SCAM ALERTS: Monaco (MCO) and (CRO) Crypto.com, Republia, Bitingle, Minexcoin (MNX), Coinbits, Rocktrading, MobileGo, TokenPay, HumanCoin, BetKing.io, Changelly, ChangeNow & AtomicSwap, ADAB, RoyalTeam/520bit
Highlighted above are the links to the Bitcointalk threads that unearth questions and point to fraudulent activities of shitcoins and the tokenized buttholes that operate them. Every week, it seems that the dark crypto winter reaches a new chilly low and it reminds us that we need to wrap up our private keys in plenty of layers! Plagues of zombie coins are sweeping the markets like a minefield, and the ghosts of BitCon(nect) past, present and future are visiting – boo!
Frosty mornings are due to be with us for a while, as more and more crypto fiascoes and bad actors unwind their stories, some more publicly than others. The research team at Genesis Block News are keen to expand the topic in more depth so that preventative measures can be taken by all. Thanks to the studious reporting and moderating of experienced members of the Crypto Community at large and BitcoinTalk forums, it is clear to see that there are multiple nefarious groups and individuals working to maintain scams and operate new ones on a regular basis.
When Monaco payment card and utlity token ICO launched, it made a storm in the hype markets of 2017 and raised $26mil USD at ICO, making the total market cap value of the token valued at approx. $243million USD at the peak in January 2018. A year after the ICO and no cards have been shipped and the scam seems to have already been exited. The founder has purchased the domain crypto.com and launching a new ICO for the CRO token with a half-baked whitepaper and no working product once again. BE WARNED, Monaco founder and his “team”are experienced fraudsters and will continue to wreak havoc until there is a consensus ban on people like this. Already they have become millionaires from YOUR money, will you also be happy to make them billionaires in the future?
The crypto credit card ICO scam was quickly noticed, when WaveCrest who were in the process of issuing cards to many of these scam operations was shutdown by VISA. Previously banks in Australia and other countries had to put a blanket ban on prepaid payment cards of any type due to high amounts of fraudulent activity and the ban was seen on Mastercard services at around the same time.
It is easier to get away with it than many realise. Even though most ideas are not original or at a working level of development, no one is questioning of the uncertainties. Being very good at creating a fake buzz is crucial until they make off with your cash. The initial product or service is modified or reduced and becomes a limited glimpse into the set-piece of a digital con artist. Paid for by you, the spam emails, fake fans, teenage trolls and pickled pundits are all in place to make this a roller coaster for you and your friends or family…
In the peak hype of Dec 2017, recent investors in the crypto space were considering how to splurge their electronic cash and thinking which of the moon sized flexible fiends on offer would give them the best bang for their buck. It wasn’t long before every show on the road was promising a debit card with wallet and exchange platform bolted on somewhere to their road map or hype machines.
This twisted version of ‘fake it till you make it’ has many users, speculators and even employees themselves very confused. It becomes a gospel of lies, denial and betrayal, where the cynical view of the customers and investors who are willing to risk something, can be abused to provide a something for nothing to someone who doesn’t deserve it. Like on the pantomime stage, Cryptocurrencies is the ‘straw man’ or scarecrow without a brain that the fast money markets have begun to play with. Despite the lofty visions of the open-source communities behind the crypto curtains, any person with a dream can often find adversaries who have a scheme of distraction and empty promises. ‘Look out…’ and ‘Oh no…’ are the words in mind.
Satoshi Nakamoto’s vision of the future for electronic ‘Bitcoins’ is just one attempt to put a software patch on a perplexing problem of human interaction and existence. What is value? What is a good store of value? Why are these initial scam offerings suckering so many people? When and how will regulation and community filtration methods make it a safer playing field? Where does this red block road lead us?