Terrible Token Tuesday – We’re not gonna take it. No, we ain’t gonna take it. We’re not gonna buy these 12 ICOs.
The Concourse Open Community keeps scouring the ICO space and publishing its findings at ConcourseQ. As always, we’re here to share the most terrible ICOs with the community on Terrible Token Tuesday! And don’t forget – anybody can contribute research!
We’re also #buidling several interesting (non-terrible, we hope) projects in the space. Check out our Discord for more on our very active community.
The most terrible projects for this TTT are:
BotXcoin – https://concourseq.io/Q/botXcoin BotXcoin is running an uncapped ICO on the strength of its inexperienced team’s promise to create a semi-decentralized exchange and apparently deploy a few arbitrage bots. We doubt this team is ready for all the regulatory and technical challenges it’ll face, so our guess is that all BotXcoin will end up producing is some angry investors holding heavy bags.
Spiking – https://concourseq.io/Q/Spiking Supposedly a whale-watching platform, this project’s model relies on whales disclosing their trading strategies. It’s hard to imagine that Spiking’s reward system could make up for the decrease in profits that would come from whales revealing their methods. Looks like low public interest caused postponement of Spiking’s first try at this ICO, and we’re not holding our breath for a big splash this time, either 🐳
Loycha – https://concourseq.io/Q/Loycha Another loyalty points + blockchain project that we look forward to never hearing from again. Loycha relies heavily on an MVP as evidence that that its team can deliver, but all we get the MVP to do was let us register an account (using a wrongly-formatted phone # at that). We question this team’s ability to build a location beacon (a complex task being tackled by solid projects like FOAM) when they can’t even build a working MVP or a decent community around their project.
CWEX – https://concourseq.io/Q/CWEX In vino veritas, but not always 🍷 No idea if there really are inefficiencies in the fine wine markets that can be addressed thru decentralization. But we do know that no serious project would mislead investors by passing off mentions in student blogs as endorsements from Ivy League universities. Of course, judging from the problems with the thing that CWEX touts as a demo, this is far from a serious project.
POVCoin – https://concourseq.io/Q/[NSFW]_Povcoin POVCoin wants to tokenize the porn industry and create a privacy coin. Such a technical achievement seems out of reach for this team, notwithstanding the support of the “Secret advisor of Japan.” The project is so bad that even its creator (an insurance underwriter and “just a good person”) won’t mention it on his LinkedIn! Not safe for work or investment.
Every Awards – https://concourseq.io/Q/Every_Awards 🚩Every Awards is our featured project for this week. Every Awards isn’t actually holding an ICO—but this is the 3rd rebrand of a project that did hold a token sale. We’re featuring Every Awards because it just keeps coming back despite all the significant red flags we’ve found. Check out the links in the first red flag for some history!
To best experience TTT, please have this music playing in the background: https://www.youtube.com/watch?v=4xmckWVPRaI
And now some previously featured terrible projects that’re still gearing up towards their ICOs:
PlayChip – https://concourseq.io/Q/PlayChip This is PlayChip’s third time trying to hold an ICO, but we doubt it’ll be a charm. The only things this project seems able to deliver are questionable marketing claims and unverifiable celebrity affiliations. We wouldn’t even wager any PlayChip tokens on this project becoming a success.
EndChain – https://concourseq.io/Q/EndChain EndChain is a permissioned blockchain. Or maybe it’s on Ethereum? You’d think that’d be clear, but it’s not. But “blockchain” appears 50 times in the whitepaper; that must count for something, right? Of course not. This looks like just another project w/ an unnecessary token, an unverifiable team, and a questionable approach to US securities-law compliance.
TonerCoin – https://concourseq.io/Q/TonerCoin TonerCoin’s CEO – according to corporate info linked on the homepage – isn’t among the project’s team members. And the CMO calls himself an advisor on LinkedIn. We get why no one wants anything to do with this project—its website is flagged as not-secure, and who would buy a token representing ambiguous ownership in an unknown toner company that won’t start selling toner until 2020?
Comedycoin – https://concourseq.io/Q/Comedycoin Another non-secure website, but no need risk a click—it has poor design + almost no info. With Comedycoin’s lack of development + niche use case, we don’t expect it to overtake the likes of YouTube and Netflix. If there were any chance of that, wouldn’t the project’s chief architect at least mention his role on LinkedIn? Still, we can’t disagree that with this project, “you can laugh all day everyday 24/7, anytime.”
One Solution – https://concourseq.io/Q/One_Solution This project—far from a solution to any problem—is raising funds by selling OSF tokens (no use on the platform), which later can be swapped for Solvo coins (dividend-producing governance tokens). It’s not clear why things need to be so complicated; maybe the project’s trying to downplay the fact that “[m]ost of [the platform’s] activities will be taking place in OSF’s own private blockchain, which will be a modified fork of Ethereum.” That does seem like a problem.
Mobu – https://concourseq.io/Q/Mobu Mobu (a wanna-be security-token platform) makes a lot of ambitious claims, e.g., (1) signed letters of intent from (mineral) mining companies wishing to be listed on the platform in 2019, (2) innovative + unique escrow services, and (3) a long list of partnerships, including w/ international mining moguls. The only thing these claims have in common is the zero evidence provided for any of them. Security tokens might be a thing soon, but we can’t say the same about Mobu.
The ConcourseQ team would like to thank everybody who helped on these due diligence reports and all the others!
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