Topic: Reasons why you shouldn't invest in ABBC(Alibaba coin) (Read 663 times)

I am going to swap my old abbc coin.
But I can't do it now.
So I am finding the right person to help me.
I will wait for your reply

FIVE weeks now and still no text or phone call from these scammers.

Stay far, far away.

I've already been in contact with your "support" since May, 2019.

A better question, so that everyone who reads this forum can understand, would be:
What is the average time it takes for your company to send a confirmation text to my phone when following the directions as laid out by your email directions: https://abbccoin.com/ABBC_gen2_english_1.0.pdf   ?

Wouldn't you agree that FOUR WEEKS is ridiculous?

Hello,

Glad to discuss your opinion through Bitcoin Talk.

Please view the following thread which explains about the lawsuit: https://bitcointalksearch.org/topic/m.52057332

We had to remove the reference to the name Alibaba with respect to the court orders.

However, we have changed the name as ABBC Coin and are making every possible efforts to build the trust among the investors and coin holders.

Thank you!

Hello Juan,

We understand that you are upset for being unable to transfer your coins through the ABBC Mobile Wallet.

Could you please PM your email address so we can cross verify with our support team.

Thanks!

This is a very good reason why you are investing in Alibaba coin because of the huge potential of this coin and people prefer to invest in it because they are certain that when they grow it and their profit when their price goes up, they will earn a lot of money.

You still have not transferred my ABBC tokens to this new wallet.  I've been waiting for THREE WEEKS for phone confirmation from you and still nothing.  Every time I send an email to [email protected] I get lame responses like this:


So, I wait a week and wonder what is going on, 1 week later you reply:



It's been 3 weeks!  Get your act together!!

People, you need to stay FAR away from this group.

every team now freely to write big name company in their site to attract investors.this is wrong way and illegal strategy to decieve cryptocurrency community.many example from past projects, they have problem with SEC while write popular name to their projects without any confirmation at all.and now  we know this projects will be scam projects if from beginning deceive people.

When i saw the name of the project, AliBaBa Coin' i was like waw! this must be a huge, almost everyone knows this name which will literarily bring thousands of investors without breaking a sweat, i thought they are connected to the popular AliBaba that we all know,
But to think that they stole identity of big company just to promote their possible scam project is terrible, any project who does this is certainly not to be trusted, i hope investors are aware of this.

Users who had issues with the old MC and Aladdin Wallet can now download our new ABBC Mobile Wallet both from the Google Play Store- https://play.google.com/store/apps/details?id=com.abbc.abbcmobile and iOS app store- https://apps.apple.com/us/app/abbc-mobile/id1475883958

There are a lot of issues that has been fixed with the old wallet. Here are some of the advantages of the new ABBC Mobile Wallet:
#1. The all-new ABBC mobile wallet is a non-custodial wallet which means you are free to transfer your coins anytime.
#2. The new wallet allows you to seamlessly transfer your coins at the rate of 5000 transactions per second.
#3. All the transactions are end to end multi-level encrypted which makes it hard to hack.
#4. The new wallet supports all the ERC20 tokens which shall be added in just one click.
#5. The wallet uses the highly distributed Global cloud Infrastructure which allows users from across the globe to transact from anywhere.
#6. Users can now backup their wallet in case they need to move their wallet to a new device.

They've removed all references to Alibaba from their website and other promotion materials.
Alibaba sued them and they eventually settled out of court.

Doesn't make it a great coin, still subject to a lot of price manipulation in my opinion.

This is fake coins using Alibaba name, i never see any news or article about Alibaba launch new coin. If this true of course so many people will know it. So this is shitcoin must be gone. If you have this coin sell as fast as you can before you get loss

A dump and pump price of a certain coin is very normal. So far, Alibaba coin has its own regulation, but of course, it is determined by the crypto market, by all token holders and investors. Well, actually, I personally don't invest in this coin. However, if it really works well, this coin can be promising. But of course, this has a big competitor around the crypto world. 

It’s just a way of getting people tricked into believing that Alibaba is somehow involved in this, but in reality, they have nothing to do with this. They just stole the name to make people foolish. I think they deserve to be sued, using the name of a well-established company. They are just trying to rob people by using a fancy name that most people have heard and believed in. 

I have seen many such projects which use the name of some big business or brand to raise funds but when we do proper due diligence we get to know that all these projects other than some rare ones are all fake projects and are just developed to raise some quick bucks and exit, we as a community should remain vigilant and must report such projects.

I have only one reason: do not invest into something that have marketing based on similar name to a big and successful company like Alibaba is.

Today the price of this token has risen by 50 percent against the entire market. such growth suggests that it is worth investing part of your money in this coin and play with its growth and fall

ABBC token is a total joke.

They also have the worst support I have ever witnessed.

EVERY transaction I have ever attempted from their ABBC MC wallet has ALWAYS required admin approval.

I wait and wait and nothing ever happens.  I go back to the wallet after a couple of days and the transaction attempt has disappeared.

Yes, I bought ABBC token.  Put it on my phone with their android app, and now I can't do a damn thing with it.

Stay far, far away from these scammers.

More than a year has passed since ABBC entered the crypto industry. Since our launching, we were able to get listed on many notable exchanges, with CoinAll recently joining the list of those that believe in the potential of our cryptocurrency. We have achieved numerable breakthroughs through our diligence and unique crypto features.

We also acknowledge that our ABBC journey was not all roses. Just like any newcomer, our team has faced a lot of challenges that have tested our endurance and commitment to our cause. Nevertheless, we stuck together through the bad times as we did through the happy times. A quick recall of our past brings tears of joy to our eyes. It also renews our vigor to revolutionize eCommerce.

We began our company in November 2017, wherein we formed our team and began planning for what would become known as the ABBC Foundation. We are crypto enthusiasts, and we believe that eCommerce is one of the industries that will benefit greatly from blockchain technology. Unfortunately, it isn’t being revolutionized in the pace that it deserves.

That is why we created our foundation as well as our coin. As to the inspiration behind our coin’s name, we turn to two sources: our CEO Jason Daniel Paul Philip’s favorite childhood story, and his furry companion.

What Made Us Choose Our Name

Alibaba is a common name in the Middle Eastern culture. It became popular because of one particular story in the One Thousand and One Nights named Ali Baba and the Forty Thieves. In the story, Ali Baba found a way to open a secret cave that contained numerous treasures. Later he found out that this cave was where a notorious gang of thieves, numbering 40, were hiding their loot. A lot of events happened afterward, but in the end, Ali Baba emerged victorious.

When our CEO Jason Daniel suggested the first coin name, our team expressed their qualms, especially because there exists another powerful institution with the name Alibaba. Yet he was adamant in his suggestion, arguing that there are already hundreds of enterprises in the Middle East that use the said name.

Jason Daniel explained to our team that he draws inspiration on the Ali Baba story because somehow, the protagonist exemplifies what cryptocurrency does against our centralized financial systems. Just like discovering the password Open sesame! To infiltrate a treasure trove, cryptocurrency advocates are educating the world regarding the flaws of the current financial setup. Through Satoshi Nakamoto’s vision, we who have become crypto-vangelized are convinced that there is a better way to conduct our financial transactions; that there is a better solution to our growing economic problems, and that is found in cryptocurrency.

Another reason is that Jason Daniel calls one of his favorite companions with the said name. He admitted that his canine companion had been one of the primary inspirations for him to come up with the coin name. Even though Jason Daniel doesn’t disclose this specific information to the public very often, Lunar Digital Assets, one of our esteemed partners, was quick to find this out and even published an announcement citing this observation.

Our Trademark Lawsuit with Alibaba.com

We held our ICO in April 2018 — 5 long months after we made our identity known to the public. When Alibaba Group Holding Ltd. caught wind of our successful ICO, they filed a trademark lawsuit on the same month in New York. The e-Commerce giant Alibaba.com said that we were damaging its reputation in the US. We flatly denied the allegations, and this resulted in a back-and-forth legal showdown in a US court.

While this was happening, various media outlets broadcasted wild speculations, with some claiming that the retail juggernaut "is excited" to acquire ABBC. We never said anything about this, and we never even suggested the possibility of this happening. Yet the rumors spread like a contagion, with some news organizations being peddlers of unfounded information. Even though we tried our best to clear the issue, our voice was drowned in an ocean of gossips and speculations.

While we were able to reach a favorable settlement for both of our parties, we feel like the dust has not yet settled completely. Even now, we still see some digital media startups calling our project with our previous designation when we have already published press releases saying that we will not be using the disputed name any longer to avoid any more confusion. Many news organizations have already written articles about this. But with the current media predicament, it would seem that not all news entities conduct their proper research, and not all reports are in line with the truth.

Our team was gravely disappointed by how the media portrayed us to the public. We have been called names and have been treated unjustly by the media. Regardless, we hope that the explanation we provided above will help everyone understand our take on the matter. We hope that this will silence any present and future controversies and that we can move on with a clean slate.

Moving to a Brighter Future of Secure Payments

We believe Alibaba.com is as happy as we are with how the legal dispute turned out. Now, we can move forward and improve our respective industries in our own unique ways. Despite dropping the controversial name, our renewed identity as ABBC Coin remains impactful to the crypto community.

Our foundation has also collaborated with the Dubai Police Department for various charity initiatives to prove that we are not only blockchain nerds who care about nothing but codes. Instead, we are humans who are merely offering humane ways to improve our daily affairs.

We also launched a more secure multi-crypto wallet, named Aladdin Wallet, for our users, wherein we integrated all of the special features of the ABBC MC wallet. What is more, we added better features to our Aladdin Wallet. One example is the sending of cryptocurrencies through chat messages on our platform. Aladdin Wallet users may personalize their peers’ wallet address and make transactions at their convenience.

Our CEO Jason Daniel is more of a tech developer than a marketing guru, and he devotes most of his time to look for more practical implementations of ABBC Coin. Thankfully, many experts are helping him on the marketing side. One stellar example is Arben Kane, who will be the Keynote Speaker at the upcoming Wall Street Conference in Singapore. We also have Stanley Park, who is our new CTO. Stanley plays a pivotal role in the technical development of ABBC’s crypto shopping mall.

We are excited to roll out our upgrades and other projects to contribute to a brighter future of payment security. And we are grateful for every member of the ABBC community who has stuck through with us despite our trying times. We aim to serve you better, and we will continue to improve our systems to turn our hopes into fruition.

Jack Ma already sued them. But this shit company is still working to promote their shitcoin.

It makes a blind pass to make duplicate on a legit alibaba group. My advise is to never invest on this coin. Because time will come, Jack Ma will surely sue this coin and force this to shut down.

As for me, I agree with you. Investing in giants of the market isn't the best decision. Also I agree their financial report isn't so good. There are more interesting altcoins for investing.

In that case you just comparing the said alibaba coins into bitcoin or other altcoins in the market that can be maninpulated by the whales in order to behave in such way that is favorable to them. I think we should less support it in the way to limit our investment and choose the best coin out there in the market.

Updated

As i mentioned above, Alibaba Group sued Alibaba Foundation for the use of name. Their visionless name choice made them pay.

These coin is still a big mystery to me, because, I never heard alibaba (official) make an announcement with these. And the price of this coin is potential to big pumps and dumps, which is a bit risky to those players who holds token in long term.

They already lost on court and dump has happened also. ICO price was 1$ in the first round and 3$ in the last round. Its valued 0.10$ now lol. Big loss for poor investors.

I lot of people have confusion with this, few say Alibaba coin is not related to the multi millionaire and the founder of Alibaba group jack ma. If he's involving in cryptocurrency I am sure he will make more popular about this with his wealth. Its better to research and plan according to it.

from some information also this coin has got a problem from the official Alibab company where later if for example ABBC is guilty then it is very possible that a big big dump will occur because of this. because the team needs funds to overcome this.  Pump in that coin has more manipulation patterns in it so we have to be more carefull to choose any coin

this is shitcoin. garbage and not useful. I think that such coins must be thrown from the market. it will cheat the beginner. I think this information must be known by all crypto users. especially investors.

Updated the post due to ABBC foundation's try of getting rid of given promises evidences.

This is a false Alibaba. This is a liar in the Arab countries. Their company is also called Alibaba but it is false. They faked the name and should be severely punished by international law, but I did not see it. So I think the world is not fair now, and wars may break out at any time.

Wow thanks for the info ,I never knew this has nothing to do with jack ma and alibaba group ,you saved me ,why using the name out of the blue like that? They deserve to be sued ,just another pump and dump project ,as cryptocurrency is getting more mainstream so its getting more dangerous ,hope something is done to this

It's a fake coin abusing the name of Alibaba Group, real owner of Alibaba Group is Jack Ma, he's very famous. Alibaba Group claimed that they don't have relation to Alibaba coin.

it is really unpleasant to find a coin that adopts the big name of a company for its own sake, even though the Alibaba Group does not have a problem, but this is a bit annoying, and all the reasons for investing here are not quality

I encountered this maybe couple of months ago and my initial impression was that, they really didn't have any connection whatsoever with the real Alibaba Group. They are just using their name for maybe popularity so they can pump and dump their coin. It's very obvious back then that they didn't have anything to do with Jack Ma's multi-million dollar company. He should have done his research first so he didn't lose his money on this.

feeling that Alibaba Coin has been listed on CoinMarketCup, and has a fantastic price, whether it's a problem with Alibaba Coin, I first saw Alibaba COin I think is one of Alibaba Group Jack Ma, but after I saw the website and the team was not a Group Jack Ma, who made it, deserves the Alibaba Group to sue him

I am not familiar with this project, therefore I did not find their announcement thread here, because if they made it possible it would be very easy for the fraud they did to be immediately revealed. The most important thing is Alibaba Group never stated about this project. So this just hijacks the alibaba name to look promising and attracts investors to get caught up in their fraud.

It is just a regulated pump and dump by the whale investors, trapping the investor with less amount. The only beneficial investor to this coin is the whale, and this coin is not officially the coin of alibaba that is well known with its founder Jack Ma.

UPDATE (February 4, 2019)  :  ABBC Foundation has shut down the airdrop website which they have used to steal people's idendity data via so called KYC process.
https://ibb.co/CwXqGpv
http://www.abbcevents.com/dashboard

UPDATE (December 21, 2018) : All of a sudden all past tweets of ABBC foundation got deleted. But they forgot to delete the chat history in telegram LOL. Here's the chat export just in case if they delete telegram chat history too: https://drive.google.com/file/d/1aOo6bZutTbG2PmEkLh3IbojDNsnfHw-w/view?usp=sharing

First of all, lets take a look at the name of the project. "Alibaba". Really? There are dozens of languages and thousands of words in the world. But Alibabacoin Foundation decided to use a commercial name which is already taken by the Chinese giant Alibaba Group and this lead to being sued by Alibaba Group. Even a monkey could think of this.

Second, irresponsibility of the dev team;
 -Their website is still not updated. Its almost 2019 and their roadmap shows that they are still on september 2018 milestone which says something about facial recognition on blockchain. Letting your mobile app use Face-id on iPhone or whatever its called on Android, to unlock the app, has nothing to do with the blockchain.
 -Block explorer issue. How hard it can be to buy a domain for block explorer? Why using an ip address for block explorer web site tho? How people will find your block explorer? The link is not even provided in their official website. I had to find it on one of the exchanges that listed ABBC. Here's the link : http://45.55.242.48:3001/

Third. Two different wallet apps for both mobile platforms. On iOS platform, the creator of the app is CEO of ABBC foundation. But the app looks really scam tho and ABBC foundation says dont use that app. I have no idea why Apple approved this app. I tried both. When you "sign-up" on iOS wallet, you get a confirmation mail from a domain that looks TOTALLY SCAM. [email protected] Official website ends with .com not .org When you signup for the android wallet which is recommended by ABBC foundation, you get a confirmation mail from ANOTHER domain that looks TOTALLY SCAM which i couldnt find due to i used gmail for it and it got deleted automatically because i received it in spam folder. Wallets are supposed to be offline. Not required to signup with an email. Wallets should have private keys or back phrases or whatever. Using an email and password to login to your wallet is not what blockchain is made for.

Fourth. Wallet has crypto transfer limits.
 -Lets say you are using wallet on android. You deposited 1 BTC to that wallet. (Its a multi crypto wallet which supports many cryptos) And then lets say you are gonna send 0.5 BTC to someone. You cant do it. Congrats. This useless apps lets you send only %11 of your total balance in 1 day. So first day you only will be able to send 0.11 BTC. Next day 0,0979 BTC. Next day 0,087131 BTC. Thats how it works. You will NEVER be able to withdraw %100 of your money from this shit app.
 -Lets say you are using wallet on iOS. Congrats. Your money is stuck there. You cant withdraw even a nickel.
You can get OFFICIAL links to these OFFICIAL apps from the website.

Fifth. A few weeks ago they made an announcement about a scammer asking people for their wallet info. With the [email protected]. Dude lol. We are not idiots. I have been in to coding and website design. I know how domains and hosting stuff work. ONLY THE OWNER of your domain can have access to mail service. A mail address with @abbcfoundation.com is one of your employees and you dont even know how to restrict him from using that email. If one of the "DEVELOPERS" of ABBC is reading this right now, i would strongly recommend you to start with the basics like HTML, Javascript or python before getting into blockchain. Here is the link to OFFICIAL tweet claiming an OFFICIAL mail address is SCAM. https://twitter.com/abbcfoundation/status/1052212063811096577

Sixth and the most important case. This project is scam and fraud that should be shut down immediately. Why? As some of you may know, they made an airdrop campaign that requires KYC. 100 ABBC for every participant and 20 ABBC for every referral. ABBC's ICO 1st round price was 1$ and last round was 3$. So minimum of 100$ worth of airdrop. Sounds cool right? So lots of people participated in this fraud. Campaign was supposed to end on september. But they postponed it to october. It was ok and acceptable. After the day airdrop was ended, this message was posted;

"Now the airdrop is finished. Your coins will be sent to your wallet address in FEW DAYS. Be noted that the user who did not enter their wallet address will not receive 100 ABBC and referral coins. Thank you for your participation."

What does few days mean? 3-5 days? 1 week? 2 weeks? Not 2 months. People sent their passport details for this airdrop. When people were asking kindly about the time of distribution on twitter, devs didnt even bother to make an announcement or reply people's questions. They dont even have a telegram group where people can talk. Just a useless announcement channel which is already the same with twitter. You can check the comments of tweets on their official twitter page: https://twitter.com/abbcfoundation

Im not mad or angry about this fraud. I just have sent my national ID which is not something valid in other countries. But i feel sad for people who sent their passport info.
So in conclusion, dont invest in this coin and try to convince people around you not to buy who are willing to invest in this scam. Project is meaningless, visionless. Devs are irresponsible, have lack of the knowledge about coding and blockchain, and most importantly have no communication with the investors and other people in community.