Hi everyone,
First of all, I am a noob in the cryptocurrency and ICO space. I am doing my own research primarily to learn more about this space and also buy coins that has potential. So far I have only invested a very small amount on a single ICO, Kick Coin ICO, which just finished and I'm yet to see whether it was a good decision. This will be very interesting learning experience. However, I do believe this coin has some potential and even if it doesn't go crazy high in price it will have value.
Anyway, back to my original topic, PlexCoin, the first ICO I have ever checked out for both learning and investing. I did really like the idea of having a Wallet directly connected with a debit card that can convert my virtual money on the fly without cutting my arms and legs. Please note that at the beginning when did even come across TenX which already has a working platform doing exactly this.
So, the reason I still haven't spent a penny on PlexCoin is simple, way too many red flags. The reason I wanted to write about it is because I have recently started to see Facebook ads targeting for PlexCoin and I think people are falling into the pretty obvious trap (in my personal opinion). If this turns out to be NOT a scam, I am happy for those who invested on it. :) If it turns out to be a scam, sorry guys you overlooked or did look for the signs of red flags. :/
There are so many reasons for suspecting them as scam. Here are the ones I can think of right now:
Launch Date And Sale Stage:
They were supposed to launch PlexCoin on September 13 which is when stage 1 sale is supposed to complete as well. Without much any of explanation they extended it to October 13. Two different things extended. This is a huge red flag because it pretty much seems like they are just buying more time to get more funds from people and possibly pack everything and run when they get some more money. Stage 2 sale already started but they didn't restart a countdown for it. How can you start the next stage of sale even without having any gap after the first one? Isn't it weird?Unit Value And ROI: Only Promises, No Evidence Or Math
The coin hasn't yet launched. How can they guarantee such high ROI only within 30 days? How can they increase it's value now, while the ICO is still not finished? I'm not talking about the sale stage 2 price increase, which is 28 cents. If you log in to your account, you can see the unit value in your wallet, currently listed as 51 cents. Mmmmm, what? How do they know it will sustain this value once it is launched? NOBODY can guarantee this. Even worse, one month ago when I signed up, unit value was 33.40 cents.
On 16 September I noticed they increased the unit value to 41.60 cents. Based on what really?
Must Sell Every Single Coin During ICO?
Sell all 400 million coins on ICO (sell stages 1-4)? That just sounds like a pretty lengthy ICO.PlexCorps Banned In Canada:
All ICOs getting banned is one thing but a single company getting banned is a completely different scenario. Several Canadian states explicitly issued warning about PlexCorps. The plexcorps.com and plexcoin.com have been taken off. I suppose, by one of those countries where these sites are hosted and PlexCorps is also banned. Read about the freeze and cease trader order in Montreal here.Number Of Sold Coins:
The total number of sold coins was around 21 millions when I opened an account on 22 August . Total number only increased to about 24 millions (26m remaining) on around 8-10 September. After about a week on 16 September the website started showing 8.5 million remaining. Don't you smell something fishy going on here? How could they have sold over 17 million coins within a week, especially when China banned all ICOs? Most people don't realise that these numbers are just numbers! The admin/developer can just change the numbers whenever they want. BTW, they also started using Facebook advertising after this time to catch all the people who probably don't even understand the cryptocurrency space.Visa Endorsed PlexCard?
Their website initially had pictures of PlexCards with Visa symbol. People started asking questions. I have read in Quora where people mentioned about contacting Visa. Guess what? Visa had no idea what PlexCard or PlexCorps was!"The Powerful Application"
According to their calendar the PlexWallet app will be launched on Q4 which is between a week from now and end of December. So they are planning to launch an application without even releasing a prototype, alpha or beta version? Do you think softwares are developed overnight without any bugs? Or do they think people are idiots and cannot figure it out?Exchanges:
October 13 is set (changed from September 13 without notice) to be the launch date of PlexCoin. They have not listed any exchanges where people can trade their coins. The PlexCards will be sent to select few on Q1 2018. The app isn't ready for public either. So, tell me how is the coin going to be launched if no one can do anything with it? Or they just don't plan on releasing it ever?No Source Code Released
They have not released any source codes anywhere in this or any of the alternate universes. The website and the whitepaper keep saying that this is a "revolutionary" idea. They released the whitepaper only 3 days before the start of the ICO! Their reasoning for this was that they don't want their "revolutionary idea" to be stolen. If you have been poking around the cryptocurrency space even for a few weeks, you would know that there are far better alternatives, such as TenX(PAY) and OmiseGo (OMG).Who's Behind PlexCoin?
Well, nobody knows. They made clear they will never reveal themselves. If they are doing something legit and want people to trust them and invest on their project, they need reveal themselves. A small conversation on their Facebook ad:
There are probably plenty more red flags. Please feel free to share them with us here in the comments section. Do correct me if any information I stated is not accurate.
That's it for now. Stay safe, invest safer. Adios. :D
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STOPclearly a Scam :D better take some TenX , They have a working product and well known developers. The Ico is over , but you can buy them at Bittrex and many other exchanges. Well you will not get them at the price of the ICO , but it is still undervalued in my opinion . It will take 1 or 2 years until we will see the full potential . It s a good long term investment.
Well, let's make things clear first:
What's ICO? Fundraizing of some startup, right?
Statistics tells us, that around 90-95% of all startups (doesn't matter, is it linked to blockchain and tokens or not) are failing to develop further.
Before investing in ANY startup or ICO, you should accept this statistics.
Scam ICOs is something different. But you can figure it out from their whitepaper or after chatting with the team a bit.
And yet, people will always be stupid. Want proof?
Here it goes https://uetoken.com/
Even existance of this token means a lot.
Checking the amount contributed proves the point of human stupidity.
New proof of stupidity appeared - JesusCoin =)
btw, already raised 199,94 Eth =))))
Exactly what I am thinking. A project has potential doesn't mean it will succeed. There is still a possibility that it will succeed because it has potential. But how can people pay their hard earned money to compete strangers who didn't even reveal their identity, doesn't have a project any a penny of potential, keeps extending the ICO and even worse there is no evidence of plan for future (product, listing exchanges....)?
all these is just the matter of time. Now they raised enough to make it come true and if they're not dumb enough, it will work.
I'm not totally sure yet actually raised what they say they raised. Because jumping from 21 million to 41.5 million in a matter of 3-5 days? Is not quite convincing when they only sold first 21 million in over a month. The jump occurred in the middle of all the China ICO and exchange ban.
this is blockchain, maaaan.
go to etherscan, enter their wallet there
You'll see all the transactions history
everything is visible on blockchain!
Except Monero
I <3 Monero =)))
By the way, next thing I invest in - WHA Project
Check please, I just want to know your opinion
I will be sure to check it out :)
I'll be waiting for your feedback ;)
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The thing is, all the red flags doesn't really matter - every time you invest, you take the risk. Invest only money that you are ready to lose.
If the team is anonymous or not - doesn't matter either. Can you prove that "real" people are real without seeing them and their passports?
Will you trust me more if my name will be James Downey or Richard McDowney? Maybe Ahmed Dowennamad will make you trust in project more?
You ever heard about identity theft? That's quite common situation these days.
Who created Bitcoin? Isn't it the biggest red flag to it? But why it costs $3,7k now?
Getting advertised on Facebook means only one thing - they're putting money in advertising, that's all. Nothing more, don't try to find something else here.
VISA has no idea about this project? No wonder, they will collect the money, then pay VISA to get the right to issue cards. VISA is just the commercial system, they do whatever you want once you have money. Why they don't know about PlexCoin now - because nobody tried to talk to them without having money to pay for their service.
If you just want to get a card, you'd better don't risk and go for services that are already here for few years, there are lots of them. bitpay.com - they exist for few years already, MonaCo or whatever it is called - appeared not long ago.
7,8,9 - creating the app needs money, getting listed on exchanges needs money, source code of what? an app that's not built yet?
Bittrex takes 5 BTC for listing your coin (not sure though, you'd better check)
All exchanges are adding coins either for money or once the coin is so popular, that it's stupid for the exchange not to have it.
My personal opinion - last time I checked, they collected 94% of investments and that will be just really dumb now just to disappear with all those money.
Yes, it's easy way, but why would you be that stupid not to use the opportunity to build really profitable business?
It's either you can just take, let's say, $10 millions or you use 5-8 millions on developing profitable business that will give you 2-5 millions every year?