"Crypto Bear" 48 review
Member since: March 21, 2019
2 years of Bitcoin HODL on the way up and down, now buying the dip. trading altcoins and did ICOs with varying results. Bitcoin and a very small tiny subset of altcoins will eventually make it to the global stage of actual adoption. Choosing between all the legit projects is hard enough, especially if you have to weed through all the scams out there. So let's try to work together and eliminate them as much as we can.
Enjin Coin - ENJ
Well funded project for gaming industry that has contributed a lot to the ethereum eco system and were behind some new innovations when it comes to unique tokens on the blockchain that could represent gaming items. Also their universal wallet is one of the more reputable. I have no doubts about the sincerity and competence of the team and that they will be very influential in the blockchain based gaming industry. I consider Enjin one of the most legit projects in cryptocurrency (at least up until now, as with everything in crypto, things can change instantly at any time).review Enjin Coin
Crypto20 - C20
The concept of this token is that it is a share in a crypto fund existing of a portfolio of the top 20 coins that is regularly rebalanced, the value of the token should then be near the value of the balance of the portfolio. THrough a smart contract the portfolio value of the token can also be converted in Ether to cash out (keep in mind that the available balance for conversion would be limited, so in case of a "bank run" on the fund, problems for withdrawal might occur). THe team is visible and seems legit so I am confident that it is not their intention to scam their investors, but of course their is risk involved, such as that the team is fully responsible for the security of the portfolio so that is definitely a single point of failure to be aware of. So as long as the team doesn't run away with the funds or get hacked, it should be fine. Good thing is that it is quite the simple way to get in and out of exposure to the complete top 20. No coin is supposed to be more than 10% of the portfolio value, and so be aware that 90% of the pprtfolio is altcoin exposure and only 10% bitcoin. I am confident about the team, but beware of some of the specific risks involved with this token. Alternatively you could get similar results by using HODL bot for example on Binance that will also manage and rebalance a top 20 portfolio automatically, you will have more personal control over the security of your funds (and more responsibility) as long as Binance doesn't go down, besides that, such a bot comes with its own cost as well.review Crypto20
Ravencoin - RVN
Probably not a scam in my opinion. They even have physical meetups for the project. It is supposed to be a blockchain that can issue asset tokens, based on Bitcoin code. They aim to be ASIC resistant though. Listed on larger exchanges as well. It does seem that in the last few months not much has happened on Github, eventhough prior to that, a lot of activity can be noticed (the lack of recent contributions is giving me some reservations, which makes me less than 100% confident). If I remember correctly, they did a "fair launch" which means no ICO, no pre-mine nor airdrop, just plain old mining from day 1. The team is visible, however the concern is that that also makes the project somewhat vulnerable, because it is quite centralized therefore.review Ravencoin
Insane Coin - INSN
The .com domain is not active anymore, instead they moved to .network. For as far as I can see this project is more of a community thing (similar to Dogecoin) rather than a project that takes itself too seriously. The website makes proper disclaimers that nobody should expect anything from this project and that it is more about people that are "insane" about crypto. They didn't raise any money and they claim that even though they did a premine, all of that was given away. In that sense I expect that this is not going to be any form of exit scam or money grab, however still it is going to be highly experimental. One of their latest projects is an exchange for masternodes, that would enable pooling of masternodes for the smaller masternode *investor*. A couple of things that seem a bit disappointing: the bankrupt exchange Cryptopia is still featured on their website and on the roadmap there is a mention of a storefront in 2018, however it looks like this has not come to fruition yet, at least I couldn't find it.review Insane Coin
Runebase - RUNES
Their mining rewards scheme will take 2000 years, which I think is quite remarkable (no judgement about this, it just caught my attention). Seems they are using bitcoin core wallet tech and the Ethereum Virtual MAchine model, with the intend to become a prediction market (like Augur). Their prediction market website does not have any activity yet though. Roadmap exists primarily of exchange and pools listing, not so much for development it seems. I don't see much reason for this project to exist tbh and no real innovation, it is actually just a fork of Qtum (another bitcoin/ethereum merge). Nowhere can I find how this project is supposed to make a difference of any kind. Their "Not a whitepaper" also makes references about price increases for the coin if blockchain becomes popular. One of their sources of funds, is Doge coin donations, not for development, noooo, for exchange listings! I really can't find much of value here, so I am kinda forced to assume the worst. No visible team either it seems and too much shill brigades here among the reviews too.review Runebase
PTPA Partner - PRC
I wouldn't trust this at all. They only issued some ERC20 token, nothing more. Hard to verify if the company is actually legitimate. I wouldn't risk my money here. The token is supposed to be some sort of security token, however it doesn't seem to have ownership rights nor dividends, only the "right" to purchase stocks if they go to the Russian stock exchange. Website also promises good returns on the token, which is a red flag in and out itself. Oh and not secure website too. I am extremely skeptical!review PTPA Partner
Five Star Coin Pro - FSCP
Super super super shady ERC20 token, just as the thousands upon thousands of worthless ERC20 token releases on Ethereum. Absolutely zero utility or innovation, just trying to raise money from uneducated investors. Roadmap includes mostly ICO phases, and just mentions so-called very vague projects, that aren't further specified in the whitepaper. According to the website they promise listing on major exchanges, but I wouldn't hold my breathe for that. They say those listings are mentioned in the whitepaper, which is not true. The website and whitepaper and roadmap show 4 ICO rounds, all to be concluded in 2018, however the website still allows to buy ICO tokens and that the ICO is still open. Currently 21 token holders and the top wallet (presumably from the team), still has more than 98% of tokens, so fortunately they have not been very successful in getting their hands on other people's money, let's keep it that way!review Five Star Coin Pro
TokenPay - TPAY
Certain facts presented by Tone Vays are definitely making this project look very bad and the TPAY exposure website adds a lot to that, but I am still having a hard time believing that Charlie Lee would be backing a project that really is as fraudulent as they make it seem to be. Without Charlie Lee involved in that partnership I would certainly vote very shady on this project, but now I will have to give them some benefit of the doubt, although please note that I give this benefit hesitantly.review TokenPay
Ormeus Coin - ORME
I couldn't agree more with the previous review: red flags all over the place! And they seem to be running a multilevel marketing program, although this is not clearly to see from the website. Smokes and mirrors marketing to promote some useless ERC20 token ponzi and pyramid.review Ormeus Coin
Tritanium - TTNZ
This looks super suspicious to me.
- very little github activity to backup the magnitude of what the project claims to be.
- traceability blockchain is somehow presented as something unique to Tritanium, though they admit this is already an inherent property of Bitcoin. Explanation seems to suggest that this is primarily supposed to be a corporate permissioned blockchain, which means that it would make little sense to do such a thing on a public blockchain with some token attached to it. Enterprises can find much better and more efficient solutions for this with existing enterprise private blockchain solutions.
- About page shows for description the "lorum epsilum" text
- Team members social media profile links return to about page (links are not existent)
- Blog articles by "John Doe", last articles published in May 2018
- There WAS an ICO for ERC20 token which is supposed to have been converted to the native coin on their own blockchain. https://medium.com/@mdashikmia/tritanium-token-ttnz-total-ttnz-token-to-be-minted-250-million-250-000-000-b6ce51b4cf4e
- Where to buy? Website show: exchanges coming soon. No exchanges yet, although a bitcointalk post from April 12 that the first exchange listing is tomorrow (April 13) on txbit.io.
- Apparently from time to time they update their bitcointalk thread and there should be an active Discord channel. Their Telegram channel is abandoned and I don't see much other social media representation.
Kin Foundation - KIN
ICO performed by the KIK social media app. Their KIN token is supposed to be integrated in the KIK eco system to spark more crypto adoption by leveraging the millions of KIK users. The ICO raised close to $100 million which is a substantial war chest, but they failed to reach their $125 million target. A large part of the fundraise was contributed by large investors in a pre-sale. Token has been underperforming ever since, except from the late 2017 altcoin rally. Currently it is still an ERC20 token, but they are scheduled to migrate to their native blockchain, for which ERC20 token holders will need to do a swap, preferably before end of May 2019 from what I read.
Nollya Coin - NLYA
Big nothing erc20 token! Very young project so very little information available to work with. Github account opened like last month, so nothing much to say about that. Project claims to be the solution for the unbanked in south america. Not any information is provided on how this standard ERC20 token is supposed to be uniquely positioned to achieve that noble mission.
PrimeStone - PSC
Not a big fan of their logo, which doesn't seem very professional and might invoke the wrong sentiments about its legitimacy. Whitepaper seems fairly decent and so is the information about the project. There is some pre mining so that is a small negative, however it appears that the project is suffering from underfunding (so we can't yet say the premine was a cash grab) and their ambitions seem very high with them wanting to become also an ICO platform, user friendly token issuing and late down on the roadmap even a coin exchange that will enable paying with their coin anywhere, because their in-app exchange would convert their token to fiat for those transactions. Github shows at least recent activity, though the general activity is quite low on average. Still I can't really identify straight forward red flags so far, so let's give them the benefit of the doubt when it comes to confidence. Not giving any predictions on the merits of this project in terms of future viability, but at least I do not believe this is a scam waiting to exit. On the other hand don't be surprised of this project just fades away in oblivion if it doesn't get enough traction within a reasonable amount of time.review PrimeStone
Cardonio - CFGT
Oh yes, this very much looks like your 13 in a dozen scam coin. I looked in their Telegram and indeed no admins, people shilling and calling it out as a scam. Not sure how many people have actually invested in this, but doesn't look like they will see their money back. This project should be used as a showcase example for newbies so they see what type of projects to avoid!review Cardonio
Harmony Coin - HMC
No whitepaper, blockexplorer seems unavailable, no visible/public team, no bitcointalk forum, not any social media for that matter (site gives you just homepage links to social media platforms), github not updated since 2 years (hard to find the github account btw). It is totally unclear if this was an ICO or a fork, because there is literally no other information than the website, that gives little information to begin with. Complete vaporware coin that I think is already completely dead. On CMC we can see a sudden dump around mid Sep 2018 https://coinmarketcap.com/currencies/harmonycoin-hmc/#charts, maybe there was a news event, or the exit occurred; I wasn't able to find the information though.
EndoX - EDX
No whitepaper, very simple website with hardly any more information about what this project actually tries to achieve and what the role for the coin might be in that dynamic. It is supposed to become an blockchain based operating system that will be more secure than Linux and as user friendly as Apple Mac. How are they going to achieve this, hard to find out! No ICO though, no apparent other form of fundraising. But coins are going to be swapped from another (useless) project apparently. Looks like a waste of time and resources to be mining this or keeping a masternodes, which seem the only things that can be done with this. Because there is no apparent fundraise, I am not going to rate this too negatively either.review EndoX
BravoCoin - BRAVO
Based on Steem and also a DPOS consensus algorithm. Is actually a blockchain version of Yelp. The question is: why does a review site needs to be protected by a blockchain, why does it need to be censorship resistant, which on the website is clearly stated as one of the advantages of the platform? However no explanation given for why that is. And speaking of such: where is the whitepaper or any other form of information that will better explain this project and the coin's purpose, because that doesn't seem to exist? Nice to give away the money that you created yourself out of thin air, but what gives the coin value? We can't really determine that, without knowing the basic mechanics behind the project and the tokenomics.