted it in Trading Discussion as I want to know the side of traders in trading per se, as you might be recommending this to be moved on AltDisc.

Recently, I've come up to this doubt in what factors do we need to consider in trusting an ICO (Initial Coin Offering)? But this is the issue why I've been thinking if I should lend a trust and invest or not:

XIAN COIN is a centralized digital currency powered by the Ethereum blockchain and it is not open for public trading on any cryptocurrency platforms. XNC is owned and issued by a virtual central bank where you can exchange your Xian Coin to Colombian peso, Mexican peso, Brazilian real, Peruvian sol and Philippine peso.

The currency was founded and created by an infamous convicted white-collar criminal, the National Scammer of the Philippines, Christian Albert Gaza aka Xian Gaza.

The primary use of Xian Coin is to establish a non-regulated and untraceable financial system for the notorious business partners of Xian Gaza in Latin America. It will also be used as an anonymous payment system in the Philippine e-commerce and other underground industries.

The value of Xian Coin shall be very stable and safe from the high volatility of the cryptocurrency market because it is independently controlled by the virtual central bank of Xian Gaza with a limited global supply of 75 million XNC.

It is projected conservatively that its value will increase between 300% to 400% by 2021 due to the expected influx of investments from the notorious Latinos and from thousands of Filipinos. It will be the digital currency that will connect the underground business worlds of Latin America and Southeast Asia.

Here's some facts about the XNC:

• So basically, it wouldn't be listed on any cryptocurrency exchanges, nor be in any open markets, but rather in direct p2p exchange using MEW and any possible forms of transaction.
• It's presale price is 40Php (Philippine Peso) to 50Php in September 1's ICO release.
• It would be used especially as a payment system on illegal activities.
• 100Php is the transaction fee per buy and 1000PHP or 25XNC is the minimum you can buy.
• You'll use MEW as the wallet.
• NO WHITE PAPER NOR ANY LEGAL DOCUMENTATION.. because its purpose is for illegals.. lol
  

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Hence, I was shocked in how would they earn nor make its price grow from 40Php on Pre-Sale and 50Php on their ICO without even making it on the open market? Yes, many Filipinos might be investing on this ICO as it promises so much (and us Filipinos are too lazy to search for what is a crypto and what is an ICO hence as long as they think they'll earn, they/we invest...), but if presale would be available in any countries that has connections with the XNC Founder, how can it even influx the price for 20% increase? I only think this would be possible if they managed to exchange the supported countries' fiat to each other.

What I doubt more is that just this day, some Chinese POGO owner bought almost 500,000 (0.6667%) of 75M Total Supply of XNC, in which ONLY COSTS 18PHP, yet if a normal person would buy, it costs twice. Then it scares me as if such amount would be sold by almost 25Php (half) upon ICO release, then it would dump the price and such investments of 40Php would be somehow gone..

Am I getting the logic here right? The Crypto Open Market makes a price bigger, and so the re-sellers of a certain coin as well, depending on many factors such as the volume etc. But then not releasing such ICO on the crypto market, how would it even increase it's price??


Important Notes and Updates (will edit):


I know some users might not reach this end of thread nor read replies or the others, so I made this self moderated (i'll just disregard them) to delete unnecessary arguments.

[alani123]

Didn't Philistines have a president who himself encouraged citizens to go out and murder addicts in cold blood?
I can't imagine how there hasn't been a crackdown for a coin with the explicit goal of supporting illegal transactions. If this isn't shut down fast it has the potential to stain the image of crypto in the entire country, which is already pretty conservative leaning from what I can see. Hopefully this bad apple doesn't spoil the bunch.

[Casdinyard]

Didn't Philistines have a president who himself encouraged citizens to go out and murder addicts in cold blood?

Did I even mentioned anything political and social issues about the country? What's Philistines btw lol. I haven't even stated anything related to such matters...

I can't imagine how there hasn't been a crackdown for a coin with the explicit goal of supporting illegal transactions. If this isn't shut down fast it has the potential to stain the image of crypto in the entire country, which is already pretty conservative leaning from what I can see. Hopefully this bad apple doesn't spoil the bunch.

Nah, crypto already had a bad image in the Philippines, as many had used it as a front to scam fellow Filipinos (immoral right?) by saying they can double investments through BTC while showing fraudulent proofs such as images of money then the rest follows. I don't think that many FIlipinos that still haven't seen XNC Founder's page, would even invest in here as they don't have any legal documentation nor registered in any government financial and trading related departments. Yet if the popularity grows drastic, then I might post and warn everyone with this probable scam..

[Yogee]

The better questions:
- Would you still trust an ICO?
- Would you still trust a convicted criminal running an obvious fake project?

The founder looks like trolling to me and the token will be used to make the industry a laughing stock. If the country regulators won't put an end to this quickly, they should all be fired.

Virtual central bank? What the hell is that 
The price shall be stable but projected to increase 300% to 400% by 2021? 

[Yaunfitda]

Didn't Philistines have a president who himself encouraged citizens to go out and murder addicts in cold blood?
I can't imagine how there hasn't been a crackdown for a coin with the explicit goal of supporting illegal transactions. If this isn't shut down fast it has the potential to stain the image of crypto in the entire country, which is already pretty conservative leaning from what I can see. Hopefully this bad apple doesn't spoil the bunch.

I'm pretty sure that the Philippines SEC will give a warning if not going to kill this project before it takes off. The Philippines is very welcome with regards to bitcoin and the rest of the crypto market, they have their own exchange coins.ph. So pretty much the government will or have this scammers on their radar and could be one day put down for good.

[Kelvinid]

I'd never see a reason why we pushed ourselves to invest in this project knowing that it is for illegal purposes. We are cleaning the market from scam/fake projects and that it brought attention to the authorities since the growth of the same scheme is very rampant.

I don't think that it will catch the attention of the community but probably just being ignored.
maybe we have to report this to the authorities so they will take action in regards. And this also help to retain the trust of the people toward crypto which is once has been called a scam.

[slaman29]

I already don't trust ICOs in any way but especially if it's an ICO from Asia it makes me even more careful. And before anyone says anything I'm Asian myself, so I know how these things work and how they go. We're very very good at marketing, and sometimes you can get a sense from the marketing, whether it is just talk or if there will be a lot of action? And this one doesn't have the good vibe. Not saying it has a bad vibe though. But you can't launch this project in Philippines without approval, so I wouldn't get myself trapped there.

[Lordhermes]

Besides, no good investor still participate in ICO, only the less knowledgeable Filipinos investors would still participate in this fraudulent project. I see a very big crash in this, failing the rules of cryptocurrency presale system. Isn't it exchange increases the price of coins? How could a stable coin could rise up to 300%-400% by 2021. They know nothing about cryptocurrency since their purpose is for a criminal and illegal acts.
Attacking and stopping this project at it fresh start would be pretty good so they never invade and scam so many Filipino investors, as this will tarnish the image of crypto usage in the country, dealing something with fraudsters is a mistake ever taking cause at last same user will be scammed as well, so best way to report it to Philippines SEC if any exist.

[GreatArkansas]

(...)

I'm pretty sure that the Philippines SEC will give a warning if not going to kill this project before it takes off. (....)

SEC Philippines will have hard time to take this down again, especially it is under cryptocurrency. All SEC Philippines can do will make advisories just like what happened in Forsage.
For sure this will be the start of another level of ponzi schemes in Philippines, using cryptocurrencies. It's just sad for people from Philippines that don't have much knowledge and just want an easy money.

[Assface16678]

(...)

I'm pretty sure that the Philippines SEC will give a warning if not going to kill this project before it takes off. (....)

SEC Philippines will have hard time to take this down again, especially it is under cryptocurrency. All SEC Philippines can do will make advisories just like what happened in Forsage.
For sure this will be the start of another level of ponzi schemes in Philippines, using cryptocurrencies. It's just sad for people from Philippines that don't have much knowledge and just want an easy money.

Right now, I didn't see any notification about the SEC about the action of this XIAN coin but still, there are some people makes an investment on this coin because they know the founder of this coin and some of them are taking already a prediction that this coin will become profitable and comes up the market value into one (1) dollar per Xian coin. I think the SEC will take immediately takes an action regarding this coin.

We all know that most of the people knows a new ICO they made an investment because they think its looks like bitcoin that will gives to them a good marker profit soon.

[Kupid002]

Nah , I will never invest any money for a known scammers they even telling us what is his background before so its very dangerous to trust this man . besides ,they start investing in illegal activity already which is another red flag do you really have idea where they plan to use the money they want to raised from that crowd funding?

The 9m investment from pogo is I think his way to make it more legitimate that he is trusted by a big group of company. Scammer is scammers and it will never change.

[LbtalkL]

NO WHITE PAPER NOR ANY LEGAL DOCUMENTATION

Without white paper we won't know what is the idea behind this coin/token, We completely don't know about it's plans, etc. It's a big NO How will investors get interested in something they have no clue what it is all about? This sounds like a ponzi they are promising that your money gets x2 or more, all about money not cryptocurrency and blockchain technology. They have the confidence to run an ICO without proper documents, it is surely a sh*tcoin, pump and dump if it gets listed.

[Casdinyard]

The better questions:
- Would you still trust an ICO?
- Would you still trust a convicted criminal running an obvious fake project?

There are still good ICOs out there that only had less clients and investors due to the past accidents that changed the image of bounties and ICO projects. Not to promote the Founder, but that criminal already "were trying" to change his life and was helping a lot of those whom in need... but usually trolls on the social media with his wealth lol (it's somewhat funny tho if you're a Filipino )

I'd never see a reason why we pushed ourselves to invest in this project knowing that it is for illegal purposes. We are cleaning the market from scam/fake projects and that it brought attention to the authorities since the growth of the same scheme is very rampant.

I don't think that it will catch the attention of the community but probably just being ignored.
maybe we have to report this to the authorities so they will take action in regards. And this also help to retain the trust of the people toward crypto which is once has been called a scam.

I'm pretty sure that the Philippines SEC will give a warning if not going to kill this project before it takes off. The Philippines is very welcome with regards to bitcoin and the rest of the crypto market, they have their own exchange coins.ph. So pretty much the government will or have this scammers on their radar and could be one day put down for good.

But you can't launch this project in Philippines without approval, so I wouldn't get myself trapped there.

Nah, the Founder isn't even on the Philippines nor allowed to go back in the country as well, and he wouldn't launch the ICO on the country of course. Everything would only happen online. If you would read his posts in his personal Facebook account (I'm too busy to look it up sorry), he managed to escape the country's airports security despite his pending cases, kinda rude that he literally posted every step he took (like on the movies lol), yet kinda funny as it portrays the poor management of the government with such matters. But still, SEC can only warn their fellow Filipinos, but even them had already see crypto in general as a scam due to many local scams that used it.

so best way to report it to Philippines SEC if any exist.

Will try to do this tomorrow and simply make a long posts about the facts and why not to trust such then use that post as my reference in reporting it on SEC as well. Many had invested and this would take a hard time.. but I will try! Thanks!

The 9m investment from pogo is I think his way to make it more legitimate that he is trusted by a big group of company. Scammer is scammers and it will never change.

And the funny thing here is that it only costs 18per coin which must be 40. Also, he didn't mentioned the transaction fee's dependencies such as the higher the buy the higher the fee, yet I think no matter how huge your investment (hopefully no one would..), the fee would only be approx 2$.

Without white paper we won't know what is the idea behind this coin/token, We completely don't know about it's plans, etc. It's a big NO How will investors get interested in something they have no clue what it is all about? This sounds like a ponzi they are promising that your money gets x2 or more, all about money not cryptocurrency and blockchain technology. They have the confidence to run an ICO without proper documents, it is surely a sh*tcoin, pump and dump if it gets listed.

I've already mentioned that they will use the XNC as their "bitcoin" for their transactions and payment system throughout their illegal activities. Hence, there's no wonder that there would still people who would invest in it, particularly those that are have illegal connections with the founder.

[Yatsan]

7days after that shitcoin started he already collected more than 280,000$ which is literally low if you are going to compare it the other ICO that failed and success. The hype is only for Philippines and I am still sure that XNC will fail and a lot of people are going to lose money in Philippines. And in addition the 9M PHP that he posted can be fake, so yeah, it's totally a scam and the only thing that people are buying it is because of the hype.

[nelson4lov]

This is the first time I'm hearing about the project and reading through the thread, I didn't see any reason why I would probably want to participate in their token sale / ICO. The project proposition is laughable too. This is like saying "we're a public entity for facilitating illegal transactions, invest in us". Well, here's a couple of reasons why I wouldn't participate in the sale even though I had free money to do so:

1. Like you said, Its a "controlled" ICO so a no, no decision for me.
2. Not being able to trade it openly on crypto exchanges is a big turn off for me. I've had my fair share of ICOs that didn't get a chance to be listed on exchanges and I know how it turned out.
3. The price would be heavily manipulated.
4. Possible scam. Most shady ICO schemes in the past like this don't always end up well. Usually leaves people hanging or in tears.

[DoublerHunter]

^ I really do not trust a digital asset without white paper or any legal documents, and for the record, even me is Amazed How an ICO grows more supporter and even reaches the end date of the presale and collects a huge amount of money.
Here is a fact also. the new trend as of these days, investors do believe that if an ICO, creates a bounty campaign they think that it will possibly dump after the end of I.C.O because it gives free coin (Bounty)(thinks that the coin is not valuable). and the worst part is the shiller, they will hire shiller, and those shenanigans will hype the group so that investors think that the community is alive and so good to be true.
That is where Ethereum is useful.

[carlfebz2]

The better questions:
- Would you still trust an ICO?
- Would you still trust a convicted criminal running an obvious fake project?

The founder looks like trolling to me and the token will be used to make the industry a laughing stock. If the country regulators won't put an end to this quickly, they should all be fired.

Virtual central bank? What the hell is that 
The price shall be stable but projected to increase 300% to 400% by 2021? 

Thanks for saving up me some time on reading it all and you have summarized all of they key words.

Do still people havent learned specially in Philippines for those who get victimized by Xian Gaza on previous ponzi schemes? and having that National scammer name tagged?
Only fools would still trust this man.

Virtual bank bullshitness all the way.. Its clear that this guy is really just making an another erc20 shitcoin to make himself rich when people got fooled and do pretend that
the coin price had depleted just because huge number of people had sell out without even realizing that he owns a large partition.

It would be the next scam for sure.

[jostorres]

Lol I read the thread from beginning to the end. Anyway, I also don’t understand how the project is going to work when they are not going to make it available on any exchange. And another thing I’d like say is that investing in a token or coin that is owned by someone that has bad records doesn’t seem like a good idea.

I don’t know for you all though, but for me, that would be a bad idea. And what makes them so sure that the value will increase up to 400% in the year 2021? They can’t be so sure about that or can they? I don’t think so. Everything about this project doesn’t seem right to me, I would rather invest/buy coins that I can understand what it’s all about.

[Eternad]

The better questions:
- Would you still trust an ICO?
- Would you still trust a convicted criminal running an obvious fake project?

The founder looks like trolling to me and the token will be used to make the industry a laughing stock. If the country regulators won't put an end to this quickly, they should all be fired.

Virtual central bank? What the hell is that  
The price shall be stable but projected to increase 300% to 400% by 2021?  

The founder Is a known scammer, he's good in talking and uses Facebook as he's market. It was posted there he got someone who invested in this project personally during these presale. The target of these project are the newbie who didn't know anything about cryptocurrency. He puts high hope in the people,. His website looks bluffing but why there people buying his coin, they should be notified that it's a pure scam and will only benefit the owner. It should be reported fast in the government.

[sheenshane]

This topic has been discussed here.

I believed no one will trust this project, unless if the investors didn't know the founder of this project but if you have to conduct a background check you will find out how huge money he has been scammed.

I don't even understand what makes useful this project, everything is under control by the founder and anytime he will exit and run away the investor's money. He will might be laugh those who been fooled with him.

Just a tip, don't be a brave fool trying to invest even you know already the founder just because of greed, a brave fool was still a fool.