If you follow Cryptocurrency news, you probably already saw that AdEx ICO started earlier today.
By the time I'm writing this post it's almost successfully funded. Currently at 89%.
Let's take a look at it.
What is AdEx?
AdEx is a blockchain-based ad exchange aiming at disrupting the existing online advertising landscape and address its significant problems: advertising fraud, privacy and consent to receiving sponsored messages, etc.
AdEx is completely transparent and built on top of Ethereum smart contracts.
We believe we can empower advertisers and publishers with a platform that is secure, transparent and beneficial for all the parties involved in the process, consumers included.
Why is this a scam alert? Is it a scam?
You can check out their whitepaper here.
According to u/goatsareokay's research "AdEx's whitepaper, which is very new, bears striking similarities to Qchain, BAT and adChain's whitepapers. AdEx's whitepaper is more simplified, but when you compare them more closely, you can see a parallels in writing style and paragraph structure that are too similar to be coincidental. AdEx seems to have just simplified things that BAT, Qchain and adChain already wrote."
You can find examples here: http://imgur.com/a/BC72d
Source.
You can find the CEO of AdEx's reaction to the Reddit thread here.
Another analysis by bitcointalk.org user.
Fully detailed analysis can be found here.
TL;DR
Less than one month between publishing website/white paper and having the ICO. No clear idea about what the product is and no sign of development. White paper contains many parts that are highly plagiarized from multiple competitors. Leadership has shown a track record of dishonesty, copying others' work, and censoring criticism. Multiple team members, advisors, and partners are ethically and/or legally suspect (including Jihan Wu and Bitmain, who sold people Bitcoin miners that included a hashrate-sabotaging backdoor, and the AdEx co-founders' previous project Stremio, which is basically a convenient way to pirate movies/TV). Stay away.
Meanwhile Clif High said this on twitter:
Conclusion:
I have no idea if this is legit or another scam, but I'll stay away from AdEx.
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wow, good job in pointing it out, more success.
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Disclaimer: I am just a bot trying to be helpful.
So many ICO's I can't keep up.
It's hard to keep up with them when there's one almost every day or two. More and more people get introduced to ICOs and they don't even check the white papers properly just invest without thinking about and funding every project, while most of them don't offer anything in general, yet they earn 10s of millions of dollars.
I'd go with BAT when it comes to new platform related to ads. The guy from BAT has actual credibility. Hope its not a scam but even them I feel that BAT is better equiped for the people who wanted to focus on the adspace niche.
Indeed. Also BAT has actually a Browser ready and you can see their progress, while you barely see anything from AdEx.
Even if AdEx is legit I'll stick to BAT.
Same. I keep buying BAT while the price goes lower and lower. Unfortunately, I missed the 32 sec long ICO so I had to make my first purchase a day later.
Muy buen post saludos desde Venezuela, Sigueme y te sigo
thanl you for telling me out. better be aware of those scam. 90%? it seem the
I'm not entirely sure if it's a scam, but it's suspicious. I'll stay away from them and wanted to point it out for everyone they should care with this project.
bettter be safe than sorry.
Totally agree with that. :)
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