Well, it's hardly surprising, given the fact that ICOs in 2017 were just such easy ways for these scam artists to operate in order to con people out of their savings. There were virtually no regulation and due to the fact that alts were rallying hard, they felt justified marketing their crap tokens to average Joes.
You can almost tell from the KYC request alone that this was not going to pan out - they probably weren't even a regulated or licensed ICO to begin with so why do KYC? The only explanation is that they want to hold up progress as long as possible.
Never invest in a coin/token where the value of it depends on the promise of the admin to get the coin listed. Look at the fundamentals instead.
Topic: ICOs: The "Soon" Game - For those who can hardly relate - page 2. (Read 202 times)
Note: This is just a story, but I know a lot of you can hardly relate to this situation.
Last 2017 when Bitcoin and other altcoins are reaching their all-time highs, IDIOT token was born. It successfully reached the hard cap at $10 million, and the final price per token was at $0.10.
Admin: Congratulations! We just reached the hardcap! Thank you for your support!
Me: Yes! Congrats to all of us! Can't wait for the IDIOT token to get listed on exchanges and CoinMarketCap!
Admin: Yes! We will announce the exchange very soon!
Me: I'm excited!
After a week...
Admin: To all of our beloved IDIOT community, we will distribute your IDIOT tokens to your Ethereum address very soon! But first, you are all required to comply with our KYC. After that, you will receive your IDIOT tokens as soon as possible!
Me: Alright! Let me just prepare my IDs and selfie for verification! I'm excited!
After two weeks...
Admin: To all who have submitted KYC, congratulations! Check your wallets now!
Me: (after checking the wallet) Oh yes, I finally got my IDIOT tokens! Admin, when are we going to get listed in exchanges?
Admin: Very soon my friend, very soon! Stay tuned!
After another two weeks...
Me: Admin, you said that you guys are gonna get listed very soon, may I know what would be the exact month and date for you guys to get listed? And which exchange are you guys gonna list our IDIOT tokens?
Admin: Have patience my friend! We will announce very soon!
Me: Okay sir. Patience is a virtue anyways (but my patience is now tested).
After a month....
Me: Sir? The Telegram group seems quiet right now. What's going on? Any update about the listing of our IDIOT tokens?
Admin: We are still negotiating on the exchanges now. We can't reveal to you these exchanges yet.
Me: Okay but it was stated in your allocation that a portion of that would be used to get listed in exchanges. Since you guys have reached the hard cap, why would it take long?
Admin: There are many circumstances that are happening right now, especially that we are in the bear market. Ethereum is going down in value, so we are waiting for it to go up again to continue the process. I hope you understand and will keep you and the community updated very soon!
Me: Oh man!
After 3 months....
Me: Sir? Are you online? Any update about the listing?
Admin: We are almost there my friend! We will finally reveal the date and the name of the exchange very soon!
Me: Can't wait for this! I'm so excited now!
And the SOON game continues on and on, until 6 months later....
(I opened the Telegram group for the first time in 6 months that are being bombarded with spam posts)
Me: Admin, are you around?
Then I found out that the admin has left the group as soon and performed an exit scam. Website also left blank and other social media channels are deactivated.
Me: I hate you ADMIN! I hate YOU!!!!
Instead of expecting the IDIOT token listing soon, the team had exit scammed way SOONER without warning.
Conclusion: IDIOT token is a shitcoin, because the buyers of this token are a bunch of idiots!
I know there are projects like this one until now. For those who can hardly relate to this situation and wanted to get it out from their chest, feel free to share your thoughts and feelings here. Thanks in advance!
Last 2017 when Bitcoin and other altcoins are reaching their all-time highs, IDIOT token was born. It successfully reached the hard cap at $10 million, and the final price per token was at $0.10.
Admin: Congratulations! We just reached the hardcap! Thank you for your support!
Me: Yes! Congrats to all of us! Can't wait for the IDIOT token to get listed on exchanges and CoinMarketCap!
Admin: Yes! We will announce the exchange very soon!
Me: I'm excited!
After a week...
Admin: To all of our beloved IDIOT community, we will distribute your IDIOT tokens to your Ethereum address very soon! But first, you are all required to comply with our KYC. After that, you will receive your IDIOT tokens as soon as possible!
Me: Alright! Let me just prepare my IDs and selfie for verification! I'm excited!
After two weeks...
Admin: To all who have submitted KYC, congratulations! Check your wallets now!
Me: (after checking the wallet) Oh yes, I finally got my IDIOT tokens! Admin, when are we going to get listed in exchanges?
Admin: Very soon my friend, very soon! Stay tuned!
After another two weeks...
Me: Admin, you said that you guys are gonna get listed very soon, may I know what would be the exact month and date for you guys to get listed? And which exchange are you guys gonna list our IDIOT tokens?
Admin: Have patience my friend! We will announce very soon!
Me: Okay sir. Patience is a virtue anyways (but my patience is now tested).
After a month....
Me: Sir? The Telegram group seems quiet right now. What's going on? Any update about the listing of our IDIOT tokens?
Admin: We are still negotiating on the exchanges now. We can't reveal to you these exchanges yet.
Me: Okay but it was stated in your allocation that a portion of that would be used to get listed in exchanges. Since you guys have reached the hard cap, why would it take long?
Admin: There are many circumstances that are happening right now, especially that we are in the bear market. Ethereum is going down in value, so we are waiting for it to go up again to continue the process. I hope you understand and will keep you and the community updated very soon!
Me: Oh man!
After 3 months....
Me: Sir? Are you online? Any update about the listing?
Admin: We are almost there my friend! We will finally reveal the date and the name of the exchange very soon!
Me: Can't wait for this! I'm so excited now!
And the SOON game continues on and on, until 6 months later....
(I opened the Telegram group for the first time in 6 months that are being bombarded with spam posts)
Me: Admin, are you around?
Then I found out that the admin has left the group as soon and performed an exit scam. Website also left blank and other social media channels are deactivated.
Me: I hate you ADMIN! I hate YOU!!!!
Instead of expecting the IDIOT token listing soon, the team had exit scammed way SOONER without warning.
Conclusion: IDIOT token is a shitcoin, because the buyers of this token are a bunch of idiots!
I know there are projects like this one until now. For those who can hardly relate to this situation and wanted to get it out from their chest, feel free to share your thoughts and feelings here. Thanks in advance!
Jump to: