Magnetz [MGT] is very likely another ICO from scammer!

[pnoch]

From my research with new Magnetz release today,

Magnetz is just a lame attempt at scamming people with ICO, I've check their code and I can't believe my eyes, it is just a exact duplicate of old "torrentcoin" (also x13 algo) (https://github.com/torrentcointeam/torrentcoin) that died from dev ran away long time ago.

All of their 'torrent' code and UI, is just a copy from that old 'torrentcoin"

their torrentpage.cpp torrentpage.ui is 100% clone from the old code.



Fail much?

The wallet UI overall is completely standard and again exact duplicate from the old "torrentcoin"



Even the same mistake in bitcoingui.cpp (same exact mistake with setStatusTip and setShortcut)

Magnetz - bitcoingui.cpp

Code:

    addressBookAction = new QAction(QIcon(":/icons/address-book"), tr("&Addresses"), this);
    addressBookAction->setStatusTip(tr("Edit the list of stored addresses and labels"));
    addressBookAction->setToolTip(addressBookAction->statusTip());
    addressBookAction->setCheckable(true);
    addressBookAction->setShortcut(QKeySequence(Qt::ALT + Qt::Key_5));
    tabGroup->addAction(addressBookAction);
    torrentPageAction = new QAction(QIcon(":/icons/magnet"), tr("&Torrent"), this);
    torrentPageAction->setToolTip(tr("Edit the list of stored addresses and labels"));
    torrentPageAction->setCheckable(true);
    torrentPageAction->setShortcut(QKeySequence(Qt::ALT + Qt::Key_5));
    tabGroup->addAction(torrentPageAction);

Torrentcoin - bitcoingui.cpp

Code:

    addressBookAction = new QAction(QIcon(":/icons/address-book"), tr("&Addresses"), this);
    addressBookAction->setStatusTip(tr("Edit the list of stored addresses and labels"));
    addressBookAction->setToolTip(addressBookAction->statusTip());
    addressBookAction->setCheckable(true);
    addressBookAction->setShortcut(QKeySequence(Qt::ALT + Qt::Key_5));
    tabGroup->addAction(addressBookAction);
    torrentPageAction = new QAction(QIcon(":/icons/magnet"), tr("&Torrent"), this);
    torrentPageAction->setToolTip(tr("Edit the list of stored addresses and labels"));
    torrentPageAction->setCheckable(true);
    torrentPageAction->setShortcut(QKeySequence(Qt::ALT + Qt::Key_5));
    tabGroup->addAction(torrentPageAction);

More over, Magnetz ANN is very similiar to STABLE ANN page which is also one of the scam ICO project (Check the roadmap phrase) both ANN is also self-moderated topic.

Check here:
Magnetz ANN (https://bitcointalk.org/index.php?topic=900716.0) *self-moderated topic
TorrentCoin ANN (https://bitcointalk.org/index.php?topic=633546.0)
STABLE ANN (https://bitcointalk.org/index.php?topic=886555.0) *self-moderated topic

Obviously Magnetz so-called 'dev' is just a team with good graphic designer but know nothing about coding.

People should be investing in real project not just some scammer, but I'm pretty sure they have some good connections with people from checking their thread.

vTorrent (https://bitcointalk.org/index.php?topic=889481) non-ICO coin is what people who wants 'torrent on blockchain' should be support and invest in.


LET'S STOP THE SCAMMER!

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[MystPhysX]

They are just trying to cash in on the recent torrent push (thepiratebay incident) with old tech. Stay far far away.

[pnoch]

Some update on this scam project.

Please try to not FUD the project and the space where community members discuss about magnetz.
We can confirm that our basecode is indeed the same as torrentcoin's. What some bitcointalk members need to understand is that every blockchain based project uses another coin's code as it's basedcose. There are lots of projects loved and strongly supported by the community that started with basecodes previously used by other coins.
What the team is doing  (as can be perceived by the roadmap and as will be stated in tomorrow's whitepaper) is start the coin with a certain basesource and then build services around it.
Every coin does it, build value around a blockchain, and that's what altcoins are all about. Build experimental services around the blockchain and push the limits of what it can do.

We won't delete the last posts because we feel this subject needed to be addressed but please try to keep the thread clean so the real discussion about magnetz can happen.

The Magnetz dev team

EDIT: And about the video. Now we are accused of having a nice way for people to understand what our project is about? We saw some people doing the same questions about magnetz and thought it would be fun to have an animated video to show investors what we are all about, if having real word done is now a reason for false intentions accusations we won't be able to do anything.

I am not trying to FUD the project, I simply post the fact that your code on torrent is an exact duplicate of torrentcoin (100% identical and not a single line different or added), including all the same mistakes in code in bitcoingui.cpp as I point out here (https://bitcointalk.org/index.php?topic=905824).

You are asking for 55BTC to pay your "dev team" and marketing, but obviously your dev team is just a team with good graphic designer/ video editing but know NOTHING about coding.

There should be some sort of improvement or additions in codes even if you decided to take other people coin's as your 'codebase' as you've replied.

And again, as I've said your code is an exactly duplicate of the torrentcoin, so you or your 'dev team' isn't really using torrentcoin as 'codebase' but simply a clone of it.

Where is the real work of your 'dev team' may I ask?

Why ICO before you even have a single line of code of your own?

There is no problem with the 'nice video' but it is useless if you don't have a 'nice code' for your project.

@magente67 I'm sorry I did not realised you are just an account created by 'dev team' to help this project, if I knew I wouldn't send you the PM.

'dev team' is using a bunch of newbie account to make some fake support

Lol, i came here to see some nice discussion on magnetz and how everybody is happy with the start of the project and I only see some stupid FUD? Dev, dont spend time answering this kind of people? Is this some kind of whale walls, trying to fuc* eachother up?

This pnoch guy is even sending me messages on how this is a scam? Are these guys sad vtorrent supporters that need to FUD other threads since their coin is dying on trex?
Please dev, give us the whitepaper, I'm sure it will be awesome and one more step taken in the right direction.

[SimkoMiner]

The era of scamcoins has not yet ended. I never buy from ICO, it's pure gamble. If buying some shitcoin, then I usually wait 1-2 weeks after coin launch and if it doesn't die till then I set my buy orders very very low and then I hope there will be one more pump haha. The last good coin which I remember was Minerals, but since then only crap by crap. And Minerals almost died too, it was dumped to ground. There are still noobs who are willing to loose money, so why not taking those money from them and the best way in ICO There is old good saying in my country that 100 times said lie becomes true. So if all scam-devs claim in each coin that their ICO is not scam, noobs start believing it's all legit.

[jeffersonairplane]

Wow, people still buying into scammy ICOs started by newbie accounts?

[groggin]

 i have to agree with you guys - they're not offering anything new, except the opportunity for users to pay for a service they already have for free. a chance for uploaders to make money? that's definitely not what filesharing is all about. besides, most torrent sites won't object to an uploader asking for donations

 "To the parapits men!"   

[sandpaper]

I knew it from the get go that it seemed shady as hell.

I look forward to the day when things like this are actually illegal. (If not already)

[caga]

Wow, people still buying into scammy ICOs started by newbie accounts?

I don't think it matters if its ICO's started by newbies or a higher rank member.
Its not that a newbie could not purchase a higher rank account and launch a thread.

[siameze]

It will most likely take quite a few more of these ICO scams before newbies catch on. I saw this particular coin announced in quite a few places, but like any ICO/premine coin I simply ignore it.

[chicken65]

From my research with new Magnetz release today,

Magnetz is just a lame attempt at scamming people with ICO, I've check their code and I can't believe my eyes, it is just a exact duplicate of old "torrentcoin" (also x13 algo) (https://github.com/torrentcointeam/torrentcoin) that died from dev ran away long time ago.

All of their 'torrent' code and UI, is just a copy from that old 'torrentcoin"

their torrentpage.cpp torrentpage.ui is 100% clone from the old code.



Fail much?

The wallet UI overall is completely standard and again exact duplicate from the old "torrentcoin"



Even the same mistake in bitcoingui.cpp (same exact mistake with setStatusTip and setShortcut)

Magnetz - bitcoingui.cpp

Code:

    addressBookAction = new QAction(QIcon(":/icons/address-book"), tr("&Addresses"), this);
    addressBookAction->setStatusTip(tr("Edit the list of stored addresses and labels"));
    addressBookAction->setToolTip(addressBookAction->statusTip());
    addressBookAction->setCheckable(true);
    addressBookAction->setShortcut(QKeySequence(Qt::ALT + Qt::Key_5));
    tabGroup->addAction(addressBookAction);
    torrentPageAction = new QAction(QIcon(":/icons/magnet"), tr("&Torrent"), this);
    torrentPageAction->setToolTip(tr("Edit the list of stored addresses and labels"));
    torrentPageAction->setCheckable(true);
    torrentPageAction->setShortcut(QKeySequence(Qt::ALT + Qt::Key_5));
    tabGroup->addAction(torrentPageAction);

Torrentcoin - bitcoingui.cpp

Code:

    addressBookAction = new QAction(QIcon(":/icons/address-book"), tr("&Addresses"), this);
    addressBookAction->setStatusTip(tr("Edit the list of stored addresses and labels"));
    addressBookAction->setToolTip(addressBookAction->statusTip());
    addressBookAction->setCheckable(true);
    addressBookAction->setShortcut(QKeySequence(Qt::ALT + Qt::Key_5));
    tabGroup->addAction(addressBookAction);
    torrentPageAction = new QAction(QIcon(":/icons/magnet"), tr("&Torrent"), this);
    torrentPageAction->setToolTip(tr("Edit the list of stored addresses and labels"));
    torrentPageAction->setCheckable(true);
    torrentPageAction->setShortcut(QKeySequence(Qt::ALT + Qt::Key_5));
    tabGroup->addAction(torrentPageAction);

More over, Magnetz ANN is very similiar to STABLE ANN page which is also one of the scam ICO project (Check the roadmap phrase) both ANN is also self-moderated topic.

Check here:
Magnetz ANN (https://bitcointalk.org/index.php?topic=900716.0) *self-moderated topic
TorrentCoin ANN (https://bitcointalk.org/index.php?topic=633546.0)
STABLE ANN (https://bitcointalk.org/index.php?topic=886555.0) *self-moderated topic

Obviously Magnetz so-called 'dev' is just a team with good graphic designer but know nothing about coding.

People should be investing in real project not just some scammer, but I'm pretty sure they have some good connections with people from checking their thread.

vTorrent (https://bitcointalk.org/index.php?topic=889481) non-ICO coin is what people who wants 'torrent on blockchain' should be support and invest in.


LET'S STOP THE SCAMMER!

nothing to do with the fact your heavily involved in Torrent coin.
Its called competition - This is how the real world works.
And all Crypto is gambling regardless of coin or dev.

[pnoch]

LET'S STOP THE SCAMMER!

nothing to do with the fact your heavily involved in Torrent coin.
Its called competition - This is how the real world works.
And all Crypto is gambling regardless of coin or dev.

It's true that I am supporting vTorrent and I agree that competition is good, but I would probably also support and invest in Magnetz too if they are not a scammer group as it turns out.

Can't you really see that Magnetz is nothing but a shame money grab ICO? They just clone the dead old coin and try to resell it again with a nice packaging.

I seriously cannot understand how can people be so blind to support a team or a coin like that.

[siameze]

Did vTorrent have a premine/ico ?

[groggin]

Did vTorrent have a premine/ico ?

  Premine: 3%,(of 20 million) no ico

[siameze]

Did vTorrent have a premine/ico ?

  Premine: 3%,(of 20 million) no ico

That's all I needed to know. Nope, I want no part of either coin.

[DenKoma]

Pnoch, we would like to give you 5k FindCoin bounty for MGT scam report + 5k FindCoins additional reward.

You can read about our coin here, our site (where you can download FindCoin wallet) is findcoin.info

You can PM me or - better - write in our thread for details.

Thank you for you anti-scam activity