NOMINEX - cheating hunters by delaying payment for THREE years

[NominexExchange]

..

Can you share here what is your bounty program condition before they start? whether anything has changed in the meantime and why ^{if yes}?

1. You can also use all NMX tokens to pay a trading commission on the Nominex exchange 50% cheaper.

So if someone uses NMX token to pay exchange fee, then is 50% cheaper or they can pay 50% in NMX and rest in other regular currency?

We planned to list NMX in April 2021. Then we changed our product strategy to DeFi and decided to list NMX earlier, in December 2020.
Because DeFi is in trends now and we support it, we will add farming and staking features.
We have never and nowhere told that 100% of NMX will be listed in one day. So, we do not contradict our words.

NMX tokens will now be distributed within 100 years, and the full process of unlocking the NMX will take from 1 to 3 years – this is not so long. Moreover, you can ALWAYS use all your NMX to fully pay the trading commission on our exchange with a 50% discount (it is 50% cheaper than paying this commission in another currency). It means that if you have bonus NMX on your account, you can pay zero comission in other regular currencies.

[NominexExchange]

1. NMX earned in bounty and live tournaments will be fully unlocked within 365 days (1 year).

Why did you feel it wasn't important to share this detail with the bounty hunters? Surely its something they would have wanted to know ahead of time, is it not?

I'm trying to assess whether there was a rational reason of why the bounty hunters weren't informed of this detail or if this is the beginning of a pattern of dishonest behavior.

We did not block NMX received from bounty – you can still fully use it to pay for trading commission.
In additional, when we created rules of NMX token distribution, DeFi was not in trends. Times change and we change too.

NMX tokens will be distributed every day in equal parts. And soon after the NMX listing we will integrate mechanism which allow you to stake your locked NMX and get NMX for it, which you will be available to immediately withdraw to another wallet.

[nutildah]

We did not block NMX received from bounty – you can still fully use it to pay for trading commission.
In additional, when we created rules of NMX token distribution, DeFi was not in trends. Times change and we change too.

Of course you blocked it. Can bounty hunters withdraw their tokens off the exchange? If the answer is "no," then its obvious they are being blocked from control of their earned funds. I for one would never deposit coins on an exchange that feels OK with changing their rules after the fact to negatively affect the customer.

I understand you don't want the bounty hunters to all dump their tokens at once, but you should have included this language before the bounty began and not after it was all over with. It's also a bit weird that you are saying the "DeFi trend" is the reason why you changed your policy here. Your exchange's desire to chase this trend shouldn't negatively affect bounty hunters. You should just give them access to their tokens as promised.

[masulum]

-snip- but you should have included this language before the bounty began and not after it was all over with.

I agree with you, even they are have the rights to change any rules, but if the plans to locked token till one year is not make a sense. Bounty hunter agree to join and promoting even the token trade available on April 2021 (plan when bounty running). All of us never know about this before the campaign are started.

For Nominex team, I'm not make a counter to you, I'm just trying to keep your community happy to support your exchange. If the plan can't be change again, just tell us, the exact periode to start & end of unlocking the bounty hunter tokens, so no more question about this. ^{exmp starting unlocked from 1 January 2021 or any date}, just confirm it.

[aioc]

1. NMX earned in bounty and live tournaments will be fully unlocked within 365 days (1 year).

Why did you feel it wasn't important to share this detail with the bounty hunters? Surely its something they would have wanted to know ahead of time, is it not?

I'm trying to assess whether there was a rational reason of why the bounty hunters weren't informed of this detail or if this is the beginning of a pattern of dishonest behavior.

We did not block NMX received from bounty – you can still fully use it to pay for trading commission.
In additional, when we created rules of NMX token distribution, DeFi was not in trends. Times change and we change too.

NMX tokens will be distributed every day in equal parts. And soon after the NMX listing we will integrate mechanism which allow you to stake your locked NMX and get NMX for it, which you will be available to immediately withdraw to another wallet.

Yeah times change and you change things for the bounty hunter for them to suffer and from making them hard to sell their shares its tantamount to making the bounty hunter to work for free in advertising your project.

You don't deserve the community support where you only think that bounty hunters do not deserve to sell their share at anytime they want once they received, you are no different from other scam exchange like Adab who locked token for bounty hunters and do not want to make profit.

[onecall123]

1. NMX earned in bounty and live tournaments will be fully unlocked within 365 days (1 year).

Why did you feel it wasn't important to share this detail with the bounty hunters? Surely its something they would have wanted to know ahead of time, is it not?

I'm trying to assess whether there was a rational reason of why the bounty hunters weren't informed of this detail or if this is the beginning of a pattern of dishonest behavior.

We did not block NMX received from bounty – you can still fully use it to pay for trading commission.
In additional, when we created rules of NMX token distribution, DeFi was not in trends. Times change and we change too.

NMX tokens will be distributed every day in equal parts. And soon after the NMX listing we will integrate mechanism which allow you to stake your locked NMX and get NMX for it, which you will be available to immediately withdraw to another wallet.

It's been 3 months now bounty hunters are waiting to get their share which they very deserve for that. Now you're coming out your new drama with no control over the funds next 365 days. Is this meaningful? Of course not but you portray selfish act.

Bounty hunters tried their best to promote your exchange yet when your turns give them back, your act disappointing enough to earn bad impression from the community. Indeed good example of unprofessional conduct.

[holydarkness]

1. NMX earned in bounty and live tournaments will be fully unlocked within 365 days (1 year).

Again, I would ask you to share on which part of the initial rule and agreement you stated this condition, but I am sure everyone here already knows the truth and know how shady you are.

And how does 365 days of locking says you "heard" us? Your locking period were even longer than DEGO. And don't you dare saying you do this to protect your price, there are other ways that's being suggested by Examplens, I am sure we are more than happy to receive payment in USDT and you don't have to worry about price drop, if that's your truest concern.


Flag raised: https://bitcointalk.org/index.php?action=trust;flag=2491

[The Sceptical Chymist]

It's outright cheating and we should boycott this exchange for manipulating and cheating bounty hunters who helped them advertise their exchange, this project deserves a flag created<snip>

I sure as hell won't be using NOMINEX even if I were considering trying out a new exchange, and yeah anyone who reads this thread ought to protest with their money, i.e, don't give these hucksters any business.

From their bounty thread:

Try it now and see for yourself: become a partner and start making money from an infinite number of referral levels and 8 types of bonuses at once, without waiting for the distribution of tokens. Earn as many NMX tokens as possible. You can also get them for free by completing our Bounty Quests.

Don't know about anyone else, but that business model sounds like an MLM scheme to me.

Bounty hunter agree to join and promoting even the token trade available on April 2021 (plan when bounty running). All of us never know about this before the campaign are started.

Yep, that sounds like the M.O. of a lot of these bounties that screw their participants over in the end.  Those disclosures that rules (or anything else) are subject to change are nothing more than a license to steal IMO.

[nutildah]

Flag raised: https://bitcointalk.org/index.php?action=trust;flag=2491

I've supported your flag. It requires 2 more DT votes now. I was a bit surprised you didn't go with the Type 1 flag but after reading through everything Type 2 is entirely appropriate here. There's too many fly-by-night exchanges as it is; one that is dishonest right off the bat surely doesn't deserve a special with-holding of judgment.

[noorman0]

We planned to list NMX in April 2021. Then we changed our product strategy to DeFi and decided to list NMX earlier, in December 2020.
Because DeFi is in trends now and we support it, we will add farming and staking features.
We have never and nowhere told that 100% of NMX will be listed in one day. So, we do not contradict our words.

NMX tokens will now be distributed within 100 years, and the full process of unlocking the NMX will take from 1 to 3 years – this is not so long. Moreover, you can ALWAYS use all your NMX to fully pay the trading commission on our exchange with a 50% discount (it is 50% cheaper than paying this commission in another currency). It means that if you have bonus NMX on your account, you can pay zero comission in other regular currencies.

If there is another trend in the next year, surely you will change your strategy to unlock bounty tokens to 1000 years, right?
You should be giving your bounty hunters a nice attitude. You need to remember that hunters can also be exchange users. This inconsistency has given them a bad impression and in the end once your exchange has a small fault it will be a big problem for your future reputation.

Flag supported

[$crypto$]

[...]

If there is another trend in the next year, surely you will change your strategy to unlock bounty tokens to 1000 years, right?
You should be giving your bounty hunters a nice attitude. You need to remember that hunters can also be exchange users. This inconsistency has given them a bad impression and in the end once your exchange has a small fault it will be a big problem for your future reputation.

That is why every project must be consistent with the products they run, not only following trends, then changing the strategy will take a long time and hunters will definitely be neglected.
No wonder if they say the truth but have been disappointing in their statement, it will still be a bad reputation for him, remember this forum is very influential on the accusations we are following up, so fix it before it's too late.

[holydarkness]

Flag raised: https://bitcointalk.org/index.php?action=trust;flag=2491

I've supported your flag. It requires 2 more DT votes now. I was a bit surprised you didn't go with the Type 1 flag but after reading through everything Type 2 is entirely appropriate here. There's too many fly-by-night exchanges as it is; one that is dishonest right off the bat surely doesn't deserve a special with-holding of judgment.

Yeah, I was quite undecided between the two type of flags before finally taking the type 2, especially because I have never raised this type before. I thought it'll be more appropriate given the exact situation happened.

Plus, given how this situation were not just happening once or twice, where projects deceives hunters by changing rules as they wishes, I thought it probably can be set as a trend to help other hunters when they're cheated with silly rules.

Thank you for the support, I really appreciate it.

[royalfestus]

There should be no explanation or excuse for not fulfilling the terms of agreement. For whatever reason you changed the process of operation you should bear the consequence. Bounty manager should learn to limit distribution to 3 months, anything above that has always been fraud. 3 years is a long time, I can promise that we will be in the bear market by then and you can be off this market, anything can happen in the bear and you know. Honour the term of agreement or the hunters should drag their name in the mud in the media, I will never open an account with Nominex because of this, Never.

[bakasabo]

Do I get it correctly:

1) Nominex planned to distribute hunters reward in April 2021
2) Then they decided to distribute reward daily during 3 years.
3) After this topic was created, they change their mind and decided to distribute bounty reward in 1 year.

Why your decision changes so often and quickly? If few new accusation topics appear, will you change "fully unlocked within 365 days (1 year)" to half a year ? Does anyone have a clear explanation, how freezing 0.035% of total supply will influence on the price or how distribution could have a bad impact on it?

[examplens]

NMX tokens will now be distributed within 100 years, and the full process of unlocking the NMX will take from 1 to 3 years – this is not so long. Moreover, you can ALWAYS use all your NMX to fully pay the trading commission on our exchange with a 50% discount (it is 50% cheaper than paying this commission in another currency). It means that if you have bonus NMX on your account, you can pay zero comission in other regular currencies.

What is not so long? Distribution over 100 years or unlocking from 1 to 3 yrs?
So, NMX is only possible to use to pay for your service?
Whatever, you did not answer me, whether all these rules were clearly stated before the start of the campaign, whether the bounty hunters were clearly informed of the payout after 3 years?

Why your decision changes so often and quickly?

His decision about bounty token distribution is directly related to Bitcoin price. If BTC price rising up, extending the deadline for distribution and vice versa. It simply, tokens amounts planned for bounty program will cost is much more than they expected, now they try to reduce it as much as they can.

[ibuddy122505]

what the heck i just heard, Nominex team promised their native token will be available for trading next year on 1st April. Now, they make complete  u-turn as they will distribute NMX durinng next 1 year. Very very unfair, our works needs to be paid as you've promised to us means on 1st April of 2021.

[bakasabo]

Why your decision changes so often and quickly?

His decision about bounty token distribution is directly related to Bitcoin price. If BTC price rising up, extending the deadline for distribution and vice versa. It simply, tokens amounts planned for bounty program will cost is much more than they expected, now they try to reduce it as much as they can.

Do you think this is fair ? And if the Bitcoin price skyrockets, they will refuse to distribute at all? Or if the NMX token price goes lower than 1 USD (as they stated 1 NMX = 1 USD), I doubt that they will compensate something to bounty hunters and those who bought their tokens.

If the price goes down - it is your fault that you have bought. If it goes up, we wont let you earn more. Marvelous logic and tactics.

[NominexExchange]

We did not block NMX received from bounty – you can still fully use it to pay for trading commission.
In additional, when we created rules of NMX token distribution, DeFi was not in trends. Times change and we change too.

Of course you blocked it. Can bounty hunters withdraw their tokens off the exchange? If the answer is "no," then its obvious they are being blocked from control of their earned funds. I for one would never deposit coins on an exchange that feels OK with changing their rules after the fact to negatively affect the customer.

I understand you don't want the bounty hunters to all dump their tokens at once, but you should have included this language before the bounty began and not after it was all over with. It's also a bit weird that you are saying the "DeFi trend" is the reason why you changed your policy here. Your exchange's desire to chase this trend shouldn't negatively affect bounty hunters. You should just give them access to their tokens as promised.

You will be able to withdraw some part of your tokens each day.

[dkbit98]

You can't change rules like that, and you must honor the terms and conditions stated in bitcointalk bounty thread.
If you refuse, than don't be surprised if you receive more negative trust feedback on your account, and your exchange will have bad reputation in bitcointalk forum.

🔹 Our bounty rewards are credited instantly - no need to wait for the end of the tokens distribution.

[NominexExchange]

Friends,
our original plan was to list all 200,000,000 NMX in April 2021, but now the same number of tokens will be distributed over a full 100 years. Thus, in the first year, 3,170,800 NMX will be distributed, which is significantly less, and this should have a positive impact on the exchange rate of our NMX coin.
If we talk about proportions: according to the old mechanics, the ratio of the number of tokens you received for the bounty (76,749 NMX) would be negligible in relation to the total mass (200,000,000 NMX) – only 0.0383745%. With the new mechanics, the number of tokens you receive will be significantly higher: 76,749 NMX from 3,170,800 NMX = 2.4204932509145958% - thus, the capitalization of your share will be as much as 63 times higher. It’s just math.