This post is a review of the coin mentioned above. All the information mentioned in the post is in public domain and verifiable. And we will post reference links and photos for cross-checking.
This is Mike, Just signed up for bitcointalk. i know the power of bitcointalk community. After my team sent me this message, I decided to signup and answer myself and let the community know that I am approachable and answerable any questions related to ShopperCoin and my team. We consider ourself lucky that ICOslasher signed up recently
Date Registered:
June 13, 2018, 12:09:15 PM
Last Active:
June 13, 2018, 01:46:24 PM
and chose our project right away to be reviewed, Tell me ICOSlasher one newbie to another on bitcointalk, do i know you from somewhere?. Anyways let’s get started
First of all thanks for your review. As the co-founder of ShopperCoin, I’d like to commend you for taking the time to research and review our project. You really have done well to look at parts of our project in an attempt to motivate others and make an informed decision.
I understand some of your concerns, but I’d like to straighten a few things up on the following points to avoid further misunderstandings and paint the clearest possible picture of ShopperCoin, our current happenings, and the project’s future direction.
Yes, a solid foundation of research is important to the success of an ICO. We recognize that at ShopperCoin; we’ve been putting in behind-the-scenes work for the last six months, and elements such as the uniqueness of ‘SCO’ as our ticker symbol were not overlooked.
Interestingly enough, the other ‘SCO’ ANN you’ve linked to actually seems to belong to a newer project than ShopperCoin. Our domain (shoppercoin.io) was registered on 20th January, 2018, whereas the other project registered their domain name on 27th March, 2018. However, when it comes to both of our coins, they’re not yet on exchanges, so an overlap of ticker symbols would only become a problem if both of our projects were listed on the same exchange(s). At the time this isn’t an issue we are overly worried about. When the time comes though, we will be sure to find a solution and select a new ticker symbol if absolutely necessary.
2. Shopper Coin TeamGenerally, when anyone looks into an ICO for investing, one of the first things to notice is the skillset of the team- whether the team members have that ability to finish the undertaken project. It is necessary that when I invest in an ICO, the project should have team members who have vested interests in the project, and not in a third party outsourced company. Except for two founders, all the team members mentioned in the given whitepaper and the website are third party employees (outsourced).
Moreover, except for a couple of members, none of the team members has experience of any sorts in cryptocurrency projects.
Here is the link for the excel sheet which contains their Linked profiles and respective company name. https://www.dropbox.com/s/x6240k29899wagw/ShopperCoin%20Links.xlsx?dl=0
In case, after this review, the ShopperCoin team makes any changes in their LinkedIn accounts, here’s the link for their downloaded LinkedIn profiles and screenshots https://www.dropbox.com/sh/efyc3mat0gk7ip7/AABuN1MD8T_NvDLEPJqd03q4a?dl=0.
First off, yes, our team does have the capability of finishing this project. We wouldn’t continue to pump money into this growing this if we didn’t think it was possible.
Our team members DO have a vested interest in our project, and that is why we are choosing to work with them over freelancers.
We do use agencies, everyone does that’s call bootstrapping because we are in the initial stages of our project. We are working with agencies to get things moving faster and find the right people who fit our needed skill sets before onboarding in-house employees. Many companies contract with agencies to work with them and get their projects rolling. This contractual relationship doesn’t last forever, but once we start growing, you will see more employees added in-house and additional agency partnerships to allow us to execute on a very fast level.
Our team members should have a certain level of experience in cryptocurrency projects, and the employees who are working with us have already worked on multiple projects. We have done our due diligence in choosing team members.
3. Registration
The registration of the ShopperCoin is done in Singapore. However, their team is not based in Singapore. Except for a selected few, almost everyone from the team is based in India.
Yes, this is correct. Our project is registered in Singapore, and we do have some team members located here. Most of our development team is based out of India, and we see nothing wrong with that. We choose to utilize India as a resource for development work, because of good connections and a solid match with the skillsets we’re looking for. We constantly work with developers in many countries, but in the end, this shouldn’t matter; the end goal is to deliver. If you took a closer look at our website and mobile demo, you’d see that we’re well on our way, and lots of work is being done before making any public announcement We chose to work away from the limelight.
4. CFO Mariam Malek
CFO in any company has a very important and vital role when it comes to the company’s finances. However, we couldn’t find any trace of the said CFO on LinkedIn, which arouses suspicion.
Just because someone isn’t on LinkedIn doesn’t mean they don’t exist. Some professionals prefer to put their nose to the grindstone and just work. Not everyone likes to be active on multiple social media channels, and this is certainly the case with Mariam. She will create a LinkedIn account when she is comfortable doing so, but we are happy to have her regardless of her social media status; nothing replaces hard work done well.
I think it would actually do you well to look beyond the technicalities of the white paper and at the project as a whole. However, I’d be happy to address your concerns. Sure, the white paper is available for download via Google Drive, but did you take the time to read it in its entirety?
With regards to Mrinal Sharma, you’d see that he has worked on (and still is working on) many blockchain projects as a technical advisor. Perhaps you could take the time to find
his LinkedIn profile and see for yourself how credible he really is.
6. Economics of Crypto
The total market supply for this coin is 1 billion. And almost 30% of the total coins are pre-mined, this figure is too high.
According to the website, their private sale is going to go live on 29th June 2018 and will end on 20th July 2018. Here, Shoppercoin will cost 35-40 cents to the ICO investors, a figure which is too high for someone who has nothing to show but a website and a shoddy whitepaper, and Shoppercoin also mentions that they will be selling the unsold coins (against the proclivity of the crypto market) for 55 and 60 cents per coin. That means it will happen after the Crowdsale. If all the coins are not sold out by January 2019, a month when they will list Shoppercoin on the private exchange, then the private sale investors will have a maximum of 15-25 cents as a profit on each coin. Because people will not buy from the exchange as the coins are easily available at 55 cents a coin.
So, there is an explicit chance the coin will eventually crash.
Yes, 30% of the coins are pre-mined, and this is due to our project and what we’re doing. As a utility-based project, we need to make sure we are making strategic partnerships, circulating our coins throughout merchants, and covering all grounds to make this project successful. We are spending a lot to promote, market, and so on.
Regarding our whitepaper, we’re trying to provide all relevant information that we have today. If you read all 65 pages, perhaps you’d have a different view. Why exactly do you feel that the whitepaper is “shoddy?”
Lastly, anyone who’s in the private pre-sale and pre-sale (those investors who are buying large amounts of ShopperCoin) will be contractually bound to their coins for at least one year. We expect that these will be investors who will believe in the project and hold SCO, but we’ll make sure of that through the vested nature of our early presale.
No, this isn’t a fraud… but thank you for making me laugh.
I have two Facebook accounts (one business and one private), because I like to separate my business dealings from my personal life.
‘Mike’ is my pseudo-name. It’s what people know me as globally, and it’s what people are used to calling me in business dealings. ‘Mehul’ is a name used solely with friends and family.
Why is there such a big fuss about this though? There are a lot of people who are also known by their pseudonym or some different name. The two accounts are nothing more than a separation of business and personal life. I’m known as ‘Mike’ or ‘Mehul’ depending on who you talk to, but yes, both those accounts are mine.
In conclusion, several factors like lack of proper research, incompetent team, lack of vision, no trace of CFO on LinkedIn or any social media and two different Facebook accounts of the COO makes the whole project look complete dicey.
If you want an honest and in-detailed review of your ICO projects and the improvements that can be made so you get the maximum possible outcome for you ICO, feel free to drop me a message or reply on this thread I will contact you.
Again, thanks for taking the time to write this review, but I’m failing to see where our research is failing. Infact, Our very competent team is currently building a ShopperCoin Global Store that will launch just after our ICO is over to continue bringing utility to SCO. Regarding vision, I’d recommend that you read the whitepaper and reconsider; it should be pretty clear that we have a lot in store. Lastly, you seem to be blowing both social media issues a bit out of proportion. Any reason in particular for that disposition?
I hope you’ll be able to see beyond these cursory disturbances to develop a more clear picture of ShopperCoin’s potential. Please do feel free to reach out and engage in further discussion. We’d be happy to answer any questions you may have, but I really do hope that you’ll someday be able to properly enjoy ShopperCoin and all of its benefits.
