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Author Topic: [2014-09-27] Coinfinance:Interview with Gems – The First Social Currency Network  (Read 2677 times)
Blawpaw
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September 27, 2014, 11:54:36 AM
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Interview with Gems – The First Social Currency Network


http://www.coinfinance.com/news/interview-with-gems-the-first-social-currency-network
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September 27, 2014, 05:00:56 PM
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Yet-another-"social"-thing-a-ma-jig started in March of 2014 by two guys in Israel. They naturally want to "crowdfund" their progress, because getting actual VC money for anything "social" is like making an elevator pitch that you're the next "Uber" + < something >.

Like most hybrid-alt currencies, it starts out with a metric shit-ton for no reason, except their own exuberance:

10000 million (10 billion) GEMS is the total currency supply in the GENESIS BLOCK. Eventual supply is achieved as follows: 4,500 million Gems distributed to stakeholders; 4,500 million Gems distributed as daily Airdrop rewards during ~5 years after launch; 500 million Gems reserved for bonus block rewards, promotion, marketing, bounties; 500 million Gems + IPOs will fund the network R&D and operation costs.

And the most relevant part of course - "The gems currency is powered by Counterparty."

So, not even anything that is truly unique, just another bandwagon of idealistic app creators that are super excited to offer you this *unique* opportunity *cough-cough*.

So all I see is a website layout taken from somewhere with the usual scrolling parallax image elements in the background, some app UI shots of something that isn't released, and a couple of guys that are really just asking you for your money.

Yeah, no thanks...


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September 27, 2014, 05:07:23 PM
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Peled (the creator of this GEMS app) seems to have a tongue with a thousand forks.

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"1) Bringing bitcoin to the masses: one of the largest issues we saw with bitcoin is the process for a newcomers. Right now blockchain.info wallet is the most secure while easiest wallet service out there but we wanted to do something even better. There needs to be an extremely simple, very hand holding process for people who want to get into bitcoins." - Peled

Sounds like a great project, right? It is, according to this statement. Peled sounds like he is going to put bitcoin into the hands of the masses using an extremely simple method, his GEMS app. If this was true, he would be a hero of our time, just like anybody who honestly promotes the advancement of bitcoin. Then Peled goes on to say this:

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"Anyone using the Gems application receives Gems tokens for inviting their friends, utilizing the network, and helping to build the ecosystem. Gems tokens serve as the in-app currency which, for example, are paid directly to the users by advertisers." - Peled

Wait, didn't he just say he was bringing BITCOIN to the masses? He did, and that is exactly what he is not going to do. He will bring a small portion of bitcoin technology to some people. If he actually told the truth during the entire interview, you could easily see how weak his entire plan is from the start. This is just another useless "virtual currency" that has nothing to do with cryptographic mining or bitcoin, and the fact the Peled boasts about it as "advanced bitcoin technology" means he is a scammer, pure and simple.

Well, paint me surprised!
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September 27, 2014, 05:34:20 PM
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Ugh, exactly. This just looks like another semi-alt coin trying to ride off the back of bitcoin and hiding under the guise or trying to promote btc, but in reality he's just like another crap coin dev who wants to get rich quick.
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