Is CREDITS a SCAM?
Have recently had a friend ask me to do a review on upcoming ICO CREDITS in the next few days. I do not regularly publish my research but in this case due to the absolute refinement of the CREDITS team and the fact that I can not find a convincing review on this project. So I think the money earned by so many good people will be saved by this article.
Reviewed very well -
Read the full Whitepaper
Read Bitcointalk
Read related ICO reviews
Review social networks (Facebook, Telegram, Twitter).
Team comment
Whitepaper
Product -
Team Credits asserts that it will build a "modern decentralization platform for financial services," focusing on building a platform that will enable financial operations to function in practice, for example. cross-border payments, clearing and settlement, etc., but in the form of decentralization.
Why credits "special"?
In the Credits whitepaper it is written that will give an MVP record of unprecedented transaction volume (1 million txn per second), unprecedented transaction processing speed (3 seconds per transaction) yes (about $ 0.001), all achieved while maintaining "data security" (or something similar).
This unparalleled blockchain is supposed to be achieved by using a proprietary algorithm that we do not get a lot of information, but we have quite a few general suggestions about how it works both in the whitepaper and on Bitcoin.
We also received a very strange certificate from the "Columbia Blockchain Lab" that "this project has been considered technically feasible". What does this mean? Why is not it always a blockchain? "Columbia Blockchain Lab" is what organization or what? Or just a bunch of college students and not an official Columbia University post. Are they paid for review? How much? We do not know.
Review on social networking
Facebook-
Credits.com: 4,872 prefer 5,289 followers - a large number of followers and followers are from fake profiles and may be paid by Team.
Examples of follower profiles are more likely to be fake:
Telegram - 24,071 users, but the followers we saw on Facebook can also be easily fake. The feeling of the group members is not good either. Very little information from the administrators, lots of confusion about the hardcap (still undecided and probably will also end up being 0.1 ETH), many people are upset about why the whitelist is not yet closed, and because of the delay We're going to talk about this later and hesitate to answer difficult questions from community members.
Twitter - 8.554 follower, seems to be a fake nick.
Partner / First User
The CREDITS website states, "More than 100 projects are ready to be deployed on the CREDITS platform, developing DAPP services on the blockchain system."
100 projects? Very impressive, I decided to take a closer look ...
DB - https://tiesdb.com/ - is used to promote the project itself as "Linkedin on blockchain": https://web.archive.org/ but does not say "distributed database and the first decentralization in the world ". Why is there such a sudden shift of focus? idk, maybe because that's a joke?
. Comskill http://comskill.com/ - a leading generation Estonia company that helps online casinos find and acquire new customers. There is no mention of cryptocurrency, blockchain, or CREDITS found on the site.
. Days exchange http://days.exchange/ - members' social network links do not seem to work or lead to someone else, the "whitepaper" download button does not even work, the site does not has a history of online dating in October 2017. What is that?
Cq9gaming http://www.cq9gaming.com/ - This site is just a fake website with no product of the group or anything else, it seems to have been polished a bit recently. The website used is "GLI is a relatively reliable third party research organization in the international game market" but seems to have changed recently. I like the word "pretty reliable".
Aiternis http://aiternis.com/aiternis - do not let me say more ...
Burntjam https://burntjam.com/product/ - "We are a business enterprise that specializes in simplifying complex business issues with complete enterprise solutions." We do this through The world's leading technology and abundant business experience. " No words.
Dipforge http://dipforge.net/ - is said to be burntjam's product. What? Jam gets burnt? If I was trying to trick myself at least try to fool the reasonable ...
Beefee http://beefee.co.uk/ - as can be seen here (https://web.archive.org/web seems to be a site not long ago has become "CASINO AND LIVE BETTING PLATFORM, "" GAME DEVELOPMENT STUDIO. "And"WEB DEVELOPMENT. "It looks like the developers want to show" I'm unemployed and want to make money from a website "rather than a blockchain project.
Competitors
I will compare them to Bitcoin, Ethereum, Ripple, EOS, WAN, ICX, NANO (XRB) and others, but honestly I'm not very eager. The stature of the projects that Credits is competing to demonstrate the leisure of a group of unnamed people with synthesis skills is to market to a high-end product. But wait, was this even called a project?
GITHUB and Alpha version
Can not find the open source ICO and the whitepaper itself has very little code.
Team continues to say in social media that the code will be released on Github after they release the alpha version, but now it's been over two weeks and continues to be delayed.
Every day is said tomorrow, and the date of the alpha is also postponed!
Two more days, ICO, guess what? They DO NOT want to show you their "alpha" until they get your money! This seems like a classic "let me keep you money for 1 second" scam, wake up people!
News aggregator and rating
I read these reviews but honestly most of the reviewers and reviewers in the ICO field are all rubbish and do not make any clear about this project, obviously it's just the prey -
http://www.joshpaiva.com/creditshttps
Comments by the editors
For me, this whole ICO is a great scam alert. Bitcoin and Ethereum developers are one of the best developers in the world in the blockchain field, and there are many reasons why a successful public blockchain does not reach the speed, price and volume as it currently does. and for a common reason -
Currently impossible.
Possibly, but you need to sacrifice a feature that is too important for the integrity of the system to ignore (such as decentralization or security). This is the case with XRP not a decentralized system, or the BCH solves the transaction speed problem by raising the block size but with a future known as unsustainable.
For example, I do not understand each line in the whitepaper, but it is clear to me that this statement is completely ridiculous. They may have an MVP that, according to some calculations, may be able to achieve statistics, but it is unlikely the project will develop into a product that can function as they have claimed. Have you seen MVP yet? Or is it just a YouTube video of a guy and his friend on a window terminal. That's not the one I'm going to throw money on ....
Any one startup project (and that's what they are) can achieve 1 in 10 of these things will not need to do an ICO today that can also easily raise funds from an investor. seriously, at the moment we do not see any such investor at this time.
In addition, the minimum amount of money they are causing (1.5 million) seems to be too low for the actual size of the project they are proposing to grow (how long can you pay for a group? people with $ 1.5 million?).
There is a lot to say about this "project" but to me this is no different than scam warnings to stay as far away as possible! The crypto market is crawling with garbage projects and scams so keep your bitcoin tight before you throw them at some of the junk projects that are promised full of lies!
I will observe these projects for what they are but it is your responsibility to test something before you invest in it.
The article is translated by Medimum.