ICO for MONACO & TokenMarket - SHADY ICO - ♦♦WARNING ♦♦

Zabivelli

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Damn dude, remember how much we debated if this project was a scam or not? I guess in the end you lost. They are now one of the biggest projects with products out and own exchange with 2 to 3 million users worldwide. Check it for yourself dude. It did took some time tho. I wasn't active for some time here also. But they changed their name to Crypto com. Check my signature.

Quote from: JollyGood on September 16, 2019, 03:39:26 AM

Quote from: kilo17 on June 20, 2017, 04:13:32 AM

Well here we have a Team that rushed to put together an ICO to beat Ten-X to the ICO and have screwed it up.

The Monaco Team and TokenMarket have crossed the line with adding additional Smart Contracts to the end of the ICO to take in more cash.

The original contract ended at about 17 minutes before the Website Timer.

The Team and Token Market lied to investors and said it was a "Technical Glitch" on the website.

The Monaco Team and Token Market issued another Smart Contract and restarted the ICO to get more investor funds that were trying to make the minimal Eth investment needed to obtain a Black Card

I think the original investors should have the option to have their funds refunded as we were not informed of a second contract in the original contract. I would guess that altering the terms of a contract without notifying investors is illegal in most places. I know it would be a problem in the US where several members of Token Market reside.

If the Monaco Team is a stand up Team they will see their mistake and try to right it.

I have tried communicating with both TokenMarket and Kris from Monaco but the results were less than satisfying.

Quote from: tokenmarket on May 20, 2017, 12:37:14 PM

I'm Kris - the founder of Monaco. Just opened an account on Bitcointalk to answer all the questions you may have regarding our company and the token sale.
We'll be posting a thread shortly...

In terms of addressing the single most common question: why only 1 day notice. It's actually pretty simple. The single thing that pushed us to launch ahead of our original July schedule was a competitor running towards an ICO with a 90% same value proposition (FX+crypto). Our CFO was at an event at VISA Innovation Centre in Singapore on 11th of May, where he ran into another founder, who basically told him what they're working on and that their ICO is going to launch in June. We made a judgement call to finish working on our ICO within a week and launch, then spend the next 30 days to gradually build exposure and increase our brand awareness, so everyone has plenty of time to get to know us and do their due diligence.

Kris"

Even though this topic has not been posted on a long I think it is worth noting that even though failed CEO Kris Marszalek and some of his Monaco "team" were investigated for fraud for the "Ensogo" scam, they have launched the product and thought it is far from being a success they have progressed further than the likes of Minexcoin scammers.

The Monaco card (crypto.com) took too long to get off the ground and the lack of substantial progress lay firmly with failed CEO Kris Marszalek. Yes it has progressed further than some competitors but with the length of time it took to get where they are - was it worth it?

We are talking about them raising $26 million in the 2017 ICO. Anybidy could have made a success of the project with that sort of start-up capital to kick start it.

Even today with the 15 million+ or so tokens that owned by failed CEO Kris Marszalek and his team, they are valued at around $50 at todays rate.

Not impressed with them because they should be far ahead of where they are now but I give credit that they are further than competitors even though it took them ages to get started.

JollyGood

legendary

Activity: 2534

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Top Crypto Casino

Quote from: kilo17 on June 20, 2017, 04:13:32 AM

Well here we have a Team that rushed to put together an ICO to beat Ten-X to the ICO and have screwed it up.

The Monaco Team and TokenMarket have crossed the line with adding additional Smart Contracts to the end of the ICO to take in more cash.

The original contract ended at about 17 minutes before the Website Timer.

The Team and Token Market lied to investors and said it was a "Technical Glitch" on the website.

The Monaco Team and Token Market issued another Smart Contract and restarted the ICO to get more investor funds that were trying to make the minimal Eth investment needed to obtain a Black Card

I think the original investors should have the option to have their funds refunded as we were not informed of a second contract in the original contract. I would guess that altering the terms of a contract without notifying investors is illegal in most places. I know it would be a problem in the US where several members of Token Market reside.

If the Monaco Team is a stand up Team they will see their mistake and try to right it.

I have tried communicating with both TokenMarket and Kris from Monaco but the results were less than satisfying.

Quote from: tokenmarket on May 20, 2017, 12:37:14 PM

I'm Kris - the founder of Monaco. Just opened an account on Bitcointalk to answer all the questions you may have regarding our company and the token sale.
We'll be posting a thread shortly...

In terms of addressing the single most common question: why only 1 day notice. It's actually pretty simple. The single thing that pushed us to launch ahead of our original July schedule was a competitor running towards an ICO with a 90% same value proposition (FX+crypto). Our CFO was at an event at VISA Innovation Centre in Singapore on 11th of May, where he ran into another founder, who basically told him what they're working on and that their ICO is going to launch in June. We made a judgement call to finish working on our ICO within a week and launch, then spend the next 30 days to gradually build exposure and increase our brand awareness, so everyone has plenty of time to get to know us and do their due diligence.

Kris"

Even though this topic has not been posted on a long I think it is worth noting that even though failed CEO Kris Marszalek and some of his Monaco "team" were investigated for fraud for the "Ensogo" scam, they have launched the product and thought it is far from being a success they have progressed further than the likes of Minexcoin scammers.

The Monaco card (crypto.com) took too long to get off the ground and the lack of substantial progress lay firmly with failed CEO Kris Marszalek. Yes it has progressed further than some competitors but with the length of time it took to get where they are - was it worth it?

We are talking about them raising $26 million in the 2017 ICO. Anybidy could have made a success of the project with that sort of start-up capital to kick start it.

Even today with the 15 million+ or so tokens that owned by failed CEO Kris Marszalek and his team, they are valued at around $50 at todays rate.

Not impressed with them because they should be far ahead of where they are now but I give credit that they are further than competitors even though it took them ages to get started.

irsada

full member

Activity: 994

Merit: 117

Whatever is the first contract to be a benchmark.
If uda become the second contract must be mutually beneficial in between both parties.
And nothing is harmful.

Zabivelli

full member

Activity: 392

Merit: 100

Quote from: ether19 on June 30, 2017, 04:19:35 AM

Quote from: Zabivelli on June 28, 2017, 04:00:39 AM

I'm getting a bad impression of ICO's

I invested in Monaco and Polybius ICO.
Both s*ck because the communication is really bad, missing deadlines, using copyright materials they actually not allowed, mentioning people they work with but those people don't even know it... Both called out as scam but the team dev's not even fighting the accusations....

End conclusion better to NOT participate in ICOs, because only the fund raisers get rich, by millions, not the investors and its very easy to run off with your money!!

Nowadays, It's really hard to decide which ICOs are promising and which are the ones that will be able to achieve all the plans and objectives and at the end, reward their investors with x10 to x100 gains.

The best strategy to do is, say, you find a project quite interesting and is backed by a good team. You decided to invest 10 ETH into the project. Best thing to do is invest 50% (5 ETH) in ICO and invest the other 5 ETH when the project hits the exchanges and after evaluating how well the team is performing.

You could be in a better position if you try of out this method. Of course, there are no guarantees that this will make you rich.

Now that i have more experience with ICO's, I can say that I agree 100% with you. 50% During the ICO, if there is profit. Other 50% when it hits the exchanges. You might get it also for a better price, since the weak hands always push the price down at the beginning.

ether19

sr. member

Activity: 532

Merit: 250

BTC. ETC. EOS

Quote from: Zabivelli on June 28, 2017, 04:00:39 AM

I'm getting a bad impression of ICO's

I invested in Monaco and Polybius ICO.
Both s*ck because the communication is really bad, missing deadlines, using copyright materials they actually not allowed, mentioning people they work with but those people don't even know it... Both called out as scam but the team dev's not even fighting the accusations....

End conclusion better to NOT participate in ICOs, because only the fund raisers get rich, by millions, not the investors and its very easy to run off with your money!!

Nowadays, It's really hard to decide which ICOs are promising and which are the ones that will be able to achieve all the plans and objectives and at the end, reward their investors with x10 to x100 gains.

The best strategy to do is, say, you find a project quite interesting and is backed by a good team. You decided to invest 10 ETH into the project. Best thing to do is invest 50% (5 ETH) in ICO and invest the other 5 ETH when the project hits the exchanges and after evaluating how well the team is performing.

You could be in a better position if you try of out this method. Of course, there are no guarantees that this will make you rich.

esbrave789

full member

Activity: 177

Merit: 100

This is my first ICO event, but I was screwed up, did not buy it, what is the situation now?

Zabivelli

full member

Activity: 392

Merit: 100

I'm getting a bad impression of ICO's

I invested in Monaco and Polybius ICO.
Both s*ck because the communication is really bad, missing deadlines, using copyright materials they actually not allowed, mentioning people they work with but those people don't even know it... Both called out as scam but the team dev's not even fighting the accusations....

End conclusion better to NOT participate in ICOs, because only the fund raisers get rich, by millions, not the investors and its very easy to run off with your money!!

bitcoinentchen

full member

Activity: 334

Merit: 101

Quote from: kilo17 on June 23, 2017, 10:41:47 PM

So the good folks at TokenMarket have stopped all correspondence.

Meanwhile, the great Monaco Token and the leader Kris have missed deadline after deadline. And when it could not get any worse they announced it would be on 3 fantastic exchanges. Yobit, Liqui and some other exchange nobody uses. Well Kris you have out done yourself on getting a decent listing with $25,000,000

anyways, they have no Chance against TenX

kilo17

legendary

Activity: 980

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aka "whocares"

So the good folks at TokenMarket have stopped all correspondence.

Meanwhile, the great Monaco Token and the leader Kris have missed deadline after deadline. And when it could not get any worse they announced it would be on 3 fantastic exchanges. Yobit, Liqui and some other exchange nobody uses. Well Kris you have out done yourself on getting a decent listing with $25,000,000

bitcoinentchen

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Activity: 334

Merit: 101

Quote from: kilo17 on June 20, 2017, 02:39:13 PM

Quote from: tokenmarket on June 20, 2017, 02:29:30 PM

Quote from: kilo17 on June 20, 2017, 02:17:55 PM

Quote from: tokenmarket on June 20, 2017, 09:33:00 AM

Hi,

I can tell you exactly what happened here if you care to listen.

The smart contract closed the crowd sale early - exactly 22 minutes early - owing to an error on the countdown timer.

It took exactly 10 mins to re-present the contract enabling the last 12 minutes of the crowd sale to continue as normal.

Why did we bother to do this? Because we told people the crowd sale would finish at a set time and we had a duty to deliver on that. if you have taken part in crowd sales before you will know there is always a spike in participation in the last few moments of the sale and if we had not delivered another contract it is likely some people will have missed out on taking part.

It is good that you carry out due diligence and we always encourage it - we do the same with our clients before we take them on.

Thanks for your response. There are a few things left on the table.

1- Forget you screwed up on the Timer or Contract. Do you agree that a Smart Contract holds the elements of an agreement between 2 parties? If so, why is the original contract not being honored?

2 - If I buy a car and sign a contract for $20,000 at 10% interest and then do not like the terms 6 months later. Do you think it is valid for me to White Out the interest rate and change it to 3%? Would it stand up in court?

3 - Why the secrecy and lack of transparency?

hint: if you decide to answer the above questions please think your answer out carefully... Wink

Please can you explain what you mean by 'why is the original contract not being honoured?' - I am trying to understand what it is that you are unhappy about so I can hopefully shed some light on the situation

The contract that expired is what I am calling the Original Contract. That contract has the details of the Token Distribution, the sale timeframe etc in it. Nowhere does it state that additional contracts will be made to lengthen the ICO to accumulate more funds. The Original Contract is the agreement between Monaco and its Investors.

No one that agreed to the Original Contract Ok'ed the second contract to add more tokens to the distribution or more time to the ICO.

In short, ALL of the investors of the Original 30 day Contract made an agreement with you that the ICO would end at the time it did in that contract and that ONLY the tokens made in that timeframe. You have broken that contract.

To put it another way, why can't we reset the original 150 tokens/eth? I invested the last day and only got 120/eth, I missed the deadline so we should roll it back to the beginning and add the 13 minutes so I can get the extra 30/eth. That is what you are doing when you reset the clock on the contract. It is just plain wrong.

of Course u getting no answer

2bfree

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I'm investigating Crypto Projects

I'm glad I skipped that one!

housebtc

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Activity: 588

Merit: 252

Those guys will surely end up in jail, it is just a matter of time before security people enter the space and the first to flip on others will get fair sentence,

kilo17

legendary

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aka "whocares"

Quote from: tokenmarket on June 20, 2017, 02:29:30 PM

Quote from: kilo17 on June 20, 2017, 02:17:55 PM

Quote from: tokenmarket on June 20, 2017, 09:33:00 AM

Hi,

I can tell you exactly what happened here if you care to listen.

The smart contract closed the crowd sale early - exactly 22 minutes early - owing to an error on the countdown timer.

It took exactly 10 mins to re-present the contract enabling the last 12 minutes of the crowd sale to continue as normal.

Why did we bother to do this? Because we told people the crowd sale would finish at a set time and we had a duty to deliver on that. if you have taken part in crowd sales before you will know there is always a spike in participation in the last few moments of the sale and if we had not delivered another contract it is likely some people will have missed out on taking part.

It is good that you carry out due diligence and we always encourage it - we do the same with our clients before we take them on.

Thanks for your response. There are a few things left on the table.

1- Forget you screwed up on the Timer or Contract. Do you agree that a Smart Contract holds the elements of an agreement between 2 parties? If so, why is the original contract not being honored?

2 - If I buy a car and sign a contract for $20,000 at 10% interest and then do not like the terms 6 months later. Do you think it is valid for me to White Out the interest rate and change it to 3%? Would it stand up in court?

3 - Why the secrecy and lack of transparency?

hint: if you decide to answer the above questions please think your answer out carefully... Wink

Please can you explain what you mean by 'why is the original contract not being honoured?' - I am trying to understand what it is that you are unhappy about so I can hopefully shed some light on the situation

The contract that expired is what I am calling the Original Contract. That contract has the details of the Token Distribution, the sale timeframe etc in it. Nowhere does it state that additional contracts will be made to lengthen the ICO to accumulate more funds. The Original Contract is the agreement between Monaco and its Investors.

No one that agreed to the Original Contract Ok'ed the second contract to add more tokens to the distribution or more time to the ICO.

In short, ALL of the investors of the Original 30 day Contract made an agreement with you that the ICO would end at the time it did in that contract and that ONLY the tokens made in that timeframe. You have broken that contract.

To put it another way, why can't we reset the original 150 tokens/eth? I invested the last day and only got 120/eth, I missed the deadline so we should roll it back to the beginning and add the 13 minutes so I can get the extra 30/eth. That is what you are doing when you reset the clock on the contract. It is just plain wrong.

tokenmarket

sr. member

Activity: 492

Merit: 291

TokenMarket.net

Quote from: kilo17 on June 20, 2017, 02:17:55 PM

Quote from: tokenmarket on June 20, 2017, 09:33:00 AM

Hi,

I can tell you exactly what happened here if you care to listen.

The smart contract closed the crowd sale early - exactly 22 minutes early - owing to an error on the countdown timer.

It took exactly 10 mins to re-present the contract enabling the last 12 minutes of the crowd sale to continue as normal.

Why did we bother to do this? Because we told people the crowd sale would finish at a set time and we had a duty to deliver on that. if you have taken part in crowd sales before you will know there is always a spike in participation in the last few moments of the sale and if we had not delivered another contract it is likely some people will have missed out on taking part.

It is good that you carry out due diligence and we always encourage it - we do the same with our clients before we take them on.

Thanks for your response. There are a few things left on the table.

1- Forget you screwed up on the Timer or Contract. Do you agree that a Smart Contract holds the elements of an agreement between 2 parties? If so, why is the original contract not being honored?

2 - If I buy a car and sign a contract for $20,000 at 10% interest and then do not like the terms 6 months later. Do you think it is valid for me to White Out the interest rate and change it to 3%? Would it stand up in court?

3 - Why the secrecy and lack of transparency?

hint: if you decide to answer the above questions please think your answer out carefully... Wink

Please can you explain what you mean by 'why is the original contract not being honoured?' - I am trying to understand what it is that you are unhappy about so I can hopefully shed some light on the situation

kilo17

legendary

Activity: 980

Merit: 1001

aka "whocares"

Quote from: tokenmarket on June 20, 2017, 09:33:00 AM

Hi,

I can tell you exactly what happened here if you care to listen.

The smart contract closed the crowd sale early - exactly 22 minutes early - owing to an error on the countdown timer.

It took exactly 10 mins to re-present the contract enabling the last 12 minutes of the crowd sale to continue as normal.

Why did we bother to do this? Because we told people the crowd sale would finish at a set time and we had a duty to deliver on that. if you have taken part in crowd sales before you will know there is always a spike in participation in the last few moments of the sale and if we had not delivered another contract it is likely some people will have missed out on taking part.

It is good that you carry out due diligence and we always encourage it - we do the same with our clients before we take them on.

Thanks for your response. There are a few things left on the table.

1- Forget you screwed up on the Timer or Contract. Do you agree that a Smart Contract holds the elements of an agreement between 2 parties? If so, why is the original contract not being honored?

2 - If I buy a car and sign a contract for $20,000 at 10% interest and then do not like the terms 6 months later. Do you think it is valid for me to White Out the interest rate and change it to 3%? Would it stand up in court?

3 - Why the secrecy and lack of transparency?

hint: if you decide to answer the above questions please think your answer out carefully... Wink

tokenmarket

sr. member

Activity: 492

Merit: 291

TokenMarket.net

Quote from: emuLOAD on June 20, 2017, 11:05:44 AM

IMHO the big mistake here was a lack of immediate communication and transparency.
I am obviously talking from the assumption that the ICO is legit and the team in good faith... if this is the case, communication is something that needs to happen more directly in a situation like this. It's all well and good to have a massive marketing campaign, but you need the skills and internal prep to react quickly and openly to any problem, not only from a technical standpoint.

You were never going to please everybody with this, BUT you could definitely have given a better impression.

Thank you for your advice - we will take steps to ensure we communicate in a timely fashion in the future.

emuLOAD

sr. member

Activity: 328

Merit: 252

IMHO the big mistake here was a lack of immediate communication and transparency.
I am obviously talking from the assumption that the ICO is legit and the team in good faith... if this is the case, communication is something that needs to happen more directly in a situation like this. It's all well and good to have a massive marketing campaign, but you need the skills and internal prep to react quickly and openly to any problem, not only from a technical standpoint.

You were never going to please everybody with this, BUT you could definitely have given a better impression.

tokenmarket

sr. member

Activity: 492

Merit: 291

TokenMarket.net

Hi,

I can tell you exactly what happened here if you care to listen.

The smart contract closed the crowd sale early - exactly 22 minutes early - owing to an error on the countdown timer.

It took exactly 10 mins to re-present the contract enabling the last 12 minutes of the crowd sale to continue as normal.

Why did we bother to do this? Because we told people the crowd sale would finish at a set time and we had a duty to deliver on that. if you have taken part in crowd sales before you will know there is always a spike in participation in the last few moments of the sale and if we had not delivered another contract it is likely some people will have missed out on taking part.

It is good that you carry out due diligence and we always encourage it - we do the same with our clients before we take them on.

TrumpD

sr. member

Activity: 602

Merit: 265

Quote from: kilo17 on June 20, 2017, 07:40:51 AM

Quote from: Rodeo02 on June 20, 2017, 06:29:57 AM

Quote from: CllickerQluicker on June 20, 2017, 06:04:42 AM

why you warn about monaco after ico selling succes
if you want warn is good before ico selling

Yes it's too late to warn the investors not to invest right now because the ICO is finish it's just wasting time hope you make a warning earlier.

Unfortunately i didn't know they were going to add on a contract at the end of the ICO until after the ICO

Good job, It is up to the community to start holding these start ups to very high standards otherwise it would be the wild west all over again in crypto land. The only mechanism to fight scams are placing a high value on trust worthiness, absolute truth and integrity of those behind the projects.

kilo17

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Activity: 980

Merit: 1001

aka "whocares"

Quote from: Rodeo02 on June 20, 2017, 06:29:57 AM

Quote from: CllickerQluicker on June 20, 2017, 06:04:42 AM

why you warn about monaco after ico selling succes
if you want warn is good before ico selling

Yes it's too late to warn the investors not to invest right now because the ICO is finish it's just wasting time hope you make a warning earlier.

Unfortunately i didn't know they were going to add on a contract at the end of the ICO until after the ICO

Topic: ICO for MONACO & TokenMarket - SHADY ICO - ​ ♦♦WARNING​ ♦♦ (Read 2555 times)

Topic: ICO for MONACO & TokenMarket - SHADY ICO - ♦♦WARNING ♦♦ (Read 2555 times)