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

[cosmofly]

Xian coin was created from a scam and what do you buy it for? Most of the investors here are not underground people and the service of Xian coin is meaningless to us. Currently, underworld components still use bitcoin normally and the demand is so high, why should they use Xian coin? I do not see any potential from this idea at all, it is not suitable for the present time.

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[milewilda]

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??

It is exactly as you say it is. This ICO is obviously not an ICO there is not public involved, in fact the only people involved are those who are on it from the beginning. There's no real reason for the token price to increase since as you say it there's no listing on any exchange so the only way an increase in token price comes about is from artificial inflation and manipulation.

The standards of an ICO don't change, and that's no matter what token or which continent you are releasing the token. Investors won't get into it without a whitepaper or any sort of document to show how the idea will make them money.

It isnt an ICO but its just been disguised to be one and trying to fool people via doing and ICO.This is indeed involved only selected people who do most likely own huge supply that the coin.
If this one is created by a previous or known scammer then its no brainer that you cant trust this one up.How a coin would increase its price to 300% .For the government of said country,
wouldnt they trying to watch out for this mans activity?
Would they let that they would ran an another possible scam investment? It is really just hard to believe that they are still letting this man even if he's already known or do had
some background or fooling or scamming people.

[boyptc]

Once a scammer, will always be a scammer.

Only fool people will enter in his investment as we know that he is well-known scammer.

Too bad that these people who will invest into this coin are going to find themselves crying once this owner starts to run away with their money.

There are still a bunch of gullible people that believes with every such word an owner says. They have to understand what crypto really is.

There are still people who believes that there's an easy access to earned a lot, people who keep trying to
engage and participate blindly they only after with quick benefits.
We will not be surprise anymore about those crying investor after the coin collapse and the owner / team
are no where to find.
For now the only help is to keep alerting them that the project can do harmed and there's a big potential
in losing there money instead of gaining from it.

They certainly do because they don't know how exactly it works. And with the means of thriving to earn with the hard times, they will try everything and hope for it completely.

But in the end of it, they will only see the frustration due to the scams like this. I won't be surprised if there will be threads like this from a victim and telling the story how they've ended up scammed by the owner.

[Mumbeeptind1963]

If I am having a money, I will not invest in this thing, especially that this coin is about almost 1$ each with a large supply in the market, I do not know the whole mission of this project as well, Mr. Gaza is a good businessman but the thing is, there is a difference in crypto market projects and some businesses that are not in the web, I rather choose to invest in XRP, it is a lot cheaper than that coin, and it is a well-known coin and in the top exchanges as well, I would rather with some ICO or IEO that has their own product before going to crypto industry.

[wxxyrqa]

In fact, problems with ICO appeared due to the fact that scammers practically stole investment funds, deceiving investors. At the same time, no one could return their investments or at least sue the team of the fraudulent project. It seems to me that if there is a certain control in order to prevent fraud, then ICO projects will again be able to interest investors in the cryptocurrency market.

[cheezcarls]

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.

To be honest, I’m not really a fan of Xian Gaza. I never followed any of his posts despite that he had so many followers and dubbing himself as “Pambansang Scammer ng Pilipinas” (National Scammer of the Philippines). A close friend of mine told me about him when he was still not yet involved in crypto, he was good in motivating people in some networking seminars. Despite that, I wouldn’t trust him and may not gonna invest in his coin.

Starting an ICO in the Philippines is tough and needs to comply with lots of legal requirements from Bangko Sentral ng Pilipinas, CEZA (Cagayan Economic Zone Authority) and SEC Philippines.

I wouldn’t bet on his project, even as a fellow kababayan. I rather go bullish on BTC, ETH, NWC, XLM, ADA, LINK, TRX, VET and OMG. Just my two sats.

[CryptopreneurBrainboss]

Thought this only happened in my country where different ICO pumps up promising outrageous returns even when they're not yet tradable in exchange like presale to mainsale. The difference with this project been discussed here and some I have seen getting hyped in my country is that atleast those can be traded on decentralized platform and some on centralized exchange probably been controlled by the projects themselves.

But nevertheless, irrespective of how they can be traded or price manipulated, they still fall under the same category. They're all scam and I won't trust them. Never invested nor traded any and I know I won't be doing that anytime soon.