Terrible Token Tuesday – 10 Projects to Check Out Before They Disappear
Concourse is an Open Community of builders, researchers and enthusiasts. Every Tuesday we write up some of the research shared on ConcourseQ, our community’s token due diligence resource.
Check out what the community pulled in this week:
KSystems – https://concourseq.io/Q/KSystems KSystems’ whitepaper starts with a fake Harriet Tubman quote, and goes on citing their goals: Dapps, CAD Software, Supercomputers and even a University all without any qualifications or clear whitepaper description and a company that was just incorporated in April 2018.
How does the company intend to create value? Well, the whitepaper also tells investors to “Hodl” to increase token value. This might be the only winning scenario for KSystems!
Rubius – https://concourseq.io/Q/Rubius Rubius has one of the most under-qualified teams attempting to create a crypto wallet and exchange platform. Their incompetence is clearly demonstrated by the fact that they shamelessly copy Venmo’s UI on their boring mock-up and go on calling that an MVP. All the while the CEO, who seems to have named Rubius after his family name Rubin is comparing himself to Jeff Bezos!
Cryptov8 – https://concourseq.io/Q/Cryptov8 Cryptov8 would need a banking and a cryptocurrency exchange license to be able to operate, but they were not even able to keep the UK consumer credit license they got in August 2016. The fact that they have 12 Advisors was not helpful at all especially with the infamous ICOBench serial advisor Simon Cocking with alleged hundreds of “active” advisory roles.
Podbum – https://concourseq.io/Q/PODBUM Podbum seems like such a disorganized project that it had to be our featured project of the week. See all the list Red Flags through the link.
Here are some bad projects from previous editions of TTT that will start their fundraising soon:
ACA Network- https://concourseq.io/Q/ACA_Network ACA Network is an online advertising platform that wants to restrict the trading of their token to their exchange. It is clear that the team lacks the experience to be able to build such an exchange, and doing so would really hurt the liquidity of the token and thus damage investors. They are also touting partnerships with still unreleased projects, while they lack an MVP or code development.
Permian – https://concourseq.io/Q/Permian Permian is a normal oil drilling business that has nothing to do with blockchain tech, and does not need a token to function. Not to mention that it is being conducted by a ghost real estate company that has no completed projects under its belt, and just an amusement park refurbishment announcement in the UAE.
ExtraLovers – https://concourseq.io/Q/[NSFW]_ExtraLovers ExtraLovers’s seems to have just 2 team members with no prior blockchain experience to support the project. The 22x projected increase in revenues in 2 years seems totally unfounded and unrealistic, while the 94% bonus to early investors seems like a dump waiting to happen.
TrigID – https://concourseq.io/Q/TrigID Project is aiming for a $2B valuation for it’s token sale, and is seriously advertising a $380 BILLION value by 2020! These astronomical valuations for a project that still has no public code shows how much the project team is disconnected from reality.
Autoblock – https://concourseq.io/Q/Autoblock With a questionable team at least, a non-functional website and an address that seems to be fake, Autoblock has really slim chances of becoming a reality. Even if it did, the idea is less than average and 40K ETH is a huge budget for a car sales platform that accepts crypto.
Orca – https://concourseq.io/Q/ORCA Orca wants to become the “One token for your entire crypto world” yet it still has no publicly available development and the alleged MVP is nothing but a mock-up showing the UI. This is really problematic as the project already has 40 team members including 11 advisors. With such a big team you would at least expect to have more results.
The ConcourseQ team would like to thank everybody that helped on these DDs and all the others!
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