Dr. Doom posted on October 15, 2019 21:47:37
First and foremost: this project runs an MLM model, which in my books is a major red flag and immediate full stop! Then the team is completely anonymous so we have no idea who is behind the development. This might be acceptable, in so far that we also don't know who Satoshi is, BUT at least for decentralized projects such as bitcoin, the current developers do not have "fear" for their association with bitcoin, such as the whitepaper claims to be the reason for the full team's anonymity. I am not convinced.
I do not trust this project, purely based on the MLM red flag, but also the fact that the token is only traded on their internal exchange against a forced every increasing price (they claim up to 30% per month). Obviously this is an unsustainable model of price setting by the team and by no means any real price discovery. Which gives it a very bad ponzi like taste.
BUT, I give them a very tiny positive point and that is the part in the whitepaper where they discuss their position on KYC/AML regulations, which I will quote here:
"As for KYC and AML, it’s appropriate to ask: Who do these laws protect? They don’t
seem to protect the investors. In fact, AML has been found to intercept less than
1% of the illicit transfer of money4
. Why would the crypto industry be so quick to
adopt a regulation that has proven to be 99% ineffective? Mostly, it appears that
the existing financial system is burdening the crypto industry with these laws, with
the intention of protecting the interests of banks, big business, censorship, strongarm government control, and taxation.
We are deeply concerned about what happens when an individual has to go
through multiple KYC screenings and procedures for every ICO, exchange, and
token they hold. Who is protecting all the personal information for that individual?"
I cannot do anything else than wholeheartedly agree with this opinion, even though for the rest their whole project might be a total sh*t show or outright scam! So if they are indeed scammers, on this point I will have to agree with them lol.
Furthermore, the whitepaper clearly states that if anyone is uncomfortable with the anonymity of the team, they are advised not to buy any tokens. Which is a fair position, but considering the weight of that element, this should be much more prominently displayed as disclaimer and hidden at the end of the whitepaper alone.
I consider this an extremely high risk project when it comes to almost certainly losing your money.
bullish posted on October 15, 2019 02:19:20
Pure scam, promises that their coins will be worth a certain amount of $ as time goes on. Team is nowhere to be found. This is eerily reminiscent of Bitconnect and other related ponzi schemes.
Just google "Upstake scam" and you'll find multiple users saying that they deposited BTC and wasn't able to withdraw at all. That's because their internal exchange is closed and there's no transparency. They can say their token is worth whatever price but eventually they won't be able to sustain it with new sign ups and the whole thing will come crashing down just like BCC did.
TLDR; Steer clear.....
cryptob@e posted on October 15, 2019 17:08:31
UpStake is so far the best crypto project with a dedicated team that always delivers. So far they made good progress. They have partner up with Moolahbet, which is now live and currently buying back from the UpStake exchange. But this is just the beginning, more things planned ahead to ensure full adoption. Moolahbet is now ranked No.3, soon to be No. 1 on TronDapp (dapp.review). Check it out at moolah.bet.
tingker posted on August 04, 2019 23:39:52
OK Upstake Token is definitely a sophisticated looking scam. Here's a post on BitcoinTalk outlining why: https://bitcointalk.org/index.php?topic=5124000.0
But in short, it's a High Yield Investment Program (HYIP). They GUARANTEE the price of their coin increasing hourly (quoted from their site) --- this is a HUGE red flag. Besides that, it includes so much language about "profits" when that's the furthest thing that you can guarantee to an investor in the crypto space (or just in the regular financial space in general). Finally just read this sentence on their site about their Edge product: "UpStake edge is a secure, safe and easy way to invest with a guaranteed return on your crypto investment." --- they paint the Edge as a network investing product (aka basically a Ponzi scheme)
They're also connected to a yet to be opened gambling site called Moolah.bet.
Finally no public team as well, pretty sure its 100% anonymous and their founders will exit one day.
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