OLXA

OLXA (OLXA)

https://www.olxacoin.com

Confidence: 54%

54%

OLXA (OLXA) - Reviews & Ratings

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avatar Crypto Anonymous 171 rated: April 01, 2019 00:53:29

Be very cautious with this coin. Apart from issuing the ERC20 token there has been no innovative development anymore on the cryptocurrency. Only accomplishment apparently is the admycash platform that doesn't seem to be needing a token at all (but only for that at least they have been delivering more than most of these types of shady projects). Whitepaper explanation about solving double spending problem is laughable and clearly intended to mislead uninformed readers. Claim of being a private and anonymous cryptocurrency is honestly just completely irresponsible and dangerous + the (poor) pseudonymous feature has nothing to do with the project itself but is inherent to Ethereum; and even bitcoin achieves more pseudonimity than Ethereum AND is a more secure network as a bonus. 92% of supply is held by 1 address. Don't be naive and think twice,thrice before handing out your money to people that are deceiving you. These types of bogus cryptocurrencies are just bad for the reputation of legit projects, because people are going out there promoting these crap coins to the outside world, which will not leave a favorable experience for them. So kudos for the team to deliver an unrelated to OLXA token utility with admycash (but as per what was mentioned by someone else about what kind of crypto business users will be promoting through that platform, one should be very cautious not to be promoting scams unknowingly), but the amount of misrepresentation and red flags are just too overwhelming. 


And don't forget the usual red flag of falsely promising VISA cards! 

2 reasons that I just nearly not give them the worst available rating:

  1. I don't expect the team to actually exit scam, however my expectation is that the cryptocurrency part of this project is going to die a slow death and a lot of everyone's time and energy wasted on a completely pointless initiative based on false premises. 
  2. at least delivering some kind of working product (even though it is as good as totally unrelated to the token's utility)

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avatar stellarowl12 180 rated: March 30, 2019 11:44:43

Ok so I don't think this project is as bad as some of the other ones so I won't give it the worst rating. That said it's likely a misguided money grab - inadvertent  or advertent - who really knows. 

Dr. Doom covers a lot of the red flags already and I agree with most of them - they team does need to clean up those concerns to come across as a more serious project. 

I do like that the team is showing their identities publicly though. AdMyCash looks cool - no idea if anyone is using it though. But besides that I don't think many of their promises and "benefits" of their coin are actually true. They are mentioning those features just for marketing purposes. That's why I still think this project is shady and I personally would not invest in it. 

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avatar dr.yibto 4 rated: March 29, 2019 05:28:11

olxa project seems promising while they have faced many critical issues with very low fund raising

but, olxa is still here, working hard to satisfy all of us
olxa succeed to launch their amazing platform admycash and just been listed on coinmarketcap
nice work olxa, we support you. keep doing the great work

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avatar mhd 4 rated: March 28, 2019 14:38:57

OLXA, you are doing great work guys. it's amazing that you are still here pushing your best to get OLXA listed on many exchanges and to keep supporting people even if you did not collect good funds in your ico but you are still investing in this project from your own pockets to keep it live and continue.
why are you dr doom fighting everyone! you should support the live coins that sustained while 90% else of the coins disappeared.
you should be thankful for coins like OLXA that are still here supporting their own community that for sure, you are not one of them.
Thanks OLXA, keep up the good work, we believe in you

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avatar Dr. Doom 195 rated: March 28, 2019 07:39:25

Somehow scam coin projects think it is a good idea to list their project here! Well, I guess that if you believe that even bad advertisement is still advertisement, then I guess they have a point! So onto my personal opinion about this scam coin, because yes, I do believe this is another one of thousands of scam coin vaporware. Has a lot of similarities with Wixlar actually, one of those is the claim and promise of a credit card in Q1 2019, well I wouldn't hold my breath and to me the projects (with a few minor exceptions, but broadly speaking) that claim they will offer credit cards are highly highly suspicious!


Another similarity can be found in the whitepaper: here again they claim that OLXA coin has an innovation against the so-called flaw of double spent problem of cryptocurrency. This is highly misleading because the innovation of Bitcoin's Proof of Work (PoW) blockchain based cryptocurrency was actually the SOLUTION to the double spent problem (not the flaw). In the OXLA whitepaper they essentially describe the working of Ethereum's PoW (on which this sh*t token is issued) as their fix to the flaw in cryptocurrency. Very misleading targeted to newby investors. 

Then they boast about some Class A certification by some entity that apparently certifies Direct Selling, NETWORK MARKETING and MULTILEVEL MARKETING companies for a code of ethics. Well, being associated with multilevel marketing within cryptocurrency space is actually a big red flag, although I don't seem to be able to find much direct evidence of any pyramid structured rewards program. Unless the admycash website that is associated, is some form of MLM program, however this is a crypto business advertising program with affiliate marketing links system. How the OXLA token is connected to this, other than it might have provided the funding from the ICO, is unclear, because payouts from the affiliate program is in paypal, bank wire or bitcoin (not OXLA).

Coin has no wallet of its own, but can be stored with the usual generic erc20 compatible wallets.

WHo knows, the admycash program might be legit-ish and could generate some revenues by sharing affiliate links (apparently without the need to invest first, so that appears ok), which I don't have any compelling reason to advise against (although one should be cautious anyway, especially about the type of affiliate links you share online). However the OXLA I would highly recommend to avoid like the plague!

***Update***
I see some of the other reviewers criticizing my critical analysis. Well, I have looked into hundreds of projects over the past couple of years and indeed I hold high standards for what I view as a reasonably not shady crypto project. If too many red flags appear with little to nothing to compensate for that, then by default EVERYONE should be utmost suspicious, due to the sheer amount of crap and scam projects that are out there. If I see valid reasons to give a project the benefit of the doubt, I will certainly do so as well. Unfortunately that doesn't seem to be the case for this project. So I am sorry if you are a bagholder and due to your vested interest, you might have a lot of hopium that this project will bring you what you thought it would bring, and I am sorry that the reality in crypto is so much harsher. If the admycash opportunity works for you and you are not promoting scams with that program, good for you, but the ICO fundraising has definitely been on very shady foundations and there is absolutely no innovative value attached to that token. 

Good that I had to come back to this review, because I forgot to mention that in the project's material (website, whitepaper, etc) and by the project's shills, the anonymity feature is promoted. HOWEVER this is also a misleading representation of reality: there is no additional anonymity associated to this token anything more than the pseudonymous level hat Ethereum transactions provide, which is in fact LESS anonymity than Bitcoin transactions provide, due to Ethereums "account balance" model. Users that are told that OXLA provides anonymity should be very aware that this is far from the case; transactions are recorded on the public blockchain and although wallet addresses are not directly associated to identities, with blockchain analysis it is currently not that hard to associate identities with transactions! So don't be fooled by this! For enhanced anonymity you will need a privacy coin like Monero (which is currently one of the most secure privacy coins) and even then you can't fully assume that your transactions will be anonymous forever. 

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avatar olxacoin 9 rated: March 27, 2019 06:45:09

OLXA is a Cryptocurrency that You can Spend Anywhere Anytime, OLXA is Secure, Private and Anonymous. OLXA Coin offers Fast, Instant and Low Fees Transactions, and Decentralized through Ethereum Blockchain Technology

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