You may be aware of the current airdrop going on for the token named ERC20. I just wanted to inform people to be cautious as it may be a scam. After having read 100's of token white papers and browsing their websites I have a pretty good sense for whether there's a real product behind a token or if it's just a moneygrab.
Current Chart
Chart from last airdrop
Reasons it's probably a scam
- Pump and Dump - As you can see from the charts above there has been interest from the airdrops followed by very steep (from 1 seller) drop offs, and the cycle repeats.
- Sloppy and full of mistakes in the website and the whitepaper that is only 9 pages and completely not technical. A lot of it makes no sense and just uses buzzwords. No legal jargon. The websites design on the surface-level or to a novice will seem professional and well-made, but the content is just not there.
- Everything seems half-assed. Even the name is just literally the token standard ERC20. Which besides sounding official has nothing to do with their "product". Also the amount of mistakes in the whitepaper makes you wonder if they are taking this seriously. Couldn't they at least run it through a grammar checker or even pay someone to write it?
- No clear product or plan to execute just an idea of investing into top cryptocurrencies and distributing profits.
- Team background is laughable. Quoted from the website Alex is "Co-founder and CEO, strategic thinking, businessmen, crypto-enthusiast, philanthropist" and Darina is "Co-founder, 1st Runner-Up Miss Ukraine 2016, crypto-enthusiast, marketing management." Yeah I'm certain that nearly winning Miss Ukraine or strategic thinking are all you need.
- I was considering investing when I saw the meteoric rise on CoinMarketCap so after being underwhelmed by the content of their website I joined their telegram and started asking questions. The owner was less than hospitable or helpful.
- He was unable to tell me what he hoped to accomplish and solidified my belief that this coin is a scam. Finally, something I found interesting. The biggest pause in the pump and dump cycle coincided perfectly with the time I was questioning the owner and his posse.
- I was banned from his server after this with no explanation given for what his token was about or what he hoped to accomplish.
You may want to join the airdrop for potential free coins but be careful about investing because I don't think this is a project that will be around long.
Great read man! Im there with you, on the whole ico scam thing! Even coins that are being sold on multiple exchanges, are scams with a piss-poor dev team!
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