Terrible Token Tuesday – 11 ICOs That Do Not Deserve Fireworks
THE NEWEST OF NEW
FIFAchain – https://concourseq.io/Q/FIFAchain The biggest red flag associated with the FIFAchain project may surprise you. The very ambitious team has decided to use the FIFA trademark without a license. This trademark violation likely will not be much of a problem because they also have decided to sell tokens for a pre-product platform to US residents without doing KYC. Going to prison for selling an unregistered security may not hamper the FIFAchain team too much, because THERE IS NO FIFACHAIN TEAM. If you are still considering a contribution to the FIFAchain project, there is 1 more red flag and 9 notes of caution to consider in the full DD.
BrokerNeko – https://concourseq.io/Q/BrokerNeko BrokerNeko’s founders seem to be linked to a series of past failed projects, like “Tui Network” and “World Hotel Organization”. We don’t think that BrokerNeko will fare any better given 1) their twitter account suspension, 2) the team’s scarce online presence and 3) their Github page have been created the day before the ICO announcement.
You42 – https://concourseq.io/Q/You42 You42 wants to shake up the social media landscape and convert social media stars to its platform. Since Feb 2017, they have accumulated 47 followers on twitter. We are not sure why the founders believe you42 makes a bit of sense. Even compared to the effort level typical of scam projects, you42 is an embarrassment. LinkedIn says the founder has been working on you42 for 11 years and 7 months. Huge, if true.
EMINENT Token– https://concourseq.io/Q/EMINENT_Token_-_Fuel_For_The_BeepBeep_Nation_App Eminent’s CEO is working on 5 other jobs, and heads a “passive income” company where you can “earn true passive income without having to lift a finger”. He is also the creator of other equally amazing ventures such as “Life Changing Concepts Sdn. Bhd” & “All Net Profits Center”. I think that we will rest our case here.
Subaj – https://concourseq.io/Q/Subaj_Global\%20Network Given its current state, Subaj Global Network will get anything but global it seems. In fact this project sets the bar so low that it had to be our featured DD for this week. If you want to know more just go through that link!
Some of TTT’s distinguished previous features that are still gearing up to raise money.
SusCoin – https://concourseq.io/Q/SusCoin SusCoin is not really shy at copying the Bitcoin Whitepaper. That move is so dumb, given how much the original bitcoin whitepaper is widespread that we were really trying hard to see if it was a joke. Aside from that, we don’t really know what’s worse between the fake team stock photos, the copied testimonials, or inciting people to use your token for tax evasion. This project is really surreal!
Railz – https://concourseq.io/Q/Railz Besides the awful “z” used to pluralise the word Rail, none of the team members seem to be working on this project that would at best have merit as an EIP to Ethereum, without the need for an ICO or any independent chain.
Trilliant – https://concourseq.io/Q/Trilliant With the Advent of digital cash, the world is moving on from paper money, but Trilliant seems to be clinging to the old ways and wants to distribute ATM’s around the world. That would have been fine (although not a great idea) if the team had not forgotten to start securing licenses to operate those ATM’s in different jurisdictions.
AutoBay – https://concourseq.io/Q/AutoBay The AutoBay project does not even need a token to function, it could be easily replaced by ETH or BTC. The team seems like they’re not going all in on the project, with a lot of part-timers and a website hosted on WIX.
Goodwork – https://concourseq.io/Q/Goodwork Goodwork has inconsistencies with numbers and roadmap dates which puts the actual start date of the project only 2 months ago! Only 52% of the tokens are being sold to the public while team, advisors and insiders seem to be getting around 25%. This results in a post ICO valuation of $114M for the project which is too high at such a stage of the project without even an MVP.
BitStash – https://concourseq.io/Q/BitStash A simple, generic template-based webstore that could be started with a few minutes finds it logical to ask for $21M in funding just because it is accepting crypto for payments. Just to think that the whole of the Ethereum Blockchain was launched with much less than that is really scary!
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