Terrible Token Tuesdays – 10 ICOs to keep the SEC busy
Welcome to this week’s Terrible Token Tuesdays! Join hands with us as we dive deep into the impractical, unscrupulous, and sometimes hilarious world of cryptocurrency startups. Whether we are dealing with MLM ponzis, unregistered securities, or Blockchain 4.0 snake oil, our #SOMO (Satisfaction Of Missing Out) does not discriminate. Please Enjoy! And check out the new ConcourseQ!
Plaza Systems – https://concourseq.io/Q/Plaza_Systems A project with no development or developers with blockchain experience that claims to achieve 15,000 TPS while having just forked code for the ICO contract and MyEtherWallet. The team seems to have a vision to build the ultimate buzzword salad topped with an ERC-20 token, a stablecoin, a credit card, a bit of artificial intelligence and a speaker system (??).
Eniac_Network – https://concourseq.io/Q/Eniac_Network Everything about that project seems off: A website that was registered less than a month ago, Github which is 2 days old and of course no development. Twitter page was also created less than a month ago and has 18.7K followers for 19 tweets.
Sint – https://www.concourseq.io/Q/Sint Allegedly a decentralized exchange offering Fiat. We don’t know how they are able to do that! Promising astronomic returns without any evidence or even bothering with a public Github. Telegram group is full of bots saying hi as they join in.
Hash Gains – https://concourseq.io/Q/HashGains Team is selling tokens that represents shares in a company they fail/refuse to disclose. Claiming to be based in the US would render this an unregulated securities offering making it prone to SEC intervention.
Bunny Token – https://concourseq.io/Q/[NSFW]_BunnyToken Creating a payment token just for the adult industry does not seem to be very pertinent, in the existence of other general purpose privacy-centric crypto currencies that are more widely used. The team has no verifiable online presence, while the advertised MVP that is still at demo stage at best.
Quorchain – https://concourseq.io/Q/Quorchain Team members are fake and using stock images for profile pictures. The website was created just 2 months ago.
Youtoken – https://concourseq.io/Q/YouToken Project is accepting fiat payments while not being incorporated yet in the US, while also saying that it is the investor’s responsibility to comply with KYC AML standards and national (securities) regulations (We know that companies are the ones liable here). The token also has a revenue sharing model, which would result in classifying it as a security and thus would make offering it to US public a possible issue with the SEC.
Property Coin – https://concourseq.io/Q/Property_Coin Team will not reveal key details of private sale, but wants to raise $50M for 4.7% of the tokens for fix and flips. A billion dollar valuation for a company doing fix and flips with 250 twitter followers and a broken Instagram link. What the actual fuck.
Bitrewards – https://concourseq.io/Q/Bitrewards Project is bragging about advisors that were involved in low quality projects like Lydian (Paris Hilton ICO), Water-to-the-world and recently covered TTT project Elementh. They are misrepresenting facts about their previous business, while relying on a heavy use of AI buzzwords and promotional campaigns for the current one.
Smoke Network – https://concourseq.io/Q/Smoke_Network Small team, without verifiable blockchain experience is creating a social the niche use case of a Cannabis social network. Company was incorporated 2 weeks ago.
The ConcourseQ team would like to thank everybody that helped on these DDs and all the others! If you want to join our community, meet us on our Discord.
P.S. Last week’s TTT featured a scam ICO, Cvent. The Cvent team deleted their website and all their social media account on Wednesday morning. We’d like to thank them for doing the right thing.