Alright I'm going to (try) to be brief.
Cryptocurrencies are built on trust/distrust by association.
Prior to now - Jasinlee was listed as the #2 developer on XC per their website. In recent allegations he was taken off the website. I gave them the benefit of the doubt that they would politely ask him to step away. However it looks more like he's still a pretty integral part of the project. His website is now dedicated to XC (fibonacci.io) and he took down the ability for the ASIC purchasers to log in and see their shares (was supposed to be a hosted thing). He now says nothing about ASICs - limited to XC/Cache promotion.
Jasinlee has scammed people out of hundreds of thousands of dollars on a preorder Scyrpt ASIC. He has not responded to anything (dozens) of questions that his "answers" raised after an IRC chat that was supposed to clear up questions. He has gone awol but continues to work on the XC project.
Scam accusation project ->
https://litecointalk.org/index.php?topic=21506.msg198342#msg198342Summary thread (needs updated) ->
https://litecointalk.org/index.php?topic=21742.msg203897#msg203897Summary of last communication w Jasinlee week ago summarized (I will be corrected if I get any of it wrong) ->
https://litecointalk.org/index.php?topic=21742.msg203897#msg203897Alliance with XC confirmed today.
'Cryptophi was a joined marketing project and what got us to Bitcoin in the Beltway.'
Furthermore, hes active in our 'project' chat.
Jasin's work and experience is beneficial to XC. So far his experience and coding in regards to XC have been extremely useful for the project.
https://fibonacci.io/ (fibonacci is where we originally ordered the miners. Nothing is said about them now)
http://cryptophi.com/ (joint effort by jasinlee & XC & Cache)
I don't believe XC is "behind" the ASIC scam however.
1 - They continue to be happy to partner with Jasinlee to promote their coin on a website I used to be able to log into and look at my "ASIC" shares that are never coming. Now it's dedicated to promoting XC/Cache.
2 - They continue to be happy to be associated with him as a developer which leads me to believe he is a very core part of the team. (He was listed as #2 dev at one time)
3 - I'm not sure if they are aware. But the technology associated with XC Jasinlee has several times mentioned porting over to Cachecoin. Since XC is closed source I believe he plans on using it to "pump" cachecoin (anon messaging, anon transactions, sidechain technology it is unclear if it will be released to Cachecoin or XC first).
<<Edit>> The devs assure me that all the features that exist in XC that are going to Cachecoin will be redeveloped by Jasin. #3 is a strong hunch supported by evidence but not provable.
This is a long long post to just say. There is much more here than meets the eye to both Cachecoin, XCurrency, Jasinlee, a website I used to be able to log into my account with that now says nothing about ASICs.
Take it for what it's worth. Don't walk but RUN from XC and/or Cache. They had a chance to disassociate themselves and they have chosen not to.
This is from Teka for XC on their stance of my accusations.
If you could include this in the op even as a direct qoute I will be extremely happy:
- You can not guarantee that people will loose many because Jasin is involved
- Our core community is aware of this situation and has expressed their opinon, none of them have dumped or a dumping because of Jasin.
- He's not in position of power.
- He has no access to any of the funds like the premine
- He can't dictate what the team does or who works for XC
- Jasin's involvement with cachecoin was public
- Blockchain 2.0 and POBOC ('Interchains') was public and we released that we will be working with Cache on this
-Currently this in very very early stages
- Anon features were a part of Cache, we addressed the fact that the implementation was different. We never tried to hide the fact that Cache had Anon features. In fact we even discussed it with members. Although these features seem similar they have nothing to do with XC.
- This means that most people knew about nearly every detail of cache and the collab with XC
- You cannot prove that Jasin is stealing any code. As you said this your gut feeling.
- None of the current tech published by XC was created by Jasin
Also if you a serious about this put a disclaimer that currently you have published no proof. You might have some, I have no idea if you do but currently you haven't put anything out.
Following are two summaries posted later in the thread that may explain the situation in more detail.
Whoa there!!!!
Can someone please link me to the "proof" that Jasin' been naughty? I find it hard to believe.
And I can tell you without a single shred of doubt that the Cachecoin dev is not in anyway linked with any shady shit.
Very naughty ; )
https://litecointalk.org/index.php?topic=2702.0No proof there, tho.
But some things do look.. u know.. weird ; )
Fib ASIC marketing was nice - aim at forum members, LTC defense blah-blah, 'trusted' distribution.
Most of concerns raised were flagged as 'trolling'/'FUD'/'shill attacks' and sometimes post deleted.
Also - 'we are not forcing you to buy our Fib ASIC' type answer was used frequently to answer some of the concerns ; )
Litecointalk forum moderators were made involved by making some of them 'trusted hosts'. And ofc it is very hard to separate your private interest from public forum moderation. This resulted in biased(imo) mods actions in Fib ASIC threads and other ASIC manufacturers threads. As in - in Fib thread mods were making warning and deleting(?) 'concerns' as fud/trolling and posting similar 'concerns' in other threads by themselves ; ) To confirm read all posts of mods in all AISC threads.. (yeah it's very annoying, but funny).
CACHE.. Jasin started accepting CacheCoin as a payment for Fib ASIC at a fixed price, higher than on the exchanges. Some members on bitcointalk and litecointalk had "ASIC coin" in their signatures. CacheCoin exchange rate went up. If I'm not mistaken litecontalk moderator Sy had huge ammount of Cache(mined?) so he bought a lot of Fib ASICs. After Fib stopped accepting Cache exchange rate plummeted down.
Some ppl claim that this was an intentional pump&dump of Cache and that the developer of Cache was involved. Cache dev(kalgecin) and jasin apparently were working together(?) on some Cache features and jasin occasinally made claims that he is very interested in Cache(and XC) and has some plans for it.
At the time, the proof from jasin that is was not pump&dump I've read was that he has not sold any Cache received for the ASICs. However to gain profit from this possible p&d you don't necessarily need to sell aquired Cache, you just need to make enough profit on Cache rate fluctuation you knew in advance and number of ASICs you can buy with Cache was intentionally limited. Also there were some allegations(with proof) that jasin wife sold some Cache prior the pump.
Also Fib ASICs were not sold as actual asics instead they were sold as hardware shares also Fib profit shares were sold.
Exchange was promised for those to be implemented. It was never completed cause.. jasin said dev run away. There is also no proof that it ever was developed. Also defense line - 'we make ASICs no websites' was used to 'calm down' ppl concerned that Fib site is buggy and exchange is not completed yet ; ) And ofc that ppl are trolling and are shills of the competitors and that they are not developers and don't understand how much effort it takes to make and test a web site ; )
What's funny is that long before Fib began sales there was a talk that practice of giving money to 'trusted' ppl should be stopped. mmitech(litecointalk) argued that there are enough cases when 'trusted' ppl collected vast ammounts of BTC and dissapeared after. At the time Jasin said that comparison is wrong, cause he have not collected any money yet ; ) Well.. now he has ; )
After 'fud' of corrupted litecointalk mods, admins and LiteCoin association spread, TheMage(litecointalk mod) organised a meeting with Jasin where some 'trusted' ppl representing investors were allowed to ask Jasin some questions. Some of the info was not made public, cause Jasin said it is a part of NDA between him and ASIC chip designers. However, total ammount of planned ASIC chips was made public - ppl counted their orders and realised that planned ammount is much(?) less.
Also coversation revealed the fact that Fib is still on ASIC prototyping/simulation stage. This is odd cause when KNC announced their scrypt ASIC, Fib raised performance, claiming that they have been designing ASIC for years and that at first they revealed well below performance number not to spook competitors. Again concerns were either marked as trolling/fud and partially answered with 'we have genious salsa dev'.
Also Jasin claimed that ASIC design company(or fab?!) is not aware that they are designing ASIC to be used for litecoin mining and that it was deliberately made secret, because they hate everything about the cryptos and won't do the job if they knew.
*From OP's perspective the mods/admins of litecointalk were suckered in by Jasin.
*TheMage asked me to clarify that he was not involved in the project (hosting or anything else) but was asked to step in and moderate the discussion as an unbiased party after things went south and that was the the limit of his involvement.
Just to follow up with some additional points regarding this:
Jasin/Wifey & Cache
Some research found some posts about Jasin blasting people for using sock puppet accounts at some point in time. Then a connection was made between his wife's nickname (email addresses, social media, etc.) pretty much directly tying Jasin & said account to the Cache stuff (i.e. stuff like "just bought from the CACHE dev, later on posting blocks of Cache for sale at the newly pumped/inflated prices. Based on everything I saw, there's about 0% chance that this person was not Jasin (maybe his wife, but I tend to think it was him). So much for being against sock puppet accounts.
General FIBs
Up until about late spring/early summer the ASIC project was touted as being so far ahead of any competition due to the fact that it was something like 1.5+ years in the making... the hash rate, power consumption, etc. Up until this point, Jasin was happy to quickly answer technical questions about the product.
At the same time, he was also touting his "high frequency exchange" being virtually complete minus some fixes for "regulatory stuff" in around April/May... no proof has ever been provided that such a product exists, much less that it's in BETA state.
This is around the same point he got involved with XC and his attention clearly went to playing coin pumper to that community, which was embraced and promoted by the "team". Talks of "fund evalutions, "watch the price, big whales are going to start buying" you'll be sorry if you sell now, etc. etc." started appearing.
At some point in early Summer, Jasin promised a major update the following week or something. Then he disappeared for like a month. Finally he comes back not with any update but unveils the great coin theft debacle with his developer. I have no idea what happened, my own theory is that the developer was in a situation where he probably was owed money by Jasin and couldn't get paid and maybe out of frustration just took what he was owed and bailed... I don't know, that makes sense to me because not all coins were stolen, which would seem to be what someone would do if they were simply a crook. Now, that doesn't condone what the dude did by running off with coins, but it seems to fit things better than just someone running away with all the coins. Now if it was a open & shut "theft" Jasin is still grossly negligent as the "CEO" of a company to not only allow someone he loosely knew with access to the coins, but also to have no idea that the theft even happened when it did.
This is when things really started to unravel where he started to finally come clean about the true state of the project... at first he tried to say it was still going on and just in a round of testing... I believe later it came to light that there wasn't even a previous design and the chip was still being designed (again I point back to the initial claims of the maturity and status of the project). This alone is probably enough to prove fraud in the sense that he provided customers and investors material information he knew to be incorrect at the time.
Finally, remember he was not only involved in product sales, but was also selling profit shares in his company. Ethically, you would think you'd want to be more honest and forthright to not only customers, but investors as well. To my knowledge, he's never proposed any type of plan for recourse for those investors beyond the refunds, which have stopped coming.
(Note: These is all pretty much paraphrasing things, as i'm recalling from memory here)
How does this tie to XC? Well, both times i've seen it leak over to the XC thread the team has vigorously defended him and embraced him as part of the team (officially a member up until sometime last night it looks like). I have no idea why, maybe they believe that he brings value with #cyrptophi, his promises of interactions with "funds", etc. I don't know.
But it reflects incredibly poorly on the community and the team to not have actually read through the case, realized there was enough PROOF (preponderance of evidence anyone?) that this has spiraled to something more than just a mismanaged project and could have definitely acted to help those hurt recover something earlier, even just through putting pressure on him publicly and privately. Unfortunately, alts have devolved to such a point where it's ok for stuff like this to happen I guess.
But we get instead filibustering and name-calling (remember, i'm BRUTALLY UNETHICAL) and continued support of Jasin.
Of course this hurts XC, the last time I tried posting on the thread I got hit with the same FUD nonsense, but surprisingly there were a number of PMs asking for more info... to which I just pointed them to the LTC forum thread to judge for themselves... Not everyone who invests or follows a coin is blindly faithful.
Claim that Jasinlee was never an XC developerThese are the facts in regards to Jasinlee's attachment to XC.
1 - Jasinlee was listed as a developer for months on official XC website.
2 - Jasinlee was taken OFF the XC website that listed him as an XC developer
3 - Jasinlee took the ASIC website and used it to promote XC (I let this go and figured it was a 1 sided relationship)
4 - XC people started bringing up Jasinlee asking about the status of his development projects for XC. I asked about it in the XC thread, brought up my accusations. Jasinlee was defended - I was told to go away. I started this thread.
5 - I was told Jasinlee was a team member, is still a team member, is no longer a team member, I shouldn't care because there is a different lead developer. Jasinlee was defended.
6 - I was told Jasinlee was never a developer for XC ever. He was just listed as a developer because he is a developer in real life and paid their Bitcoin to the Beltway. I believe this was probably paid out of our pre-order money (which he can no longer afford to refund) Or perhaps the money made pumping Cachecoin. He "ran out of money" for his ASIC project while providing money (if I understand correctly) for XC to attend BTC on the Beltway?unsure about this.
7 - On the 5th Teka (XC Official) said Jasinlee was a team member. On the 9th - the official statement says he has not been a team member since being taken off the website months ago.
*Sigh* Except that Tika and their official PR guy and what used to be posted on their website is in direct contradiction to this statement.
I will post this for the benefit on anyone in XC. I came over to the XC chat thread and had a pretty extensive argument about Jasinlee and explained that he was scamming people / ignoring people who had paid him hundreds of thousands probably close to a month ago.
I was told I was a FUDDER, Jasinlee was fine, he was a great dev, etc etc.
Soon after XC came up in a thread on the normal bitcoin altcoin forum. I brought up that Jasinlee was the #2 core dev (it looked like it - he was listed on the website right next to Dan in the developer section). Dan popped in and said "Do you SEE HIM LISTED as a core dev? No you don't." Soon after that Jasinlee was taken off of the website.
Until now I've left it alone even though Jasinlee is pushing XC/Cachecoin very hard on his website which is a pretty huge insult to those of us who were scammed. I'm fine with him pretending to be associated with a coin that isn't actively associating with him. I sluffed this off as "not XC's fault that he's pushing them - he must just be a bagholder"
Recently in the chat thread some people have mentioned him and his work (including official XC people). One guy even mentioned bringing him on full time. I brought him up in the chat thread AGAIN. People rallied around Jasinlee and told me to take my complaints somewhere else (including Teka) and that he was still very involved in the project. There was no "We are looking into this. If there are allegations we will see if it's true that a developer associated with us is scamming people and cut ties." There was resounding defense and "go away fudder" so I created this thread to present my side of the story.
It is quite easy reading thru Synchillis and Teka's post that XC is still very involved with Jasinlee but want nothing to do with his baggage. If anyone has any questions about this I can pull a dozen quotes out of my ass to support that statement.
At the VERY VERY end of this when they feel they have not adequately defended Jasinlee's reputation enough to keep it from causing damage to their coin. They switched their stories and say this.
No your missing the point, Jasin was never an XC delevoper
As far as I'm concerned Jasinlee was listed on the website as a dev. Everybody defends him. When they realize there is truth to allegations the LEAD developer of XC decides to lie about if he is a developer on the XC project.
I started this thread with a huge beef with Jasinlee thinking a coin would do some investigation into it. I'm left with lies, halftruths, some punk ass word playing wanna be hipster and a blatant lie from the lead dev. You're welcome to call this FUD but the response from the coin to this situation in and of itself is something you should probably take into consideration before investing.
